Amazon Might Launch A Branded Checking Account With Big Banks

Amazon Might Launch A Branded Checking Account With Big Banks

Amazon Might Launch A Branded Checking Account With Big Banks

In late January, Amazon's CEO Jeff Bezos, along with JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway's Warren Buffett, teamed up to announced a joint effort to reduce health care costs for their more than 1.1 million employees.

Amazon has been in talks with JPMorgan Chase JPM and Capital One COF about its proposal to launch a product similar to traditional checking accounts, TheWall Street Journalsaid Monday.

To reinforce this goal, it seems Amazon may be expanding their reach into the financial sector.

Amazon wants to create a hybrid-type checking account that would appeal to those without bank accounts and to younger customers. It's unclear how fully-featured the checkings accounts would be - is this just another PayPal service, or a full checking account with access to bill payments and the global banking system? It's unclear if the product would allow customers to write checks, pay bills or access an ATM.

And past year, Amazon dipped its toes into the deposit business with Prime Reload, which gives customers a 2 per cent bonus when they use their debit card to move funds from a bank account to an Amazon balance that they use for transactions on the website. JPMorgan has also issued Amazon-branded credit cards since 2002. Amazon.com didn't immediately return a request for comment. 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.

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