Posted by William Charles on December 7, 2018
Credit Cards

Published on December 7th, 2018 | by William Charles

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American Express Requesting Bank Account Access During Business Credit Card Application

So this is new, a reader reports applying for an American Express card and then receiving the following pop up asking for access to your bank account information. “Please allow us ongoing access to your bank account information.” This seems to only be happening on business cards.

It’s not entirely clear how American Express request this access. That sort of information isn’t something I’d be happy to provide, especially when American Express want ongoing access to this information. I’d think American Express is just using this in edge cases currently (and maybe when they would have normally denied applicants) but that is nothing more than an educated guess.

Update 1: As one reader points out, this is likely part of the new ultraFICO scoring model.

Update 2: Unlikely to be the ultraFICO model as some readers point out American Express has been doing this for at least six months

Hat tip to reader Abey



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WTH???

Yeah no.

This is making me wonder a bit about the economy. Lenders tightening credit issuance isn’t new but asking for banking info seems surreal.

You weren’t already concerned?

Chaseing Points

Of course not, I mean, it’s not like those stupid tariffs are going to do any harm, are they? …are they?

What does tarrifs have to do with this? MAGA

What does MAGA have to do with this?

Tariffs don’t really influence consumer loans.Maybe some big bank multinational business loans, but certainly not consumer loans.

it’s not just asking for banking info, it’s asking for ongoing access to the account…… an absolute non-starter. (then again, we’ve had far too many gimmicky deals shared here at this venerable site also asking for access to the same…. a shameful practice) 666 and all that just around the corner. If we still had a functioning government that gave one hoot about humans, if Alan Simpson was still in the Senate, there’d be hearings on this sort of outrage — yesterday.

?? No thanks.

When I tried to help one friend to apply for his card(he didn’t have an AMEX card before) a few weeks ago, it also asked to access his bank statements to verify his income by logging in his online bank account via a third-party portal(or a plug-in?). As far as I know, the portal will know your checking/saving accounts and credit card accounts, also their balance!
But somehow, when we clicked one account to process the verification, it always got some technical issues. I don’t know whether they fix it or not.

Hell no. However, it is very likely American express wishes to know the amount of liquid cash one has and the actual salary by the amount of direct deposit.

Chaseing Points

Well it doesn’t say anywhere that you should provide *all* your accounts, particularly the one(s) where your paychecks are deposited.

My thinkking exactly…my DD is spread over 2 accounts and I have cash spread across 5-6 at any given time!

The weird thing is I have one account i specifically use to ONLY pay credit cards, so amex would see my balance going up into the thousands and down to almost zero multiple times a month from my MS activity.

Looks like another way to game the process to me! Pad a savings account with MS and let them see it, then take away their access after you get a huge CL.

If they ask for proof of assets at the time of application for underwriting purposes then that’s fine but ongoing access is a bit much.

How will AMEX link to my mattress?

They will google you, and very likely all the rest of us too!

Screw Amex.

What is this, April fools day?

My friend sent me that pic, He applied for the Amex Business Gold card. But he is not the smartest and typed in 800K for business revenue and 80K for personal income, got that pop up, was scared, clicked No thanks and was declined.
(He has a 690ish score with only two personal cards, (TD and Capital One) $1,000 credit line on each with 90% utilization, he followed my advice to apply for the Amex Business Gold but foolishly typed in 800K for business revenue which ‘probably’ led to the pop up).

not only is that foolish, but illegal too.

as a counter DP, i was just approved for the amex biz plat with $4000 in biz revenue per year.

no reason to make up ridiculous stuff and lie to a bank to obtain credit when real numbers work just fine

I’m wondering whether he would have gotten that pop-up anyway because of the relatively low credit score (vs other churners) and very high utilization.

I have a feeling this wasn’t for any of reasons mentioned. Most likely a random shot because of a limited public profile.

Your friend is an idiot. Tell him to apply for some easy-to-get no-annual-fee cards (which he should never use) and get his total credit utilization well below 30%. His credit score will probably pop 30-50 pts and will be eligible for the better card offerings. 90% utilization kills his FICO

Although this is an option, but that will result in unnecessary “recent accounts” on his reports. Not a good thing if you have Chase churning in mind, or any churning. With just $1K limit on both cards I would just pay them off to zero (read $10) 5-7 days before the billing cycle ends. This will bring him to 1% utilization within 1 cycle, and jump your score immedeately without opening new un-needed cards.

After that I would attempt to get some “easier to get” cards with decent bonuses, and only if I get declined then I would start improving my portfolio with getting whatever cards I can get.

P.S. I would suggest not to use strong names especially for people who are new to the game…. I doubt you never ever made any poor decisions yourselves.

@Abey, did it result in a hard pull or did they decline him before that stage?

He got an Inquiry on Experian.

Thank you!

The only account i would give Amex access to would be an account i set up just for their benefit.

and ongoing access? NO

first of all its not something new ..But It happens once in a blue moon for some App Income or profile related security etc. in other words you can call that some sort of verification,

Wow! Amex is getting to be shady AF!!!!!

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