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AMEX Bank Foolishness

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New Contributor

Re: AMEX Bank Foolishness

 


@adamj023 wrote:

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.  


I would have no problem with just calling in. The only method of approval I was offered was to download and fill out a form, have it notarized and then send it back to them. Not because they couldn't verify my identity but because they couldn't verify my phone number. Same number that's on all of my credit reports. Nonsense.

Message 21 of 32
Community Leader
Mega Contributor

Re: AMEX Cards and AMEX Bank


@AlexCredible wrote:


For my edification, what 'alternate' bureaus other than ChexSystems exist?


 

https://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf

Message 22 of 32
New Contributor

Re: AMEX Bank Foolishness


@MaizeandBlue wrote:

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.


This was almost exactly my experience. I declined to go hunt down a notary and asked them to close my account. I think its unconscionable to hold people's money hostage in this way. If they had doubts about my identity or my phone number, they should not have been taking my money.

Message 23 of 32
Moderator

Re: AMEX Bank Foolishness

@AlexCredible 

 

I merged the two threads discussing this matter into this.

Message 24 of 32
New Contributor

Re: AMEX Cards and AMEX Bank


@Remedios wrote:

@AlexCredible wrote:


For my edification, what 'alternate' bureaus other than ChexSystems exist?


 

https://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf


This is quite an exhaustive list. It makes the suggestion that I should go contact all these agencies because Amex bank could verify me but not my phone number laughable. Thanks for this. I'll retain it for future reference.

Message 25 of 32
Moderator

Re: AMEX Cards and AMEX Bank


@AlexCredible wrote:

@Remedios wrote:

@AlexCredible wrote:


For my edification, what 'alternate' bureaus other than ChexSystems exist?


 

https://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf


This is quite an exhaustive list. It makes the suggestion that I should go contact all these agencies because Amex bank could verify me but not my phone number laughable. Thanks for this. I'll retain it for future reference.


The main ones that usually cause some of these "pain points" are LexisNexis, Innovis and SageStream.  I'd start with those just to be on the safe side - the guide is definitely a great resource.

Message 26 of 32
Senior 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


I'm not sure what they mean "the login credentials are different" for card & banking, my Amex bank account is linked to my card login, once logged into my BCE account I can switch between BCE, Everyday and bank account.

 

Amex seems to be a bit old fashioned and thinks a savings account is where you stash savings and don't touch it, and can be a bit "touchy" on withdrawals. I've had my account for a year or so, the first time I made a withdrawal - to a bank account I had used for deposits - I got a call, rep wanted me to confirm it was a personal account and I was the owner.And the number I have on file with them and they used to call me is not one that can be verified anywhere, it's my Google Voice phone #.

 

Amex Savings is not an account you want to use for regular transfers between multiple accounts. I just use it to stash funds for payments on my Amex cards. And there's better interest elsewhere anyway.


Fico 08: 734/716/734 TU/EX/EQ
Message 27 of 32
Frequent Contributor

Re: AMEX Cards and AMEX Bank

 


@Remedios wrote:

@AlexCredible wrote:


For my edification, what 'alternate' bureaus other than ChexSystems exist?


 

https://files.consumerfinance.gov/f/201604_cfpb_list-of-consumer-reporting-companies.pdf


https://www.consumerfinance.gov/documents/6138/cfpb_consumer-reporting-companies-list.pdf

Not many big changes but that list was recently updated for 2019.







Message 28 of 32
Valued Contributor

Re: AMEX Cards and AMEX Bank

My takeaway is this, CC issuers are fine for just that. Or for parking Money in their High Yield online accounts for a time. But for everyday banking and instant access to your Money, local CUs/Banks are where it's at. 

 

While the YMMV is always subject, I hear enough stories about online Banking to know they're not to be 100% relied upon. Fortunately I've had no issue with my Discover, and hope not to ever have one. I've even given thought to opening another one with Marcus or Cit Bank, as well as Amex. But after reading through their process, it's not very appealingto me. Especially with these types of consumer experiences.

 






Message 29 of 32
New Contributor

Re: AMEX Cards and AMEX Bank

Opened an account with Ally. Deposited funds and made two test withdrawals, one via Zelle and another via ACH. No issues.

Message 30 of 32
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