Google partners with SEFCU on consumer checking account
State Employees Federal Credit Union in Albany, N.Y., is working with Google to provide digital accounts to members.
The $4.7 billion-asset credit union said in a press release on Monday that members who use the account will be able to manage it through Google Pay. This will give them access to “deeper financial insights and budgeting tools,” according to the press release.
The account will be built on SEFCU’s existing infrastructure and will be insured through the National Credit Union Administration. The tech giant will oversee the front end, user experience and financial insights.
“We always welcome the opportunity to serve members in person, through one of our Video Teller Machines, or over the phone,” Michael Castellana, president and CEO of SEFCU, said in the press release. “We also want to be where they are when they need us. That means offering convenient, secure and smart financial services on phones, tablets and computers. SEFCU’s engagement with Google is an important and positive step in that direction.”
The new accounts will be available starting next year.
Last year Google announced it would partner with Stanford Federal Credit Union and Citigroup to offer consumer checking accounts through Google Pay.
Along with SEFCU, Google will also partner with five banks — BBVA USA in Birmingham, Ala., BMO Harris Bank in Chicago, Coastal Community Bank in Everett, Wash., First Independence Bank in Detroit, and BankMobile, the mobile-first unit of Customers Bancorp in Wyomissing, Pa.