Amazon may team with banks to offer checking accounts

Do you think your business is safe from Jeff Bezos

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

And if Amazon does enter, expect them to compete aggressively on fees and prices.

Now, Amazon is looking to move further into financial services.

Amazon is talking with various banks to offer up a checking account service for younger customers who do not have credit cards and bank accounts.

The report helps answer one of the most often-asked questions on Wall Street: When's Amazon going to show up? But remember, Amazon is not trying to be a bank.

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Probably the best way to read the Journal's piece is to go ahead and assume that whatever it says Amazon won't do and/or whatever it claims is still "unclear", Amazon actually will do.

On top of lowering transaction processing expenses, Amazon's proposed checking account service reportedly has another objective.

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

Shares of Amazon AMZN surged more than 1.2% in late-morning trading Monday after new reports linked the company to the financial industry, suggesting that the e-commerce behemoth's plans to launch new account services might include a major partnership. McKinsey asked a year ago, answering that in many cases they could.

Amazon may soon find yet another way into its customer's wallets. "And so some of it gets passed on to the customer in terms of lower prices and lower spreads".


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