Amazon wants to start offering bank accounts

As the Wall Street Journal reports, Jeff is now in talks with JPMorgan to create a checking account for Amazon customers.

The newspaper reported Monday that the Seattle-based company is working on a product that would appeal to younger customers and those without bank accounts.

Besides e-commerce and tech, Amazon also has its fingers in the brick-and-mortar retail, grocery, and shipping businesses, to name just a few.

"As a matter of practice, we don't comment on market rumor or speculation", a spokesperson from Capital One told The Post.

One reason has been the regulatory barriers they would face, something which seems to have convinced Amazon to partner a traditional lender, rather than directly compete.

What's more, the idea of a new checking account would be welcomed by almost half of Amazon's customers, according to a report published last week. It's a miracle you're not reading this on an Amazon-designed smartphone.

And Amazon is even looking to change the way people get access to medical care.

Either way, it's yet more proof that Amazon is examining every service that costs it money and wondering if it can do better itself.

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

That JPMorgan Chase & seemingly among the first banks Amazon has approached about the project is most likely no coincidence.

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

  • David Armstrong