They changed us over to US Bank Mastercard. This was supposed to be seamless. Today, I got a credit card invalid message – the same day the switch was supposed to automatically happen. I updated the card to the new card, but I was still getting that message. Finally: The trick is to go into the buyer’s side and delete the old Amazon American Express card.
This works for other issues involving credit cards; changes need to be made first on the buyer’s side.
Marilyn
It appears on my buyers side that it automatically switched. Amex is gone, MC in it’s place. Primary payment method and all
My QBO was a mess after the switch. All the transactions I had posted on American Express showed up as duplicates under US Bank Mastercard, and the Mastercard showed I owed the same amount as I did to American Express. AI was no help, and my accountant was too busy with the tax deadline to go in-depth with me. Took me awhile, but I think I figured it out. Glad I didn’t wait until the 14th to look at this.
It gets even messier, Within US Bank you now have TWO ACCOUNTS, you have the card, then you have some kind of master account that all the card charges get dumped into every month once a statement is generated.
I think it’s okay to ignore the child account, because the parent account has all the transactions and the balance. Will figure it out when the bill comes. Someone who knows bookkeeping, please correct me.
I think the way it works is the card number account is charges that are pending and/or have not been put on a monthly statement yet. Once they are on a statement it is moved into the “master” account.
Still strange, only bank that I know that does it that way. Freaked me out at first seeing two accounts when I logged in
You might be right. Should I keep both synced or is it okay to keep one offline?
IDK, not an accountant honestly.
We would think that the American Express charges are moved into a US Bank temporary account to be verified. Once the verification has happened on the US Bank temporary account, the charges are moved to (or changed) to what you are seeing as the master US Bank account. From there, your billing will generate.
When American Express can confirm that there are no more new charges coming in, the US Bank temporary account should mirror the master US Bank account. At that point if you were to log in to American Express, the account should be zero (this might happen and your access might be revoked for that old account).
Finally, most charge cards now allow for virtual accounts which all charge to a master account. It could be that US Bank set up virtual accounts to handle the transfer of the account and that feeds the master account.
This would be our best guess as to why you are seeing what your are seeing.
I lost all access to my credit card account on AMEX. My accountant can’t help me because he’s overwhelmed by the September deadline.
@Uncle_Leroy might have some insight to offer…
As we noted above … when the transfer of transactions have moved out of AMEX, your access might be revoked for that old account. Since you no longer have access, the AMEX account is now zero and everything there has been moved to the US Bank account.
Put your efforts into monitoring the master US Bank account. If it doesn’t seem right, then watch the temporary / virtual account that is feeding the master US Bank account.
We doubt that you are being charged double.
We have a charge card account that where I have a number and my wife has a number. We can see who purchased what in the account. Both numbers feed the master which is what we get our billing from.
I can confirm all history is gone from Amex site, but a quick glance at the USBank site showed transactions back to at least May
Then US Bank may have not been fed the payments that have been made to AMEX to clear those charges … which would be the second part of reconciliation between the two companies.
The two companies are making sure nothing has fallen between the cracks upon executing the acquisition.
You really can not balance it out until you get your first bill from US Bank and compare to your last bill from AMEX.
From our past experience, the worry of the unknown goes away with the first billing from the new credit card company. We have never had an issue. This type of thing is basically routine business now days.
My transactions were duplicated back until January. I excluded everything except those that totaled whatever the balance is currently in US Bank. I hope that’s right. At least the numbers seem to be working out.
In the transfer of accounts, I would not be surprised to see some charges duplicated in QBO. While duplicate charges do not happen to everyone, it is common enough that paying attention to the possibility makes sense.
I know of people with QBO and wouldn’t wish that service on anyone. Personally, I do not use anything by the big tax chains. I would rather use paper/pencil.
Nothing wrong with that. Just double check to make sure the cost classification is correct.
I agree.
Mine are out the door. Waiting for the call from someone else to give them a hand… at which point I will clap my hands really loud.