Taylor Scott
American Express, also known as Amex, is a multinational financial services corporation that specializes in payment cards. It is the fourth-largest card network globally based on purchase volume. While American Express does have a banking arm, it does not have physical bank branches. Instead, it operates as an online bank, offering various financial products and services, including checking accounts, savings accounts, loans, investment management services, and business accounts. Customers can access and manage their accounts through the American Express website or mobile app, allowing them to transfer funds, set up direct deposits, and make withdrawals conveniently.
| Characteristics | Values |
|---|---|
| Physical bank branches | No physical bank branches, but offers a fee-free ATM network of more than 37,000 MoneyPass ATMs nationwide for cash withdrawals |
| Banking services | Checking accounts, savings accounts, retirement options, personal loans, business accounts, lines of credit, investment management services |
| Fees | No monthly maintenance fees for deposit accounts or overdraft fees, but outgoing wire transfers incur a $20 fee per transfer |
| Online services | Online transfers, mobile app, mobile check deposit, direct deposit with employers |
| Contact | Phone: 1-800-446-6307 |
| Address | American Express National Bank, P.O. Box 30384, Salt Lake City, Utah 84130 |
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What You'll Learn
American Express National Bank does not have physical branches
American Express, or Amex, is a bank holding company and multinational financial services corporation that specializes in payment cards. It is the fourth-largest card network globally based on purchase volume, with 141.2 million Amex cards in force worldwide as of December 31, 2023.
While American Express is a well-known credit card provider, it also offers a range of consumer banking products through its American Express National Bank. This includes checking accounts, savings accounts, retirement options, loans, investment management services, and business accounts.
However, American Express National Bank does not have any physical bank branches. All banking services are provided online or through the mobile app. Customers can deposit or withdraw money by linking their external account to their American Express Savings account, using the mobile app, setting up direct deposits, sending or receiving checks by mail, or using one of the 37,000 fee-free MoneyPass ATMs nationwide.
The lack of physical branches allows American Express National Bank to offer high-yield bank accounts with no monthly maintenance or overdraft fees. Customers can also take advantage of rewards checking accounts with no required opening deposit and membership rewards points on eligible debit card purchases.
American Express National Bank is an FDIC-insured institution, protecting deposits up to the federal limit of $250,000 per depositor, per ownership category.
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It offers online banking, including savings and checking accounts
American Express, popularly known as a credit card provider, offers online banking services through its American Express National Bank. This direct bank, founded in 1850, began offering financial services in the early 1900s and became a bank holding company during the 2008 financial crisis.
American Express National Bank provides a range of online banking services, including savings and checking accounts. These accounts offer various benefits, such as no monthly fees, no minimum balance requirements, and membership rewards points on eligible debit card purchases. The bank also provides a fee-free ATM network with over 37,000 MoneyPass ATMs across the nation for cash withdrawals.
The online savings accounts offered by American Express National Bank are high-yield accounts, allowing customers to earn interest on their deposits. These accounts have no minimum balance requirements or monthly fees, making them accessible to a wide range of customers.
The checking accounts, also known as Rewards Checking accounts, offer features such as direct deposit, mobile check deposit, and person-to-person (P2P) payments. Customers can set up direct deposits with their employers or for federal payments using their account and routing numbers. Additionally, American Express provides the option to order checks through third-party vendors for a fee.
American Express National Bank also offers business accounts and lines of credit, catering to the needs of business customers. These accounts include features such as business checking, business credit cards, payment solutions, corporate cards, and business lines of credit.
Overall, American Express National Bank provides a comprehensive suite of online banking services, including savings and checking accounts, catering to both personal and business customers, without the need for physical bank branches.
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Customers can deposit/withdraw money via the website, mobile app, or mail
American Express National Bank does not have any physical retail locations. However, customers can deposit and withdraw money through various other methods, including via the website, mobile app, or mail.
To deposit or withdraw money via the website, customers must log in to their account and click on "Make a Transfer." Transfers can be initiated 24/7, but any transfers made after 7:00 PM Eastern Time on weekdays or on non-business days will only begin processing on the next business day.
The American Express mobile app offers similar functionality, allowing customers to transfer funds and deposit cheques remotely.
Customers can also deposit or withdraw money by sending or receiving cheques via mail. To withdraw money, customers can call American Express at 1-800-446-6307 to request a cheque. To deposit money, customers can write a cheque made out to American Express National Bank, including their Savings account number on the memo line.
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American Express National Bank is FDIC-insured
American Express is best known as a credit card company, but it does have a banking arm with consumer banking products. American Express National Bank is an FDIC-insured institution. Your deposits are insured and backed by the full faith and credit of the United States up to at least $250,000 per depositor, per insured bank, per ownership category. Coverage amounts vary based on factors such as account ownership, beneficiaries, and number of accounts with the same institution.
American Express National Bank does not have any physical bank branches. However, it offers a fee-free ATM network of more than 37,000 MoneyPass ATMs nationwide for cash withdrawals. Customers can deposit or withdraw money by logging into their accounts and clicking on "Make a Transfer", using the American Express mobile app, setting up direct deposits with their employers or for federal payments, or sending or receiving a check via mail.
American Express cardholders can apply for personal loans ranging from $3,500 to $40,000. Business customers can take advantage of business checking accounts, business credit cards, payment solutions, corporate cards, business lines of credit, and more. American Express National Bank offers a range of high-yield bank accounts with no overdraft or monthly fees.
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It is ranked as one of the top online banks
American Express is best known as a credit card company, but it does have a banking arm with consumer banking products. American Express National Bank offers checking accounts, savings accounts, retirement options, and more. It is ranked as one of the top online banks.
Although American Express does not have physical bank branches, it offers a fee-free ATM network of more than 37,000 MoneyPass ATMs nationwide for cash withdrawals. It is an FDIC-insured institution, meaning your deposits are protected up to the federal limit of $250,000 per depositor, per ownership category.
American Express National Bank offers high-yield bank accounts with no overdraft or monthly fees. There are no minimum opening deposits, and customers can decide how much they want to deposit into their bank account. The bank offers 24/7 customer service, with representatives available via phone or online chat.
American Express's checking account earns rewards for purchases, although it is only available to those who have had an American Express card for at least 35 days. There are no minimum deposit requirements for the checking account, and account holders earn points for qualifying debit card purchases. The checking account pays a competitive APY.
The bank also offers a high-yield online savings account with no minimum balance requirements or monthly fees. Interest compounds daily and is deposited into your account every month. American Express also offers CDs with various term lengths, ranging from 11 months to three years or five years.
American Express is convenient for those who prefer to manage multiple financial accounts in one place. The bank's mobile app receives high marks from users, who report that it is easy to navigate. You can transfer money from other accounts, link credit cards, and send money to any Venmo or PayPal user right in the app.
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Frequently asked questions
No, American Express National Bank does not have any physical bank branches. It is an online bank.
You can access your money through the American Express fee-free ATM network, which includes more than 37,000 MoneyPass ATMs across the US. You can also deposit cheques via the mobile app or by mail.
American Express National Bank offers checking accounts, savings accounts, retirement options, business accounts, and lines of credit.
You can contact American Express National Bank by phone at 1-800-446-6307 or by mail at American Express National Bank, P.O. Box 30384, Salt Lake City, Utah 84130.
