4.7
5.7
Overall Score
Author: Kaitlyn Short
American Express Bank is a creation of American Express Company (also known as AMEX) which was started as an express mail business in Buffalo, New York in the year 1850. AMEX was born out of a merger between three express companies: one owned by William Fargo, another owned by Henry Wells and a third owned by John Warren Butterfield. American Express officially born when William Fargo and Henry Wells both parted ways over business-related irreconcilable differences, forming what is still known today as the Wells Fargo company. Today, American Express is a multinational financial corporation headquartered in New York City, New York. Their American Express Bank, FSB, is a branchless bank that offers accounts with competitive rates and no hidden fees. The company prides itself on what they call “Blue Box Values” which reflect the principles the company stands for. The Blue Box values are: Customer Commitment, Quality, Integrity, Team Work, Respect for People, Good Citizenship, A Will to Win and Personal Responsibility.
American Express is a 100% virtual bank, which allows for easy customer access 24/7. It does have a brick and mortar address customers can contact through postal mail, however. AMEX also has a toll-free 800 number for transactions and inquiries. Access can be gained from anywhere there is internet access via computer or mobile device.
Unlike other banks offering personal financial products, American Express offers accounts with no fees, including:
Limitations on CDs are standard for CDs at most banks. Such as:
Banking 100% online has a downside. Any transfer of money that is not electronic, i.e. money orders, is not as simple and easy as direct deposit or electronic transfers. There is a huge drawback for people who do business with varying forms of checks. If a customer wants to deposit a check into their account, there are a few stumbling blocks. Deposits made by check are accepted in American Express Bank's sole discretion. This means they reserve the right to refuse, return or limit any deposit a customer makes to their account. Examples of items they do not accept for deposit include: multiple-endorsed checks, counter checks, starter checks, travelers' checks and money orders. This "discretion" poses a severe limitation to customers, arguably putting AMEX more in control of an individual's account than it should have. It also creates a severe inconvenience factor, especially if the customer is getting paid from a third party. They are either forced to convert the checks to acceptable forms of payment themselves or request third parties to pay them electronically or by direct deposit. Unfortunately, that is not always an option. This is not the easiest option for people of lower financial means and limited resources who may not have options on how they receive money.
Customers are only allowed to make no more than six preauthorized, automatic, telephone or online transfers or withdrawals from their Savings account during any monthly statement cycle. This "preauthorization factor" can potentially prove to be a convenience with the power in the hands of AMEX to determine what monies can and cannot be both deposited and withdrawn.
Another note regarding the high yield savings accounts is the time factor. If a customer is receiving payments and is waiting to withdraw the funds, it may take a little longer than expected. Funds from check deposits to AMEX savings accounts will generally be available for withdrawal on the eleventh business day after receiving the deposit. Electronic deposits into savings accounts that are linked directly, i.e. transfers from a linked external bank account, generally are available for withdrawal in six business days. Direct deposits from third parties (such as an employer) are available the same business day.
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