American Express cancelled my High Yield Savings Account!

I have an American Express One Card that I use every month and pay the balance off completely (10 out of 12 months). A while back (actually 6 years ago, August 2006) I noticed they had this “High Yield” savings account options which seemed like it gave reward points for using the One Card. So I decided to test it out and made a very small deposit of $25. Well they paid me interest at higher then the going rate (nevermind, you already know the interest deal these days so no rates are necessary here) and an “Amex Contribution” to the tune of 1% of my One Card usage for that month (qualifying purchases, I never had one that did not qualify)! So I decided to put more money in it and use it as part of my emergency cash plan and use the One Card more systematically then before. So until yesterday I have been doing just that. Built up a reasonable balance in the Savings account (it accounts for one of my 5 or 6 emergency accounts) and received interest and contributions each month. I logged into my One Card account yesterday as I always do to get the tally and look things over and the link to the Savings account is simply gone! I made a phone call to Customer Service and they said they know nothing of it that I need to speak to a different division so they transferred my call. I then spoke with a rep there that said I should have received a letter around 30 days prior, they cancelled that account, and I should be getting a check either tomorrow or next week (he didn’t know which). So I asked the rep “what’s the story?” and he drew a blank so I yelled and he transferred me to a Supervisor who also had no clue but that the Savings to the One Card accounts were a failure so they cancelled them all and sent back all the funds as of yesterday and that it will still accrue interest until the day the check is cut which should be up until the end of November (this month) going from highest balance to lowest so mine should be in the first few batches (my account balance higher then most). I am shocked they could not withdraw their compensation offer without cancelling my savings account, that seems so darn strange it is like being in the Twilight Zone or something. Imagine a financial institution, a bank, just cancelling the client’s accounts and giving back the money! I am still in such a daze I have no idea what else to write about this other then is this also part of what is destroying American (and the world) financially??!

I would not even have made this post except I did a web search about this on Google and found absolutely NOTHING about it, which kept my dazed and confused status alive. Anyone have any comments or information about this to add positive, negative or whatever would be greatly appreciated!

Thank you in advance.

Added 2011-11-05: American Express closes  the ONE High-Yield Savings Account – I still do not see any blog / web posts about this at all, so strange! Anyone???!

9 thoughts on “American Express cancelled my High Yield Savings Account!”

  1. Mine had been cancelled too!

    I had checked it this morning and about flipped when the account information had been removed from the ONE CARD. I have a decent amount in that savings and when I called AMEX I had the same response and was told about the letter being sent. When I initially searched the site for answers, it wanted me to sign up for a High Yeild Savings Account after the search results. So the system is active for new customers to sign up for but us old account holders get dumped ?….strange indeed.

  2. comments very much appreciated I was beginning to think I am the only one! 🙂
    I have called several times and cannot make any logical sense of this no matter what
    lame excuse the supervisor uses, if you find anything else out very much appreciated, thanks
    again!

  3. I’m not sure why you all weren’t aware of this. I’ve had an account with these guys since this card was first offered. They mailed something to us on or about August 10th about the termination. I was not happy with the closure. I called them when I received notice, they informed me of the termination and offered to switch me over to the new high-yield savings program (a balance of about $10K at the time). I declined the offer and moved most of it to Capital One and was unsatisfied; so I started the account with AmEx Personal Savings. It was really easy to switch over, just a few clicks and a few minutes and I was done. I’ll miss the 1% contributions, but their customer service has been great over the years (with the exception of abrupt and seemingly unpublished cancellation). I thought they were picking on people with larger savings account balances that pay their cards off monthly, too. Maybe they are (in the credit card industry we are ironically considered deadbeats).

  4. I too had my account axed. I actually did get the letter. It kind of looked like the rest of the junk mail they send so you guys probably threw yours away on accident. I was able to transfer the money out of there so I’m not waiting on a check. I also wonder if they are just getting rid of those with high savings balances that paid in full each month. Who knows? Seems like a shitty business practice. Why not do an opt-in thing with the new savings account?

  5. Just curious, did the letter simply say termination or was an alternate path offered? Because the message of
    take your money and go sounds so strange in today’s financial climate! Thanks so much for posting!

  6. Not so strange…Capitalone wanted to raise my MasterCard interest to 18.9% recently (from 7.9%). Now there’s a lot of space between 7.9% and 18.9%, so I called them and said that 18.9% was unacceptable. I have two other cards at 9.9%, after all. They said, “too bad”, and that was it. So I just cancelled the card, fine with them. I’ve had the card for several years, no overdue payments, they apparently just didn’t need my business. Don’t know who’s in charge or what they’re thinking, but I got another card for 7.25% shortly after that, so my credit is apparently fine. They just have too much business, looks like, and wanted to cut down their profits.

  7. Do you think they look at occupation and decide if they will cancel credit?

    I’m a nurse, and there are mutiple lay offs of RNs where I live. They have this data on me–so I become in the high risk catagory?

    Recently they cancelled my AMEX, and the balance was “0” . I used it sporadicly and tend to pay it. Recently I’ve gotten lazy and paid a few bills late–like hydro. But I’m more than on top of things. So…. could this be the reason?

  8. If it is a One card then you are probably being subject to the same as the others, they simply are discontinuing that card. Usually a company does not cancel customers with a zero balance but will try to get you to use credit, you are a valuable customer and in terms of cancelling regional clients due to potential events in employment I wouldn’t put it past them though I doubt they are doing that. I just think you are part of a larger picture and that the way they dished out that whole program was quite strange. I am not sure if I added I called them and they had another card that gives percentage based on usage as “rewards” which can be applied to the bill which I have been using since then, pretty much the same deal as the last card with a different name, so if your credit is ok you might want to check it out.

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