American Express Bank, FSB

They Won't Let Me Have My Money
- old2new2011 - Saturday, December 24, 2011 - 7:28 AM

When I first requested that my money be transferred to my bank account that I funded the AX savings account with, they made me verify my account by depositing money to my account and then having me enter the amount. After I verified my bank account, they transferred my money the next day. Well, due to Birthday and Christmas shopping, I had to request another transfer of my money (It says that you can have up to six transfers per month and this was my second). Well, I assumed that my money would be transferred just fine because the first transfer went smoothly, but no, I discovered after I recieved 3 overdraft charges from my bank that they dropped the ball. When I called to report the failed transaction, the girl said that they needed "more" verification from my bank to transfer more of MY MONEY. I told her that is ridiculous if you have already transferred my money to the account that I have already previously verified to refuse to transfer money to that account the very next day. So, I told her to close my account on December 17th, at 12:23 am. I recieved an email on the same day stating that it would take 2-3 days to recieve my money and I checked my account with AX and it showed a zero balance. I patiently waited until today, December 24th, and when I called the young girl, Jessica, said that they talked with my bank on December 19th, and were informed that my bank account was closed WHICH IS A BOLD FACE LIE! They now refuse to send my money in a check, because of policies and procedures? This company stinks, it was not worth the forty cents interest that I made in this nightmare and now because of the holiday they say that they won't be able to do anything AT ALL until December 27th. If you are certain that you won't need the money that you put in savings and are happy in taking risks that you may never see it again, then by all means, use AX.

AMEX Savings Quickest ACH Transfers
- theteach - Sunday, July 11, 2010 - 7:31 PM

Hi everyone,

I switched over to AMEX savings initially for the decent yield; however, their Bank ACH transfers are amazingly fast. Within one day, I can easily transfer money between my accounts. Coming from HSBC, where transfers took three to four days, this experience has been refreshing. The account interface is also very simple and easy to use. I recommend it for anyone who wants to make sure their cash is easily accessible. No need to worry that you don't get access to an ATM for this account, since you can have access to your cash very quickly through a transfer.

Lou

American Express
- Dracus - Monday, November 22, 2010 - 7:52 AM

I have been keeping the bulk of my cash @ American Express, no hassles, fast transfers and very competive rates.... was thinking about putting 100k with Capital One, because of slightly better rate and what a bunch of bs that was. They wanted me to jump thru hoops to take my money and still made the signup incredibly difficult.  Think I'll stay with A/E

Had A Marginal Lead In Savings APY% But Doesn't Anymore
- KRS03 - Thursday, December 15, 2011 - 12:50 PM

Kind of a bait-and-switch technique.  They garnered a substantial number of clients and funds at a good % rate above other online banks - then reduced their yield to no better (OK -- 0.01% better) than the next leader.

Not enough of a reason to go with them and it may be time to punish their small-minded thinking.

Another issue I have is that they are located in Utah -- which has a law that says that unattended accounts, inactive for a relatively short period of time, can be closed and funds sent to the state.  Possibly why they are located in this state.

Knowledgeable And Personable Customer Service!
- gllp - Tuesday, August 16, 2011 - 2:23 AM

I'm shopping for bank CD's (because my credit union rate is quite low) and am worried about accountability in online banks, despite the higher rates. So, I'm on this review site and feel compelled to put in a big "plug" for American Express (Amex)! For 40 years, I've used the same top-rated non-profit Patelco Credit Union, with a fantastic free financial advisor, for most of my money mgmt because of "issues" with the big banks. I've also been a faithful believer in the Nordstrom philosophy for about 40 years! I opened an American Express card (via Costco) about a year ago and had a merchant-related scam-type problem, which Amex was absolutely fantastic in handling it expeditiously and very professionally. A few weeks ago, I opened an Amex money market account - and I was extremely impressed by the immediate availability of high-level cordial competence of the American Express rep who explained all the ramifications, pros and cons, and important points involved with whether placing a large sum in a money market was the best financial move, given my circumstances. WOW . . . I found my norstromesque online bank! They may not be offering the best prices, but I can depend on their integrity and premium quality service. Hard to put a price on my peace of mind. (I just opened an Amex 36-month CD online, but had to call the toll-free number three times for "live" help; they shine, once again! All three reps were expeditious, knowledgable, and personable! Amazing:))

Not Safe To Put Your Money In
- bankcustomer - Monday, July 30, 2012 - 3:06 PM

I recently became a victim of identity theft. Someone obtained my information and went to all of my accounts and tried to wire money out. Charles Schwab suspected that something was wrong right away and informed us. Wells Fargo security was so good that the thief couldn't get the online access (despite having all the information). American Express Bank was terrible! The thief (a male) was able to call the AM bank, pretending he was me (female), and wired $15,000 out, on the same day! Whenever I deposit funds into AM bank, they needed 7 days to clear! When we finally chased the money and transferred it back to AM bank, I had already lost condifence in AM bank and wished to close the account right away, I was told by the AM bank that they had to wait 10 business days to clear the funds! The next day someone else at the bank transfered the funds back to my wells fargo accounts. All of these inconsistencies just made me believe that it was a right decision to not bank with AM bank in the future. I think enough said. I wouldn't recommend this bank to anyone.

Bad Web Interface, Poor Mobile Functionality, Disingenuous Notification Policy Or Lack Thereof
- JasonBankReview - Tuesday, June 12, 2012 - 8:20 AM

I opened an interest bearing Personal Savings Account in March 2012 knowing I would have family summertime expenses in May and June, so I had intended to make several transfers to another external account. The last 2 transfers that I executed simply *never* happened. There was no email saying the transfer did not occur, no web interface alert, no phone call from Customer Service, there was *nothing*. After the first failed transfer, I checked my account via mobile phone and saw that the website was down. Absent *any* notification, I assumed that perhaps the first of the two failed transfers were a result of the weekend outage. The following business day, I attempted another transfer and waited. For those that do not have an AMEX Savings Account, it is important to note that while walking through each step of the transfer process through the website, the completed transaction *appears* to have been executed without issue. Immediately after executing the transaction, you can even check under the "Scheduled External Transfers" weblink and the transfer shows up. After the second transfer failed to occur without notification, I called Customer Service. Initial interaction was perfunctory, but detached. After explaining my situation, the representative said that there is a Federal monthly limit on savings account transfers (6) and that I had reached my limit. After escalating my manner of communication complaining that omission of digital alerts seems less overlooked and more disingenuous, the representative admitted that many others had called and were equally apoplectic. To add insult to injury, I was informed that I would have to wait an additional 2 weeks before I could access any of the funds in the Savings Account. I'll be taking my money out of this account and I recommend others be advised before using any company that has problems digitally notifying account holders of account-related issues.

So Far The Best Yet
- demichej - Friday, December 2, 2011 - 3:33 PM

Although their interest rate has continually dropped in the past 6 months, I keep reading about horrible experiences people have had at other banks. American Express has been great. They aren't trying to steal your money. They do not charge you odd fees. You can move money around to different accounts very easily. 

They have been fantastic.

If You Travel Don't Use Them
- bobyboy49 - Monday, December 6, 2010 - 3:51 PM

I wanted to add a 4th link to transfer funds in.  You have to call to ask them to delete an existing link.  It's bee two days and it's still not done.  The limitation on the number of links is a hassell as I will then have to call them again  to reestablish it.

 

They have no internal messaging service so you can't leave instructions.  If you travel overseas don't use this bank as the burdern to call them and the limitation on the number of links is not worth it.  I would recommend Ally.

A Class Act
- jefftorkin - Tuesday, September 25, 2012 - 12:29 PM

Everybody should have their online savings account here.  Amex doesn't do things if ways that aren't professional like so many of the other players in this marketplace.