American Express Introduces Debit Card, Digital Checking Account for SMBs


American Express has launched its first-ever business debit card, a complement to the new, fully digital business checking account designed for small and medium-sized businesses (SMBs), according to a Thursday (Oct. 28) company announcement.

The business checking account features a full-service digital banking experience that simplifies account access and management and connects to existing American Express cards, per the announcement. Account-holders can earn interest on balances up to $500,000 with an annual percentage yield of 1.1%.

The account has no minimum balance requirement and there are no monthly maintenance fees. Account-holders will have access to various payment options and will have the ability to receive and transfer funds via debit card, bill pay, ACH, wire transfers and check, according to the announcement.

Account-holders can manage their accounts through an iOS app, which includes mobile check deposit functionality. In addition, customers can access ATMs via a partnership with MoneyPass, which enables fee-free transactions at a network of 37,000 ATMs.

“We built the new American Express Business Checking from the ground up because businesses told us they want more from their existing checking account,” said Dean Henry, American Express’ executive vice president of global commercial services. “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.”

By early 2022, business checking account holders will be able to accrue membership rewards points and redeem them for deposits into their account, the announcement stated.

The American Express debit card announcement comes on the heels of the company’s partnership with FinTech Extend to enable business customers to create their own virtual cards, as PYMNTS reported. Using Extend’s app or desktop login, American Express business card members can register and create their own virtual cards in about five minutes.

Read more: Amex Lets Business Customers Create Virtual Cards With Extend

American Express first made business checking accounts available earlier this year as part of its acquisition of Kabbage.

Related news: American Express Acquisition Kabbage Rolls out Checking for Small Businesses