What? American Express Asking for Bank Account Access for Credit Card Approval

Credit card issuers have been getting stricter lately, adding more rules and evaluating applicants more carefully. But American Express has taken it a step further. This is something you would expect from a shady app and not a major company like American Express.

amex bank account access

DoC reports that some people are being asked for their bank account access during credit card applications. “Please allow us ongoing access to your bank account information”, says a pop up on the application page. So Amex wants to access your account through a third party app and also monitor it continuously.

But even if many people might not be comfortable with giving out that kind of information, American Express could have a good reason for asking. It’s possible that this is being asked to those who wouldn’t be approved for a new card outright. Maybe this has something to do with the new UltraFICO score. The new score is designed to boost the number of approvals for credit cards, personal loans and other debt by taking into account a borrower’s history of cash transactions. 

Has anyone received this message while applying for American Express credit cards? Do you have any other thoughts on this? Let me know.

HT: DoC

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11 thoughts on “What? American Express Asking for Bank Account Access for Credit Card Approval

  1. Pingback: Amex RAT Denying More Bonuses, Getting Globalist on the Cheap, Vietnam Beaches & More! - Miles to Memories

  2. Well, since the entire balance has to paid every month, they automatically take it from the account that you have included in your application … unless you make other arrangements. At least that is how my AMEX platinum and LH Gold card function.
    And since I am a U.S. citizen (living and working in Germany for over 40 years), with new regulations I can now no longer open a new CC here any more without difficulty (and filling out additional forms about my tax status). Even more difficult now is opening a bank account in my own name, and not jointly with my husband (who is a German national).
    Luckily, it’s now easier to get my U.S. credit cards, and earn all the miles and points I need.

    • do they just ask you for an account number? or for your log in.

      account number and routing is normal in use as well, and everyone almost adds it to account to pay cc bill. but having amex monitor your account all the time it crazy. i would never accept that. there’s other issuers out there. no need for that shady stuff.

      if its for that ultrafico thing then maybe theres some reason there, since it means you have no history or bad credit and they need assurances.

      • Don’t know if you’re replying to Danny or me. But if it’s to my comment, with the cards here in Germany – the full payment is deducted directly from your bank account, generally within 5 days of the monthly statement. Very different system here, but actually the banking is much more progressive than in the U.S.(and lots fewer bankruptcies or overdraws). I can, for example, transfer Euros online from my account to anywhere in any one of the EU countries within seconds.
        I remember when we were in the U.S. just recently, and I wanted to make a rent payment to the owner of the condo we were renting – after entering the info online (to my U.S. bank), I received a call from them telling me they would cut a check to the owner and send it to him. HUH? They could not do a direct transfer because it was a different bank (as the owner was a private person and not a company, even though I had all the routing information). Rather primitive it seems to me – and about 40 years behind the times.

        • i agree with the banking part. i’ve heard that ffrom a few people and its also crazy to me how much checks are still used. mostly old ppl but still i dont get it. i dont even have check for any accounts

          but the account info and amex im still not clear on. monthly payments are the same here. you can add bank info to amex cc account and have them automatically take the money out every month. thats ok. but what this thing is… is that amex wants access to your account from what i understand. they want tto see your transctions and monitor your accounts what money goes in and out. thats very very different

          • AFAIK, there is no access to your bank account for the card issuers other than the automatic payment, and you don’t manually add that info to your bank account. They have it from what you gave them on the application. (But, who really knows how far the “bank secrecy” goes in any country?)

  3. This information is always required for any credit card application in Germany. And you usually also have to provide a photo-ident (over app) or go to the local post office to verify your identity (with your i.d. card or passport). Much stricter than in the U.S.

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