Are You Ready for an Amazon-Branded Checking Account?

Are You Ready for an Amazon-Branded Checking Account?

Do you think your business is safe from Jeff Bezos?

Maybe not too much longer, according to the WSJ, which reports Amazon as in early-stage talks to create a checking-account-like product.

"As a matter of practice, we don't comment on market rumor or speculation", a spokesperson from Capital One told The Post. Meanwhile, Capital One is a longtime customer of Amazon Web Services.

Bank stocks barely budged Monday on the reports.

Nonetheless, Amazon apparently already has a fairly clear vision of what it hopes to achieve with the proposed service. It's hard to imagine Amazon wanting to create its own banking charter. Since Amazon snapped it up, Whole Foods has seen major changes implemented by the e-giant, including price cuts and benefits for Amazon card holders for purchases. The companies together employ more than 1.1 million workers. This includes buying up Whole Foods previous year and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc. It's a miracle you're not reading this on an Amazon-designed smartphone. Among the companies Amazon officials are speaking with is JP Morgan Chase & Co., according to the newspaper.

Banks are also eager to partner with startup financial products, which often offer all the services of a bank without a traditional account. A new checking account service would essentially entrench the Seattle-based company even further into the lives of its customers.

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.

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