Amazon considers launching branded checking accounts for unbanked

Report Amazon Researching A Banking Product

The plan: The Wall Street Journal is reporting that the tech giant is building a product similar to a checking account, meant to attract people who don't now have bank accounts. Amazon was not immediately available for comment.

The concept is still in its early stages, and it's unclear how exactly it would function, the Journal reported. Some consumers may not consider an Amazon checking account to be so different from another service already offered by the retail company - its Amazon-branded credit cards.

Among the discussions taking place in bank boardrooms of late: When will Amazon (NASDAQ:AMZN) show up to claim our margins?

Amazon wants to create a hybrid-type checking account that would appeal to those without bank accounts and to younger customers. The companies together employ more than 1.1 million workers.

Bruising Qualcomm-Broadcom battle heads for showdown
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Newcastle boss Benitez: I enjoy watching Liverpool - they need to win trophies
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Tiger Woods to play in Valspar Championship in Palm Harbor next week
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And Amazon is even looking to change the way people get access to medical care.

Additionally, the potential partnership with JPMorgan Chase would be the second major agreement with the online retailer this year.

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. It's completely possible that the company will shy away from the effort and nothing will happen, reports The Wall Street Journal.

Buffett also owns big stakes in Bank of America, American Express, Bank of New York Mellon and Goldman Sachs.

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