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Amazon Could Soon Offer Checking Accounts

06 March 2018

Amazon is in talks with banks to work on a customized branded service for its customers, according to the Wall Street Journal, citing "people familiar with the matter".

Amazon.com, Inc. (NASDAQ:AMZN) is reportedly working on a checking account product for its customers. They said the plan is in too early a stage to determine if it will come to fruition. According to a LendEDU survey released Wednesday, roughly 45 percent of respondents were open to using Amazon as their primary banking account, while 49.6 percent would use a savings account created by the company. In addition, almost 50 percent would use a savings account if Amazon were to offer one to its clients. Amazon was not immediately available for comment.

But in talking to JPMorgan and Capital One, Amazon has shown that it does not intend to entirely disrupt the existing structure of the financial business.

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Bank stocks barely budged Monday on the reports. It's unclear if the product would allow customers to write checks, pay bills or access an ATM.

The company is already the most dominant force in online retail - and arguably retail in general.

Earlier this year, Amazon and JPMorgan teamed up with Warren Buffett's Berkshire Hathaway to tackle rising healthcare costs for their United States employees. It looks like this is a very limited move and they're partnering with JPMorgan.

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Amazon already offers a Prime rewards credit card from JPMorgan Chase that is issued by Visa.

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. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.

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Amazon Could Soon Offer Checking Accounts