Google Wallet funds backed by FDIC

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

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

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