Ever since i've opened my account I have been met with nothing but technical issues.
For whatever reason, Plaid doesn't integrate with Amex business checking, this means that it won't sync with 99% of softwares out there.
After waiting endlessly, they released a *broken* Quickbooks integration. Every transaction gets imported to QBO as "Online Payment / Transfer". No description, no way to know where the money came from or was going to.... completely useless. You cant even import your transactions, only their PDF statements contain the actual statement descripors.
My business checking account doesnt even sync with BLUEPRINT (an american express software that they pushed very heavily as of late) my amex business checking transactions don't appear in my blueprint "money in / money out" stats. So I cant even get analytics on my cashflow within the AMEX ecosystem...
I created this account because of the higher APY than my capitalone business checking account, boy was that a mistake. This undercooked product has been the bane of my relationship with AMEX, and their tech team has seemingly completely neglected it. Why? How could an institution with this much popularity and history fumble a product so hard.
Looking for advice on a better business checking account to switch to, preferably with 1.4% APY, but at this point I just want something that works seamlessly and isn't a technical mess.
EDIT: Yes, I've spoken to support numerous times and raise all the issues listed. The best response I got was "Thats just how the app works right now" this was many months ago.
How are people feeling about AMEX for small business checking right now?
Amex Business Checking
The checking account is actually pretty good these days
Is Amex Business Banking really that bad ?
What are the benefits of a Business Checking account?
Who is eligible for a Business Checking account?
How can I fund my Business Checking account?
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So, I searched and most threads are a year old or more, which can be an eternity in this space. I’m thinking of changing from a local bank to AMEX for my business checking account.
I’m a home inspector and 85%+ of my transactions are credit, the rest checks with maybe 4-5 a year out of 350 clients or so paying with cash. For the last 4 years or so, I’m with a local community bank and like the fact that at least my money is being used in the community. However, they are so antiquated. From the website, to the app, and the fact that for customer service you have to call a branch or go to a branch. I was willing to overlook it so far due to their work in the community, until…
I write myself a check each month for a draw and deposit it to my personal account, as I’ve done the last 8 years or so. I also pay one vendor with a check each month, the rest are through credit cards. Due to issues with Fidelity where my wife and I’s account is suddenly holding checks for weeks due to other people committing fraud, I’m looking into adding ACH, which supposedly does not get held by Fidelity. My current business bank says their process to enable ACH is for me to come into the branch, with a printed copy of a tax return, so they can send that underwriting. Like, I’m not asking for a loan, only to send my own money using a 40+ year old process.
I have a business savings account with Live Oak, but their checking pays no interest and while I’d probably avoid it due to the balances I carry, they technically charge a monthly fee.
I have an AMEX and a Chase business credit card now. Chase is right out due to all the complaints I see people having.
So, AMEX is out there paying a little interest, no monthly fee and free ACH. Seems like a no brainer to switch. I’ll just hold the cash like I do now(my software still tracks the payment for accounting and tax purposes) and can still deposit checks using an app, and never go into a branch, just like now. I can still get checks for the one I pay per month.
Does anyone that read this far see any issues?