Filed under General
If one was to search Google for Google Wallet, you fill fide a myriad of links to articals about how they are working on the project but nobody knows when it will be here. And I say, first, hurry up, and, secondly, here is my suggestion for the features.
Some of the first items which need to be addressed are those bloody fees at eBay/PayPal. Get rid of them, please, Google.
Secondly, and more importantly, I have always wanted a system which will let me transfer money from all of my accounts to any of my other accounts, regardless of the institution. This should be possible since FDIC requires, to the best of my knowledge, routing numbers and all that jazz (similar to your checking account) for all bank accounts, including checking, savings, money market, mortgage, credit card, brokerage, IRA, and 401k to name a few. By the way, I’m not done. This system should also let me automate this. For example, if I never want to have more then $2000 and less than $2700 in my checking account, I should be able to say on Saturday at midnight, adjust my checking account and put the remaining in my money market account (which has higher interest) or if more is needed bring more in from savings. That is just an example though. A system could be made that will handle all your accounts to ensure the most money is always in your investment accounts, given the fact you enjoy having some accounts to have a range of their continuous value.
I have never heard of such a system. Most banks have similar-like systems but only for the accounts you have open at that bank or their affiliates. As long as you have online banking and a password (secure), any institution should be able to implement this system. A few reasons why Google would be better are 1) they are fairly good, ok they are really good, at creating User Interfaces and 2) they do not have any affiliations (that I know of) with being in the banking industry. They could make money just like they do with all their other products, through ads, but Hell, I would be willing to pay a max of $0.05 per transaction for such a service which could translate to a ton of money when added up.
And that is my two cents on how Google Wallet should take over my finances.