Amazon wants to start offering bank accounts

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For customers, the payoff would presumably be some combination of low fees, free Prime membership, or Amazon-specific spending rewards. Meanwhile, Capital One is a longtime customer of Amazon Web Services.

Amazon is reportedly considering launching a checking account-like product with some big banks like JP Morgan Chase & Co.

Amazon's talks with financial firms is an attempt to create a product to attract younger consumers, mainly those without bank accounts.

JPMorgan Chase was the primary partner named by the report, but talks are still in the early stages, and other deals may yet be struck.

And previous 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. As such, those that are comfortable in the prospective market on Amazon's radar can begin to feel a little uneasy, and we would imagine that emotion is pretty common among banking industry execs this morning.

Talks have also taken place with USA credit card lender Capital One, the Wall Street Journal said. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods.

Amazon declined to comment on the story.

Though Amazon now offers credit cards to customers through Chase, a checking account is a step deeper into the wallets of customers.

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