How to Find the best American Express Business Checking Account

So, Is American Express Business Checking Right for You?

As the owner of a six-figure dog training empire we need robust financial tools to help us succeed in our growing business.

I am Michele Forto, the owner of Dog Works Training Company, based in the wilds of Alaska, and I am here to tell you about the new business checking account from American Express (HOLD UP CARD) and our thoughts after using it for the last 90 days.

So you run a busy business. One that has you taking payments over the phone, a bit of e-commerce, and even paper checks. There are a lot of banks out there that are going digital but the new offering from American Express may be a game changer.

I made a video about what I call the American Express trifecta and you can watch that video here (point top) but let’s dive deep into their new business checking.

First the perks, Earn a $300 deposit as a welcome bonus with a new Business Checking account

Earn interest on balances up to $500,000 with a competitive rate of 1.1%

No monthly maintenance fees or minimum balance requirements

Full-service digital banking that makes it easy to access and manage your checking account, while also connecting to existing American Express Cards

In early 2022, Business Checking customers will be able to earn Membership Rewards points and redeem them for deposits into their Business Checking account.

This further expands American Express’ small business offerings within and beyond the Card, building on its acquisition of Kabbage, a FinTech providing small business cash flow solutions.

American Express is the leading small business Card issuer in the U.S.^, Late last year it introduced its new Business Checking account designed for small and mid-sized businesses. This fully digital Business Checking account offers a secure, high-yield, and low fee digital banking experience with a competitive rate of 1.1% on balances up to $500,000^.

The checking account connects with existing American Express Credit Cards and comes with a Business Debit Card, the first to be issued in the U.S. by American Express.

The folks at American Express say, “We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000. Plus, customers will soon be able to earn and redeem Membership Rewards points,”

“This is business checking with the best of American Express – security, service and rewards they can invest back into their business.”

In early 2022, Business Checking customers will be able to earn Membership Rewards^® points and redeem them for deposits into their Business Checking account^.

So what are our thoughts?

First, we applied right about the same time the launch announcement was made. We have some pros and cons.

Let’s talk about what we don’t like first. The application process was grueling. While they promise that you can be approved in as little as ten minutes that was not the case with us.

The application online is pretty standard and asks the basic questions and attempts to confirm your businesses’ identity.

This is where we ran into a problem. Since we live in Alaska and not in the big city, we do not get mail at our physical address where our business headquarters is operated, aka a 50-year-old log cabin in the woods. This has always been a problem for any credit product, heck, we can’t even get a Fed-Ex delivery.

We finally decided to rent a co-work office in Anchorage, about an hour and a half away, and after a couple long phone calls with customer service at Amex we were finally approved, albeit three weeks after we applied.

Second, while they do offer a debit card, currently they only offer one card per account. Meaning if you have an “operating account” account like we do, you will need to open a sub-account for an additional user. Not a big deal. But still a hassle.

Third, after 90 days that’s all that we have seen wrong with it. Just two things.

What is so right? For us, we travel a lot! With the promise of receiving membership rewards in early 2022 is a game changer for us because we use Amex products for just about all of our business expenses. Sure, there are a lot of cards out there that have points and cash back but when you already use an eco-system that is built on what you do, why not have a checking account that accumulates the awards.

Next, the $300 bonus offer arrived right away. 300 extra bucks never hurt anyone right?

Next, the app is flawless. Yes, it is built like many banking apps out there but this one has that Amex ease that you have come to love.

Third, their acquisition of Kabbage could be a game changer for small businesses like ours. Acquiring working capital is tough for just about any family business but when you have the full power of Amex and a history with a card dating back to 1994 in my partner’s case, we may be using this feature in the future.

Fourth, customer care. If you are in the Amex eco-system you know about customer care. Their support for platinum card members is superior to any other credit card in my wallet. So far, the same goes for their customer care agents on the banking side.

Fifth, no monthly fees. We have been with one of the biggest banks in the country for years and unless you keep a massive daily balance in your account, they will nickel and dime you to death.

Lastly, having this amount of access, all in one place is just cool. Who knows this might now be called the Amex quadfecta. Is that even a thing?

What are your thoughts about the Amex Business Checking account? Let us know in the comments and while you are there, hit that subscribe button and I will see you in the next video.