New Amex policy — payments must come from a bank account in your own name

[cheesecake]

Hi guys,

Have just received an email regarding changes to AMEX policy:

2. Payments to your Card Account (who can pay your Card statement)

We are making changes to who can pay your statement and consequences of third parties paying your statement. The following will be added to the Payments clause:

Payments to your American Express Card Account must come from a personal bank account in your name or if applicable, the name of an Additional Card Member. Payments can also be made from a joint bank account if you, the main Card Member, or an Additional Card Member are one of the signatories. We may require additional verification for any payment received from an unrecognised source and we reserve our rights to suspend or cancel any Card Account in breach of this requirement.


Currently, I use my personal card for my own business expenses and then send through the statement to my bookkeeper each month for the business related expenses, and we then do a BPAY payment from the business account to the card. Most of the expenses are Google/Meta ads and are pretty easy to reconcile.

With this new wording, it seems its against policy. Just wondering if BPAY payments show the payer as our business name or is it a generic name?

I'll need to chat with my accountant to see how to handle this going forward in the correct way, but if anyone has general advice on the best way to handle payments of business expenses that will be great.

 

[Comoman]

Hi guys,

Have just received an email regarding changes to AMEX policy:

2. Payments to your Card Account (who can pay your Card statement)

We are making changes to who can pay your statement and consequences of third parties paying your statement. The following will be added to the Payments clause:

Payments to your American Express Card Account must come from a personal bank account in your name or if applicable, the name of an Additional Card Member. Payments can also be made from a joint bank account if you, the main Card Member, or an Additional Card Member are one of the signatories. We may require additional verification for any payment received from an unrecognised source and we reserve our rights to suspend or cancel any Card Account in breach of this requirement.


Currently, I use my personal card for my own business expenses and then send through the statement to my bookkeeper each month for the business related expenses, and we then do a BPAY payment from the business account to the card. Most of the expenses are Google/Meta ads and are pretty easy to reconcile.

With this new wording, it seems its against policy. Just wondering if BPAY payments show the payer as our business name or is it a generic name?

I'll need to chat with my accountant to see how to handle this going forward in the correct way, but if anyone has general advice on the best way to handle payments of business expenses that will be great.

They've had this in the UK for a while. I made a payment using the Barclays app and paid from my company account instead of personal account by mistake. My card was blocked, I received a phone call with a please explain and had to show the company was mine and was just an error.