American Express Savings Accounts

I'd give American Express a minus 10 rating if I could. You will regret opening a savings account with them. Trust me on this. They are incompetent.

I have had four calls with their customer service to try to early redeem a CD. I have faxed it, snail-mailed it, emailed it and when I talk to them they claim they haven't received it and that I have to resend. This has been going on for 9 days and they say it will take 13 days to process it once received. I asked to talk to a supervisor this morning...I was argued with and then hung up on. The second time I was told the supervisor would call back in 10 minutes...didn't. The third time today talked to a supervisor who maybe will initiate my request but at this poing I don't have a lot of faith. All were very nice people, all conversations were very pleasant. All interactions have been 100% ineffective.

I opened a savings account and then tried to link my external checking account. The website wasn't working. I called and the service agent helped to link the account. I transferred money twice through the online portal successfully afterwards and then someone at AmEx decided to delete my external checking account from my savings account. The online portal will not allow my original bank account to be linked anymore. 4 phone calls later, Now I have to fax a form to get my external account linked again. I am done with this company as soon as my money is back in my account. American Express is supposed to be a reputable company. I guess not anymore.

When attempting to pay a penalty of 540 days interest to close a 5 year cd I was told that it takes up to 13 business days to receive the money. Their competitors offer next day funds.

Today there is an email: "You will now have one login for your American Express® Savings and Card accounts." Really? This is a huge issue. First, safety and security. A credit card compromised now could affect all life savings!! Really, AMEX? I'm taking my business elsewhere.

I've been satisfied using this savings account for more than 7 years. But recently, their customer service has been abysmal. I was trying to remove a joint owner due to death. Simple enough at every other bank I worked with, but here, every time I called to check on the status I was given a different story about what was required. Multiple calls and a month later, the issue is still not resolved and all withdrawals are on hold until it is. (I would cancel the account if it weren't for their good interest rates.)

Misinformation at every step, very long hold times (1 hour plus), deceptive business practices. Choose another bank. Spoke to 3 different people who told me 3 different stories. I also had to wait a week for someone from "corporate" to come into work to make a decision. Insanity.

Not a place to deposit your money, they are untrustworthy and maybe even criminal. I started a ACH withdrawal on funds that had been sitting in this bank for almost a year and because of the large dollar amount American Express bank refused to honor my request for the withdrawal. They gave no reason because there was no reason other than it was a withdrawal they did not want to happen. I was treated unprofessionally and even hung up on by three different employees,
spent four hours on the phone, finally a supervisor agreed that what was going on was wrong and completed the ACH. The funds were completely available and clear for any withdrawal but someone at this less than honest bank did not like the idea of the very large exit of money. I recommend any depositor look elsewhere and in fact, lots of higher paying interest accounts are out there now, much higher that American Express bank rates.

I have been with Amex CD for about two years plus and watched my money grew exponentially. I receive quarterly information from Amex and has access to my account. I will continue to have business with them.

I could tell the customer service agent had been sleeping and just woke up when I first called to open this account. They didn't know the difference between a hard and soft inquiry. I called back the next day and was told that a hard inquiry would not be made to open the account. (still unconfirmed) I put $250k in my account and let it sit for a month, but they never updated my balance to reflect any interest earned. I tried to withdraw the money to my wife's bank account, which is allowed per their Deposit Account Agreement, but they refused. Even though I offered to provide proof that I have the authority to deposit, withdraw and exercise control over the funds in the account, American Express violated their own terms and conditions and insisted it must be my own personal account in my name that funds were being transferred to. They had absolutely no legal or ethical ground to stand on. I cannot stress enough that nobody should do business with any bank, such as American Express, that doesn't adhere to their own terms of service.