topic Re: AmEx vs NFCU business checking - a no-brainer? in Business Credit

AmEx vs NFCU business checking - a no-brainer?

aynot4fitness — Sat, 17 Dec 2022 19:52:58 GMT

I can use some input as I am considering moving my business checking account from NFCU to AmEx.

First, I am 100% happy with NFCU for my personal accounts; but their business service division is sorely lacking. I expected that having a 700+ FICO, my business checking & savings account with them for over 3 years, along with solid personal checking, savings, CD, and Visa accounts should put me in a good position for a business Visa and business LOC. My business also has 2 years of established credit with DUNS and an Experian Business Score over 70. So I was surprised when my apps for NFCU business Visa and business LOC were denied. I was more annoyed that I had to call multiple times to make these apps and getting someone on the phone is a nightmare. Plus they took about 3 days to respond to each app. The denial reason was that the business credit hasn't been established for enough time. BTW, this all happened about 1 year ago.

A month later I applied for an AmEx Amazon Business Prime card which was approved for $3K SL and then I did the AmEx 3X for a $9K CL. Then I applied for AmEx BCP which was approved for $10K and an auto CLI later bumped it to $16K. Then I got an offer from AmEx for Kabbage Business LOC which was approved for $30K (The exact amount I needed to fund projects until I get fully paid - woohoo!). AmEx is definitely meeting my business needs.

So, as I'm wondering why I bother keeping my business checking at NFCU, the next AmEx offer arrives: move your business checking to AmEx and earn 60,000 membership reward points. That got my attention.

As I'm thinking it over, I remember another annoyance. I tried to get my bookeeper her own NFCU login so she can take care of online payments and get statements without waiting for me to do it. NFCU wanted her to go through the same steps as if she were applying for an account. That struck us both as an unnecessary hurdle. But I was able to add her to my AmEx account with no problem.

AmEx does seem to be a better way to go. So my question is for anyone who has a business bank account with AmEx. Do you have any complaints or problems? Are there any gotchas with their banking practices? Anything else I should consider before making the move?

Thank you

Re: AmEx vs NFCU business checking - a no-brainer?

SouthJamaica — Sat, 17 Dec 2022 21:51:38 GMT

@aynot4fitness wrote:
I can use some input as I am considering moving my business checking account from NFCU to AmEx.

First, I am 100% happy with NFCU for my personal accounts; but their business service division is sorely lacking. I expected that having a 700+ FICO, my business checking & savings account with them for over 3 years, along with solid personal checking, savings, CD, and Visa accounts should put me in a good position for a business Visa and business LOC. My business also has 2 years of established credit with DUNS and an Experian Business Score over 70. So I was surprised when my apps for NFCU business Visa and business LOC were denied. I was more annoyed that I had to call multiple times to make these apps and getting someone on the phone is a nightmare. Plus they took about 3 days to respond to each app. The denial reason was that the business credit hasn't been established for enough time. BTW, this all happened about 1 year ago.

A month later I applied for an AmEx Amazon Business Prime card which was approved for $3K SL and then I did the AmEx 3X for a $9K CL. Then I applied for AmEx BCP which was approved for $10K and an auto CLI later bumped it to $16K. Then I got an offer from AmEx for Kabbage Business LOC which was approved for $30K (The exact amount I needed to fund projects until I get fully paid - woohoo!). AmEx is definitely meeting my business needs.

So, as I'm wondering why I bother keeping my business checking at NFCU, the next AmEx offer arrives: move your business checking to AmEx and earn 60,000 membership reward points. That got my attention.

As I'm thinking it over, I remember another annoyance. I tried to get my bookeeper her own NFCU login so she can take care of online payments and get statements without waiting for me to do it. NFCU wanted her to go through the same steps as if she were applying for an account. That struck us both as an unnecessary hurdle. But I was able to add her to my AmEx account with no problem.

AmEx does seem to be a better way to go. So my question is for anyone who has a business bank account with AmEx. Do you have any complaints or problems? Are there any gotchas with their banking practices? Anything else I should consider before making the move?

Thank you

Everyone's got different banking needs, so there's no simple answer, but I will say the following:

1. I agree that NFCU's business banking is a joke. Putting them in the rearview mirror can never be a wrong decision.

2. I have no experience with Amex, but I would be reluctant to have my sole or primary business banking with an institution that is not brick and mortar, with a branch that is accessible to me. But your business might not need that.

3. I have no special fondness for having my business checking in the same institution as my business credit cards. As far as I'm concerned, I don't care where my lenders are. I just care where my deposit banks are.

4. For my needs Chase is a great business bank. But I'm sure there are others, and probably some great regional banks.

Re: AmEx vs NFCU business checking - a no-brainer?

jaxstraw — Sun, 18 Dec 2022 15:13:02 GMT

Have to agree with South Jamaica here.

NFCU Biz is a joke. I still have accounts with them but they are definitely bottom of the list.

I did open an AMEX Biz checking account awhile back for the $300 sub with a $5k minimum balance.

I really have no complaints.

Transfers are pretty quick, they paid the sub on time, and it is easy to navigate to the other products online.

The one complaint I have is there is no way to deposit by phone if you use an Android.

Right now it is only set up for Apple.

That can be a huge problem for some.

I only transfer $$$ in and out so for me ( I use Android) it doesn't matter.

They stated they were working on it a few months ago and I haven't checked to see if it's available but it's definitely something to look into.

Re: AmEx vs NFCU business checking - a no-brainer?

aynot4fitness — Sun, 18 Dec 2022 19:59:51 GMT

@SouthJamaica wrote:
4. For my needs Chase is a great business bank. But I'm sure there are others, and probably some great regional banks.

Hmm, I notice Chase is offering a $300 SUB for a $2k min balance where AmEx requires a $5k min balance. I'm definitely leaving NFCU. I'm not sure which bank I'll go with yet, but It is nice to have choices.

Re: AmEx vs NFCU business checking - a no-brainer?

aynot4fitness — Sun, 18 Dec 2022 20:03:59 GMT

@jaxstraw wrote:
Have to agree with South Jamaica here.

NFCU Biz is a joke. I still have accounts with them but they are definitely bottom of the list.

I did open an AMEX Biz checking account awhile back for the $300 sub with a $5k minimum balance.

I really have no complaints.

Transfers are pretty quick, they paid the sub on time, and it is easy to navigate to the other products online.

The one complaint I have is there is no way to deposit by phone if you use an Android.
Right now it is only set up for Apple.

That can be a huge problem for some.

I only transfer $$$ in and out so for me ( I use Android) it doesn't matter.

They stated they were working on it a few months ago and I haven't checked to see if it's available but it's definitely something to look into.

Thanks for the AmEx info. It seems the 60,000 points is worth $300 cash so that seems to be the going incentive for business accounts. I use Apple, but thanks for the heads-up on Android.

Re: AmEx vs NFCU business checking - a no-brainer?

ElizabethKate — Sun, 18 Dec 2022 22:59:35 GMT

I've been reviewing AMEX bus checking as well & have been chatting w/others about their experience.

Since you mentioned bookkeeping here's some info that I feel is salient:

A fellow bus owner friend shared {as of a month ago}:

1} that they were not syncing w/her bookkeeping {Bench}

2} she wasn't seeing her bus checking on the mobile app

So upon some sleuthing w/QuickBooks I found they too don't sync up w/Amex bus checking. There's an entire thread on QB support that's been going on for a year w/cranky QBO customers about this. Recent posts show that it isn't involving Intuit but rather AMEX & that AMEX is reporting they will be synced w/QBO by end of 2022. And since QB accounts for about 85% of the small bus bookkeeping market I suspect that they aren't yet synced w/any other accounting software either. So it would be the .csv download & then upload > said bookkeeping app.

I'm still feeling like it's worth it to give them a shot whilst still having another account {ie: Chase, etc} open & then if things go well progressively work w/them more.

Would love to hear your experience if you make the leap!

Re: AmEx vs NFCU business checking - a no-brainer?

aynot4fitness — Mon, 19 Dec 2022 20:07:59 GMT

@ElizabethKate wrote:
I've been reviewing AMEX bus checking as well & have been chatting w/others about their experience.

Since you mentioned bookkeeping here's some info that I feel is salient:

A fellow bus owner friend shared {as of a month ago}:

1} that they were not syncing w/her bookkeeping {Bench}
2} she wasn't seeing her bus checking on the mobile app

So upon some sleuthing w/QuickBooks I found they too don't sync up w/Amex bus checking. There's an entire thread on QB support that's been going on for a year w/cranky QBO customers about this. Recent posts show that it isn't involving Intuit but rather AMEX & that AMEX is reporting they will be synced w/QBO by end of 2022. And since QB accounts for about 85% of the small bus bookkeeping market I suspect that they aren't yet synced w/any other accounting software either. So it would be the .csv download & then upload > said bookkeeping app.

I'm still feeling like it's worth it to give them a shot whilst still having another account {ie: Chase, etc} open & then if things go well progressively work w/them more.

Would love to hear your experience if you make the leap!

Thank you! QBO sync saves us a ton of time, so my bookeeper will not be happy if the bank account doesn't sync. I assumed that the bank account would sync since the credit cards do, but this proves that one should never assume. I'm not dismissing AmEx but I'll also take a closer look at Chase. I can wait until January to make the change, so maybe AmEx will have this resolved by then.

Re: AmEx vs NFCU business checking - a no-brainer?

ElizabethKate — Mon, 19 Dec 2022 23:01:43 GMT

@aynot4fitness It is odd that it's not mentioned *at all* given that their other products do have that capability & it's not exactly cutting edge tech these days.

I felt like it could be a gating factor & no one wants the ire of a bookeeper

Re: AmEx vs NFCU business checking - a no-brainer?

LP007 — Thu, 22 Dec 2022 01:23:49 GMT

@SouthJamaica wrote:
@aynot4fitness wrote:
I can use some input as I am considering moving my business checking account from NFCU to AmEx.

First, I am 100% happy with NFCU for my personal accounts; but their business service division is sorely lacking. I expected that having a 700+ FICO, my business checking & savings account with them for over 3 years, along with solid personal checking, savings, CD, and Visa accounts should put me in a good position for a business Visa and business LOC. My business also has 2 years of established credit with DUNS and an Experian Business Score over 70. So I was surprised when my apps for NFCU business Visa and business LOC were denied. I was more annoyed that I had to call multiple times to make these apps and getting someone on the phone is a nightmare. Plus they took about 3 days to respond to each app. The denial reason was that the business credit hasn't been established for enough time. BTW, this all happened about 1 year ago.

A month later I applied for an AmEx Amazon Business Prime card which was approved for $3K SL and then I did the AmEx 3X for a $9K CL. Then I applied for AmEx BCP which was approved for $10K and an auto CLI later bumped it to $16K. Then I got an offer from AmEx for Kabbage Business LOC which was approved for $30K (The exact amount I needed to fund projects until I get fully paid - woohoo!). AmEx is definitely meeting my business needs.

So, as I'm wondering why I bother keeping my business checking at NFCU, the next AmEx offer arrives: move your business checking to AmEx and earn 60,000 membership reward points. That got my attention.

As I'm thinking it over, I remember another annoyance. I tried to get my bookeeper her own NFCU login so she can take care of online payments and get statements without waiting for me to do it. NFCU wanted her to go through the same steps as if she were applying for an account. That struck us both as an unnecessary hurdle. But I was able to add her to my AmEx account with no problem.

AmEx does seem to be a better way to go. So my question is for anyone who has a business bank account with AmEx. Do you have any complaints or problems? Are there any gotchas with their banking practices? Anything else I should consider before making the move?

Thank you

Everyone's got different banking needs, so there's no simple answer, but I will say the following:

1. I agree that NFCU's business banking is a joke. Putting them in the rearview mirror can never be a wrong decision.

2. I have no experience with Amex, but I would be reluctant to have my sole or primary business banking with an institution that is not brick and mortar, with a branch that is accessible to me. But your business might not need that.

3. I have no special fondness for having my business checking in the same institution as my business credit cards. As far as I'm concerned, I don't care where my lenders are. I just care where my deposit banks are.

4. For my needs Chase is a great business bank. But I'm sure there are others, and probably some great regional banks.

You tell 'em! I keep my NFCU biz for sentimental reasons. 😎