Amazon in talks with banks to create checking account product


06 March, 2018

"As a matter of practice, we don't comment on market rumor or speculation", a spokesperson from Capital One told The Post.

The concept is still in its early stages, and it's unclear how exactly it would function, the Journal reported.

A dive into the financial sector would be another addition to Amazon's growing list of attempts to influence its customers' everyday lives.

The product, says the story, would be focused on those not yet swept up in the traditional financial services industry, but wouldn't include Amazon actually becoming a bank.

Bank stocks barely budged Monday on the reports.

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If Amazon were to launch its version of a checking account, it would cut the fees it now pays to banks and payment processors. The companies together employ more than 1.1 million workers.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns.

The company is a major media player too thanks to its Prime Instant Video offering. It's a miracle you're not reading this on an Amazon-designed smartphone.

Amazon has also muscled its way into shipping, perhaps to the detriment of FedEx and UPS, with the purchase of stakes in two cargo airlines for its Prime Air service. Amazon is also weighing entering into the health and prescription drugs business.

That JPMorgan Chase & seemingly among the first banks Amazon has approached about the project is most likely no coincidence. But remember, Amazon is not trying to be a bank. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.

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