Amex Business Checking + Amex Lowes APPROVAL $ 35K

[waqaszm1]

Amex has its own business checking now - New product and offers a $300 bonus !

Applied on Nov 29th ... Approved on Dec 6th. Immediately made a LARGE deposit, though requirement is only $5k to qualify for the $300 bonus. Account shows up along with all other credit accounts!

https://www.americanexpress.com/en-us/business/checking/?inav=us_menu_banking_business_banking_busin...

Today, applied for Amex Lowes - immediate approval for 35K SL. Largest Amex starting initial limit for me - i think the Amex business checking played a big role in this approval.

[BearsCubsOtters]

Congrats on both approvals!

I was just reading Doctor of Credit's article about the Amex Business checking. Is this different from their Kabbage checking?

$300 back and $35K....you should buy a lottery ticket!

[waqaszm1]

This is a New Amex product ... NOTHING to do with kabbage checking. personally, I thought associating with kabbage was a disservice to the Amex brand. 

I put a link in my initial post. Pure Amex product with a nice looking Amex debit card and checks. 

[waqaszm1]

[Anonymous]

I had been eyeing this product for a month or so knowing that I'd make the switch Dec 1st when Bluvine's APR drop to 0.6% down from the previous 1.00% I had been getting. And the $300 SUB was a added bonus!  The only issue was that i could get my Bluevine account linked with Amex so I could transfer the $5K immediately, had to funnel it through Discover savings which took an extra five days but i made it under the wire! 

I was originally looking at the Kabbage Checking but was glad to see this actual Amex product come about and have a bit more secure feeling with it.  The only downside is that I'm going to have to keep less that $10K in it to prevent snooping.

Congratz on the Lowes Approval!!

[MmmarkAz]

@waqaszm1 Congrats on the Amex Lowe's Biz Card & Huge SL

I've Been Looking Into The Biz Checking and Want to Get My Lowe's Card Up, They Gave Me a Nice SL on BBC Card a Couple Months Ago, (Verified my US Bank Acct) I'm Building a House and 3k Doesn't Get Much.. Lol Does Checking Account Show Up on the Same App? As Biz Cards? and Can Make Payments Directly from There? Thanks 

[Sanjo812]

Thanks for the post! I never noticed this product and I've been looking into growing my business for this year. I opened an account with Kabbage last year, and haven't done much with it, but I may end up going with this product.

[Jordan23ww]

Congratulations on your approval! That is  awesome! Thank you for sharing this info and the link! 

[kidink1911]

Congratulations!! 

I applied but could not get my identification to upload during the verification process. 

Hopefully I will be able to verify my identity when AMEX reaches out to me (but more than likely I will call them in the morning to provide that information). 

[DONZI]

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@Anonymous wrote:

The only downside is that I'm going to have to keep less that $10K in it to prevent snooping.

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Hi Janus, could you elaborate on this please?

I'm topically familiar with IRS reporting requirements by banks for transactions over a threshold, but can't quite understand the alarm of 'snooping' movements of money >=$10k.

I have a small private operation (hobby) online which I've been considering to open to the public as a sole proprietorship + DBA. I'd figured it may be nice to then open one of these amex checking accounts and move >$10k into for the 1.1% APY.

Basically I'd like to understand the downside(s) apparently there are.

Thanks!