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Amazon Is Looking to Offer Checking Accounts, Reports Says

Amazon Is Looking to Offer Checking Accounts, Reports Says

It is reported that the checking accounts seek to appeal to a younger audience, perhaps like the demographic most closely affiliated with Amazon's digital-first identity.

The process is still in its early stages and may not be completed, the report said.

That makes sense. Banking is a highly regulated business.

A survey conducted by LendEDU found that about 45 percent of Amazon customers would be open to the concept of Amazon acting as their primary banking account, CNBC said.

Millions of customers buy all kinds of "stuff" (paging the late, great George Carlin!) from Amazon on their computers and phones. This includes buying up Whole Foods past year and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc.

The company is a major media player too thanks to its Prime Instant Video offering.

FBI Recorded Arizona Coach Allegedly Discussing $100K Payment For Deandre Ayton
The University of Kentucky said they reviewed the Yahoo! Ayton started against OR and had 28 points and 18 rebounds in the loss. Bilas also demanded Arizona put Miller on administrative leave and bench Ayton until the matter can be investigated fully.

And Amazon is even looking to change the way people get access to medical care. It also noted that Amazon has lent more than US$3bn to small businesses that sell on its platform since 2011, according to a research report by CB Insights earlier this year.

The company is reportedly in talks with big banks like JPMorgan Chase about partnering on the potential product.

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.

Amazon already teams up with banks to offer different credit cards.

It turns out that healthcare may not be the only new sector that Amazon is venturing into.

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