Video: You May Soon Have a Checking Account With Amazon

Attention Bank of America (BAC) - Get Report , JPMorgan Chase (JPM) - Get Report and Citigroup (C) - Get Report : Amazon (AMZN) - Get Report is reportedly mulling a move into the consumer banking business.

"The disruption is a big threat for the industry," said Gerard du Toit, a partner at Bain & Co., adding that banks are deciding whether to participate in Amazon's potential disruption or compete with it. 

If Amazon moved into consumer banking, they would likely be the low cost alternative to consumer banks, given the company's track record of lowering costs for consumers.

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