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.
First be aware of the extended times you must wait until you can withdraw funds. We had the experience that several weeks after our deposit, they would not honor a withdrawal until a lot of investigation into the validity of the deposit. After closing the account, there was interest left. They sent us a check for this amount. However they refused to honor the check because the account was closed. Never have been able to resolve this in spite of hours on the phone. We of course had bounced check charges from our bank also.
If they ask you to fax them a document when you call back they never can find it.
I asked once on this issue, "How long until you get back to me?" Answer, "10 business days." Of course that was a long time ago.
I open a money market account with bank earlier this week. After the account was opened i found their customer service is by far the worst i have run into in fifty years of doing business at least twenty bank i have had account with. As soon as i can find another bank, i will be moving my account.