American Express sent out emails to customers today that the Kabbage business checking brand is being discontinued. Accounts will be fully closed on June 30, 2023. I’m surprised they are are closing everyone out and not transitioning them into the newer American Express Business checking product.
We’re consistently reviewing the products and services we offer. Because of these evaluations, we are discontinuing all Kabbage Checking™ accounts. You can use your Kabbage Checking account ending in XXXX as usual through May 31, 2023.
Starting June 1, there will be some changes. Although you will be able to move funds out of your Kabbage Checking account, you will be unable to deposit funds into your account and your account balance will no longer earn interest. On June 30, 2023, your Kabbage Checking account will close.
There are no changes to your American Express® Business Checking account
Your American Express® Business Checking account ending in ZZZZ will be unaffected by the closing of your Kabbage Checking account.
With Kabbage login dead how can I empty my Kabbage balance ?
Just remembered 6/30/23 the account will be auto-closed and I don’t want the hassle of a mailed check.
I don’t know if this is the case with Kabbage, but a lot of bank executives get bonuses based on the number of open accounts. So obviously they are reluctant to close any account, even if requested by the accountholder or if the account has just a few bucks in it. Remember the Wells “Garfo” account scandal a few years ago?
If you linked your Kabbage account to another external bank account, they could monitor your balance at the external account. That persisted even after you “closed” the Kabbage account, unless you manually revoked those security permissions over at the external account.
My account has been “locked” since they refused to close it. I didn’t even attempt to fund or hit the bonus after the SKETCHY sign-up process – I could never tell if I had successfully opened the account since they always wanted more information (and then suddenly the account was just open – the balance has always been zero).
Good riddance…terrible product
Like everyone else, I called in every month to close my account and they kept telling me it would be closed and it was never closed! With such blatant and shitty tactics, I bet someone at AMEX made the call to just shut down all the accounts instead of importing them lest they want penalties wells fargo style
Funny. They refused to close my account after I zeroed it out. 3 calls later, I had heard every pitch on why I should keep the account. Two days after CFPB complaint that they wouldn’t close my account, I got a call from escalation team… they said they couldn’t close account because it had a balance– I logged in while she was on the phone and confirmed $0.00 balance. Two more days, she called back to tell me there was interest earned that was technically in my account, but that they had failed to post. A week later, I received my $0.36 check. I deposited to local account, and then waited (per rep) 60 days before they closed my account. Seems like I should have just waited for them to go tits up and close it for me.
Edit: I should have read comments first. Sounds like SOP for them. Idiots.
They won’t let me transfer out my balance of $0.02 (minimum is $1), so I had to transfer in $1 in order to transfer out $1.02.
They will send you a check for the $0.02 if you call. Then it autocloses after some period of inactivity or another call.
I just transferred my balance out but realized that I might get a few cents of interest credited, and it sounds like they won’t automatically close the account now. So I guess I can look forward to a check for 2c after June 30th.
And nothing of value was lost
Logged into the account and noticed that the Line of Credit is now “no longer available”. I did like how they reassessed your credit line based on your linked account balances. While on one hand it could be viewed as a data grab, I noticed that they had increased the line over the first few months automatically based on my balances with linked accounts.
The Kabbage account uses a MasterCard business debit card which I’m sure long-term American Express does not want to be a MasterCard issuer. However, their current American Express Business Checking debit card STILL cannot be added to digital wallets like Apple Pay. You would think by now since the product has been out since October 2022 that this would be resolved by now.
The Kabbage name already disappeared from the mobile app – it’s now called American Express Blueprint.
Correction – October 2021 – you would think that 18 months would be enough time to get digital wallets setup.
Glad they killed it. I have not been able to close the account because it keeps earning a couple pennies of interest that I cannot clear and they will not close it until it has a zero balance. CLOWNS.