Amazon Researching A Banking Product

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Amazon is considering a partnership with the nation's top banks to create a "checking-account-like" product for customers, the Wall Street Journal reports.

The newspaper reported Monday that the Seattle-based company is working on a product that would appeal to younger customers and those without bank accounts.

JPMorgan Chase is one of the big banks that Amazon is said to be partnering with, a sign of the growing relationship between Bezos and JPMorgan CEO Jamie Dimon following the insurance announcement. Now, it may be looking into creating checking accounts, too. Amazon did not immediately respond for comment.

If Amazon were to launch its version of a checking account, it would cut the fees it now pays to banks and payment processors.

It wouldn't be Amazon' s first foray into the financial sphere. The companies together employ more than 1.1 million workers. Some consumers may not consider an Amazon checking account to be so different from another service already offered by the retail company - its Amazon-branded credit cards.

It turns out that healthcare may not be the only new sector that Amazon is venturing into.

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.

Dick Bove, a notable banking analyst at Vertical Group, told CNBC that Amazon has the capabilities to collect deposits so long as it doesn't issue any loans, CNBC said.

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



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