I love this account so far. Easy to add transfer account, easy to direct deposit into (once you find their routing number), and direct deposits are available right away. Being able to categorize the transactions and generate custom reports is also a plus.
How they could improve:
1) Allow users to manage their bank accounts and their American Express credit cards via the same online login. Currently, you have one login account for your bank accounts and another login account for your credit cards.
2) Try to decrease the amount of time it takes for bank transfers to clear. Currently waiting 10 business days for bank to bank transfers. On the positive side my direct deposits were immediatley available.
3) Improve the &amp;quot;FAQ&amp;quot; and &amp;quot;How do I&amp;quot; sections by making them searchable. Currently you have to do a lot of link clicking in your attempts to find the information you're looking for.
4) Increase the APY. Sure, they offer a very competitive rate right now (which you can take with a grain of salt as most APY offers are much lower than they were a few years ago) but sometimes I'm torn as to whether to place my funds in this account or in my investment account to try for a higher return.
5) Offer a checking account. I'd love to have a checking account with a company I trust. From my past experience as an American Express credit card holder and now savings account holder, I trust them with my money. It'd be great if I could migrate my current checking account to American Express.
The experience for opening accounts is very subpar. First you can't even access your account until you have confirmed the initial transfer, wait several days for that to complete, then finish activating your account.
If you're like me and prefer to set things up with Mint.com, get your account numbers in order, setup transfers from additional sources (you need an account number to do so), etc. you have to wait for your welcome letter to arrive via snail mail to receive your account number. So, again, I'm waiting another several days to get moving with setting up additional source banks because, even though you've confirmed and created your account, they will not show you your account number from within the OURSOURCED ONLINE INTERFACE. Other banks I've used hide the number but give you the option to manually show it in it's entirety.
I'm only using the Amex account because they currently connect to Mint.com whereas TIAA Direct does not. I wouldn't be banking with anyone but Ally but unfortunately I need to separate my savings from my main accounts with Ally. Apparently I've become spoiled, expecting things to be streamlined and effortless.
I had american express credit card for less than year. I had to cancel my account because of unprofessionalism of american express customer service. They provided me with misleading information in the regards of my dispute with Hotwire.com. I contacted customer service multiple times to make sure the problem will be taken care of and they were convincing me that American Express will do the best and will take care of my problem anyway. After all, American Express didn't resolve dispute in my favor and had to apologize for the customer representative's mistake in being unprofessional in a sense of promising things they are not able to provide. I will never recommend American Express because their reputation of being the best customer service provider among other other financial institution is really questionable.