A checking account is a type of bank account that allows you to keep money for day-to-day expenses. You can use the account to keep monies for your everyday needs instead of keeping them in your house. A checking account can be accessed 24 hours a day, seven days a week through online banking, mobile banking, branch banking, or using your debit card. You may use a debit card to make payments and withdraw money from an ATM with any checking account.
Some checking accounts allow you to earn interest if you keep a certain balance or fulfill other eligibility requirements. The American Express Business Checking account, interestingly, is one of the checking accounts that pays interest. As a result, it's not only about spending money; it's also about making money. Checking account APYs are frequently greater than most savings account APYs, for your information. Perhaps it's because meeting the requirements necessitates a great level of discipline.
What are the requirements to open the American Express Business Checking Account?
Every financial business is required by the federal government to ask account openers for a variety of items. You must produce the documentation even if you are opening a free online checking account without ChexSystems. This makes it more difficult for criminals, such as terrorists, to open accounts.
The following items are required to open an American Express Business Checking Account.
- Employee Identification Number (EIN) or the Taxpayer Identification Number (TIN)
- Certificate of Formation or Articles of Organization
- A Driver’s License, State I.D., or Passport for every owner
- A Social Security Number (SSN) plus I.D. verification for any Beneficial Owner having ownership of at least 25%
- A “Doing Business As” (DBA) certificate only if the business operates under more than one name
- A business address only for the U.S.
- Information about your industry, the purpose of your account as well as the size of your business.
After you've gathered all of this information, you may create an account online using your smartphone, computer, or tablet.
How to get an American Express Business Checking Account
You can get started online because there are no physical branches where you can obtain one-on-one help. However, opening an account online is more convenient than opening one in a bank. You can open a bank account from anywhere, at any time, and at any stage of your life.
Within 10 minutes, you may open and apply for an American Express® Business Checking account online. You can quickly switch from your current account to an AMEX checking account. You might also link your existing account to the new one and use it to deposit funds via direct deposit.
American Express® Rewards Checking account holders, on the other hand, are not eligible for a Business Checking account at this time. To begin, go to the American Express Business Checking Account website, scroll down to the bottom, and click the Apply Now option.
Following that, you'll answer a few key questions about your company, such as income, industry, and how you want to utilize your online business checking account. To establish that your firm is lawful, you must supply your Taxpayer Identification Number (TIN) or Employee Identification Number (EIN) as well as proof.
You'll be able to link an existing bank account, add funds, and start making transactions after you've been approved. You'll also be able to link your account to American Express-accepting money transfer apps like PayPal, Venmo, and Cash App.
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There are no fees associated with opening an American Express® Business Checking account. Again, there are no monthly minimum balance requirements or maintenance costs. Other costs, however, apply while doing certain transactions.
What are the benefits of opening a business checking account?
Opening a checking account has a number of advantages. The following are some of them.
1. 1.1% APY on balances up to $500k
Despite the fact that it is a checking account, you can earn interest on your balances, ensuring that your money does not go to waste. Savings account interest is something we're used to. The American Express Business Checking account is one of the few checking accounts that offers an annual percentage yield (APY).
2. No monthly maintenance fees.
To keep your account active, financial institutions charge a monthly maintenance fee. However, not all institutions, including AMEX, charge such fees. As a result, you can save a lot of money that you would otherwise lose if you paid monthly fees.
3. No minimum balance.
Some financial organizations require you to keep a certain balance in your account. This is inconvenient because you must begin to reach that balance and may be charged if your balance goes below the minimum. With American Express, though, you can have as much or as little balance as you choose.
4. Online account management.
You do not need to queue at a branch to conduct business because you may access your account via the company's website or mobile app. You may download an American Express Business Checking app for both Android and iOS to manage your money more conveniently online.
Your online checking account allows you to do a lot of things. You can, for example, send money instantly using a checking account number, pay bills, check your balance, and so on.
5. Excellent personalized customer service with live people
You may run into problems with your account from time to time. In this scenario, you'll need help from customer service representatives to resolve your problems. AmEx, unlike several other banks, has readily available customer service representatives. To have your issues fixed, you can talk with a representative 24 hours a day, 7 days a week.
6.Business Debit card
A Business Debit card can be obtained for ATM cash withdrawals and balance inquiries. This makes it simple to access your funds anywhere an ATM is located. You can also use your debit card to make online purchases of goods and services.
As a result, you won't need to bring cash with you. You can also use other American Express debit cards for your transactions. For instance, you can send money using an American Express Serve prepaid debit card, which you can apply for online and use for everyday expenditures.
Read Also: Best Prepaid Credit Cards In Canada
Is my money safe at the American Express Business Checking Account?
Because of the multiple security levels that have been put in place to assure safety, your funds with American Express are protected. You'll need a password to access your account while logging in to it online. You can use your Touch ID, PIN, or face unlock to access your account through a mobile money app.
In addition, the Federal Deposit Insurance Corporation (FDIC) insures your money up to $250,000 per account holder. The insurance is provided by the FDIC-insured American Express National Bank. The level of coverage, however, varies depending on a variety of criteria such as beneficiaries, ownership, and the number of accounts held by the same institution.
When using a debit card to withdraw money from your bank account, you'll need a PIN. As a result, no one else will be able to withdraw money from your account at an ATM. However, if you lose your card, make sure to lock it so that no one else may use it online.
Can I open an AmEx business account if I am in the ChexSystems?
AMEX provides you with a free checking account that requires no credit check or deposit for your business operations. A credit check is when a lender runs a hard inquiry on your credit ratings to see if you're eligible for a loan. You won't need any credit ratings because the account is only a checking account. When you apply for a credit card or a loan, the lender may need to run a rigorous credit check on your credit scores.
Financial institutions use a hard credit score to ensure that they are not risking offering loans and lines of credit to persons who are unable to repay them. Keep in mind that if you've gotten to the point where you have bad credit scores, it suggests you've been defaulting on loans or making late payments.
Also Read: Wells Fargo Second Chance Checking Account
The main drawback to second chance checking accounts is that they offer limited services, such as check writing and debit card usage, as well as time constraints on how much you can spend. They're probably trying to avoid situations that could put you in the same situation again until you build momentum.
Conclusion On How to Get American Express Business Checking Account
American Express is a worldwide corporation that provides banking and payment card services. Its headquarters are located at 200 Vesey Street in Battery Park City, although it works throughout the United States and even beyond.
You can open a checking account online and manage it while you're on the go. The Business Checking Account has no minimum balance requirement, no monthly fees, and offers APY on balances up to $500,000.