American Express Business Checking Review: Your Ultimate Guide
Introduction
Hey readers!
We are excited to present this review on American Express Business Checking account. For readers who own a business and want a business checking account that can suit your financial requirements, this is for you.
In this guide you will gain insights on almost every section of the American Express Business Checking account from its features and benefits, to its fees and eligibility requirements. Additionally, we will render our expert opinion on whether this account will be a good fit for you.
Features and Benefits
Unlimited Transactions
American Express Business Checking account boasts of some best-in-the-market features and one of them is its unlimited fee-free transactions. That means you can make an unlimited amount of deposits, withdrawals, or transfers at American Express without paying a dime. For many businesses that operate on high transaction volumes, this can be a game changer.
Mobile App and Online Banking
Business Checking account from American Express includes a Business Savings Account too. One of the major features of a business savings account is the mobile app and online banking. While the app will allow you account management on the go, the online banking will include all the more advanced options like paying bills or checking your balance.
Business Savings
With American Express Business Checking account, you can also use a linked savings account.
This makes it easy to earn on your idle funds while allowing easy fund mobility between your checking and savings accounts.
Eligibility and Fees
Monthly Fees
Business checking accounts from American Express monthly bill is 25 dollars however this is waivable by keeping a $5000 minimum balance.
ATM Fees
Similar to other institutions, American Express will not impose ATM charges on their machines. Charges from other financial institutions may apply if you use their ATM.
Qualification Requirements
In order for a person to qualify for American Express Business Checking Account, he has to follow the following criteria:
- Have a registered business in the United States
- Have at least $1 million in annual revenue
- 675 or more in personal credit score
Options Apart from American Express Business Checking
In case the criteria for American Express Business Checking are not satisfactory, there are always alternatives.
Chase Business Complete Checking
Chase Business account provides unlimited transactions at a zero dollar monthly expense. They are also giving away sponsor business saving account together with some other perks.
Capital One Spark Business Checking
The Capital One Spark Business Checking account has a $0 monthly fee, and it allows an unlimited number of transactions. It allows for several purchases that are also rewarded with cash back.
BlueVine Business Checking
The BlueVine Business Checking account has a linked business savigns account and allows unlimited transactions. It offers a $0 monthly fee as well as early access to funds and unlimited ACH transfers.
American Express Business Checking vs Others Competitors Infographic Analysis
| Regulatory Requirement | American Express Business Account | Chase Complete Business Account | Capital One Spark Business Account | BlueVine Business Account |
|---|---|---|---|---|
| Monthly Fee | $25 that is waived with a balance of $5,000 | $0 | $0 | $0 |
| Unlimited Transactions | Yes | Yes | Yes | Yes |
| Mobile App | Yes | Yes | Yes | Yes |
| Online Banking | Yes | Yes | Yes | Yes |
| Linked Business Savings | Yes | Yes | No | Yes |
| Rewards |
Final Remarks
Owners of small businesses have a check option American Express Business account. The features include unlimited transactions without reversing other features.
Don’t forget that it has high requirements and a monthly charge. If you are ineligible for the American Express Business Checking account or are looking for cheaper alternatives, you can find several other business checking accounts available.
Make sure to read about our other offers related to business checking accounts as well.
American Express Business Checking Review FAQ
1. What is American Express Business Checking all about?
American Express Business Checking is a narrative aimed at small businesses. It comprises checking account, features and aspects which include:
- No monthly maintenance fees
- Mobile check deposits
- Unlimited ATM withdrawals
- Online and mobile banking
- 24/7 customer support
2. What are the benefits of American Express Business Checking?!
- No monthly maintenance fees
- Mobile check deposits
- Unlimited ATM withdrawals
- Online and mobile banking
- 24/7 customer support
- Access to a network of business credit cards and loans
- American Express purchases reward complicated channels.
3. What are the requirements needed to open an American Express Business Checking account?
In order to open your American Express Business Checking account, you need to:
- Own a business or be a designated agent
- Hold a valid U.S tax ID number (EIN)
- Have a business name, address, and phone number
- Deposit an initial $1,000 in your business checking account
4. How do I complete the application process for an Amex Business Checking account?
Your application for American Express Business Checking account can be made through the website, on the phone, or at a local office.
5. Would I incur any fines if I keep my American Express Business Checking account with zero funds?
You shall not be charged fees for holding an American Express Business Checking account without maintaining funds.
6. Are there any charges on American Express Business Checking?
With American Express Business Checking, you don’t have to pay a monthly service fee. On the other hand, every time you use an ATM that is not American Express, you will be charged a $2.50 fee.
7. What are the current rates for American Express Business Checking?
American Express Business Checking has an interest rate of 0.01% APY.
8. How do I check the American Express Business Checking funds?
Access to your American Express Business Checking account is possible via the website, over the phone, or at an office.
9. What is the highest limit on my American Express Business checking account?
You are able to deposit a maximum of $250,000 daily into your American Express Business Checking account.
10. Is it Possible to Issue International Payments Using American Express Business Checking?
For every international transaction made, there is a 3% surcharge, but you can conduct international payments with your American Express Business Checking account.