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???!