A sign in Google's California headquarters. Photo courtesy of Vince Smith / CC BY 2.0

Traditional bankers’ fears of Big Tech companies jumping into the banking sector could be starting to come true.

According to reports in both CBS News and the Financial Times, Google and Citibank are teaming up to offer bank accounts. While Google isn’t launching its own bank – the accounts will be offered by Citigroup and a San Francisco credit union – the move will allow Google Pay customers to the service much more like a traditional bank.

The new Google-Citi accounts will likely have fees similar to a basic Citi checking account, which charges a monthly fee, the CBS report states, quoting an anonymous source “with knowledge” of the project.

Citibank already partners with Chinese messaging giant WeChat to offer banking services through that app.

Both reports state the details of the accounts are still being finalized.

Google is not the only tech giant looking to move into the consumer finance space. Amazon and Facebook are rumored to be exploring avenues into the industry, and Japanese e-commerce company Rakuten – which has 1.3 billion members across 30 countries and regions – has applied for a U.S. banking charter.