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.
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.
Crews assessing damage to College Lake Dam in Lynchburg
College Lake is a manmade lake, built in the early 1930s by the Virginia Department of Highways as part of the development of U.S. Local fire and police sent boats to rescue people to area shelters, including E.C.Glass High School and Sandusky Middle School.
"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.
Everything you need to know about President Trump's endorsement of Ron DeSantis
USA president Donald Trump has falsely claimed you need to show photo identification to buy groceries in his country. Although photo identification is required for some purchases, such as alcohol or cigarettes, by and large, it's not.
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.
Meghan Markle's first trip to Balmoral with Prince Harry
He said: "I don't care if Harry never speaks to me again, I'll survive". "I think she enjoyed it". In related news, Meghan and Prince Harry are set to have a vacation in Scotland.