Relax! The money you have in Google Wallet is FDIC insured
On the other hand, other money transfer services like PayPal are not insured by the government. Customer balances are not placed in FDIC insured banks. This means that those who keep balances there could theoretically lose the entire amount in the unlikely event that the company and eBay go under. PayPal does provide protection from customer losses related to fraud. Interestingly, PayPal balances were originally insured by the FDIC until 2012 until a law in California made it more expensive for the company to offer this protection.
Google's decision to hold customer balances in FDIC insured banks probably won't end up in a large number of new accounts for Google Wallet since most don't really place a large amount of money into the platform. Still, it is nice for Google Wallet users to know that there is a level of protection for whatever money they have stored in their virtual leather bound money holder.
source: Yahoo via Engadget
Posts: 2943; Member since: Jul 02, 2014
posted on Apr 19, 2015, 8:07 PM 0
Posts: 374; Member since: Mar 18, 2015
posted on Apr 19, 2015, 8:21 PM 4
Posts: 17; Member since: Mar 14, 2015
posted on Apr 19, 2015, 10:16 PM 0
Posts: 43; Member since: Apr 30, 2013
posted on Apr 20, 2015, 11:29 AM 0
PhoneArena Comments Rules
A discussion is a place, where people can voice their opinion, no matter if it is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some random thoughts, which are not directly related to the matter.
Things that are NOT allowed:
- Off-topic talk - you must stick to the subject of discussion
- Trolling - see a description
- Flame wars
- Offensive, hate speech - if you want to say something, say it politely
- Spam/Advertisements - these posts are deleted
- Multiple accounts - one person can have only one account
- Impersonations and offensive nicknames - these accounts get banned
Moderation is done by humans. We try to be as objective as possible and moderate with zero bias. If you think a post should be moderated - please, report it.
Have a question about the rules or why you have been moderated/limited/banned? Please, contact us.
Send a warning to post author
Send a warning to Selected user.
The user has 0 warnings currently.
Next warning will result in ban!
Ban user and delete all posts
Message to PhoneArena moderator (optional):