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AMEX Bank Foolishness

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New Contributor

AMEX Bank Foolishness

So, I opened a savings account at AMEX bank about a month ago to stash away some funds. I requested an ACH transfer from AMEX to my brokerage on Friday and noticed today that the transaction was cancelled. When I called to ask what's going on, I was informed that they could not verify my identity because the phone number that they have on file for me is registered to someone else. I was told I would need to have a notary certify an affidavit of identity form and submit it to them before they would allow me to move funds out of my account. Bear in mind that they already verified my identity when I opened the account and I happen to have TWO AMEX credit card accounts in good standing. They didn't even notify me that they were cancelling the transaction. They were quite eager to take my money but expect me to jump through hoops to get my money out. Needless to say, I closed the account. Has anyone else had a similar experience with AMEX bank? I'm considering moving to Ally.

Message 1 of 32
31 REPLIES 31
Regular Contributor

Re: AMEX Bank Foolishness

Amex had me call to verify my withdrawls which I did when the interest rate dropped and I closed out the account.  They have been a lower rate compared to competitors ever since and I wouldn’t use them again.

 

Many banks try to keep incoming deposits or withdrawls inside the bank.  Some keep you hostage for 60 days like Popular Bank.  Swapping banks for interest rates is something I do not do anymore.  Keep a relationship at a bank you can trust and that has stable financials.  One bank played games with me, which I got my money back from, and the bank afterwards wound up getting shut down by the FDIC, and deposits were acquired by another bank which obviously gave a lower interest rate after acquisition.  Fortunately I got my funds back before the FDIC got involved.  The lady I spoke with who corrected my issue kept saying the bank was around for many years.  I wonder if the employees got axed when the new bank took over.  

Message 2 of 32
New Contributor

Re: AMEX Bank Foolishness


@adamj023 wrote:

Amex had me call to verify my withdrawls which I did when the interest rate dropped and I closed out the account.  They have been a lower rate compared to competitors ever since and I wouldn’t use them again.

 

Many banks try to keep incoming deposits or withdrawls inside the bank.  Some keep you hostage for 60 days like Popular Bank.  Swapping banks for interest rates is something I do not do anymore.  Keep a relationship at a bank you can trust and that has stable financials.  One bank played games with me, which I got my money back from, and the bank afterwards wound up getting shut down by the FDIC, and deposits were acquired by another bank which obviously gave a lower interest rate after acquisition.  Fortunately I got my funds back before the FDIC got involved.  The lady I spoke with who corrected my issue kept saying the bank was around for many years.  I wonder if the employees got axed when the new bank took over.  


Why are they verifying accounts enough to take the money but then holding the funds hostage pending 'further verification'? What I find absolutely ridiculous is the fact that they are holding on to my money because they can't verify that I own my phone number. The same phone number that they gladly let me use for 2-factor authentication. The same phone number that's on ALL of my credit reports. It's mind boggling.

Message 3 of 32
New Contributor

AMEX Cards and AMEX Bank

Hello All,

 

I just ragequit AMEX bank. Closed my savings account. I believe I read some where that the card division and bank division are completely separate, can anyone confirm that actions on the bank side don't affect things on the card side? I've really been enjoying my experience with my Amex cards and would like to keep them. My experience on the bank side has not been as pleasant.

Message 4 of 32
Moderator

Re: AMEX Cards and AMEX Bank

Yes, they are separate entities from the parent American Express National Bank.

 

As per their FAQs:

 

S20190204.jpg

Message 5 of 32
Regular Contributor

Re: AMEX Bank Foolishness

All I had to do was call in to have the transfers made and it was approved.  I don’t know why you had a different situation than mine.  

Message 6 of 32
New Contributor

Re: AMEX Cards and AMEX Bank

I was thinking about opening an AMEX savings acct, should I avoid it?

I have ally and the interest rate has been pretty much the same, I’m very happy w ally in terms of customer service so maybe I should stick with it. Somehow the Amex name makes me feel safer though
Message 7 of 32
Valued Contributor

Re: AMEX Bank Foolishness

My experience with American Express Bank:   https://ficoforums.myfico.com/t5/Personal-Finance/Amex-High-Yield-Savings-Account/m-p/5278140#M24332

 

One thing to note is that American Express National Bank (the savings bank) and Travel Related Services ( the card issuer) are two entities that are both owned by the American Express Company but hey each have their own verification procedures.





Message 8 of 32
New Contributor

Re: AMEX Cards and AMEX Bank


@FinStar wrote:

Yes, they are separate entities from the parent American Express National Bank.

 

As per their FAQs:

 

S20190204.jpg


Thanks. I find it difficult to believe though that they don't "share any personal information".

Message 9 of 32
Moderator

Re: AMEX Cards and AMEX Bank

Well, to meet certain compliance requirements, they provide a privacy disclosure so that you know what specific elements are shared amongst affiliates.
Message 10 of 32
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