Google Is Scrapping Its Plan To Offer Bank Accounts To Users (wsj.com) 33
Google is abandoning plans to pitch bank accounts to its users, marking a retreat from an effort to make the tech giant a bigger name in finance. The Wall Street Journal: The Alphabet unit announced almost two years ago that users of its Google Pay digital wallet would be able to sign up for enhanced checking accounts and debit cards at a handful of financial institutions large and small, including Citigroup and Stanford Federal Credit Union. The new offerings, called Plex accounts, would sync with Google Pay, carry both Google and bank branding and provide a digital dashboard of where and how users spent and saved. Plex was billed as a new way to bank, with an emphasis on simplicity and financial wellness and without monthly or overdraft fees.
The project was initially expected to debut in 2020. A series of missed deadlines, along with the April departure of the Google Pay executive who championed the project, prompted Google to pull the plug on Plex, people familiar with the matter said. A Google spokeswoman said the company would now focus primarily on "delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services."
The project was initially expected to debut in 2020. A series of missed deadlines, along with the April departure of the Google Pay executive who championed the project, prompted Google to pull the plug on Plex, people familiar with the matter said. A Google spokeswoman said the company would now focus primarily on "delivering digital enablement for banks and other financial services providers rather than us serving as the provider of these services."
Plex account? (Score:4)
That's what I use to stream my home video library to my television.
Re:Plex account? [Fails for #1-ness criterion?] (Score:2)
Now that you've hastily secured FP, how about adding a few details about Plex?
Right now I can't even decide if I should be interested in the story. On the one hand, my snap reaction is that anything that makes the 500-pound gorilla bigger is a bad thing, so this is probably a good news story. But the snap reaction on my other hand is that making the other 500-pound (banking) gorillas smaller would also be a good thing. So the other hand is left holding a bad new story?
Trying to pose it as a question leads t
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Plex [wikipedia.org] is a streaming service lots of people use for their own self-hosted DVDs / Blu-Ray content. It started out as XBMC.
It's been around for years, and is probably the most popular software in that niche - I assumed most nerds on Slashdot would be passingly familiar with it.
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Can't say that I remember ever hearing about it. Nor XBMC. Can't even imagine why I'd want to host any of the DVDs I've made.
So now I think you were trying to make some kind of a joke, but I still don't get it. Your Plex was apparently something that existed in the real world, but Google's never even got that far? Fail early and beat the rush?
(Now I'm trying to imagine some kind of niche narrow enough for Google's Plex to have been #1 within the niche...)
I'd quit (Score:3)
I'd quit the banking system before I had a Google bank account. Stuffing cash under the mattress still works in 2021, and pays almost the same interest as banks (none).
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I'd quit the banking system before I had a Google bank account. Stuffing cash under the mattress still works in 2021, and pays almost the same interest as banks (none).
You realize it's not an either/or situation, right? There would still be other banking institutions ... :-)
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At first. I used to use AltaVista search too.
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There would still be other banking institutions ... :-)
At first. I used to use AltaVista search too.
I'll note that some brokerage/investment institutions, like Fidelity (and I'm guessing Vanguard), offer baking-like services (including checking, direct-deposit, debit/credit-cards, ATM access, etc) as well. You don't have to invest in anything and could simply keep your money in one of their "core" accounts, like SPAXX - Fidelity Government Money Market Fund. Firms like that are very well known/established and aren't going anywhere. Personally, I'd pick one of these over other "internet banks" or thing
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like Fidelity (and I'm guessing Vanguard), offer banking-like services
Actually Vanguard doesn't do banking. They keep their services strictly in the investing realm. E*Trade has banking extensions too.
I use a local credit union that's been around over 80 years for most of my banking, but I do use the Fidelity Visa in conjunction with my brokerage: simple 2% rebate in to the brokerage account.
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I trade with Fidelity, and you can opt out of the money market for the core account and it will automatically create a checking account to store it in, instead. Even if you're not using any of the banking features. It just lists it as "cash," but the fine print says it is a checking account.
Of course, the banking features work either way.
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I trade with Fidelity, and you can opt out of the money market for the core account and it will automatically create a checking account to store it in, instead.
Thanks, didn't know that. FAQ #2 on this page [fidelity.com] lists the investment options for the core position for retirement and non-retirement accounts. I use the SPAXX for both types at the moment for this.
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It isn't really that clear about the details, but I think all accounts should either have an FCASH option or 'the "Program"'
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We use duckduckgo.
I switched my wife's computer to it and she never even noticed! She still thinks she's googling.
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I use DDG too. Just making the point that Google has a way of taking over, unchecked. I need less Google in my life, less of everything that is based on spying on my life. The world needs to move away from free-in-exchange-for-tracking and back to things that don't track you which might have a cost.
Re: I'd quit (Score:2)
Who Else Was Looking Forward to This? (Score:5, Insightful)
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Regulations FTW (Score:5, Insightful)
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Google just ran into FINRA and the rest of the banking regulations that would limit their ability to use and sell the user data gathered not just from the bank accounts but from Google Pay as well.
Exactly. They like being able to operate without oversight.
Good! (Score:1)
That's the Post Office's job [wikipedia.org], but maybe not under today's "leadership"
At least this time, (Score:2)
they discontinued the service BEFORE they had a bunch of subscribers on the line.
More Google offerings should be handled like this; contraception is far better than infanticide.
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With Google you already pay with your soul. How much more do you need, Satan?
New Google Pay app (Score:2)
Plex this! (Score:3)
Plex was already a real-world currency, used in Eve Online. It represents one free month, and could be purchased from the company and sold in-game on the auction houses for in-game money. Like a battleship's worth.
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Does this count for the Google Graveyard? (Score:1)
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They should add a Vapor Vault for the Unborn, Stillborn, and Born Undead.
It's easy to save (Score:2)
Not spending means you're saving. Or isn't that what they want to hear?