google confirmed to yahoo finance in a statement that its current policy changed - meaning the company will store the balances for users of the mobile transfer service -lrb- similar to paypal and venmo -rrb- in multiple federally-insured banking institutions .
this is good news for people who place large amounts of money in their wallet balance because the federal deposit insurance corporation insures funds for banking institutions up to $ 250,000 that currently , google 's user agreement says funds are not protected by the fdic .