Amazon Explores New Checking Accounts Product

Amazon Explores New Checking Accounts Product

Meanwhile, Capital One is a longtime customer of Amazon Web Services.

Collaboration, not disruption: Amazon does not appear to want to compete against the banking industry's titans.

Amazon is in talks with banks to work on a customized branded service for its customers, according to the Wall Street Journal, citing "people familiar with the matter".

"The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts".

More news: National Basketball Association agent Dan Fegan dies in auto accident

A spokesperson for JPMorgan Chase declined to comment on the WSJ story.

Though Amazon now offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers. The project is in its very early stages, so it's not clear what form this will end up taking - checking accounts, ATM access, etc. - or if it will even come to fruition. This includes buying up Whole Foods a year ago and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc. It also noted that Amazon has lent more than US$3bn to small businesses that sell on its platform since 2011, according to a research report by CB Insights earlier this year. But remember, Amazon is not trying to be a bank. 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.

After all, Buffett is a big fan of bank stocks.

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