American Express opens a business bank account
American Express launched a digital checking account for businesses and issued its very first debit card as part of the package.
Expected in June, US small and medium businesses can now apply for the new Business Checking account in as little as 10 minutes. The app-only account comes with a debit card for online and in-store purchases and ATM withdrawals through the MoneyPass network. It also offers a mobile check deposit service.
American Express Business Checking was designed from the ground up especially for small and medium-sized American businesses. The launch further expands AmEx’s offerings to small businesses within and beyond the card, building on its acquisition of Kabbage in August last year as part of a strategy to roll out a range business cash flow services.
Dean Henry, executive vice president of global business services at American Express, says, “We built the new American Express Business Checking service from scratch because businesses told us they wanted more of their existing checking account. This is a full-service, customer-focused digital business current account that facilitates cash management, processes a range of payment types, and generates high-yielding interest on balances of up to $ 500. $ 000. In addition, customers will soon be able to earn and redeem Membership Rewards® points.