American Express has entered the world of online banking in bid to attract new customers through the Web.
Called Membership [email protected], American Exprerss says its accounts offer high interest rates on deposits, low rate credit, rebates on cashpoint surcharges and free unlimited bill payment. Accounts are available to new and existing members.
The service is only currently available to US consumers and the company has not indicated whether or when it will expand the service into Europe.
“The US is the first market we’ve launched this in and we are not in a position to announce anything further,” said a spokesperson for American Express Europe.
Analysts have warned banks and credit card companies that unless they expand their services using the Web they risk extinction from new entrants. Banks in the US appear to have recognised this with Citibank and Bank One already winning large amounts of customers through their online accounts.
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