American Express Fee Type
An American Express Fee record represents a percentage of money taken out of the total funds deposited into your U.S. Bank account as a fee for American Express credit card services.
General description
The American Express Fee remittance record represents a fee that is charged for an AMEX transaction. American Express guarantees same day deposit of funds. However, a fee can be charged per a merchant agreement.
The typical merchant (credit card processing) agreement provides you with 100% of the funds received on the same day that a charge occurs. In cases where American Express has a separate merchant agreement, AMEX may take a fee directly out of the deposit transaction and therefore, you do not receive 100% of the expected funds on the same day that a charge occurs. That deposit may also be delayed a few days. This remittance record is set automatically to a closed status for reporting purposes only.
American Express Fee records are created in a closed status and can be viewed with a Find Unpostable search or through the Financial Controls Center.