article_snippet.sent: Google Wallet says Google Wallet has changed Google Wallet policy when storing users' funds as users' will now be federally-insured (file photo)
article_snippet.sent: For those who use Google Wallet, those who use Google Wallet money just became safer with federal-level insurance.
article_snippet.sent: Google confirmed to Yahoo Finance in a statement that Google current policy changed - meaning the company will store the balances for users of the mobile transfer service (similar to PayPal and Venmo) in multiple federally-insured banking institutions.
article_snippet.sent: Currently, Google's user agreement says funds are not protected by the Federal Deposit Insurance Corporation.
article_snippet.sent: However, a Google spokesperson told  Yahoo Finance  that the current policy has changed.
article_snippet.sent: the current policy states that 'funds held by Google Payment Corp. or Google Payment Corp. service providers (including any bank service providers) in connection with the processing of Payment Transactions are not deposit obligations of Buyer, and are not insured for the benefit of Buyer by the Federal Deposit Insurance Corporation or any other governmental agency', according to 9to5.
article_snippet.sent: As a non-banking institution, Google Wallet, along with PayPal and Venmo, is not legally required to be federally insured.
article_snippet.sent: Details on when Google Wallet user agreement will be updated were not provided.
highlights_snippet.sent: Google spokesperson confirmed current policy changed meaning funds will be protected by the Federal Deposit Insurance Corporation .
  
highlights_snippet.sent: As a non-banking institution, Google Wallet, along with competitors PayPal and Venmo, is not legally required to be federally insured .
  