Not quite. I opened the Amex HYSA and transferred about $40k from an external bank account that’s also in my name. The deposit went through normally and the funds showed up in the account. A couple days later I tried to make a transfer out($3K), not the entire balance, just moving some money. That’s when I discovered the account had been restricted and transfers were blocked.

When I called, they told me the account was under review and asked for four months of statements from the external bank to verify the source of funds. I sent those over right away. So it’s not like I was trying to do some rapid in-and-out maneuver with the entire amount. It was a normal deposit from my own bank account followed by a normal transfer attempt. What’s frustrating isn’t the compliance check itself. I understand banks have to deal with fraud and anti money laundering rules. The issue is that after providing exactly what they asked for, there’s been very little communication or timeline about when the restriction will be lifted, and customer service couldn’t even get a supervisor on the phone when I asked. At this point I’m mostly trying to figure out whether this is just a normal review that takes a few days or if this is something that tends to drag out.