American Express launched its own checking account product on Tuesday, a product that will allow its customers to accrue its popular Membership Rewards points the same way they do on its credit and charge cards.
It's a notable move for AmEx and the banking industry in general, since checking accounts that offered airline miles or rewards went basically extinct after the passage of the Dodd-Frank Act following the Great Recession. Currently only a handful of small banks and credit unions offer cash back or rewards for debit card purchases.
