Amazon is in early discussions with banks, including JPMorgan and Capital One, to create a product for young its customers who don’t have the bank account or plastic cards in their wallets. Amazon aims to tailor the accounts to appeal especially to youngsters and those who own no plastic in their wallets, the people said. Service ChargesChildren under the age of 18 typically aren’t able to sign up for a bank account without parental consent. Checking accounts for high school students often come with monthly service charges and overdraft fees. Even with as much as a $10 monthly fee, 27% of young millennials polled said they would open an additional checking account with Amazon.

Source: Mint March 29, 2018 13:30 UTC