American Express Checking Review (Formerly Kabbage Checking)

Pros

• $0 fees
• ATM access
• High-yield checking account
• Strong mobile app

Cons

• Available only to Amex cardholders
• No cash deposits
• Foreign transaction fees

What Is American Express Business Checking (Formerly Kabbage Checking)?

American Express Business Checking is an online business bank account backed by one of the nation’s largest credit and charge card companies. How does it compare to the best business bank accounts available?

Formerly known as Kabbage Checking until its recent Amex rebranding, this business checking account once stood out with its high APY and access to credit. Does American Express’s business checking carry on that legacy?

This in-depth American Express Business Checking review will answer all your questions about rewards, credit opportunities, fees, eligibility, and more.

American Express Business Checking Rewards & Perks

The American Express Business Checking account does not come with a long list of rewards and perks. Although only a couple are available, a small business that’s looking to open its first business bank account will appreciate these:

• Membership Rewards Points: Amex Business Checking accounts come with an American Express debit card that earns one Membership Rewards point for every $2 you spend on eligible purchases. You can convert the points into deposits made directly into your business checking account.

• High APY: The American Express business checking account offers a relatively high APY of 1.3% on balances up to $500K. That compares nicely to the current FDIC average of 0.07% APY for interest checking and 0.42% APY for savings accounts.

American Express Business Checking Pricing & Fees

Let’s start with the fees you won’t find with Amex’s business checking accounts. You will pay $0 fees for the following transaction types:

• Monthly account maintenance fees
• Mobile check deposits
• eCheck payments
• NSF transactions
• Stop payments
• Billing inquiries
• Domestic ACH and incoming international ACH
• No in-network ATM fees

Here are some less common fees you’ll find with American Express’s business checking accounts:

• Foreign transaction fee of 2.7% of the total transaction amount
• Outgoing domestic wire fee of $25
• Third-party charges for paper checks

American Express Business Checking Eligibility Requirements

To qualify for the American Express business checking account, you must be a current American Express Basic Cardholder with a US consumer or business card issued by American Express National Bank.

It’s free to apply and easy to do so online, and Amex says you can expect approval within 10 minutes or less. Read our step-by-step guide to learn how to open a small business bank account.

To apply for this account, you’ll need to answer questions about your industry, your revenue, and how you plan to use your online business checking account. You also will need to share your EIN or taxpayer identification number and prove that yours is a registered business.

Amex Business Checking Features

American Express Business Checking offers features that may make life easier for a small business owner looking to move from using personal accounts, a common practice when launching a startup that most owners move beyond as their business grows.

Useful features for small businesses you’ll find with this account include:

• Business Debit Card: You’ll receive a chip-enabled American Express business debit card. Add it to your choice of digital wallets.
• Cashback Rewards: You can receive your Membership Rewards points as cash deposits.
• Interest Checking: Your account will earn 1.30% APY on balances up to $500K.
• Fee-Free Business Banking: With no ongoing account fees, the American Express business bank account also charges $0 fees for most common transactions.
• Nationwide ATM Access: You’ll pay no fees when you use your Amex debit card at MoneyPass ATMs.
• Mobile App: You can manage your account on your iOS or Android mobile device.
• Mobile Deposit: Use the mobile app to take a picture of a check and deposit it through the app.
• Bill Payment: You can pay all your bills and vendors online or through the app.
• Direct Deposit: Use your checking account and routing numbers to set up direct deposit.
• Account Transfers: Your checking account can receive domestic wire transfers from another bank account. There are no fees for incoming domestic wire transfers.
• Payment Solutions: American Express has a product called Payment Solutions that streamline your payment system and includes employee spend controls.
• Lines Of Credit: You can apply for Funding through American Express Business Blueprint Loans, though your status as a customer does not guarantee access to loans.
• Business Credit Cards: American Express offers more than a dozen business credit cards with various reward schemes. Some, like the Blue Business Cash Card, are among the best rewards credit cards available.

Customer Service & Technical Support

When operating as Kabbage, this bank account’s customer service left a lot to be desired. When I called Kabbage with questions at the time of my last review, I faced a long hold and ended up being promised a call back that never came. Hopefully, American Express has better support options, like live chat, and you can find the help you need without having to pick up the phone.

Here’s a rundown of the available support options. Additional resources are available through the app:

• Phone: Support is available 24/7.
• Live Chat: You’ll need to enter your user ID and password.
• Social Media: You can find American Express on Facebook, Twitter, LinkedIn, Instagram, and YouTube.

American Express Business Checking Reviews & Customer Complaints

American Express is a well-known global name in business finance, with a history dating back to 1850. The company’s business banking services are much newer, however, and there aren’t a lot of user reviews to comb through in forming an opinion of American Express Business Checking. The majority of Amex reviews concern its card services.

I learned the most from user reviews of the mobile app for American Express Business Checking. And what I found was not great. Available originally for only iOS and now at last for Android devices too, the app has just 2.3/5 stars on the Apple App Store and 3.2/5 stars on the Google Play store.

Let’s take a look at what these user reviews have to say.

Negative American Express Business Checking Reviews & Complaints

Unfortunately, the mobile app reviews are overwhelmingly negative. Here is a sampling of the complaints I found:

• No accounting or eCommerce integrations
• Buggy process for mobile deposits
• Lack of security features
• App doesn’t work as promised or work reliably at all

Positive American Express Business Checking Reviews

Of course, not all users express dissatisfaction. Here are some examples of the more positive comments I found:

• Available for Android devices at last
• High APY
• Banking services backed by Amex’s stellar reputation

Is American Express Business Checking Safe?

American Express Business Checking is safe.

Keep in mind, unlike a lot of online-only banking options, Amex is a direct bank and a member of the FDIC. Your funds deposited in an American Express Business Checking account are insured up to at least $250K per depositor.

American Express uses advanced fraud protection systems, including account monitoring, online protections, and fraud alerts.

Final Verdict: Is American Express Business Checking Worth It?

A small business owner searching for business banking services may find a lot to like about American Express. Compared to opening a business account with a traditional bank, Amex’s checking account is a great alternative for small business owners.

Amex’s interest-bearing business checking account is an attractive feature, with a current rate of 1.3% on balances up to $500K. On top of access to a line of credit and cards for anything you might want to finance, you’ll find it easy to access the cash already in your Amex Business Checking account. You can use your debit card with no fees inside the MoneyPass ATM network and pay your business bills online or with the app.

However, we aren’t convinced that this account is the best available for most small business owners.

For one thing, it’s open only to current American Express cardholders. For another, we find the lack of positive online user reviews troubling. We think it’s fair to expect an online-only bank to have a solid mobile app (especially from an established global corporation with resources aplenty), and the Amex app leaves us underwhelmed.

If you share our concerns, we urge you to take a look at some alternatives. After all, this isn’t the only no-fee online bank option. Small business owners, in particular, may find an option they like on our list of the best free business bank accounts. If your business is a little larger or more complex, you might find a match on our list of the best business bank accounts for LLCs instead.

American Express Business Checking FAQs

The Merchant Maverick Seal of Approval 🏆

American Express Business Checking	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.

The Merchant Maverick Seal of Approval 🏆

American Express Business Checking	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.