Amazon dips its toes into banking
The WSJ reports that Amazon is in talks to launch a type of checking account.
Before you sell all your bank stocks. It looks like this is a very limited move and they’re partnering with JPMorgan.
«It is too early to say exactly what the product will look like,
including whether it would give customers the ability to write checks,
directly pay bills, or access to a nationwide ATM network,» the report says.
The company isn’t attempting to form its own banking arm, at least not yet. That would invite regulation and they myriad of rules that banks are subject to but Amazon has been looking to reduce the fees it pays to banks and payment processors so it could be an attractive field.
And if Amazon does enter, expect them to compete aggressively on fees and prices.