American Express opens business bank account

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American Express opens business bank account

American Express has launched a digital checking account for businesses and issued its first ever debit card as part of the package.

Previewed in June, US small and mid-sized businesses can now apply for the new Business Checking account in as little as 10 minutes. The app-only account comes with a debit card for online and instore purchases and ATM withdrawals via the MoneyPass network. It also offers a mobile cheque deposit facility.

The new account leverages technology developed by small business lender Kabbage. American Exopress acquired Kabbage in August last year as part of a strategy to roll out a range of cash flows services to businesses.

Dean Henry, EVP of global commercial services at American Express says: “We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account. It’s a customer first, full-service digital business checking account that makes cash management easy, processes a range of payment types and earns high-yield interest on balances up to $500,000. Plus, customers will soon be able to earn and redeem Membership Rewards® points.”

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