Google Checking Accounts May Give Banks an Edge in Deposit Wars
- Venture to help banks add customers, Morgan Stanley says
- Tech giant looks for more partners in new Google Pay effort
Photographer: Chris Ratcliffe/Bloomberg
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Google’s new checking account service could help banks in their battle for consumer deposits.
The technology giant said last week it’s exploring how it can partner with banks to offer checking accounts through its Google Pay app. Citigroup Inc. and a California credit union signed on as initial partners for the effort -- a move that could help them pick up extra customers as the industry contends with slowing growth in deposits.