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The social media titan has reportedly put forward a proposed feature that would allow users to see their own checking-account balances through the platform, as well as fraud alerts that could be delivered through Facebook as well.

Facebook has asked large USA banks to share financial information about their customers as it seeks to offer new services to users, according to The Wall Street Journal.

It has approached JP Morgan Chase, Wells Fargo, Citigroup and US Bancorp about hosting several offers on Facebook Messenger.

While "data privacy" remains the "sticking point" for the banks, JPMorgan was forced to distance itself away from the negotiations despite reassurances from the company that Facebook would not share the private data with third parties.

The primary concern among many banks and individual customers with regards to Facebook's latest attempts at expansion is data privacy.

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"We don't use purchase data from banks or credit card companies for ads", spokeswoman Elisabeth Diana told the Journal.

Wells Fargo declined to comment. A critical part of these partnerships is keeping people's information safe and secure.

This comes after Facebook has dealt with the Cambridge Analytica data-sharing scandal.

When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday.

A further Facebook foray into finance could also help it compete with the likes of upstart tech firms like PayPal's Venmo, Zelle - a Venmo competitor launched by banks themselves - or the hoard of personal finance sites and apps that have exploded in recent years.

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Shares of Menlo Park, California-based Facebook ended the day up 4.5 percent at $185.69. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.

But Facebook says that it is not actually seeking to collect information, from a data perspective, nor does it want users' shopping history.

"We're not using this information beyond enabling these (customer service) types of experiences", Facebook said in a statement.

Shares of Facebook surged almost 3% following the report. However, Facebook received good marks for "offering detailed terms of service and end-user agreements that explain how they use consumers' data", Consumer Reports said.

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