The new features include: Direct Deposit, Bill Pay, Mobile Cheque Capture, Personal Financial Management Tools, and Reserve, a feature which allows customers to put money aside for future expenses.
Starting November 2013, American Express Serve customers will be able to take cash to the register at participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve account. This is made possible through a relationship with US-based prepaid product and transaction services company InComm and its Vanilla Reload Network.
Serve customers can add their paycheck or government disbursements directly into their account through the website.
Additionally, customers are set to be able to use their smartphone camera to snap a photo of a cheque and add it into their account using the Serve mobile application.
American Express Serve will charge a monthly fee of USD 1 beginning December 3, 2013 which will be waived if customers use Direct Deposit to load their account or add USD 500 or more to their account during a monthly statement period.
Also, American Express has partnered with LearnVest to bring free educational financial content to Serve.com. American Express Serve customers have access to Serve’s Bill Pay feature to pay bills online and can withdraw cash at MoneyPass ATMs in the US.
In recent news, Visa, MasterCard and American Express have introduced a proposed framework for a global standard to enhance the security of digital payments and the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.
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