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Funding a new account with Amex

Justrebuilding
Regular Contributor

Funding a new account with Amex

I am about to open a new bank account. If I fund it with my AMX PRG, does that count as a cash advance? I know some cards do and some don't, but not sure about AMX. Thanks for your advice!


Chase Sapphire Reserve 10k Cap 1 QS 15K, Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 6K Freedom 2.5K Hyatt 4K Sallie Mae 5K Barclay Rewards 3K Macy's 1K
US Airways 1.5K, Discover 8K,
Message 1 of 14
13 REPLIES 13
Loquat
Moderator

Re: Funding a new account with Amex

I'm not sure about Amex but I've funded my PenFed account with a Mastercard without issue.  

Message 2 of 14
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Funding a new account with Amex

I would use something else. Amex can be sticklers and if they think you're trying to get around a cash advance, they won't slap your wrist, they'll shut down all your accounts.







Message 3 of 14
Irish80
Moderator Emeritus

Re: Funding a new account with Amex


@Justrebuilding wrote:
I am about to open a new bank account. If I fund it with my AMX PRG, does that count as a cash advance? I know some cards do and some don't, but not sure about AMX. Thanks for your advice!

I’m pretty sure you can’t do a cash advance on an American Express a Charge card so if it goes through (and probably will0, it will count as regular charge.  Curious though why you are doing it.  Are you trying to meet your minimum spend to get the SUB?

Message 4 of 14
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Funding a new account with Amex


@Irish80 wrote:

@Justrebuilding wrote:
I am about to open a new bank account. If I fund it with my AMX PRG, does that count as a cash advance? I know some cards do and some don't, but not sure about AMX. Thanks for your advice!

I’m pretty sure you can’t do a cash advance on an American Express a Charge card so if it goes through (and probably will0, it will count as regular charge.  Curious though why you are doing it.  Are you trying to meet your minimum spend to get the SUB?


Wouldnt amex consider it manufactured spend if that's the case?







Message 5 of 14
Justrebuilding
Regular Contributor

Re: Funding a new account with Amex

I already met my min spend but I'm trying to build up my MR points for an upcoming trip. Thanks all for your advice.


Chase Sapphire Reserve 10k Cap 1 QS 15K, Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 6K Freedom 2.5K Hyatt 4K Sallie Mae 5K Barclay Rewards 3K Macy's 1K
US Airways 1.5K, Discover 8K,
Message 6 of 14
Loquat
Moderator

Re: Funding a new account with Amex


@Justrebuilding wrote:
I already met my min spend but I'm trying to build up my MR points for an upcoming trip. Thanks all for your advice.

I'm not sure what lender you're working with in regards to the new account but from my experience, lots of them have limits.  I've only funded with a credit card twice, NFCU and PenFed, and I know PenFed caps the initial funding limit at $100 or less if memory serves me right and I don't recall about NFCU.  I certainly wouldn't want to try to fund a new account with much more than that as it *may* create some unwanted attention. 

Message 7 of 14
Irish80
Moderator Emeritus

Re: Funding a new account with Amex


@Brian_Earl_Spilner wrote:

@Irish80 wrote:

@Justrebuilding wrote:
I am about to open a new bank account. If I fund it with my AMX PRG, does that count as a cash advance? I know some cards do and some don't, but not sure about AMX. Thanks for your advice!

I’m pretty sure you can’t do a cash advance on an American Express a Charge card so if it goes through (and probably will0, it will count as regular charge.  Curious though why you are doing it.  Are you trying to meet your minimum spend to get the SUB?


Wouldnt amex consider it manufactured spend if that's the case?


No

 

Edit to add.  It’s like anything you do-do it in excess and exclusively, you have the possibility of drawling attention to your account.  A one time use of a credit card to fund a bank account if it’s not considered a cash advance (depends on creditor and even the card) will not get your account shut down.  Amex is no where near as stringent as people here make them out to be.  In fact they do and have allowed uses of their cards for meeting SUBs that other creditors have not.  

Message 8 of 14
frogman1
Valued Contributor

Re: Funding a new account with Amex


@Irish80 wrote:

@Brian_Earl_Spilner wrote:

@Irish80 wrote:

@Justrebuilding wrote:
I am about to open a new bank account. If I fund it with my AMX PRG, does that count as a cash advance? I know some cards do and some don't, but not sure about AMX. Thanks for your advice!

I’m pretty sure you can’t do a cash advance on an American Express a Charge card so if it goes through (and probably will0, it will count as regular charge.  Curious though why you are doing it.  Are you trying to meet your minimum spend to get the SUB?


Wouldnt amex consider it manufactured spend if that's the case?


No

 

Edit to add.  It’s like anything you do-do it in excess and exclusively, you have the possibility of drawling attention to your account.  A one time use of a credit card to fund a bank account if it’s not considered a cash advance (depends on creditor and even the card) will not get your account shut down.  Amex is no where near as stringent as people here make them out to be.  In fact they do and have allowed uses of their cards for meeting SUBs that other creditors have not.  


Yeah the only thing we have seen is people getting shut down for sending money to someone with the same last name.   More likely if they think you are doing something suspicious , you won't be eligible to get sign up bonuses in the future.   Chase shutdowns seem to be much more common.  

More cards than I can mention in a signature.
Message 9 of 14
K-in-Boston
Moderator

Re: Funding a new account with Amex


@Irish80 wrote:

I’m pretty sure you can’t do a cash advance on an American Express Charge card <snip>


Only if you are enrolled in the Express Cash program.  This allows you to use your Amex charge card at ATMs to withdraw cash from a linked bank account.  There's a 3% or $5 fee (whichever is greater, of course) to use it, and the reasons for enabling it are quickly dwindling.

Message 10 of 14
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