AMEX: Bank and Credit Card

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AMEX: Bank and Credit Card

Post by jebmke »

I have a savings account with AMEX Bank and a (Green) charge card. Right now, I have separate online credentials to see each.

I keep getting nudges from AMEX to link these to a single online sign-in. Is there any compelling reason not to do this?
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Re: AMEX: Bank and Credit Card

Post by CardinalRule »

It doesn’t seem like a big deal to me; I recently started using my Amex Everyday Card credentials to log on to my American Express Savings account. I suspect that I will eventually have to tweak my Quicken download information, but I don’t see other downside.

My Capital One Quicksilver Visa and Capital One Savings accounts have always had the same login credentials.
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Re: AMEX: Bank and Credit Card

Post by eric321 »

Works fine for me.
Most traditional banks have one login for deposit accounts and credit cards.

Amex took a different route as it was charge/credit card only. It took brokered CDs at first where they didn't need a platform and then expanded with the personal savings platform. Took time to get IT to get everything working together.
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Re: AMEX: Bank and Credit Card

Post by a_rotator »

Not that I can think of. I merged the two awhile back but can still login with my old credentials. It's nice to see the savings account and the credit card on the amex app.
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Re: AMEX: Bank and Credit Card

Post by rustwood »

I've been getting the same nudges, but I haven't had to consolidate my logins yet. I mentioned it when speaking with an Amex rep about something else and was told that the consolidation is being done because people want an app to access their savings accounts and Amex doesn't want to build a separate app for it. Instead it will be rolled into their existing credit card app - hence sharing the same login.

It probably isn't rational, but I don't like the idea of having access to significant emergency savings on my phone. I've moved nearly all of those funds into a brokerage account and am purchasing short term treasuries instead. They've been earning far more than Amex pays and I suspect they will always earn more.
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Re: AMEX: Bank and Credit Card

Post by daleddm »

I'd called and expressed concern that a single password to both made for an increased possibility of bad actors accessing, since I've had the experience of fraudulent charges showing up on credit cards a number of times. While recognizing that gaining access to the CC number (dishonest emplyees, etc) isn't the same as gaining access to the actual account, it just seems a bad idea.

In the end the reps argued otherwise (duh) and said the system would be fully implemented by December - obviously there's been some resistance or other delays. Also that those not complying would lose access to the bank side until resolved. I did it (signed in with CC credential to savings) and so am stuck with it that way. Wish I wasn't.

And I never go near bank accounts on a phone.
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