Amazon looks to offer checking accounts for customers

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The Amazon-branded checking account would provide an alternative for younger customers and individuals without bank accounts.

They said the plan is in too early a stage to determine if it will come to fruition.

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.

In late morning trading, Amazon was at US$1,058.97, up US$8.72, JPMorgan Chase was at US$113.95, up 63 USA cents, and Capital One was at US$97.14, up 42 U.S. cents.

Nevertheless, the survey found nearly 1 in 4 consumers said they'd have less trust in Amazon than in a traditional bank, while only 17 percent said they'd trust Amazon more.

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.

And of course this would nearly invariably be integrated with Amazon Pay which Bezos is already trying to push at brick-and-mortar retailers starting, of course, with Whole Foods, which he now owns. It's a miracle you're not reading this on an Amazon-designed smartphone. Offloading key tasks to a bank could help Amazon avoid some of the strict regulations imposed on financial service providers, which would ease go-to-market efforts.

Neither Amazon or JP Morgan Chase responded to FOX Business' request for comment on the matter. Amazon also offers a debit-card type service called Amazon Cash, which enables shopping on Amazon without a credit or debit card, and deposit style service called Prime Reload.

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