I recently cancelled my BA Amex card as the annual charges had risen to £250. The £250 was credited to my account but Amex took a direct debit for a balance that was higher than the total balance outstanding on a card that had been cancelled.I contacted Amex to arrange a refund and two weeks later I’m told they will send me a cheque. Now why in this day and age would Amex issue me a cheque when it’s cheaper and faster to process a bank transfer. Two reasons: they hold onto your cash longer and some cheques, possibly a lot, won’t be cashed by the customer.Amex over the last 5 years, how many cheques haven’t been cashed and how much customers’ money do you still have as a result of those cheques not being cashed. Also how much interest do you make from holding onto customers money longer?
