Amazon looks to offer checking accounts for customers
06 March, 2018, 01:50 | Author: Manuel Hopkins
Amazon also has an Amazon.com Store card from Synchrony, the financial services company spun off by General Electric in 2015.
Amazon is reportedly in talks with JPMorgan Chase & Co. and Capital One Financial Corp.to offer checking account services to younger customers and the unbanked. Their survey found that 52 percent of Prime customers would be open to a primary bank account from Amazon, compared with 44 percent of consumers overall.
The concept is still in its early stages, and it's unclear how exactly it would function, the Journalreported. The WSJ also noted that Amazon is actually quite cozy with both JPMorgan and Capital One.
That makes sense. Banking is a highly regulated business.
Before you sell all your bank stocks. The move would also help the company avoid some of the fees it now pays financial firms and learn more about people's income and spending trends.
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