It can sometimes be scary to entrust online companies with your money, but Google’s doing everything in their power to make sure you won’t ever be burned for doing business with them. The latest move for Google Wallet is to store funds in banks that are FDIC-insured, at least according to information reportedly received by Yahoo straight from an unnamed Google rep.
In case you aren’t aware, the FDIC is a government-spawned insurance agency that was put in place to protect citizens’ fortunes in the unfortunate event that a bank crashes.
So what does this mean? Should Google or the bank holding your funds ever cease to exist (the chances of that happening are very slim in the here and now, we’d say, especially since no FDIC-insured bank has gone under since its arrival in 1934) you can be sure your money won’t go down with them.
On the outside looking in, life with Google Wallet will go on as it always has, but now you get just a bit of added peace of mind knowing your money is just as safe with Google as it is with your favorite big bank.