Opening an American Express business checking account is a simple task if you have the eligible set of requirements and a better comprehension of the application procedures. American Express business checking account is specially tailored for businesses with added Rewards & Benefits.
To earn higher interest rates for growing your business, you can check an American Express business checking account.
This comes with no maintenance fees, which will simplify your business management by a large portion. Recently, the AMEX business checking account launched a deal that offers a $300 opening discount.
Before opening an AMEX business checking account, you need to consider some key facts and requirements that are required to open a small business checking account.
Let’s discuss how you can get an American Express Business Checking Account and other relevant facts in detail!
- What Is An American Express Business Checking Account?
- Procedures For Opening An Account
- Advantages Of American Express Business Checking Account
- Why Should You Open American Express Business Checking Account
- How To Deposit Funds On American Express Business Checking Account
- How often does American Express report to credit bureaus?
- Does American express offer checking accounts?
- How does an American Express business card work?
- How many American Express business cards can you have?
- How many American Express savings accounts can I have?
- How much does American Express charge businesses?
- Final Verdict
What Is An American Express Business Checking Account?
American Express business checking account is one of the best checking accounts for small business owners who want online money managing solutions with a higher percentage yield interest. It is a digital checking account service that started in October 2021.
This is a free checking account for businesses that don’t charge any maintenance fees and provides a higher APR on account balances.
You can maintain your individual finances detached from your business reserves. Therefore, managing your cash flows and accounting becomes more effortless.
Features Of American Express Business Checking Account
Offer digitized business checking service with zero monthly fees and charge minor fees for unexpected incidents.
Provides free business checking account online with no deposit, Incoming wire transactions, national & global transfers, and charges 20 dollars for local wire transfers
Adds a higher Annual Percentage Yield rate of up to 1.10% on the high-yield business accounts, for a maximum of 500,000 dollars
You can make unlimited transactions, and they offer a 300 dollars opening bonus if you deposit 5000 dollars within the first 20 days.
Get 24/7 customer support through the mobile application, calling center, or in-person, for physical and online business checking accounts.
However, among the downsides, you cannot go for any cash deposits with the American Express Business Checking account.
Moreover, their online business checking account does not support Android devices, and it only operates with the iOS devices through the Apple App.
How Can You Get American Express Business Checking Account?
One can easily open an American Express Business checking account through their online application or from their iOS-based mobile app.
Within a couple of minutes, you can open an AMEX business checking account just by giving a set of basic information regarding you and your business.
Once you get the eligibility approval, they will give you up to 2 months for funding the checking account via ACH or wire transactions.
Before we get into the application process, it is crucial to acknowledge the approval requirements for an American Express Business checking account. Let’s begin with the prerequisites!
Requirements For American Express Business Checking Account
You’re probably asking yourself, what are the requirements to open this online checking account? To open an American Express business checking account, you will need the following-
- A DBA certificate only if your business operates under more than one name.
- A business address only for the United States.
- Your employer identification number or your EIN, or the taxpayer identification number
- Your TIN certificate formation or articles of organization
- A social security number(SSN) plus ID verification for any beneficial owner having ownership of at least 25 percent
- A driver’s license, state ID, or passport for every owner
- Finally, you’re going to require details about the enterprise purpose of your portrayal as well as the extent of your company.
If there’s anything on this list that you don’t have or you’re uncertain as to what it is, we would consider reading a typical article on starting a business one-on-one with a business checking account.
Procedures For Opening An Account
After gathering all the evidence, you may generate your account online using your smartphone, computer, or tablet. Barely go to the AMEX business checking account home page, roll down to the underside, and press “apply now” to start the procedure.
Now here, you are required to answer a few key questions about you and your company. You can correlate to an occurring bank account, subtract reserves and commence making transactions after you have been authorized, which will generally take about 10 minutes.
You can also link your AMEX account, permitting you to begin receiving cash transfers from applications like Paypal, Venmo, and Cash App. Now we’ll discuss the benefits of having a checking account with American Express.
Advantages Of American Express Business Checking Account
Higher APY: Even though it is a checking account, you can receive profit on your balance, assuring that your cash isn’t wasted.
The AMEX business checking account is a leading checking account that offers an annual percentage yield. We were starting with the 1.1 percent APY we mentioned earlier.
No Fees: Besides, American Express checking accounts have no monthly service fees to keep your account active. Financial institutions typically charge a monthly fee.
However, not all institutions, including American Express, charge such fees. Therefore, you can hold a lot of cash that you would have forfeited if you disbursed monthly fees.
No Minimum Balance Requirement: Now another great feature is that there is no lowest compensation needed. Several economic institutions will demand you to keep a certain balance in your account, which is very problematic. Cause you must begin to attain that credit, and they may require it if your balance goes under that minimum.
Digital Account Management: With American Express, you can transfer funds without any limit. AMEX provides you with an online account management facility.
You oughtn’t to delay in lengthy lines at a branch since you may access your account through AMEX’s online platform or mobile app. You can download the AMEX business checking app for both android and iOS systems.
24/7 Customer Support: AMEX now offers excellent customer service. You may go into difficulties with your account from period to period.
In this procedure, you will require help from consumer assistance agents to solve your problems. Unlike other online banks, AMEX has a readily available customer service representative to have your issues fixed. You can talk with an agent 24 hours, seven days weekly.
Free Debit Card: You will receive a business debit card that can be obtained for 18 cash withdrawals and balance inquiries.
This makes it easy to access your budgets anywhere an ATM is found. You can even utilize your debit card to complete online acquisitions of goods and services where AMEX is accepted.
Opening Bonus: Consumers can obtain a 300 dollar opening bonus if they deposit a minimum of 5000 dollars within 10 days of activating their account.
Users need to possess a typical balance of a minimum of 5000 dollars for 60 days. After that, make 10 or more qualifying transactions within an account for the first 60 days.
Why Should You Open American Express Business Checking Account
You may ask yourself one last important question: Should you get a business checking account from American Express? American Express credit cards claim 6 of the 10 spots on the US News best free online checking account list.
If you’re looking for corporation credit cards and inspecting at once, an American Express business checking account would be a great choice. Besides, the 1.1 APY and the lack of monthly fees could also make this a very appealing option for you.
If you choose to do your banking physically, you should assume obtaining a business checking account with brick & mortar branch locations from a bank. Evaluate your company’s measures and distinct requirements when analogizing business checking accounts.
How To Deposit Funds On American Express Business Checking Account
When you deposit funds into your account, you may have decided to assemble a cash deposit or transfer reserves digitally between connected accounts.
You may compose a check for your company from your account, complete a deposition, or regulate it remotely by observing the bill with your device.
Nevertheless, you may not attain instant entrance since a nationwide ordinance named the Expedited Funds Availability (EFA) allows banks to put a grip on budgets deposited into a fresh customer account. For invoices less than 30 days aged, that may indicate a holdup on bills for 9 days.
FAQ About American Express Business Checking Account
How often does American Express report to credit bureaus?
American Express business checking account usually reports one time for each month to the major credit bureaus. Basically, the updates are made with TransUnion, Experian, and Equifax between five days of the billing process.
Does American express offer checking accounts?
Yes, American Express comes with multiple checking accounts for a versatile purpose. They have Everyday checking for bonuses, Rewards checking for extra rewards, Business checking for small business holders.
How does an American Express business card work?
AMEX business cards usually function the same way as personal credit cards. But this card comes with a greater compensation limit and updated reward schemes.
However, based on your business creditworthiness, the Annual Percentage Rates may stand higher or lower than typical.
How many American Express business cards can you have?
American Express allows up to four User or Business cards for each account holder. Besides, the limitation for card expenses is ten.
How many American Express savings accounts can I have?
From American Express Bank, you can open or operate multiple savings accounts. But, this is only possible for the same bank or from several nearby banks.
How much does American Express charge businesses?
The American Express business accounts or cards (Visa/MasterCard) usually charge a maintenance or functionality fee ranging between 1.5 to 2.5% of the transaction or account balance for credit card acceptance.
One can easily open an American Express checking account with eligibility prerequisites. AMEX business checking account is specially tailored for businesses with added Rewards & Benefits.
Before opening a business checking account, you need to consider your business types and business structure to suit the banking services. Note that not all business checking accounts give instant access to your funds.