The 60k bonus is super solid, but pairing this bonus up with the Amex Business Platinum bundle offer of 230k is pretty insane value! If I had a ton of spend right now, I would be rushing for that bonus haha. I just can’t justify it with my spending habits. I look forward to seeing your review of the Chase and Amex Business Checking accounts over time… this one seems pretty great from first glance! Thanks for all the info Mark!
14:24 If you connect an external bank account and pull money in from it into your Amex Business Checking account, the transfer will take 5 business days. But if you log into the external bank account and push money in from it into your Amex Business Checking account, the transfer should take no more than one business day. That's a thing they didn't make clear on the website and I had to learn it the hard way. I chatted with their customer service rep about it and they said that they value the feedback and would inform the team responsible to make that more clear on their website.
I'm wondering if that's the maximum amount of time, I think it said 'typically' available. Now that I'm able to speak after the fact, my $5K deposit posted in ~ 2 days.
@@MarkReese you are right, it might have said "may take *up to* five business days". I recall that the first time I pulled in money from a linked external account into my Amex Business Checking account, it did take exactly five business days to complete. They had had announced the Amex Business Checking account a few days earlier so I must have been one of the first people to open an account with them.
Also I wanted to add that Amex business checking accepts VENMO and PAYPAL and only APP use for APPLE users currently and they do not support Zelle or Cash app just in case anyone wanted to know. Thanks great video and information
All accurate! Thanks for adding these clarifying points, Jay! (Note: I've been told by an Amex rep that they're working on the integrations for Zelle and Cash App, plus an Android app) 😃📲
When I got this account about a year ago, this was a solid savings account with its 1.1% APY which was double most HYSAs. Now it’s just ok. Great SUB for a bank account though. Congrats on the new account Mark!
Thanks for the video! I ran into a similar roadblock with chase when I tried to set up an account. The nearest location is 2 hours away, and I’m not that committed lol. I’ve decided to go with Amex
At the end it is asking for my utility information for the physical address of business and says "Important: We are unable to accept mail service locations as a physical business address." I am using 1 postal service as my biz address, is there a way for this to work?
Per the Amex rep I spoke with, you do need to have an SSN. Amex may also require the following: • Your Employee Identification Number (EIN) or Taxpayer Identification Number (TIN) • Your Articles of Organization or a Certificate of Formation • Information from a Driver’s License, State I.D., or Passport for each owner • A Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more • A “Doing Business As” (DBA) certificate only if your business operates under more than one name • A U.S. business address • Information about your industry, size, and the purpose of your account
Mark, keep both Amex and Chase business accounts. Account diversity is a good idea, and having multiple banks looks better for a business. You should not use just one bank with your business.
I'll consider it. So far I'm not liking how Chase has a $2K min. deposit requirement for the Business Checking and a $1.5K min. deposit requirement for the Personal Checking. To me, that's $3,500 of 'frozen funds,' and I don't appreciate that 😁
@@MarkReese that’s a large minimum for a “small business” oriented account. Lots of business live paycheck to paycheck like most people. Amex is offing big bonuses for those with the money but also not gatekeeping the lower end user which makes it easier to get into their ecosystem.
Mark, this was freakin amazing 👏🏾 The attention to technical detail, videography, and implied value were peerless👍🏾👍🏾 I may actually follow suit shortly😎
I got this account on Dec 6, 2021. 1 account for my LLC and 1 as a sole prop. Had to call and verify info for both accounts. 5 min phone call, all good since then. Only downside is I can't get the Personal Checking account ....yet.
I'm also a new AMEX business checking customer. BIG issue about the mobile app is that AMEX only has the one for Apple products. Not android. So I can't make mobile deposits, etc. That is a severe limitation. However, the. APR is really good, and the lack of fees is fantastic.
Very interesting video! Hopefully AMEX integrates the business checking into the regular AMEX app in the future. Doesn't make much sense to have a separate app in my opinion.
Merry Chrismtas!! Question, I previously had a personal checking with Amex account that I closed a few months ago. I've applied a few times for the business checking but keep getting auto denied. Any insight into this? Thanks in advance.
@@headlibrarian1996 - I can only confirm that it's free to send & receive money from the account to other external accounts. I cannot speak to things like payroll.
Thanks so much for this video! Do you know if within your business checking account if you are able to open sub-accounts to allow for separate categories to organize your money? For example, a reserve account, operations account, marketing account, etc.? I noticed the plus sign in the top left corner when you first logged in and was wondering if that was it.
I opened this checking account recently and deposited 7k in it i also have a bbp since august 2024 , does banking with amex increase my odds of approval if i apply for another business credit card ? Thank you.
This video is super helpful as I’m going to get this Business Checking account and I would have been totally confused with the whole app situation and how to use that account to pay my business cards with it.
Strange, I just tried to sign up for this account (01/01/2023) but my version has an extra requirement after the DBA biz section, "Please upload the requested business filing documents," and wont let me continue without uploading a document such as Business Name Filing doc or a Cert of Formation. Thought this was odd, didnt need to provide any documents for US Bank Business checking. Did you have to any issues with this?
You can't 😬 Best indirect method I can think of is to deposit into a different ATM (like BOA, Chase, etc.), then link that account to Amex, and transfer the funds electronically.
Yes. Per the terms, "We are currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses."
No. The only way asking for a CLI could affect your score is if the bank does a hard pull resulting in an inquiry. Worth asking ahead of time before the request.
@@MarkReese Mark, have you connected the AMEX business checking with a different book keeping program other than quickbooks? If so, can you recommend one?
I'd say the Chase checking is by far the better product simply because they have physical locations. Those who deal with a lot of cash, like myself, it is important to access ATMs and such for deposits.
I opened this checking last night, I went with sole prop, would any transfers from my personal checking counts as income in which I’d have to report? Not everything I’ll deposit is pure income especially if it’s coming from my personal checking
Hey Mark does it matter if I use this account for personal use like paying credit cards fails etc? Is it like a business credit card that you can use for anything
You should apply for a kabbage loan they sent me a pre-approval with a 250 sign up bonus just need to link a check account no hard pull either because i was pre-approved got the money within three days and you dont even have to pull the loan out
I always find your videos super interesting. Granted, I’m not from the US and the México credit card system is miles away from what you’ve got there, so it amazes me to see how you all got points and stuff thats actually worth something lol. Now, why is your phone in Spanish? Lol
Hello Mark, I have a few questions (maybe you can answer them) : 1) You think the odds of getting this checking account are higher if you don’t apply as a Sole Proprietor? 2) The qualifying transactions seems a bit confusing to me, can you clarify what qualifies? I appreciate all your hard work!
1. I don't have a way of determining approvals odds based on business type / structure. 2. Qualifying transactions include things like depositing checks via the app, transferring money in from other non-Amex accounts, making payments from the Business Checking account directly (not via debit card), wire transfers, and paying bills.
Per the Amex rep I spoke with: - You cannot deposit cash via ATMs. You can only _withdraw_ cash at MoneyPass ATM locations. - It is not compatible with Zelle at this time. However, it's on their product roadmap to integrate in the future.
Not sure. That may depend on whether your landlord accepts (a) debit cards and (b) the Amex network. You'll also want to see if any fees would be charged by your landlord for using a card instead of a checking account.
The new Amex Business Checking product has so much potential but it’s not ready for prime time just yet. It feels like it’s still in Beta; their IOS app is garbage - the recent update is so bad that I can’t even deposit checks with it anymore (we might have to mail them to their office in Utah - because they are endorsed deposit AENB only). They hold deposits over $500 for 6 days before they clear and then you can use the funds. Their checking accounts do not sync with Quickbooks. After I get the 60k MR points I might move all of the money out of there until they get more features and reliability. Again, their system is not ready for real business use. And they have no international wire sending options. I was really excited for this product; I wanted to get in the Amex Business Ecosystem with their checking, business platinum card and Kabage funding system.
i got denied because i did not understand the question "does this business provide money services" unfortunately i clicked yes and got an instant denial. just a heads up for people. so i missed out on 60k points i called and there was nothing i could do. i do already have a chase business checking.
Hi Mark, I applied for this account but was asked by Amex to provide the IRS 4506-C form. I applied as a sole proprietor and currently already have the Blue Business plus in good standing with 0 balance and I also have the Amex Platinum (personal). I listed my personal income on the application about $15k over my actual income. I also had my credit locked at the moment of the app and don’t know if this flagged my account for review. Should I continue with the application or forget it so none of my other cards are affected?
✅Representative at AMEX gave me the impression that they will more than likely not approve your business account application even tho I informed her of my AMEX Business Platinum Card I received. Really strange!
Having a Business Platinum Card is not a requirement to get the Amex Business Checking Account. I also haven't seen any data suggesting that it makes an approval more likely.
The 60k bonus is super solid, but pairing this bonus up with the Amex Business Platinum bundle offer of 230k is pretty insane value! If I had a ton of spend right now, I would be rushing for that bonus haha. I just can’t justify it with my spending habits. I look forward to seeing your review of the Chase and Amex Business Checking accounts over time… this one seems pretty great from first glance! Thanks for all the info Mark!
Solid offer indeed 🏆💵
14:24 If you connect an external bank account and pull money in from it into your Amex Business Checking account, the transfer will take 5 business days. But if you log into the external bank account and push money in from it into your Amex Business Checking account, the transfer should take no more than one business day. That's a thing they didn't make clear on the website and I had to learn it the hard way. I chatted with their customer service rep about it and they said that they value the feedback and would inform the team responsible to make that more clear on their website.
I'm wondering if that's the maximum amount of time, I think it said 'typically' available. Now that I'm able to speak after the fact, my $5K deposit posted in ~ 2 days.
@@MarkReese you are right, it might have said "may take *up to* five business days". I recall that the first time I pulled in money from a linked external account into my Amex Business Checking account, it did take exactly five business days to complete. They had had announced the Amex Business Checking account a few days earlier so I must have been one of the first people to open an account with them.
Also I wanted to add that Amex business checking accepts VENMO and PAYPAL and only APP use for APPLE users currently and they do not support Zelle or Cash app just in case anyone wanted to know. Thanks great video and information
All accurate! Thanks for adding these clarifying points, Jay! (Note: I've been told by an Amex rep that they're working on the integrations for Zelle and Cash App, plus an Android app) 😃📲
Does it connect to third party transfer apps like ZELLE?
When I got this account about a year ago, this was a solid savings account with its 1.1% APY which was double most HYSAs. Now it’s just ok. Great SUB for a bank account though. Congrats on the new account Mark!
🎉
I had the Amex check off Green & Gold so im curious to tey thw savings as well & bew business bqmking. Good input always Mark
👍👍
Thanks for the video! I ran into a similar roadblock with chase when I tried to set up an account. The nearest location is 2 hours away, and I’m not that committed lol. I’ve decided to go with Amex
I've had a great experience with the Amex Business Checking Account so far 👍
At the end it is asking for my utility information for the physical address of business and says "Important: We are unable to accept mail service locations as a physical business address." I am using 1 postal service as my biz address, is there a way for this to work?
Not that I'm aware of. Ask Amex directly to confirm.
can i open this bank account without SSN , i have LLC and EIN Number only
Per the Amex rep I spoke with, you do need to have an SSN. Amex may also require the following:
• Your Employee Identification Number (EIN) or Taxpayer Identification Number (TIN)
• Your Articles of Organization or a Certificate of Formation
• Information from a Driver’s License, State I.D., or Passport for each owner
• A Social Security Number (SSN) and ID verification for any Beneficial Owner with ownership of 25% or more
• A “Doing Business As” (DBA) certificate only if your business operates under more than one name
• A U.S. business address
• Information about your industry, size, and the purpose of your account
@@MarkReese thanks bro.
Mark, keep both Amex and Chase business accounts. Account diversity is a good idea, and having multiple banks looks better for a business. You should not use just one bank with your business.
I'll consider it. So far I'm not liking how Chase has a $2K min. deposit requirement for the Business Checking and a $1.5K min. deposit requirement for the Personal Checking. To me, that's $3,500 of 'frozen funds,' and I don't appreciate that 😁
@@MarkReese Look into the $400 business checking bonus from US Bank (no fees).
@@MarkReese Is that min a month?
@@OnlyOneAGTheGreat - No. The $2K is the minimum _daily balance._ If you drop below that for even 1 day, you'll be charged the monthly fee.
@@MarkReese that’s a large minimum for a “small business” oriented account. Lots of business live paycheck to paycheck like most people. Amex is offing big bonuses for those with the money but also not gatekeeping the lower end user which makes it easier to get into their ecosystem.
Mark, this was freakin amazing 👏🏾 The attention to technical detail, videography, and implied value were peerless👍🏾👍🏾 I may actually follow suit shortly😎
Thank you! 👊
I got this account on Dec 6, 2021. 1 account for my LLC and 1 as a sole prop. Had to call and verify info for both accounts. 5 min phone call, all good since then. Only downside is I can't get the Personal Checking account ....yet.
Nice! You're aware that the personal checking account doesn't have bill pay yet, right?
@@MarkReese Yea, it's not perfect, but I gotta catch em all!
I'm also a new AMEX business checking customer. BIG issue about the mobile app is that AMEX only has the one for Apple products. Not android. So I can't make mobile deposits, etc. That is a severe limitation.
However, the. APR is really good, and the lack of fees is fantastic.
Yeah they definitely need to release an Android version 👍
Very interesting video! Hopefully AMEX integrates the business checking into the regular AMEX app in the future. Doesn't make much sense to have a separate app in my opinion.
I have the personal checking account and that one is integrated in the regular AMEX app.
@@j0epark1 - And the personal checking account doesn't offer bill pay yet, right?
@@MarkReese Nope, no bill pay unfortunately.
Merry Chrismtas!!
Question, I previously had a personal checking with Amex account that I closed a few months ago.
I've applied a few times for the business checking but keep getting auto denied. Any insight into this?
Thanks in advance.
At this time, if you had the personal / consumer Amex checking account, you cannot get the Amex business checking account. Only 1.
Does Amex business checking offer free or inexpensive direct deposit services?
Yes. Setting up direct deposit is free.
@@MarkReese Free to send a direct deposit? Nice.
@@headlibrarian1996 - I can only confirm that it's free to send & receive money from the account to other external accounts. I cannot speak to things like payroll.
question, to satisfy the $5k deposit and 10 transactions, can I make 10 deposit ($500 each) of checks to this business account?
I "think" so. However, I can't guarantee it. Ask Amex directly to confirm.
I just got approved yesterday for this business account. Excited to see how smooth this works or doesn’t work ❤
This video was beyond helpful 😊
Congrats on the approval! 🌟
Is there a certain credit score u need to open it
@@pelhom - No. Credit scores do not matter for checking / savings accounts.
Great way to get extra MR points if you’re also signing up with a business Platinum and get targeted it for that bundle!
Absolutely!
Thanks so much for this video! Do you know if within your business checking account if you are able to open sub-accounts to allow for separate categories to organize your money? For example, a reserve account, operations account, marketing account, etc.? I noticed the plus sign in the top left corner when you first logged in and was wondering if that was it.
Yep! Amex currently allows you to open up to 9 sub-accounts under the same business.
@@MarkReese thanks so much for answering!
I opened this checking account recently and deposited 7k in it i also have a bbp since august 2024 , does banking with amex increase my odds of approval if i apply for another business credit card ? Thank you.
I have no data to suggest an answer to that.
which industry did you select for your business ?
I think I chose the 'Other' category.
This video is super helpful as I’m going to get this Business Checking account and I would have been totally confused with the whole app situation and how to use that account to pay my business cards with it.
I'm glad you found it helpful!
Strange, I just tried to sign up for this account (01/01/2023) but my version has an extra requirement after the DBA biz section, "Please upload the requested business filing documents," and wont let me continue without uploading a document such as Business Name Filing doc or a Cert of Formation. Thought this was odd, didnt need to provide any documents for US Bank Business checking. Did you have to any issues with this?
Interesting, no I didn't have issues with that.
I was ask same thing
How do you deposit cash in Amex business checking account?
You can't 😬
Best indirect method I can think of is to deposit into a different ATM (like BOA, Chase, etc.), then link that account to Amex, and transfer the funds electronically.
It took about 4 days for me to get approval. I got 2 calls within that time about my account.
Frustrating, but congrats! 🎉
Do I have to have a business to get this card
Yes. Per the terms, "We are currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses."
@@MarkReese I got approved
@@styleztheproducer6744 - Congrats!
@@MarkReese can we setup direct deposit with this account or no?
@@styleztheproducer6744 - Yes, you can get your routing # and account # to make it happen.
Super helpful video I was interested in how to transfer money into Amex Business Checking.
Glad it was helpful!
What is the redemption rate for redeeming MR points to your new checking account for cash back?
1.0¢ per point via Business Platinum Card. 0.8¢ per point for all other cards.
Does asking for a lower apr or increase limit on a existing card hurt your credit score
No. The only way asking for a CLI could affect your score is if the bank does a hard pull resulting in an inquiry. Worth asking ahead of time before the request.
How to connect to quick books. Can you share the details please
I'm not able to answer that as I don't use QuickBooks ✌
@@MarkReese NP, thanks bro
@@MarkReese Mark, have you connected the AMEX business checking with a different book keeping program other than quickbooks? If so, can you recommend one?
@@brentcicogna467 - I haven't.
I'd say the Chase checking is by far the better product simply because they have physical locations. Those who deal with a lot of cash, like myself, it is important to access ATMs and such for deposits.
For cash-based situations, likely so 👍
Credit Union
I opened this checking last night, I went with sole prop, would any transfers from my personal checking counts as income in which I’d have to report? Not everything I’ll deposit is pure income especially if it’s coming from my personal checking
Moving you own capital from 1 account to another doesn't count as income ✌️
Great info!! I would like to know if they offer zelle ?
No Zelle at this time. However, an Amex rep told me it's on their feature list to add in the future 👍
Thank you for responding 🙏🏽 love your video
Hey Mark does it matter if I use this account for personal use like paying credit cards fails etc?
Is it like a business credit card that you can use for anything
That'd be a question for Amex 👍 My guess is you probably can but you're probably not supposed to.
@@MarkReese thanks do you know a few debit cards that pay you cash back after you pay preferably banks with a physical branch
@@guaparra2 - None with a branch network that I’m aware of. Search around online though.
@@MarkReese thanks that's what I mostly saw too online only.
You should apply for a kabbage loan they sent me a pre-approval with a 250 sign up bonus just need to link a check account no hard pull either because i was pre-approved got the money within three days and you dont even have to pull the loan out
Not interested in loan products, thanks though 👍
I always find your videos super interesting. Granted, I’m not from the US and the México credit card system is miles away from what you’ve got there, so it amazes me to see how you all got points and stuff thats actually worth something lol. Now, why is your phone in Spanish? Lol
Thanks Luis! I changed my phone's menu because I'm teaching myself Spanish 🇨🇴
Hello Mark, I have a few questions (maybe you can answer them) : 1) You think the odds of getting this checking account are higher if you don’t apply as a Sole Proprietor? 2) The qualifying transactions seems a bit confusing to me, can you clarify what qualifies?
I appreciate all your hard work!
1. I don't have a way of determining approvals odds based on business type / structure.
2. Qualifying transactions include things like depositing checks via the app, transferring money in from other non-Amex accounts, making payments from the Business Checking account directly (not via debit card), wire transfers, and paying bills.
I applied as a sole prop and got instant approval. I already have Hilton business CC though.
Thank you for your information and advice appreciated 👍🏽👌🏾
You bet!
Hey Mark can i send money using zell with this account?
Can I deposit cash on some ATM network for this account?
To answer my own questions no for both that's what they told me at the AmEx customer service
Per the Amex rep I spoke with:
- You cannot deposit cash via ATMs. You can only _withdraw_ cash at MoneyPass ATM locations.
- It is not compatible with Zelle at this time. However, it's on their product roadmap to integrate in the future.
@@MarkReese I wasn't aware of the money pass ATM thanks for letting me know
Can I pay my rent with this card
Not sure. That may depend on whether your landlord accepts (a) debit cards and (b) the Amex network. You'll also want to see if any fees would be charged by your landlord for using a card instead of a checking account.
Offer only 30k point now compare to 60k 2week ago so sad.
Yep ☹
I just got this account!!!! 😆🎄
Awesome! 🎉
The new Amex Business Checking product has so much potential but it’s not ready for prime time just yet. It feels like it’s still in Beta; their IOS app is garbage - the recent update is so bad that I can’t even deposit checks with it anymore (we might have to mail them to their office in Utah - because they are endorsed deposit AENB only). They hold deposits over $500 for 6 days before they clear and then you can use the funds. Their checking accounts do not sync with Quickbooks.
After I get the 60k MR points I might move all of the money out of there until they get more features and reliability. Again, their system is not ready for real business use.
And they have no international wire sending options.
I was really excited for this product; I wanted to get in the Amex Business Ecosystem with their checking, business platinum card and Kabage funding system.
They've got a ways to go ✌
i got denied because i did not understand the question "does this business provide money services" unfortunately i clicked yes and got an instant denial. just a heads up for people. so i missed out on 60k points i called and there was nothing i could do. i do already have a chase business checking.
Ah bummer 😕
As per amex rep, you can reapply after 7days with the right choices.
Recording as of December 13th… bro it’s December 20th 3 pm my time haha you be really holding off on your videos
😁
Hi Mark, I applied for this account but was asked by Amex to provide the IRS 4506-C form. I applied as a sole proprietor and currently already have the Blue Business plus in good standing with 0 balance and I also have the Amex Platinum (personal). I listed my personal income on the application about $15k over my actual income. I also had my credit locked at the moment of the app and don’t know if this flagged my account for review. Should I continue with the application or forget it so none of my other cards are affected?
Up to you ✌️
Apply for American Express checking account in a video
Are you stating what this video is? Or saying I should get the personal Amex checking account?
@@MarkReese personal American Express checking account
Yes you should get a personal checking account
@@brandonlingstuyl7733 - Not at this time. The personal checking account doesn’t offer bill pay at this time. Major dealbreaker.
I think the app is only for IOS.
Correct. At this time it's only iOS.
Too bad I’m retired and don’t have a business. Side hustle or otherwise.
😁
✅Representative at AMEX gave me the impression that they will more than likely not approve your business account application even tho I informed her of my AMEX Business Platinum Card I received. Really strange!
Having a Business Platinum Card is not a requirement to get the Amex Business Checking Account. I also haven't seen any data suggesting that it makes an approval more likely.
👍🏻
👍
It's only 30k now 🙄 this is why I need to stalk your page 😂
Yep it just went back down to 30K 😁 Hopefully we'll see an elevated offer again later in 2023.
Very interesting, helpful walkthrough. Thanks for sharing!
Glad it was helpful!
Can you go over what we can do with this checking 60k mr points in particular?
Didn't understand the question, could you rephrase?