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.
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:))
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.
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.
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.
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.
Just talked with Service Rep. American Express now limits the external accounts to three. Also, if you have three set up and want to change an external account, you can not do this on-line. You have to call customer service to get the external account deleted. Also, ACH transfers are dreadfully slow when transferring money in (not out). Your money is on hold for about 5 business days until you can use it.
I have never written a review on this website before, but my experience with American Express online bank has been exceptional. They were most helpful via the 800 number - helping an inexperienced computer user set everything up online and in making transfers. Coming from ING, where the quickest transfer is 3 business days, American Express is normally 1 business day - a refreshing surprise.
I have read where other websites might have a slightly higher rate, but if you value helpful customer service and ease of use, then none are better in my opinion. Being retired I have spent a great deal of time researching this and feel my efforts have paid off.