Amazon wants to be your bank too?

These are the companies Amazon owns

According to The Wall Street Journal, the online retail giant is in talks with J.P. Morgan to building a product similar to a checking account for Amazon's customer base.

The checking-like account would be aimed at younger customers and those without bank accounts, according to The Wall Street Journal.

The WSJ said that talks are in initial stages and that nothing may actually come from them. Whatever its final form, the initiative wouldn't involve Amazon becoming a bank, the.

One problem with Amazon.com, Inc.'s plans are restrictions it may face from its rivals and legislators. But remember, Amazon is not trying to be a bank. The story was also scant on details about what exactly Amazon might offer beyond checking accounts.

With Amazon's host of customers and impressive market value, some have wondered whether the e-commerce giant would eventually seek to disrupt the banking system. Amazon reportedly hopes that taking on a bigger role in the management of shoppers' purchases will help it lower the fees that it now pays to banking partners for transaction processing. It's unclear if the product would allow customers to write checks, pay bills or access an ATM.




Dick Bove, a notable banking analyst at Vertical Group, told CNBC that Amazon has the capabilities to collect deposits so long as it doesn't issue any loans, CNBC said.

Before you sell all your bank stocks.

Bloomberg notes that Amazon already has a co-branded credit card with JPMorgan, and that Amazon has made other forays into the financial arena.

[Amazon's] more-than $700 billion market value eclipses the combined value of JPMorgan and Bank of America Corp, the two biggest USA banks.

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