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Google Wallet funds backed by FDIC

Google will hold Wallet balances in multiple FDIC-insured banking institutions, according to a report.

Published

April 20, 2015

Google recently told Yahoo Finance that funds in a Google Wallet account are now FDIC-insured. 

According to the report, Google will hold Wallet balances in multiple FDIC-insured banking institutions. Should Google go under, Google Wallet users who have funds left in their wallet balance from funds transfer will be able to recoup the money. 

Yahoo Finance reported that Google did not indicate when the company would update its Google Wallet user agreement.