Amazon Is Planning to Create a Checking Account-Style Financial Product


What's more, the idea of a new checking account would be welcomed by almost half of Amazon's customers, according to a report published last week.

Now, Amazon is looking to move further into financial services. in talks to create a checking-account-like product with big banks such as JPMorgan Chase & Co., the Wall Street Journal reported, citing people familiar with the matter.

The reports says that Amazon is still only in the early stage of plans to offer a checking account service for its customers.

J.P. Morgan, capital one, and even Amazon, aren't commenting.

Bank stocks barely budged Monday on the reports.

So Jeff wants to reach out to the unbanked and make them banked via an Amazon checking account. It's possible that the expansion into banking could allow the company to reduce the fees it pays to banks and payment processors.

Amazon is now growing its presence in traditional, brick-and-mortar retail with its own stores and last year's acquisition of Whole Foods. 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. Amazon also offers a debit-card type service called Amazon Cash, which enables shopping on Amazon without a credit or debit card, and deposit style service called Prime Reload.

To be clear, this does not mean the retailer will be opening up their own bank.