Amazon wants to start offering bank accounts

Inc is in talks to create a checking-account-like product with big banks such as JPMorgan Chase the Wall Street Journal reported citing people familiar with the matter. File

Are You Ready for an Amazon-Branded Checking Account?

The report says Amazon is already talking with banks such as JP Morgan Chase to launch the accounts which would be aimed at younger customers.

They said the plan is in too early a stage to determine if it will come to fruition. The WSJ also noted that Amazon is actually quite cozy with both JPMorgan and Capital One.

In the USA, consider that millennials list Amazon as the app they can't live without, or that 73% of millennials say they would be more excited about a new financial-services offering from Google, Amazon, Paypal, or Square than their bank.

Modi's BJP leads in India's northeast regional elections
The tribal party won eight of the nine seats it had contested. "It is a very unexpected loss for the party. We should have given them the confidence that we could take the BJP on", a senior leader from Bengal said.

Capital One Financial is another firm that has pitched Amazon on a possible checking account product, according the Journal's sources.

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 previous year.

Amazon has also muscled its way into shipping, perhaps to the detriment of FedEx and UPS, with the purchase of stakes in two cargo airlines for its Prime Air service.

Jammu and Kashmir: Militant among four killed in Shopian gunfight
They identified them as Suhail Khalil Wagay R/O Pinjoora , Muhammad Shahid Khan R/O Malikgund and Shahnawaz Ahmad Wagay R/O Trenz. Following the incident, clashes between surging crowds and security forces erupted in a few Shopian areas, a report said.

JPMorgan Chase, one of the banks Amazon is reportedly in talks with, has clearly been thinking about the Amazon effect for some time. It said Amazon Pay allows consumers to pay for products on third-party sites without reloading their credit card information.

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

It's important to note that the venture wouldn't include Amazon's transforming into a bank, The Wall Street Journal noted.

Nor'easter pounds the Atlantic coast
Officials feared the high tide before midnight on Friday could set an all-time record, but it wasn't quite as bad as predicted. The nor'easter's reach extended from ME to North Carolina, where the state's Outer Banks received storm and flood warnings.

After all, Buffett is a big fan of bank stocks.

Latest News