Author Topic: Next Up for Amazon: Checking Accounts  (Read 546 times)

Mackin USA

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Next Up for Amazon: Checking Accounts
« on: March 06, 2018, 11:20:58 AM »
Amazon is in talks with big banks including JPMorgan Chase & Co. about building a checking-account-like product the online retailer could offer its customers, according to people familiar with the matter.

The effort is still in its early stages and may not come to fruition, the people said. The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts. Whatever its final form, the initiative wouldn’t involve Amazon becoming a bank, the people said.

https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200
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Brad

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Re: Next Up for Amazon: Checking Accounts
« Reply #1 on: March 06, 2018, 11:24:02 AM »
No.  Not for me.  I stick with small, local banks.  The Big Five US banks are criminals IMHO.

ergophobe

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Re: Next Up for Amazon: Checking Accounts
« Reply #2 on: March 06, 2018, 02:41:02 PM »
I stick with small, local banks.

That was always our strategy (credit unions usually). But then we moved to a California (first problem*) and then a rural area (exacerbating problem 1) and
 - the branches were few
 - the ATMs non-existent except at the physical branches
 - the ATM reimbursement programs terrible (i.e. high fees if you went to an ATM out of network)
 - the websites terrible

*That's for you MM

Mackin USA

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Re: Next Up for Amazon: Checking Accounts
« Reply #3 on: March 06, 2018, 03:43:48 PM »
>>>
*That's for you MM

Thank you so much.
We are researching the possibility of taking up residence in:
https://en.wikipedia.org/wiki/Caracas

 8)
Mr. Mackin

Mackin USA

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Re: Next Up for Amazon: Checking Accounts
« Reply #4 on: March 07, 2018, 05:03:41 PM »
Bain writes that Amazon's banking services could grow to more than 70 million U.S. consumer relationships over roughly five years, rivaling Wells Fargo.
Amazon could evade more than $250,000,000 in credit card interchange fees every year if it finds a bank willing to partner.
The Bain report finds one-quarter of those using voice assistants like Amazon's Alexa would consider using them for everyday banking.

https://www.cnbc.com/2018/03/06/amazon-could-become-the-third-biggest-us-bank-if-it-wants-to-bain-study.html
Mr. Mackin

rcjordan

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Re: Next Up for Amazon: Checking Accounts
« Reply #5 on: March 07, 2018, 06:13:34 PM »
Not for me.  My large, regional bank was solid while other national banks were going belly-up in 2007ish. I'l stay where I am.

BTW, Walmart has had some banks in its pocket for decades. 

https://www.huffingtonpost.com/2014/05/13/walmart-banks-exploit_n_5317659.html


I think THIS is a bigger play by Amz:

Amazon launches a low-cost version of Prime for Medicaid recipients

https://techcrunch.com/2018/03/07/amazon-launches-a-low-cost-version-of-prime-for-medicaid-recipients/