American Express Shutting Down Kabbage Checking Accounts
American Express has notified Kabbage Checking account holders today that their accounts will soon shut down.
Kabbage Checking was acquired by American Express back in 2020 from Kabbage Lending. The account is backed by Green Dot Bank and was the first small business offering from American Express. But soon after, American Express launched its own Business Checking account, which was exactly the same as Kabbage Checking, but with the option of cashing out Membership Rewards points. You could get a signup bonus from each account.
And now, after integrating these accounts into its Blueprint platform, American Express is shutting down Kabbage Checking account. Here’s the email that was sent out to Kabbage Checking customers:
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 8273 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.
Steps to Take Before Kabbage Checking Shuts Down
Steps to take before your Kabbage Checking account closes:
- Transfer your account balance to another business checking account, such as your American Express® Business Checking account. If you have a remaining balance on your Kabbage Checking account on June 30, 2023, a check will be mailed to the business address we have on file within 30 days.
- Ensure your Bill Pay payments, automatic payments, and direct deposits are canceled and set up with another business checking account.
- Discontinue using your Kabbage Checking Debit Card and make sure all outstanding transactions (including checks) will clear before your account closes on June 30, 2023.
- If applicable, make sure to change your American Express® Business Line of Credit disbursement account and/or American Express® Payment Accept settlement account to another business account.
- Review your contact information in your profile and make sure it is up to date.
- Print or download your monthly statements and tax statements for your records.
Please make sure the above is done before your Kabbage Checking account closes on June 30, 2023.
