Wells Fargo, Amazon end deal to offer discounted student loans

August 31, 2016 5:15 PM EDT

Amazon.com's logo is seen at Amazon Japan's office building in Tokyo, Japan, August 8, 2016. REUTERS/Kim Kyung-Hoon


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(Reuters) - Wells Fargo & Co and Amazon.com Inc said they had ended a partnership to offer discounted student loans to the online retailer's "Prime Student" customers, about six weeks after announcing the deal.

Under the deal announced on July 21, Wells Fargo had agreed to shave half a percentage point from its interest rate on student loans to Amazon "Prime Student" subscribers, who also get benefits such as free two-day shipping and access to movies, television shows and photo storage.

"That promotion for Prime Student members has ended," a Wells Fargo spokeswoman said on Wednesday. She declined to provide further details of the agreement.

Amazon spokeswoman Deborah Bass also confirmed the termination of the partnership.

Bloomberg first reported earlier in the day that Wells Fargo and Amazon had ended the agreement. (http://bloom.bg/2bK2cHO)

(Reporting by Sruthi Shankar in Bengaluru and Dan Freed in New York; Editing by Kirti Pandey)



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