Amazon may begin offering branded checking accounts

Are You Ready for an Amazon-Branded Checking Account?

Just last week, a LendEDU survey revealed that 45 percent of respondents were at least open to the idea of using Amazon as their primary banking account. Amazon also has an Amazon.com Store card from Synchrony, the financial services company spun off by General Electric in 2015.

According to a Wall Street Journal report, the online retailer is considering launching their own branded checking account aimed at younger individuals and "those without a bank account".

Amazon is considering partnering with Wall Street's top banks in an effort to build a "checking-account-like" product for customers, according to a report.

"As a matter of practice, we don't comment on market rumor or speculation", a spokesperson from Capital One told The Post.

Before you sell all your bank stocks. It's possible that the expansion into banking could allow the company to reduce the fees it pays to banks and payment processors.

So Jeff wants to reach out to the unbanked and make them banked via an Amazon checking account.

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 a year ago.

Investors will be watching whether or not Amazon does wind up doing more deals with big banks - and maybe even getting Bufffett to assist in any joint ventures as well. JPMorgan and CapitalOne are among the possible participants, the paper said.

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