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Amazon is coming for your checking account next

06 March, 2018, 01:46 | Author: Melinda Barton
  • Report Amazon Researching A Banking Product

The story was also scant on details about what exactly Amazon might offer beyond checking accounts. And the WSJ's report seems to confirm predictions that Amazon will likely focus on the distribution, rather than the manufacture, of financial products.

Amazon is said to be in talks with JPMorgan Chase, Capital One and other banks and financial services firms about setting up an Amazon-branded checking account for its customers, according to The Wall Street Journal.

Amazon is considering partnering with Wall Street's top banks in an effort to build a "checking-account-like" product for customers, according to a report.

Reps from Amazon and JPMorgan did not immediately respond to requests to comment.

Nonetheless, Amazon apparently already has a fairly clear vision of what it hopes to achieve with the proposed service.


Before you sell all your bank stocks.

With Amazon's host of customers and impressive market value, some have wondered whether the e-commerce giant would eventually seek to disrupt the banking system.

"Pricing is a concern: if banks are cut out of the primary customer relationship, can they set prices high enough to make a return?" This includes buying up Whole Foods previous year and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc.

The company is reportedly in talks with big banks like JPMorgan Chase about partnering on the potential product.

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