| 5 star: | (6) | |
| 4 star: | (6) | |
| 3 star: | (1) | |
| 2 star: | (4) | |
| 1 star: | (11) |
I called to close out a CD and the representative was poorly trained and became rude when I had to repeat myself to ensure she understood my request. After days passed, I checked my account to ensure that the CD had been closed and funds transferred into my HYSA, when I saw that the CD was still showing as open I called again and was told the CD was still in the process of transferring.
I again checked my account a week later and when I saw that the CD had not yet closed, the representative informed me that request had never been submitted. She apologized and offered to expedite the transfer of funds and waive the penalty since the CD had rolled over.
Later in the same day, I received a call by a supervisor informing me that their was an error and I would have to pay a $5000 penalty (total interest on the CD for the prior year was just $3000).
Poor customer service. The only representative that seemed to know what they were doing was the one who apologized for the mistake and waive the penalty. There are better options than AMEX and higher rates at other banks where representatives are better trained and customer service is a priority.
It is easy to open an account on line and the rates are competitive. American Express sends an email to you about a week before the CD maturity date. It states the following.
“If your CD is set to Automatic Renewal, you have a grace period of 10 calendar days after the renewal date stated above to add funds to your CD, withdraw a portion of your principal, or close your account without penalty. If you would like to change your maturity option, please call 1-800-446-6307 before the end of the 10-day grace period.”
I have two CD at American Express that matured on 12/20/2023. I called on 12/20/2023, the first day of the 10-day grace period and requested changing the maturity option from 12 months to 24 months. The APY of the 24 month CD was offerred at 4.5% on 12/20/2023.
The representative at American Express informed me that because of a back log of work in their back office, it could possibly take as many as 10 days or more before my CDs would be closed out and reopened for a new 24 month term. I asked if I would get the 4.5% APY that is effective as of 12/20/2023. I was informed that the APY would be set at the prevailing rate offered on the date the CDs are opened.
Because the representative could not tell me how many days it would take to process the maturity option changes and couldn’t lock in the 4.5% APY offered as of 12/20/2023, I requested to have the funds put into my existing savings accounts instead of the 24 month CDs. At this point in time, I am not satisfied with American Express Bank.
The online banking websites for Ally Bank and Discover Bank allow CD maturity option changes to be made online during the grace period. The APYs are locked In automatically at the prevailing rate. There isn’t uncertainty as to when the maturity option changes will happen or what the APY of the CD will be.
Easy application process that will blow you away. Middle of the road interest rates but they are better than most large banks. Sometimes the smaller banks with their limited banking privileges scare me to death.
Broker cds Make it 5 percent for 5 years and call it a day
Amex offers decent interest rates but service was abysmal in setting up a wire transfer to escrow for purchase of home, causing delay in our closing. The customer service representatives have no power to move operations along after setting up a wire transfer and the Amex Monetary Operations department which is responsible for confirming wire details with the title company does not answer the phone to help resolve issues. Amex customer service and the title company both provided feedback that the Amex Monetary Operations group is notoriously poor at their job; our experience is not an isolated incident.
I've moved all of my money out of Amex and will be cancelling my credit cards with them as well. Who needs a bank that can't help you when you actually need your money.
Worst savings experience I have ever encountered. Multiple occasions where I was given conflicting information for deposits and wire transfers, funds held for extended periods of time (for no reasons given), and had multiple times where deposits were “declined”, only to have to resubmit and have them go through perfectly fine. I would place my money somewhere else, especially if you want ease of access to it.
Used to be a fan of Amex bank. Today I received a letter in the mail that the CD I recently took out would auto renew after 1 year if I did not move the funds inside of a 10 DAY GRACE PERIOD. There was no mention of this when I took out the CD.
So I called them to turn off this 'feature'. Waited on hold for 20 minutes instead of the usual 1 minute. Lady says, you have to verify by taking a call on the other line and receive the code. I switched over and switched back and there was nothing but gaslighting white noise. I know for a fact my call waiting works.
So after another call and ANOTHER 20 minutes on hold I was able to turn this 'feature' off; but I'm on the hunt for another bank. Never thought I'd say this since I've banked with them for a long time. I have 10 times the CD amount in their money market account, but that won't be for long.
Amex bank has now resorted to 3rd world gas lighting of its customers? Shameful.
19 days ago January 20th. AMX received my written request to close my account. They would not accept a verbal request on January 8th. Still no information on the status! Customer service only response is that it is in process. I have certainly learned my lesson!
I had made the huge mistake of opening a high yield account with UFB Direct, which pays 4%+ currently.
Unfortunately, I didn't read the reviews about them before I opened my account. UFB Direct takes 5 business days to credit your account once the ACH has been initiated, basically "stealing" your interest for that time.
Once I realized this, I went over to AMEX where I already have several other accounts, opened the account and funded it -- all in a couple of minutes!
I would highly recommend AMEX to anyone!
I just spoke to AMEX and they offer joint savings, but only individual checking, and to deposit into the checking you have to be the sole owner of the other account, even their own savings account. Seems very silly and backwards.
The web site didn't have a message or chat options.
They don't even have an email address to contact.
To contact them, you have to phone call or send reg mail. This is 2022 already and AmEx savings still do business like 20 century.
When SFGI stopped ACH transfers from my brokerage account I opened a saving account with American Express Bank. To my surprise, they don't allow them either. FYI
I could not get the account application web page to load using Google Chrome, Internet Explorer, or Firefox, though all other websites were working correctly. I finally got the page to open using Edge on a different computer. One of the application questions asks for the business structure and another asks for the type of business. As I recall, the choices included restaurant, casino, brothel/bar, non-profit, and about 25 other selections. I chose C corporation for the structure and "non-profit" for business type, answered all the personal questions, and uploaded the certificate of incorporation. Including time spent on the browser problem, this process took about an hour. About 5 seconds after submitting the application I received a website reply saying the new business checking account could not be opened because American Express was not working with my type of business. When I called on the phone for an explanation, a customer service rep told me that even though "non-profit" was on the list the bank was not currently opening this account for non-profits. She suggested I call back to speak with somebody in the new accounts department the next day. When I called back the next day, that rep would not transfer me to the new accounts department, but she said the bank was not currently opening these accounts for corporations. She said they were only for LLCs and sole proprietorships.
Both representatives agreed that the bank should be more open with these restrictions instead of listing "corporation" and "non-profit" as choices on drop-down menus, letting applicants continue the application, then after everything is submitted telling applicants their business type does not qualify. It would be like a restaurant letting a group of customers sit down at a table at noon and look at menus, a waiter coming over and asking "may I help you," everyone placing their order, then the waiter announcing the restaurant isn't open for lunch. It shows poor planning and a lack of respect for people's time; plus, the bank now has my personal information on file.
I'm also not sure what the bad reviews are about. This is about the best online bank that pays any sort of meaningful interest.
We want to let you know that as of May 25, 2022 the Annual Percentage Yield (APY) on your High Yield Savings Account has increased to 0.65%
(E-mail received today)
Having been an AMEX customer (both personal and business) for over 30 years, I was excited to see the new banking offering. Enticed by the $300 bonus, and a business need for an additional checking account, we tried it out.
Things went downhill from there. Fast.
THE GOOD: Lack of fees and minimums, easy to setup one or more accounts, and good APY.
THE BAD: Customer support personnel are very untrained and often cannot answer the simplest of questions. My last interaction was really bad. The person said they would "research the question" and call me back. Think they followed thru and called me? No way.
THE UGLY: The website is unlike any banking website I've seen. First, the appearance is not professional or serious looking like a bank website should be. But worse, I experience multiple (3 or more) popup errors on nearly very visit to their website. Really idiotic ones like "sorry something went wrong, try again later". But even the same ones popup day after day. Even worse, to get information to display correctly, it's usually necessary to refresh the page multiple times.
I expected so much more from AMEX. Overall the experience is fairly pathetic and we can only hope that AMEX gets serious about providing good service and a website that looks professional and actually works!
For those who have cash to park and is ready to invest or use elsewhere, AE is the best. They can do >$100K push/pull ACH while even Citigold can't compete. Have been doing both push and pull to fund by brokerage account with zero problem.
AMEX bank is a trainwreck! You would think they could run a simple bank but they cannot. No one that works on the bank side knows what they are doing. You are constantly put on hold and asked to call back the next day or something when they can transfer you around all over the place. DO NOT BANK WITH AMEX YOU WILL REGRET IT!!
Good bank, decent customer service however accounts are easily hacked and duplicated. Little information is disclosed when requested about bank fraud and forgery. Customer service reps should start issuing warrants for harassers and stop taking frustrations out on customer, account holder.
American Express was the worst!
Customer service is jokes!
Not the business.
I like Amex a lot because they don't invest in fossil fuels, which is super important to me. Not only that, superb service and very reasonable rates :)
I opened a Roth IRA and completed/faxed the ACH money transfer rollover form on June 8, 2021. A few days later they called to verify it. Everything seemed ok. A week later I was still waiting for the transfer to occur. Called them and they said it would happen within 5 days. Now today it's June 28th and the money is still in my checking account waiting to be transferred. Very surprised the inexplainable nature of this transfer with American Express (National Bank). And this is making a deposit; what's going to happen when I want to transfer out? If its not resolved tomorrow I'm cancelling it.
I've dealt with a lot of banks. And I must say I am not happy with American express. First off if you deposit a check as I did 12 or 14 days ago it is still not available in the balance. This is unacceptable. then when you top that with the fact that they follow the lead of other Banks when they should be leading they lower their interest rates after other banks do to try to entice people to come to their Bank. And then they drop their rates. All I can say is your CEOs must be un-American. take my advice go with discover the customer service is better they help you out more the opportunities are better. American Express has gone way downhill over the last couple years. And it appears that they are crooked and corrupt and we'll stop and nothing to get your money and will stop and nothing to make sure that they can hold on to it as long as possible. Hopefully if they have any more problems financially the government does not bail them out. And in fact the people that work for the government and are paid to regulate these Banks need to deal with American express. it is unacceptable that I deposited a check 15 days ago and is still not available in my account. Avoid the shysters I pulled all my money out of their account
Domestic Wire Transfer was requested on March 8th 2020 at 10:13am(PST). On the same day, I issued 2 additional wire transfer request with 2 different banks other than American Express National Banks. All the other banks guarantee a same day delivery for domestic wire. Only American Express told me it would take them 3 days to send a domestic wire. 3 days!!!! I called customer services later to check on the status 3 hours after the request, and customer services representative told me all they know is that the wire is still in process and there is nothing else they can know. Additionally, i asked if it is possible to add a message to expedite that as it will delay my escrow closing process. They also responded, there is nothing they could do. Lastly, I requested a formal response for my complaints, and they told me they could not guarantee that either.