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American Express Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 22, 2022 by

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American Express released their fully automated American Express Business Checking accounts in October 2021, ensuring that the company became a household name in an industry that previously included little-known banks and fintech firms. Until now, the free business checking account was only offered to Amex customers.

The business account charges nothing for doing things like overdrafts, stop payments or send wire transfers. American Express Business Checking offers a more advanced service than many other checking accounts, with a better interest rate than some other checking accounts and a very nice welcome bonus.

Account owners can put money in their accounts when they're on the go by depositing funds with their phones or via ACH or wire transfer, and they can take cash from any of the 37,000 MoneyPass ATMs in the United States and Canada at no charge. However, you cannot cash out by withdrawing cash from an ATM that is not in your area, and it could cost you money to use a different ATM that is not in your area.

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American Express Business Checking services are ideal for small business entrepreneurs and managers if:

  • You already have a business checking account, but want to be able to check your accounts using a mobile phone.
  • You run an e-commerce business or any company that does not accept cash as a form of payment.
  • Are seeking a business bank account that will earn you good income.

How to Get An American Express Business Checking Account?

It is fairly simple to open a Business Account with American Express. You will be approved to open an account in just a few minutes if you provide some basic information, such as your business name, industry, revenue, email, and who you are. Once you've been granted a merchant account, you will have 60 days to make a payment via wire or ACH transfer. You will need several other documents if your business is incorporated, such as articles of incorporation or a DBA certificate.

New American Express business checking account members will receive 30,000 points each year as a reward for signing up for an account. The points can be reloaded with things like gift cards or vacations or just transferred into your account as cash.

To get the bonus, you must meet the minimum amount of money needed to open an account with American Express Business Checking.

American Express Small Business Banking Review

  • You are required to make a minimum of $5,000 in the first 20 days of having an American Express Business Checking account opened. Transfers made from an eligible checking account held by another bank are not eligible.
  • Once your account is opened, you will need to deposit a total of $5,000 and hold that amount on deposit for at least 60 days.
  • Do 10 qualifying transactions in the first 60 days of opening the AmEx Business Checking account. Qualifying deposits can be made with your phone, via wire or ACH transfers, and you can even pay bills using your Visa debit card. Transfers from AmEx accounts to accounts owned by your business are not eligible.

Why Is American Express Business Checking Different?

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  1. There are no account maintenance fees. There are very few other charges incurred. Customers pay nothing for requests to withdraw funds, or to e-check their money if there is no money in the account. Incoming and outgoing wires, which are all foreign currency, are free.
  2. American Express Business Checking accounts earn the highest interest rates for business checking accounts (1.30% APY). It allows customers to earn interest on the balances up to $500,000. Bluevine is a competitor to AmEx, but it pays you a similar APY to open an account with a company that holds shares in Bluevine as a subsidiary of AmEx.
  3. American Express Business Checking customers can get support from customer service representatives 24/7, even if they are not on the site.
  4. Customers who sign up for American Express Business Checking can get 1 Membership Point for each $2 they spend on qualifying debit card purchases. If your company earns a lot of rewards by using one or more of its business credit cards, you can pool them and use them to earn more rewards.

Where Does American Express Business Checking Fall Down?

  1. Depositing cash is not allowed at American Express Business Checking. You cannot deposit money by cash or checking your account via a wire or ACH transfer. You cannot deposit cash via a check machine on your iPhone (because Apple only allows iPhone deposit). Businesses often need to deposit cash into their business accounts, so look for a business checking account that allows you to deposit easily and easily, with no fees or caps. Examples include LendingClub or NBKC.
  2. The American Express Business Checking app is only compatible with iOS devices. You will be able to pay your bills online and make transfers from your bank account easily, but you will need to have an iPhone to make phone-based checks.
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