Remaining IRA balances are being distributed by check and mailed to the address on file. If you recently initiated a transfer, it will continue to be reviewed and processed as applicable. Forms submitted late or with incomplete information may not be processed, and affected customers will be notified.

No, this change only impacts the American Express Traditional and Roth IRA products. All other relationships / products are not impacted by this change.

Approximately 7-10 days after account closure, you should expect to receive your IRA distribution via a check sent to your mailing address on file.

If your mailing address on file is incorrect, you may not receive your distribution check or final account correspondence related to the IRA decommission. It’s very important to make sure your address is current so you receive all required documents and payments.​

    You can update your mailing address by:    

• ​Logging in to your American Express account and updating your profile information, or calling us at 1-800-446-6307.​

If eligible, you may have an option to roll over your IRA distribution to another qualified plan or IRA within 60 days. Please consult your financial or tax advisor to ensure you take the appropriate steps.

For any account that has been closed in 2025, a 1099-R and final statements will be sent to the mailing address we have on file. Electronic forms will not be available.

The fully completed form(s) for your chosen option must be received from you or your financial institution by November 3, 2025, in order to process your closure before the November 17, 2025, deadline. 

Any remaining IRA CDs are being closed with no early withdrawal penalties imposed by American Express National Bank.

American Express does not endorse any tax planner, but the IRS has a web page that can help you find a tax advisor.