New York Post

Amazon weighs move into checking

- By CARLETON ENGLISH cenglish@nypost.com

Amazon may soon find yet another way into its customers’ wallets.

The e-commerce behemoth is reportedly chatting with big banks about creating a “checking account-like product” for its customers.

Details on the effort are scarce, but the talks hint that there is no industry that Amazon isn’t willing to disrupt.

Fresh off its acquisitio­n of Whole Foods in August, Amazon has made moves to build its own delivery service that would rival United Parcel Service and FedEx. Amazon is also weighing entering the health and prescripti­ondrugs business.

By offering its own checking-account product — or partnering with a bank to offer one — Amazon could minimize transactio­n fees on its platform.

Amazon’s talks with the big banks, which include JPMorgan Chase, are in the early stages. It is possible the product may never see the light of day, ac- cording to The Wall Street Journal, which first reported the news.

Capital One Financial has also pitched Amazon on a possible checking account product, the WSJ reported.

“As a matter of practice, we don’t comment on market rumor or speculatio­n,” a spokespers­on from Capital One told The Post.

Reps from Amazon did not immediatel­y respond to requests for comment. JPMorgan declined to comment.

It wouldn’t be Amazon’ s first foray into the financial sphere. Seven years ago, Amazon launched a lending program for small businesses that sell on the platform.

Amazon also has a working history with JPMorgan.

Last month, Amazon and the banking giant revealed they are working with Warren Buffett’s Berkshire Hathaway to create a company that will lower health-care costs for employees at all three companies.

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