Amazon mulling checking-account like product with big banks


Amazon already has a small business lending arm, but a move for retail bank accounts would mark a new front in its expansion efforts.

But at what point does Amazon go too far with controlling consumers lives?

Amazon is reportedly in talks with banks including JPMorgan Chase and Capital One about creating a product similar to a checking account that its millions of customers could use. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers. Amazon did not immediately respond for comment.

Among the discussions taking place in bank boardrooms of late: When will Amazon (NASDAQ:AMZN) show up to claim our margins?

In late morning trading, Amazon was at US$1,058.97, up US$8.72, JPMorgan Chase was at US$113.95, up 63 USA cents, and Capital One was at US$97.14, up 42 U.S. cents.

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"Pricing is a concern: if banks are cut out of the primary customer relationship, can they set prices high enough to make a return?"

Bank stocks barely budged Monday on the reports. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods.

The company is trying to bring Amazon Pay to brick-and-mortar stores, the WSJ report said, adding that it is likely to begin with Whole Foods, which Amazon bought past year.

Additionally, the potential partnership with JPMorgan Chase would be the second major agreement with the online retailer this year. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.