Amazon Is Looking to Offer Checking Accounts, Reports Says

Amazon purchased Whole Foods is talking about a new shipping service to contend with UPS and Fed Ex and now wants to enter personal finance

- to provide it with valuable data on customers' income and spending habits. And the WSJ's report seems to confirm predictions that Amazon will likely focus on the distribution, rather than the manufacture, of financial products.

Amazon is reportedly considering launching a checking account-like product with some big banks like JP Morgan Chase & Co.

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The Wall Street Journal reported Monday morning that Amazon is in talks with several banks to launch a "checking account-like product".

The effort is still in its early stages and may not come to fruition, the people said. Capital One said it does not comment on "rumor or speculation". Doing so would expand Amazon's portfolio beyond its core e-commerce platform - which already includes grocery stores and most recently the acquisition of Ring. According to a LendEDU survey released Wednesday, roughly 45 percent of respondents were open to using Amazon as their primary banking account, while 49.6 percent would use a savings account created by the company.

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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 report helps answer one of the most often-asked questions on Wall Street: When's Amazon going to show up? This includes buying up Whole Foods a year ago and recent plans to offer its own shipping service, which would reduce its need for United Parcel Service, Inc. Scandal ridden Wells Farg is still one of Berkshire Hathaway's top holdings.

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