Amazon mulling checking-account like product with big banks

Amazon mulling checking-account like product with big banks

They just want Amazon customers to be able to pay for shit out of an Amazon checking account so Jeff doesn't have to pay processing fees to banks.

According to a Wall Street Journal report, the online retailer is considering launching their own branded checking account aimed at younger individuals and "those without a bank account".

"Last fall, [Amazon] put out a request for proposals from several banks for a hybrid-type checking account and is weighing pitches from firms including JPMorgan and Capital One Financial Corp., some of the people said".

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

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.

Will Trump's tariffs help or hurt American jobs?
A worker inspects wire rod at TIM stainless steel wire factory in Huamantla, in the Mexican state of Tlaxcala October 11, 2013. He took a more measured tone in the Oval Office on Monday, saying that he didn't think there would be a trade war.

Before you sell all your bank stocks. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods.

The report helps answer one of the most often-asked questions on Wall Street: When's Amazon going to show up?

Amazon's credit card for Prime members has been a sleeper hit since its January 2017 launch in partnership with JPMorgan Chase & Co. 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.

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

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