American Express Checking Review (Formerly Kabbage Checking)

Pros

• $0 fees
• ATM access
• High-yield checking account
• Strong mobile app

Cons

• Available only to Amex cardholders
• No cash deposits
• Foreign transaction fees

What Is American Express Business Checking?

American Express is one of the most popular credit card issuers, but now Amex offers banking as well. American Express Business Checking is an online business bank account backed by one of the nation’s largest credit and charge card companies. How does it compare to the best business bank accounts available?

Formerly known as Kabbage Checking until its recent Amex rebranding, this business checking account once stood out with its high APY and access to credit. Does American Express’s business checking carry on that legacy?

Let’s dive into this full review and see.

Services Offered By American Express

Best known as a popular credit card issuer, American Express also offers:

• Business checking
• Credit cards
• Corporate cards
• Lines of credit
• Payment processing

While Amex gets points for offering many additional business services, the company only offers business checking and no business savings options, which scores a 2.9/5 for this section.

In addition to business checking, American Express offers more than a dozen business credit cards with various reward schemes. Some, like the Blue Business Cash Card, are among the best rewards credit cards available.

American Express Business Checking Rewards & Perks

The American Express Business Checking account has a good amount of perks including a high APY for a checking account, cashback earning, and a welcome bonus, earning Amex an impressive 4.1/5 for this section.

Amex offers 1.30% APY on balances up to $500K. This balance cap is significantly higher than other high-APY checking accounts, like Lili which caps out at $100K, and Bluevine which caps out at $200K.

You can earn 1 point for every $2 you spend with your Amex Business Checking debit card and can cash these points in for cash deposits or travel rewards. Amex works with Delta, Hilton, Marriot, and other travel partners.

American Express Business Checking Pricing & Fees

When it comes to fees, the American Express Business Checking account has no monthly fees, no ACH fees, and no ATM fees, which we appreciate.

American Express Business Checking Eligibility Requirements

To qualify for the American Express business checking account, you must be a current American Express Basic Cardholder with a US consumer or business card issued by American Express National Bank.

While Amex doesn’t give specific revenue or credit history requirements, the company does say that this information is required during the application process so it is factored in somehow. We wish that Amex was a bit more transparent about its eligibility requirements. Because of this and the limitation of being an existing Amex cardholder, Amex scores 3.5/5 for this section.

Amex Business Checking Features

American Express Business Checking offers many features that may make life easier for small business owners. Amex offers accounting integrations, decent transaction limits, and many standard banking features, as well as a few extra touches like checkbooks and access to Allpoint and MoneyPass ATMs.

However, the American Express Business Checking Account is missing one key feature: cash deposits. The company also offers fewer finance management features than many of its competitors. You won’t find cash flow management or financial reporting with Amex.

All in all, Amex scores a 3.8/5 for features. Here’s a list of what you can find with the American Express Business Checking Account:

• Debit cards
• Physical checks & e-checks
• Nationwide ATM access
• Mobile apps
• Mobile deposits
• Bill pay
• Direct deposit
• Unlimited transactions
• Accounting integrations

American Express Application Process

It’s free to apply and easy to do so online, and Amex says you can expect approval within 10 minutes or less. American Express gets points for having a transparent application process with quick processing times and no opening deposit requirements, bringing its score to 4.8/5 for this category.

American Express Sales & Advertising Transparency

While American Express is relatively transparent about its business checking product, there are a significant amount of complaints that the company’s customer service and professionalism do not live up to what’s promised, resulting in a low score here of 2.3/5 stars.

American Express Customer Service

When operating as Kabbage, this bank account’s customer service left a lot to be desired. When I called Kabbage with questions at the time of my last review, I faced a long hold and ended up being promised a call back that never came. According to customer reviews, it’s not much better with Amex.

While there’s the occasional positive review, there are far more negatives about American Express’s customer service. Granted, many of the reviews aren’t specifically related to the Business Checking account product, but it doesn’t bode well for the company at large.

There’s also a fairly limited amount of support options compared to other banks. For these reasons, we’ve given customer service a rating of 2.8/5.

American Express Business Checking User Reviews

American Express is a well-known global name in business finance, with a history dating back to 1850. The company’s business banking services are much newer, however, and there aren’t a lot of user reviews to comb through in forming an opinion of American Express Business Checking. The majority of Amex reviews concern its card services.

The best way I found to get banking-specific reviews was by checking the American Express Business Checking Mobile apps, which received an aggregate score of 2.8/5 stars.

While the majority of the negative reviews online weren’t specific to Amex Business Checking, the severity of the complaints (fraudulent charges, broken security features, unauthorized account withdrawals, etc.) is enough to make us pause and question the company as a whole. Plus, the mobile app reviews specifically are overwhelmingly negative, which doesn’t bode well for Amex.

Negative American Express Business Checking Reviews & Complaints

• No accounting or eCommerce integrations
• Buggy process for mobile deposits
• Lack of security features
• App doesn’t work as promised or work reliably at all

Positive American Express Business Checking Reviews

• Now available for Android devices
• High APY
• Some good customer service experiences

It is worth noting that despite the negative reviews, there were quite a few positive reviews from customers who have been long-standing Amex users with multiple Amex services that expressed loyal satisfaction with the company.

Is American Express Business Checking Safe?

Unlike a lot of online-only banking options, Amex is a direct bank and a member of the FDIC. Your funds deposited in an American Express Business Checking account are insured up to at least $250K per depositor.

American Express uses advanced fraud protection systems, including account monitoring, online protection, and fraud alerts.

Final Verdict: Is American Express Business Checking Worth It?

A small business owner searching for business banking services may find a lot to like about American Express. Compared to opening a business account with a traditional bank, Amex’s checking account is a great alternative for small business owners.

Amex’s interest-bearing business checking account is an attractive feature, with a current rate of 1.3% on balances up to $500K. On top of access to a line of credit and cards for anything you might want to finance, you’ll find it easy to access the cash already in your Amex Business Checking account. There are few fees, decent features, and an easy application process — all of which contributed to our overall rating of 3.5 stars.

However, we aren’t convinced that this account is the best fit for all small business owners.

For one thing, it’s open only to current American Express cardholders. For another, there’s no cash deposit feature. Finally, we find the lack of positive online user reviews troubling. We think it’s fair to expect an online-only bank to have a solid mobile app (especially from an established global corporation with resources aplenty), and the Amex app leaves us underwhelmed.

If you share our concerns, we urge you to take a look at some alternatives. After all, this isn’t the only no-fee online bank option. Small business owners, in particular, may find an option they like on our list of the best free business bank accounts. If your business is a little larger or more complex, you might find a match on our list of the best business bank accounts for LLCs instead.

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

The Merchant Maverick Seal of Approval 🏆

American Express Business Checking	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.

The Merchant Maverick Seal of Approval 🏆

American Express Business Checking	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see American Express Business Checking for yourself.