Amazon Could Soon Offer Checking Accounts

Amazon Could Soon Offer Checking Accounts

Amazon Could Soon Offer Checking Accounts

Inc.is in talks with JPMorgan Chase & Co. and Capital One Financial Corp. about offering the tech giant's customers a product similar to a checking account, the Wall Street Journal reported.

The checking-like account would be aimed at younger customers and those without bank accounts, according to The Wall Street Journal.

The discussions are early enough, though, that it's still unclear whether an Amazon-branded checking account would ever launch, the report said. Amazon was not immediately available for comment.

Bank stocks barely budged Monday on the reports.

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One problem with Amazon.com, Inc.'s plans are restrictions it may face from its rivals and legislators. It said Amazon Pay allows consumers to pay for products on third-party sites without reloading their credit card information.

The company is already the most dominant force in online retail - and arguably retail in general. Whether it's logistics, healthcare, or finance, Amazon's answer to inefficiencies in the marketplace is just to do the same thing, but cheaper.

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. Offloading key tasks to a bank could help Amazon avoid some of the strict regulations imposed on financial service providers, which would ease go-to-market efforts.

Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.

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