American Express Rewards Checking Now Available for Cardmembers

[Burgerwars]

I logged onto my account and was able to open the account in a couple minutes.

 

Link:  https://about.americanexpress.com/all-news/news-details/2022/Expands-Membership-With-New-American-Express-Rewards-Checking-Account/default.aspx

[hegemony]

I can see how to open when I log into the card account but not the savings account. odd

[Burgerwars]

2 hours ago, hegemony said:

I can see how to open when I log into the card account but not the savings account. odd

 

It's probably because you need to be an American Express credit card customer to open the checking account, but for the savings account you can be any Joe Schmoe from off the street.  

[hegemony]

38 minutes ago, Burgerwars said:

 

It's probably because you need to be an American Express credit card customer to open the checking account, but for the savings account you can be any Joe Schmoe from off the street.  

I'm both and I have my accounts "linked" so I'm guessing amex IT is smoking the Gris Gris

[Burgerwars]

After opening the account, it does show with my other credit cards, with a gray icon of the Amex debit card to choose from.  This is good.  I hate having to remember more logons.  I can see the checking account number and routing number, but not the card number.  I'll need to wait for that to arrive.  

Edited February 11, 2022 by Burgerwars

[RehabbingANDBlabbing]

The only thing for me that makes this interesting is the 0.5 MR points per dollar on debit card spend, but I think most places won't recognize this as a debit card and still charge you full fees for using an AmEx credit card. There are certain things where this could make sense (paying Verizon, rent, certain utilities) where debit cards save money, but you still want rewards of some kind. Upgrade has a checking account with a debit card that earns 1% and 2% cash back. I tried using that, but Chase didn't want to let me transfer money over to them and I don't want to move my direct deposit. If I could get 2% back on my rent each month, it would definitely be worthwhile. 

[hegemony]

2 hours ago, RehabbingANDBlabbing said:

The only thing for me that makes this interesting is the 0.5 MR points per dollar on debit card spend, but I think most places won't recognize this as a debit card and still charge you full fees for using an AmEx credit card. There are certain things where this could make sense (paying Verizon, rent, certain utilities) where debit cards save money, but you still want rewards of some kind. Upgrade has a checking account with a debit card that earns 1% and 2% cash back. I tried using that, but Chase didn't want to let me transfer money over to them and I don't want to move my direct deposit. If I could get 2% back on my rent each month, it would definitely be worthwhile. 

IDK, spreading FDIC risk by parking $$ in it to get the same APY as the amex savings seems appealing. I never use sucky debit so the MR benefit is of little use to me.

[RehabbingANDBlabbing]

On 2/11/2022 at 5:59 PM, hegemony said:

IDK, spreading FDIC risk by parking $$ in it to get the same APY as the amex savings seems appealing. I never use sucky debit so the MR benefit is of little use to me.

They also mentioned in the marketing stuff that you will be able to redeem MR points as a deposit into the checking account. I wonder if this will work similarly to Charles Schwab, where you will get 1 cent per point? They don’t say, so I decided to apply today. They asked for a utility bill as a proof of address. It’s a free account, so it can’t hurt. 

[PotO]

I'm both and I have my accounts "linked" so I'm guessing amex IT is smoking the Gris Gris

It's likely because they put the checking account on the credit card side of their online platform and not the deposit account side because it has a physical debit card attached.

Frankly, though, I wish they'd put all accounts under one log in and then change that stupid little icon in the top right corner that you use to flip through your accounts.


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[PotO]

I logged onto my account and was able to open the account in a couple minutes.  

Link:  https://about.americanexpress.com/all-news/news-details/2022/Expands-Membership-With-New-American-Express-Rewards-Checking-Account/default.aspx

 

I just saw that yesterday and applied. Approval within a minute or two.

 

Interesting, though, is that someone who has their online access and is only an AU cannot, at least for now, apply.

 

They make it easy to make ACH transfers, but they are slow.

 

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[RehabbingANDBlabbing]

1 hour ago, PotO said:

I just saw that yesterday and applied. Approval within a minute or two.

 

Interesting, though, is that someone who has their online access and is only an AU cannot, at least for now, apply.

 

They make it easy to make ACH transfers, but they are slow.

 

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Two things: They approved my account yesterday, so I checked the MR points redemptions. It’s 8/10 of a cent per point, which is lame, but ok if you aren’t using them for anything else and need cash. I’m just going to bank mine until I’m ready to travel. I’ve got 160k plus coming in soon from the Gold and Platinum SUBs.

 

I also just setup ACH transfers to push from Chase. Chase is doing the real time ACH transfers now, so I’m hoping AmEx will participate in it so I can move money over there instantly. I don’t think I would ever make this AmEx account my main checking, but they have done a good job of making it have most things I need. For one, you can order checks.  They still need Zelle and bill pay, but I’m pretty happy with it otherwise.

[Burgerwars]

I did make my first deposit on the 10th via ACH pull (the site lets you use the same accounts you use for credit card payments).  Today is the 16th, and the deposit shows in my balance and has been deducted from my Wells Fargo checking account, but the amount available is still zero.  This might be a "feature," allowing customers to save more of their money because they can't spend it.   

Edited February 16, 2022 by Burgerwars

[PotO]

I did make my first deposit on the 10th via ACH pull (the site lets you use the same accounts you use for credit card payments).  Today is the 16th, and the deposit shows in my balance and has been deducted from my Wells Fargo checking account, but the amount available is still zero.  This might be a "feature," allowing customers to save more of their money because they can't spend it.   

Same here. The money left my funding account two days ago and has yet to post at AmEx.

I will call and ask them about this. If they are going to be this slow then time to abort them.


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[Burgerwars]

2 hours ago, PotO said:

Same here. The money left my funding account two days ago and has yet to post at AmEx.

I will call and ask them about this. If they are going to be this slow then time to abort them.


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The website says it could take five business days. That will be tomorrow for me. That's slower than snails in this day and age.

[RehabbingANDBlabbing]

I pushed a small deposit of $25 from Chase to this account. It was credited the next business day in the AmEx account. So it’s ok if you push money over there, but I’m with y’all, my opening deposit is still on hold.

[PotO]

I pushed a small deposit of $25 from Chase to this account. It was credited the next business day in the AmEx account. So it’s ok if you push money over there, but I’m with y’all, my opening deposit is still on hold.

That is good to know. I will give it a try.


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[Burgerwars]

My available deposits finally increased from zero this morning. So it's 5 business days for ACH pull deposits.

[PotO]

My available deposits finally increased from zero this morning. So it's 5 business days for ACH pull deposits.

Five days is a very long time.


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[Burgerwars]

I checked my USPS Informed Delivery, and it looks like a letter from American Express is coming today with my debit card.  How exciting. 

This morning I did set-up an ACH push for my new Citizens Bank account from HSBC dumping me, to transfer some of the balance from there.  I think this Amex checking account will come in handy for paying my Amex credit cards from the same logon.  

[PotO]

I checked my USPS Informed Delivery, and it looks like a letter from American Express is coming today with my debit card.  How exciting. 
This morning I did set-up an ACH push for my new Citizens Bank account from HSBC dumping me, to transfer some of the balance from there.  I think this Amex checking account will come in handy for paying my Amex credit cards from the same logon.  

Paying AmEx is never difficult.

Getting the money into your AmEx checking, however, can be a pain in the arse.

I called a contact in AmEx yesterday to ask about some issues with AmEx checking and received some interesting and, hopefully, positive news. First of all, since the product is only less than a few months old, they are still developing it. They will be introducing new functions and features in the near future.

For example, for now it is impossible to wire money into your AmEx checking account. They even have no SWIFT code. That is something they plan on fixing. They also plan on adding BillPay. They are also looking at putting their savings and CD accounts on the same login.

It was explained to me that during the first 30 days while the account is considered new, it will take 5 business days for an ACH pull to be made available. After the 30 days, it will be faster. How much faster? She refused to commit. She did tell me that they are also looking into the instant ACH system.

The lady I spoke with is someone I have known in the EO for a while now and she is extremely reliable. And sooooo sweet.

But she isn't as sweet as my luscious @Kat58. Eat your heart out @Hegemony!


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[hegemony]

1 hour ago, PotO said:

 

 They even have no SWIFT code.

I'm not sure how that is even possible; or is it that amex is not enabling this for checking accounts yet... which seems very dumb unless they are only interested in less secure (IMHO) transfer with a clearing house?

[PotO]

I'm not sure how that is even possible; or is it that amex is not enabling this for checking accounts yet... which seems very dumb unless they are only interested in less secure (IMHO) transfer with a clearing house?

I was also surprised.

The SWIFT code was one of several issues I had when I called the lady. I generally use HSBC because they have an instant and free international transfer system, but because of the delays in sending money into AmEx checking via ACH, I thought of sending a wire. I asked her about that and she stated they were not yet set up for wire transfers. I was like, "WTF???"

Anyhow, she did say that was on their to-do list. I wonder if AmEx savings has a SWIFT code? I'm too lazy to log in and check, but IRC they do. Why can't they just use the same one?

Frankly, I am disappointed with AmEx on their checking account rollout. I have come to have high expectations of AmEx and now with this checking account fiasco I am starting to wonder.


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[Burgerwars]

The debit card did arrive yesterday. It's as pictured, is printed down the long side of the card, and has a member since date from my first American Express card.

It took two attempts to activate it on their website, where I chose a PIN. After that, I did my normal test by using it to add a couple dollars to my Amazon gift card balance.

So far, so good.

 

Edited February 23, 2022 by Burgerwars

[dvd]

On 2/17/2022 at 4:42 AM, PotO said:

Same here. The money left my funding account two days ago and has yet to post at AmEx.

I will call and ask them about this. If they are going to be this slow then time to abort them.


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I called about the extended wait time and they told me when you generate an ACH from the Amex side it takes and additional 4-5 days to release those funds.

[GFT]

Has anyone been denied for the AMEX Rewards Checking account ?  If so, reason?  Also, has anyone been able to confirm if a HP on a CRB is required ?