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Amex Business Checking Review: What You Need to Know…Really

By Joe

Amex business checking review

I first came across Amex’s new business checking account in a private Facebook group post last month. While the company has been around for decades, American Express previously only serviced credit card and travel-related offers. Now, they’ve got a checking account that earns interest on up to $500K with enticing introductory bonus points for new accounts. 

So, let’s explore the new offer in full, and find out what you need to know whether this is the right checking account for your business. 

Here’s what’s in store: 

  • Amex Company Overview
  • The Amex Business Checking Account
    • The Introductory Bonus
    • Amex Checking Account Features
    • What is the Downside of American Express Checking?
    • Amex Business Checking App
  • Amex Business Checking Competitor Overview
  • Frequently Asked Questions
  • The Takeaway

Now, let’s get to it! 

Amex Company Overview

So, why is Amex so popular? Well, this NY-based institution has been around since 1850, servicing consumer and business credit, expense management, and travel products. The founders were Henry Wells, Irene Tserkovny, John Butterfield, and William Fargo. 

Do any of these names sound familiar? As you might have guessed while reading — if you didn’t already know — Butterfield, Wells, and Fargo are the same people who founded Wells Fargo in the mid-1800s.    

While big banks don’t tend to inspire everyone’s confidence, the fact that the company has been around for over a century is telling. Amex is a trusted name in American finance, and the odds are that they’re going to stick around for many years to come; this is important in an age where new, cutting-edge financial products are in and out of existence after a year or two in the marketplace. 

Currently, American Express is a publicly-traded, for-profit global financial services company led by CEO Stephen Squeri. They’re best known for their credit cards, charge cards, and traveler’s checks. Lately, their checking accounts are quickly rising in reputation.   

The Amex Business Checking Account 

In short, an Amex business account gives you the opportunity to earn interest and introductory rewards with free, online checking. Since every business needs a bank account, it may seem like you’ve nothing to lose by signing up.  

And, while there are some great features with Amex business checking, there are some missing features…not all contemporary online checking accounts are the same. Read everything here to weigh the pros and cons for yourself. 

The Introductory Bonus

American Express business checking login

One of the most hyped benefits of an Amex business checking account is the intro offer. Currently, they’re giving away 30K rewards points (worth about $300 total) with qualifying activities on a new account.

Here’s what you’ll have to achieve to get the bonus points: 

  • Account balance of $5K within 30 days of opening your account
  • An average account balance of $5K for the following 60 days
  • 5 or more “qualifying transactions” within 60 days of opening your account

If you apply, are approved, and meet these requirements, the points should be distributed to your account at the end of the 90-day wait. Keep in mind that the intro offer is likely to change — some people got in when they promised 20K points and others were offered 60K. 

So, what are “qualifying transactions?” 

✅ Mobile deposits

✅ Check deposits by mail

✅ Electronic/online transactions (ACH, wire, and bill payments)

And, what are not qualifying transactions? 

❌ Business debit card transactions

❌ Deposits using the “Redeem for Deposits” feature

We’ve seen other brands like Wells Fargo and Chase offer anywhere from $200 to $500 for new individual and business accounts with qualifying activities. The key difference with this offer is that Amex is delivering an online bank account, which is best compared to offers like Bluevine and Novo.  

You might be wondering how hard it would be to get 5 or more qualifying transactions within 60 days (if this won’t be your primary account), and the answer is, ‘it would be pretty easy.’

Amex business checking Reddit

All you would have to do is divide your deposit amount requirement ($5K) by the number of transactions you need (5) and make the appropriate number of mobile, check, or ACH payments into your new account (5 X $1K deposits) within the first month of opening the account. 

But, don’t get ahead of yourself trying to work the system…you might actually decide to keep your account once you get in and realize the benefits. 

Amex Checking Account Features

Does Amex have a limit?

In a word, Amex checking accounts have some pretty cool benefits: 

  • Earn interest on checking account balance
  • Get 1 Amex point for every $2 spent
  • Pay no monthly maintenance fees
  • Gain fee-free MoneyPass™ access 
  • Take advantage of high deposit limits
  • Get free, fast outgoing ACH 
  • Send free eChecks and use fee-free checkbooks
  • Keep your Amex MR points alive

Just for fun, let’s explore the offer a bit more in-depth. 

In addition to the intro points offer, Amex business checking accounts earn 1.3% variable APY on balances up to $500K. So, you have a chance to earn a bit — an account with an average balance of $5K could be earning $65 each month. While most savings accounts offer the opportunity to earn, this isn’t a standard feature with checking accounts. 

With that said, Bluevine offers a 2% fixed APY on accounts that carry up to $100K, so that part of their offer outshines Amex. 

Amex is the only popular online bank account with a rewards debit card that earns 1 point for every $2 spent. If you use your debit card to spend $200, you can earn $1. This may not sound like a lot, but rewards can add up quickly.  

Plus, you’ll pay no monthly maintenance fees for an Amex business checking account. While most business bank accounts charge anywhere from $10 — like NorthOne, for example — to $30 per month, Amex checking is free (note: so are Novo and Bluevine’s offers).   

With an Amex business checking account, you’ll incur no ATM fees within the MoneyPass™ network. You might, however, have to pay third-party fees. Note that Novo bank refunds third-party ATM fees at the end of each billing cycle, though there’s no telling how long this reimbursement offer will last since the company is in the earlier stages.  

Furthermore, they have high deposit limits, which we can’t say for other online bank accounts and neobanks; most online checking offers are capped at $1K or $5K per day while Amex won’t cap your deposits — You can keep up to $5 million in your account. 

And, you’ll never pay the typical fees you see with business checking accounts. So far, users have been satisfied with outgoing ACH, citing that it’s fast (usually same-day) and free to send money to external accounts. Checks are also free, and there are no fees for NSF, stop pay, billing inquiries, replacement cards, late fees, or admin processing. 

Finally, you can save your existing Amex reward points, even if you plan to close out credit card accounts to bypass annual fees. Automatically redeem existing MR points in your Amex checking account. 

All-in-all, an Amex checking account could save you some money while it expands opportunities to earn and grow your business. 

What is the Downside of American Express Checking? 

As with all financial offers, there are some downsides for Amex checking account holders. 

One of the most glaring issues for me is that there is no Quickbooks integration with an Amex checking account yet. However, you can connect an Amex account to Quickbooks online. 🤷

Furthermore, if you want to deposit cash, you’ll first have to exchange it for a money order or check, then transfer the funds to your account. No cash deposits could be extremely inconvenient for cash businesses. You can withdraw cash from an Amex account via ATM using your debit card. 

And, as with all online bank accounts, you won’t be able to walk into a branch — they don’t exist. If this is important to you, choose a local branch to open your business bank account. 

There’s also a rumor floating around that Amex checking accounts don’t offer wire transfers, but it isn’t true; incoming wires are free while outgoing wire transfers cost $20. And, this price is pretty typical.

Where Amex checking accounts actually fall short is in the fact that they facilitate no INTERNATIONAL wire transfers. If you really want to go with Amex, you can look into solutions from Wise or Plastiq for this — these platforms are more user-friendly than your typical wire process anyway. 

Finally, if your business credit card is serviced through Amex, and you have any issues that arise at no fault of your own (overdrafts, chargebacks, etc.), these could negatively impact your credit accounts. 

Some business owners opt to use different institutions for business credit and business banking because of this, though I recommend a different approach. 

Amex Business Checking App 

Amex business checking app

The Amex business checking app is only available on iOS (they do have an Android app for credit accounts), so any Android users will need to access their account from another device. 

As a Google Play person myself, this seems a bit silly to me — there are lots of apps available for Apple while unavailable on Android, but I would think an online banking account would see the importance of serving customers across all devices.

But, if you’re an iOS user, keep reading. 

The Amex business checking app allows you to create and schedule payments on the go, and it’s pretty slick. In addition to the usual app features like mobile deposits, transfers, and payments, you can manage and redeem Amex rewards points.  

I mentioned this previously, but you may have missed it: existing Amex rewards members’ rewards points are automatically added to your checking account. I think this is pretty cool. 

With this said, the app doesn’t have the best user ratings, so I have a quick tip for ya: if you find that your two-factor authentication is wonky, delete and reinstall the app — this seems to be solving the issue for existing app users (Plus, my bet is that the developers are getting this worked out as we speak). 

Amex Business Checking Competitor Overview

The two brands with the closest offers to Amex’s current small business checking are Novo Bank and Bluevine. So, let’s look at how these three accounts stack up next to one another:

Amex Business Checking Competitors — Amex vs Bluevine vs Novo

The most enticing competitive advantage is that Amex currently has the highest deposit limit. If you’re earning more than $5K via a website, app, or your POS, then neither Novo nor Bluevine will work for you — In this case, Amex would be a natural choice. 

If you’re earning a little less, Bluevine might give you the opportunity to earn more on your monthly balance with 2% interest vs 1.3% with Amex; plus, they are the only solution that offers cash deposits. 

And, Novo’s got the monopoly on virtual cards, reimbursed third-party ATM fees, and built-in invoicing (for now). 

Keep in mind, you don’t have to choose an online business checking account. In fact, I typically recommend small business owners bank with small, local community banks for the best business credit opportunities (among additional interpersonal benefits). 

Recommended: ​​3 Best Credit Unions for Small Business Banking

Frequently Asked Questions

Does Amex business checking pull credit?

No. When you apply for an Amex business checking account, you’ll be shown a consumer reporting disclaimer. This does not mean that opening an account will affect your credit score. 

Does American Express business checking use Zelle?

No. Most business checking accounts are incompatible with Zelle. However, Bank of America and PNC Bank might be Zelle-compatible. Please check with the Banks for an up-to-date answer.

Can you use Venmo with American Express?

Yes! You can use the Send & Split™ feature in the Amex app to send money with Venmo.  

How do I deposit cash into my American Express business checking account?

Unfortunately, American Express doesn’t support cash deposits. So, you will have to somehow convert any cash into a check or money order to make a deposit into an Amex checking account. 

How much is 60K Amex points worth?

60,000 Amex points are worth roughly $600. Though, they can be redeemed for more through American Express’ promotional and travel offers. 

The Takeaway

Finally, is Amex worth the hype? If you’re an Android user, you run a cash business, or you expect a Quickbooks integration with your account, American Express might not be your top choice for business checking — But, it does have some pretty cool features and a fantastic introductory offer. 

If you’ll be depositing tens of thousands of dollars into your account, Amex is clearly the best online banking option, though I still recommend local community banks and credit unions where you can walk into a branch and build a relationship with the banker. 

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today. 

NorthOne Bank: A Comprehensive Look at the Pros & Cons

By Joe

NorthOne Bank Review

When I was writing recent overviews of Novo Bank and Bluevine offers, NorthOne Bank kept popping up. So, I did some poking and saw that this is an offer worth looking into. While they don’t offer free banking, their business accounts cost only $10 per month… sort of. So, let’s see what value you can truly get for the low price. 

Here’s everything I could dig up about the offer: 

  • NorthOne Company Overview
  • What is a NorthOne Business Account?
    • NorthOne Integrations
    • Money Movement
      • NorthOne Envelopes
      • New, Real-Time Payments Network
      • No Peer-to-Peer Mobile Payments
    • NorthOne Fees
    • Mastercard Small Business Debit Card
  • How Does NorthOne Stack Up Against Rivals?
  • Frequently Asked Questions
  • Final Takeaway

Now, let’s get the ball rolling! 

NorthOne Company Overview

Most people looking for info on NorthOne want to know if the offer is legit, among other things. I’ll share what I know and you can decide for yourself. 

NorthOne is a New York-based, for-profit company, founded in 2016 by Eytan Bensoussan and Justin Adler. The company has received $90.3 million in equity funding since its launch seven years ago — serious investors believe in the offer. 

Prior to co-founding NorthOne, Bensoussan graduated from McGill University and served in various positions with companies like McKinsey & Company, Ferst Capital Partners, and the Forbes Finance Council. At that time, Adler was studying Psychology at Concordia, then held various marketing positions with Frank And Oak, Keeward, and SourceKnowledge. 

NorthOne is a finance technology (fintech) company, not a bank. 

The team has a strong combined background that would traditionally make for a long-term, successful business relationship. From this, I’d say they look legitimate and trustworthy. What do you think? 

What is a NorthOne Business Account? 

Like Bluevine and Novo, NorthOne is a “neobank.” Neobanks are usually serviced through established FDIC-insured institutions. In this case, the servicer is Bancorp Bank, which enables NorthOne to offer real-time payments, available as of a few weeks ago. This means that your business will have the ability to accept payments and receive funds instantly if you open an account. 

NorthOne’s fee-free accounts give small business owners the opportunity to apply for and open an account in minutes, without the need to ever walk into a branch. They enable digital banking tools, send payments, deposit and withdraw, and automate budgeting. 

Like Novo Bank, NorthOne is built with a profit-first-friendly framework. They provide a simple, business debit card for spending, accepting payments, and ATM access. 

Recommended: Novo Bank Review: First-Rate Small Business Banking or Scam? 

NorthOne Integrations

NorthOne Bank Login

You can connect your NorthOne account to the financial tools you already use (if you’re using compatible products.  

And, NorthOne connects easily to top accounting software like Expensify, Quickbooks, and Wave. And, accounts integrate with payment processors like Amazon Pay, PayPal, Shopify, and Stripe. While NorthOne doesn’t offer business credit options, using a NorthOne account in tandem with these payment processors could help you become eligible for a capital loan through one of the other companies. 

Recommended: Could a Stripe Capital Loan Get Your Business Through a Rough Patch? 

Money Movement

Essentially, NorthOne accounts give your business a simple way to deposit, withdraw, pay, and get paid.

NorthOne enables cash deposits — not all online bank accounts do. With NorthOne, you can deposit cash through the GreenDot™ network, but there are some limitations. 

  • Daily limit:  4 loads max, for a total of $1,500.00 per day
  • Weekly limit: 7 loads max, for a total of $3,500.00 per week
  • Monthly limit: 20 loads max, for a total of $5,000.00 per month 

Note: GreenDot locations may elect to impose smaller caps on cash transfers, so check your local ATMs and locations for more details.

Remember when I said that NorthOne supports profit-first? Let’s explore how that works. 

NorthOne Envelopes

NorthOne Bank Budgeting Envelopes

NorthOne accounts have built-in “envelopes” that enable you to designate portions of your balance for specific, designated purposes. These envelopes are accessed on the mobile app or web app, to help you keep your money organized. You can set your account to send a set amount of money, either by amount or percentage, to each envelope from daily transactions. 

This feature helps companies get a clear picture of where they’re spending, save, practice discipline, and avoid spending money they don’t have. 

New, Real-Time Payments Network

Furthermore, just this year, NorthOne, along with Bancorp, joined the Clearinghouse’s new Real-Time Payments Network; this means that account holders are now at a competitive advantage with the ability to accept payments and receive funds instantly. 

It sounds like a wire transfer-type situation because you have to give the sender your NorthOne routing and account numbers, but you will get the payment in seconds after they send it. Obviously, this is not a feature that you will be able to leverage with all of your customers because you shouldn’t share sensitive data with just anyone. 

Note: the ability to send Real-Time Payments with a NorthOne account is coming soon, according to a customer service rep I spoke with. 

No Peer-to-Peer Mobile Payments

On the other hand, if you need to process through Zelle, CashApp, or Venmo, the offer might not seem so cutting-edge. These types of instant transfer services are treated like ACH transactions, and take 1-3 days to process. This leaves some uninformed account holders with a bad taste in their mouth. 

NorthOne Reviews

Currently, NorthOne does NOT have a Zelle integration to receive payments. They are working on adding a Zelle integration to their accounts, so keep checking back and follow the news for updates — they don’t have an expected date when this might happen. 

With that said, you can use Cash App, Venmo, and the Real-Time Payments Network to receive funds quickly. 

NorthOne Fees

As with most banks (though, not all neobank accounts) There are fees imposed with the offer. 

  • Monthly account fee: $10
  • Domestic wire fee: $15
  • Expedited card mailing: $25
  • Same-day ACH fee: $5
  • Digital check fee: $4 per check

And, NorthOne provides a virtual card, with a different 16-digit number than the physical card, that you can use while you wait for your debit card to arrive in the mail. You may only have one virtual card. 

Mastercard Small Business Debit Card

NorthOne Bank Business Credit Card

NorthOne issues Mastercard Small Business debit cards that can be used anywhere Mastercard is accepted. 

First of all, Mastercard is accepted at millions of merchants, suppliers, and utility companies worldwide. So, you won’t need to worry about where you will be able to use your card. Plus, Mastercard offers quite a myriad of benefits, even for basic debit cards. 

All MasterCards come with zero-liability protection so you won’t pay for misuse or unauthorized purchases on your card. And, you can take advantage of free identity theft protection. If you opt-in, the system will monitor your credit and alert you to suspicious activity. 

Mastercard’s Global Service provides 24/7 assistance for lost or stolen card reporting, emergency card replacement, and help finding an ATM if you need it. 

None of this is beyond the norm for a business debit card, but it should bring you peace of mind, especially if you’re signing up with a neobank for the first time. 

How Does NorthOne Stack Up Against Rivals? 

I previously mentioned NorthOne’s top competitors, Novo and Bluevine. Let’s see how they contend next to one another. 

Northone Competitors

NorthOne is the only bank of the three that charges a monthly fee. And, you can use a third-party app to send invoices from a NorthOne or Bluevine account, but this feature is built-in with Novo accounts. 

None of these banks charge ATM fees themselves. With Novo, all third-party ATM fees will be reimbursed each month — NorthOne and Bluevine don’t currently offer reimbursement.  Bluevine is the only account that enables you to earn interest on your business checking funds. 

While NorthOne and Bluevine enable cash deposits, If you want to deposit cash into a Novo account, you’ll need to get a money order and then upload it through the app (not super convenient). And Bluevine is the only bank of the three that currently has a business credit offer, though NorthOne has stated that they plan to offer one in the future. 

Recommended: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious? 

Frequently Asked Questions

Is NorthOne a real bank?

Yes and no; NorthOne is a real fintech company, also known as a “neobank,” and NorthOne accounts are serviced through Bancorp, an established, FDIC-insured bank.  

Is NorthOne FDIC-insured?

Yes, NorthOne accounts are FDIC-insured via their servicer, Bancorp Bank. 

Can you use Zelle with NorthOne?

As of today, NorthOne does not have a Zelle integration. However, according to one company representative, they are working on creating one. To receive funds, you can use Cash App, Venmo, or the Real-Time Payments Network. 

Does NorthOne bank have checks?

At this time, NorthOne only allows account holders to send checks. The recipient would receive the check within 3-9 days, and the service costs $4.  

Does NorthOne report to credit bureaus?

NorthOne doesn’t offer any credit products for individuals or businesses, so there is no need for them to report to credit bureaus. And, opening an account does not affect your credit score in any way. 

id=”conclusion”Final Takeaway

NorthOne has an interesting offer, for sure. In particular, the Real-Time Payments Network seems to be a leading-edge technology. However, if real-time payments aren’t a feature you need, Bluevine seems to have a more robust offer, as of today. 

With that said, I typically recommend small business owners bank with local community banks and credit unions for optimal access to substantial business credit lines. 

If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

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