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

[jamesatfish]

I just got the same email from Amex Business today:

Payments to your American Express Business Card Account must come from one of the following:

• A bank account in the name of the business or entity associated with your Business Card;
• A personal bank account in your name; or
• If applicable, a bank account in the name of an Employee Card Member.

Payments can be made from a joint bank account if you, the main Card Member, or an Employee 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.

A few months ago they sent me a threatening email along these lines, but when I called to enquire at the time they didn't have any specific information to offer other than they had "detected issues". I presume most likely because I make payments from the accounts of a couple of company subsidiaries (all fully owned by the entity that holds the card) and that triggered something. So I'm guessing I'll need to do some 'explaining' to Amex next time that happens.

 

[cheesecake]

I just got the same email from Amex Business today:

Payments to your American Express Business Card Account must come from one of the following:

• A bank account in the name of the business or entity associated with your Business Card;
• A personal bank account in your name; or
• If applicable, a bank account in the name of an Employee Card Member.

Payments can be made from a joint bank account if you, the main Card Member, or an Employee 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.

A few months ago they sent me a threatening email along these lines, but when I called to enquire at the time they didn't have any specific information to offer other than they had "detected issues". I presume most likely because I make payments from the accounts of a couple of company subsidiaries (all fully owned by the entity that holds the card) and that triggered something. So I'm guessing I'll need to do some 'explaining' to Amex next time that happens.

I assume you dont pay via BPAY? As I wouldn't have thought they can tell who the payer is when paying via BPAY.

 

[SYD]

Hmm, need to check what’s in there for my new QBR card?

My existing Small Biz CC happily takes payments from my company bank acc and from various personal bank accounts to cover personal expenses on the card (and there’s often a lot more personal than company these days).

Coincidently, I received an email from AMEX yesterday on ways to pay my new QBR AMEX bills. No mention of any restrictions.

I’ll probably just keep doing BPay (or maybe set up PayID).

 

[Flyfrequently]

I’ll probably just keep doing BPay (or maybe set up PayID).

I don't have a business account but embraced PayID a while back @SYD
I like it as it goes through immediately, text and email received and reflected in your balance (as opposed to Q Mastercard where it can take days - annoying if planning travel) YMMV

 

[jamesatfish]

I assume you dont pay via BPAY? As I wouldn't have thought they can tell who the payer is when paying via BPAY.

I pay by PayID for the instant confirmation. I assume that has the payer details.

 

[esseeeayeenn]

Hmm, I don't think this has to do with Anti money laundering, you would see the other major banks doing the same if that was the case.
Not sure of the rationale for Amex putting in a restriction like this. The only thing I could potentially think of would be an anti-fraud measure, but even that is pretty far fetched.

Agree.
Anti-money laundering measures would be in place to ensure any significant cash deposits into any bank account were identified and monitored.
That's certainly the focus of Australian anti-money-laundering regulation.
There isn't really a need to limit transfers of funds which are already in the banking system.
They are already capable of being identified and monitored.

 

[Rayesfeg]

I know some Charites can help out people who have found themselves under extreme hardship situations (people with gambling and/or addiction issues, for example).
Basically, they work by managing the money for people needing their help. Any income goes into the charities account. The charity then makes all the outgoing payments on behalf of the individual (bills, rent, loan repayments, credit card debt) and whatever is leftover goes to a savings account or to the individual - whatever agreement they have decided on.
I can see a potential scenario going very badly for individuals where the charity is managing their finances and making the card repayments to Amex, who will now reject the payment.
This is probably a very rare situation, but I wonder if Amex will apply exceptions to their rules for customers in these types of situations.

 

[MEL_Traveller]

I know some Charites can help out people who have found themselves under extreme hardship situations (people with gambling and/or addiction issues, for example).
Basically, they work by managing the money for people needing their help. Any income goes into the charities account. The charity then makes all the outgoing payments on behalf of the individual (bills, rent, loan repayments, credit card debt) and whatever is leftover goes to a savings account or to the individual - whatever agreement they have decided on.
I can see a potential scenario going very badly for individuals where the charity is managing their finances and making the card repayments to Amex, who will now reject the payment.
This is probably a very rare situation, but I wonder if Amex will apply exceptions to their rules for customers in these types of situations.

Are these customers going to have Amex cards?

 

[SYD]

I received the email for my personal CC and the clause about personal bank accounts. Since I have a monthly DD for the statement balance - no drama.

 

[esseeeayeenn]

Are these customers going to have Amex cards?

There are many rich or at least well-off people with expensive addictions.
Whether to gambling, drugs, alcohol or even sex workers.
Many of them would have credit cards in general and quite possibly Amex cards in particular.

 

[Happy Dude]

There are many rich or at least well-off people with expensive addictions.
Whether to gambling, drugs, alcohol or even sex workers.
Many of them would have credit cards in general and quite possibly Amex cards in particular.

Do those vices accept Amex? The friend I'm asking for gon' be mighty PO'd if you say yes.

 

[esseeeayeenn]

Do those vices accept Amex? The friend I'm asking for gon' be mighty PO'd if you say yes.

Well I know at least some hotels and liquor stores accept Amex.
I have no personal knowledge of the other three vices.