NU Online News Service, May 16, 10:22 a.m. – The American Express Company, New York, has introduced the American Express ONE Financial Account.
The account combines investment advisory services; charge card services; and banking services.
A ONE account provides a checking account; a federally insured bank account; a debit card; access to lending services; access to brokerage services; and access to financial advisors.
Customers can choose between paying the advisors commissions for each transaction or fees based on the amount of assets in the account.
American Express will send out one consolidated statement giving information about the entire account.
American Express notes that IDS Life Insurance Company, Minneapolis, a subsidiary, will write the insurance products sold to account holders.