Amazon Wants to Offer Checking Accounts

Amazon Holds News Conference

The company apparently wants to create a product that will attract the younger demographic, particularly those that are without bank accounts. "Ultimately, Amazon is in fifth gear, trying to double down on the consumer and the finance vertical looks like the next step (through partnerships) of adding to the Amazon flywheel".

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

However, the move would not mean Amazon itself becoming a bank, but rather a white label arrangement with the US's biggest lender.

Nevertheless, the survey found nearly 1 in 4 consumers said they'd have less trust in Amazon than in a traditional bank, while only 17 percent said they'd trust Amazon more.

According to the Wall Street Journal, the company is said to be in talks with J.P. Morgan, capital one and other financial service firms. It's possible that the expansion into banking could allow the company to reduce the fees it pays to banks and payment processors.

Man reportedly shoots himself outside White House
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Fed's Powell sees 'no evidence' of overheating U.S. economy
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Tiger Woods to play in Valspar Championship in Palm Harbor next week
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Amazon is at it again. Now, it may be looking into creating checking accounts, too.

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.

Bank stocks barely budged Monday on the reports.

"Jeff Bezos says 'Your margin is my opportunity, '" JPMorgan CEO Jamie Dimon said in the Q&A portion of the bank's investor day last week.

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