Google and its partners are still hammering out the details of these accounts, including whether or when accounts might incur fees.
An institution offering a checking account must comply with a lengthy list of federal laws, as well as any relevant state laws that might apply.
While the card carries Apple branding and is managed through an Apple-designed iPhone app, the bank behind the card is Goldman Sachs, which took the partnership as an opportunity to expand its individual consumer business.
Chase operates about 5,000 US branches, and CEO Jamie Dimon said earlier this year it plans to cover about 93% of the US population by 2022.
For Google's part, there are two populations such an arrangement could easily zero in on, without even doing any work to convince current checking-account holders to switch. Teenagers and young adults are digital natives, already using their phones for everything, but they may not yet have settled in with a bank anywhere yet.
That population, about 33 million households, skews heavily toward low- and very low-income individualsgroups who are likely to use inexpensive Android phones as their main method of connecting to the Internet.
Earlier this week, The Wall Street Journal reported that Google is hoovering up health care data from tens of millions of patients, potentially adding fuel to the criticisms that the company is too big and has far too much user data accumulated.
Original article