Amazon Might Launch A Branded Checking Account With Big Banks

For instance, the sources said "the talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts".

While people familiar with the situation tell the Journal the discussions are in early stages, such a venture would add yet another entity to Amazon's expanding portfolio, which now includes grocery stores and its digital assistant, Alexa.

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.

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

Amazon declined to comment on the story.

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In Nagaland , former Chief Minister and NDPP candidate is already declared elected unopposed from Northern Angami-2 constituency. The assembly polls in Nagaland witnessed a similar turnout as Meghalaya recording almost 75 per cent polling.

Bank stocks barely budged Monday on the reports.

Though Amazon now offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers.

In late morning trading, Amazon was at US$1,058.97, up US$8.72, JPMorgan Chase was at US$113.95, up 63 United States cents, and Capital One was at US$97.14, up 42 U.S. cents. The companies together employ more than 1.1 million workers. Whether it's logistics, healthcare, or finance, Amazon's answer to inefficiencies in the marketplace is just to do the same thing, but cheaper. Emily Glazer, banking reporter at the WSJ, explains her outlook for Amazon's ability to enter this sector.

According to a recent report, the online retailer is looking to expand its services by teaming up with a banking company for a checking account product.

  • Darren Santiago