Amazon - Revision history

Btw admin at 02:22, 18 March 2022

2022-03-18T02:22:20Z

← Older revision		Revision as of 02:22, 18 March 2022
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	* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.<ref>https://www.cnbc.com/2020/01/03/big-tech-will-push-into-finance-in-2020-while-avoiding-bank-regulation.html</ref>		* In 2018, Amazon was reportedly in talks with US banking institutions to build a checking-account product to "appeal to younger customers and those without bank accounts."<ref>https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200</ref> By approaching existing banks to partner, Amazon "appeared to be working to avoid becoming a bank itself, with all of the associated regulations."<ref>https://www.theinformation.com/articles/amazon-quietly-scrapped-checking-account-plans</ref>
	* The checking accounts were never actually launched and were scrapped in October ~~20201~~ after several missed deadlines.		*According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.<ref>https://www.cnbc.com/2020/01/03/big-tech-will-push-into-finance-in-2020-while-avoiding-bank-regulation.html</ref>
	* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>		* The checking accounts were never actually launched and were scrapped in October 2021 after several missed deadlines.
			* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a 0.5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>
	* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.<ref>https://www.yahoo.com/news/amazon-no-longer-marketing-private-student-loans-prime-215049318.html</ref>		* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.<ref>https://www.yahoo.com/news/amazon-no-longer-marketing-private-student-loans-prime-215049318.html</ref>
	* The fine print for the program also said Wells Fargo could end the discount at any time.		* The fine print for the program also said Wells Fargo could end the discount at any time.
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	* Amazon was also criticized for working with Wells Fargo, which had just settled charges brought by the CFPB that it had misled borrowers and illegally charged fees.		* Amazon was also criticized for working with Wells Fargo, which had just settled charges brought by the CFPB that it had misled borrowers and illegally charged fees.
	* The student loan partnership was shuttered six weeks after launching, with Amazon refusing to explain why the program had ended.		* The student loan partnership was shuttered six weeks after launching, with Amazon refusing to explain why the program had ended.
	* Like Google, Amazon also explored offering bank accounts to customers, but quietly scrapped those plans, reportedly over concerns the company would become subject to banking regulations.

Btw admin at 20:16, 10 March 2022

2022-03-10T20:16:12Z

← Older revision		Revision as of 20:16, 10 March 2022
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	* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.		* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.
	* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>		* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>
	* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.		* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.<ref>https://www.yahoo.com/news/amazon-no-longer-marketing-private-student-loans-prime-215049318.html</ref>
	* The fine print for the program also said Wells Fargo could end the discount at any time.		* The fine print for the program also said Wells Fargo could end the discount at any time.
	* The Consumers Union criticized Amazon for misleading students and trying to nudge them into signing up for riskier loans.		* The Consumers Union criticized Amazon for misleading students and trying to nudge them into signing up for riskier loans.

Btw admin at 20:14, 10 March 2022

2022-03-10T20:14:11Z

← Older revision		Revision as of 20:14, 10 March 2022
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	* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.		* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.<ref>https://www.cnbc.com/2020/01/03/big-tech-will-push-into-finance-in-2020-while-avoiding-bank-regulation.html</ref>
	* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.		* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.
	* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>		* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>

Btw admin at 19:47, 22 February 2022

2022-02-22T19:47:18Z

← Older revision		Revision as of 19:47, 22 February 2022
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	* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.		* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.
	* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.		* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.
	* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.		* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.<ref>https://consumerist.com/2016/07/21/amazon-wells-fargo-hope-that-a-partnership-and-discounts-will-entice-you-into-a-private-student-loan/</ref>
	* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.		* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.
	* The fine print for the program also said Wells Fargo could end the discount at any time.		* The fine print for the program also said Wells Fargo could end the discount at any time.

Btw admin: Created page with "* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle. * The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines. * In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members,..."

2022-02-11T18:01:10Z

Created page with "* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle. * The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines. * In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members,..."

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* According to CNBC, the company’s plan to brand the accounts under the names of partner banks showed their key motivation was customer data and being able to see what consumers spend their money on in order to get a leg up on Amazon in the online search battle.
* The checking accounts were never actually launched and were scrapped in October 20201 after several missed deadlines.
* In July 2016, Amazon joined Wells Fargo to offer private student loans to prime members, offering a .5% interest rate discount.
* The company was quickly assailed by consumer advocates for touting private loans over more affordable options with better protections.
* The fine print for the program also said Wells Fargo could end the discount at any time.
* The Consumers Union criticized Amazon for misleading students and trying to nudge them into signing up for riskier loans.
* The Institute for College Access & Success blasted the company for trumpeting the discount while burying the sky-high rates of the loans.
** Exec VP Of The Institute for College Access & Success: “This is the kind of misleading private loan marketing that was rampant before the financial crisis.”

* Amazon was also criticized for working with Wells Fargo, which had just settled charges brought by the CFPB that it had misled borrowers and illegally charged fees.
* The student loan partnership was shuttered six weeks after launching, with Amazon refusing to explain why the program had ended.
* Like Google, Amazon also explored offering bank accounts to customers, but quietly scrapped those plans, reportedly over concerns the company would become subject to banking regulations.