Amazon talks to banks over checking account

Amazon talks to banks over checking account

Earlier this year, it was announced that Amazon, Berkshire Hathaway, and J.P. Morgan were teaming up to reduce health care costs for their employees.

Becoming a bank would allow Amazon to lend out money as well as taking in deposits, but would also expose the massive firm to a far bigger regulatory requirement in a far more sensitive industry than consumer retail.

I May Attend US Embassy Opening In Jerusalem, Says Trump
It'll be up to the attorney general to decide whether Netanyahu gets indicted. He looks at the cameras, and he just - he looks like he's kind of glowing.

The benefits of such an account for Amazon's current customers are unclear at the moment but product discounts, faster payment processing and the potential elimination of standard checking account maintenance fees all seem like distinct possibilities.

The process is still in its early stages and may not be completed, the report said. Rather, Amazon is considering partnering up with the likes of JPMorgan and Capital One to create a "hybrid-type" checking account for customers. "Apple has a relationship with a number of banks, using their payment systems, but clearly, Apple is not in the banking business". JPMorgan has also issued Amazon-branded credit cards since 2002. Keith Noreika, the former acting Comptroller of the Currency, said a year ago that it's time to reconsider whether the traditional separation between lending and retailing should be maintained. The e-commerce giant has been looking for ways to expand Amazon Pay to brick-and-mortar stores, likely via Whole Foods. A representative for JPMorgan declined to comment.

Related News:



Most liked

It's time to celebrate the one-year anniversary of Nintendo Switch!
Many early adopters have seen their playtimes reduced to zero as if they were playing them for the first time. According to the user, play times for launch games are being reset on Switch profile's all across the globe.

Here Are The Biggest Winners From Oscars Night 2018
A clearly confused Beatty hesitated after opening the envelope, so he handed it to Dunaway who immediately announced La La Land . They say you don't get a second chance to make a first impression, but Warren Beatty and Faye Dunaway are going to try.

Barnaby Says Baby's Dad Is "Nobody's Business" After Spilling To Every Paper
The former deputy prime minister claims he was on a trip to Europe at around the time she conceived. But his changes were minimal, with Mr McCormack keeping all of Mr Joyce's backers inside Cabinet.

Oscars: Allison Janney dedicates her win to her late brother Hal Janney
Backstage at Hollywood & Highland Center, Janney opened up about her speech and if she'll change post Academy Award win. Janney beat out Octavia Spencer , Laurie Metcalf , Lesley Manville , and Mary J.

Emma Watson Rocks Time's Up Tattoo at 2018 Oscars Afterparty
Emma has been a hugely vocal supporter of the " Time's Up " movement since it was ignited in response to the Harvey Weinstein scandal.

Iran risks sanctions if ballistic missile issue not handled
Jean-Yves Le Drian's visit was scheduled for January, but it was delayed after student-led protests broke out in Iran. Tehran supports Mr Al Assad against rebels, including groups backed by the West, and backs Hezbollah in Lebanon.

USA to close embassy in Turkey for 'security threat'
Turkey police force has detained 12 suspected Islamic State extremists amid ongoing crackdown and closure of USA embassy. The notice also advised USA citizens in Turkey should avoid large crowds, keep a low profile and otherwise be cautious.

Korea rejects U.S. call to discard nuclear weapons before talks
North Korea is believed to have been behind his death, which the reclusive state has strongly dismissed. -North Korea talks were imminent.

Dana White and Cris Cyborg squash the beef following UFC 222
Before the fight could come to fruition, Anderson backed out citing "personal issues", but never revealed what those issues were. He says "the fight that needs to happen". "When you call Cyborg out, I have to handle it".

Get Out wins for best film, director at Independent Spirit Awards
Asked if his film could win big tonight (March 4) after its success at the Spirit Awards, Peele said: "It's Saturday". He is the first black filmmaker to be nominated for best picture , best director and best screenwriting.

Amazon still isn't selling the Chromecast, almost three months after initial announcement
An Amazon rep told Engadget that the company does not have an official response to the report , but she did not deny it either. Amazon past year declined to offer some of Nest's newer products like the Nest Cam IQ and latest-generation smart thermostat.

Frances McDormand singles out women during Oscars broadcast
Since then, she's stepped out in a variety of high-neck, floor-length gowns, and yet her beauty look has never once wavered. "We should support this for a billion reasons, but if you can't find a reason to, here's one: it will make movies better".

Nor'Easter Slamming East Coast With Heavy Rain, Strong Winds
Winds along parts of the MA coast that whipped in excess of 90 miles per hour are due to ease Saturday , CNN forecasters said. SEPTA said a bus was struck by a tree on the Schuylkill Expressway about 1 p.m., but no serious injuries were reported.

Roger Bannister, First Runner To Break 4-Minute Mile, Dies At 88
So he turned to running and his new ambition became to win the 1,500 meters at the Olympic Games in Helsinki in 1952. Roger Bannister was honored at Oxford in 2004 with a mile race to celebrate the 50th anniversary of his mile record.

Killer storm clears northeast U.S. , leaving floods and outages
Langley Jr.in NY said that an unidentified 11-year-old boy died when a tree fell onto his home and trapped him underneath. Along Boston's waterfront, roads and sidewalks were flooded Friday, closing several roads, reports The Associated Press.