March 18, 2018

Amazon looks to offer checking accounts for customers

06 March 2018, 01:33 | Kenneth Drake

Do you think your business is safe from Jeff Bezos

Do you think your business is safe from Jeff Bezos

The plan: The Wall Street Journal is reporting that the tech giant is building a product similar to a checking account, meant to attract people who don't now have bank accounts.

The WSJ reports that Amazon is in talks to launch a type of checking account.

The Wall Street Journal said any potential collaboration is "in its early stages and may not come to fruition". Rather, it would focus on partnerships that would allow the company to expand into the financial sector while reducing the fees it pays banks and payment processors. It looks like this is a very limited move and they're partnering with JPMorgan. Keith Noreika, the former acting Comptroller of the Currency, said past year that it's time to reconsider whether the traditional separation between lending and retailing should be maintained.

Amazon declined to comment on the story. That's probably because Amazon would apparently work with the big financial firms as opposed to trying to pull an end around on them.

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted. It's unclear how fully-featured the checkings accounts would be - is this just another PayPal service, or a full checking account with access to bill payments and the global banking system?

Amazon is now growing its presence in traditional, brick-and-mortar retail with its own stores and last year's acquisition of Whole Foods.

Amazon already teams up with banks to offer different credit cards.

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

Other News

Trending Now

Mourners in Slovakia honor slain reporter who investigated Mafia ties
A statement said that the suspects had been released because no evidence had emerged during their 48-hour detainment. Kuciak and Martina Kusnirova, both 27, were found shot dead in their house north-east of Bratislava last weekend.

National Football League scouting combine: Saquon Barkley is a superstar in workout drills
Gesicki is one of four former Penn State players who are raising money for rare-disease research through the combine bench press . The on-field workouts include the all-important 40-yard dash, timing, positional skill drills and three-cone and shuttle drills.

Cyborg heavy betting favourite on UFC 222 odds for Saturday
As she showed in her last fight , she has one weakness. "The first thing I would try is a double leg". On fighting more frequently as of late: "I'm 32 years old, and I want to do the most fights I can".

Joseph Yun to Retire as Senior US Diplomat for North Korea
Instead, North Korea must respond to the demands of the global community for it to halt its banned weapons programmes, Wood said. KELEMEN: A career diplomat is filling in as ambassador in South Korea while the Trump administration decides who to nominate.

Shubhankar Sharma is tied second after first round at World Golf Championships
Chris Paisley of England and Shubhankar Sharma of India were one behind, along with Xander Schauffele. He closed out his round in style by almost holing out for eagle for an eventual tap-in birdie.

Trump's longest-serving aide, Hope Hicks, resigns in White House 'shocker'
The President responded, "I will miss having her by my side". "I am sure we will work together again in the future", Trump said. Within the White House, she was seen as a stabilizing force on Trump, who at times would grow unhappy when she was not around.

Who will win the Boyd Gaming 300? 3/3/18 — NASCAR Predictions
That package was enough to convince SMI to move its playoff races from New Hampshire Motor Speedway to Las Vegas. Larson qualified fifth for Sunday's race and had the fastest 10-lap average speed in final practice on Saturday.

Trump denies reports suggesting national security advisor's departure
He worked on the National Security Council from 2001 to 2003 under then-National Security Adviser Condoleezza Rice. The White House did not respond to requests for comment. "But I hope he stays, he's really good".

Rapper Rick Ross rushed to Miami-area hospital, reportedly on life support
He seemed to confirm that Ross was in the hospital recovering from something, though he too denied the life support factor. And rapper Fat Trel , who is signed to Ross's record label, has said that Ross is "good" and is not on life support.

Broadcom faces new hurdle as CFIUS probes Qualcomm takeover bid
Trump praised the move at the time, calling Broadcom "one of the really great, great companies". Qualcomm still is awaiting approval from regulators in China to acquire NXP.