American Express Introduces Relationship-Based Financial Account.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--May 16, 2002

American Express ONE(SM) Financial

Account delivers simplification, convenience and rewards

American Express Company (NYSE:AXP) today announced the launch of the American Express ONE(SM) Financial Account. ONE integrates three major services offered by American Express: investing, banking and the American Express(R) Card.

ONE helps reduce the time consumers spend managing financial accounts at multiple financial institutions and provides a structure that rewards clients for consolidating their assets at American Express. Customers benefit from high-quality customer service, personal rewards, consolidated statements and a secure online view of their financial accounts.

"ONE leverages American Express' strengths in financial services, payments, advice and customer service," said James Cracchiolo, group president, American Express Global Financial Services.

The account offers unlimited check writing with overdraft protection; a complimentary American Express(R) Gold Card at $25,000 in assets; brokerage services including online trading, equity research, portfolio analysis tools and margin lending; preferred cash rates in an FDIC-insured sweep account; an ATM/debit card; and access to multiple loan options including a best price guarantee on mortgages through Mortgages from American Express.

"American Express ONE Financial Account is ideal for investors looking for a convenient way to manage their money," said Ruediger Adolf, senior vice president and general manager, Global Brokerage and Membership Banking, American Express. "An individual can write checks, make online bill and card payments, use an ATM, trade stocks and save for the future all through their ONE account. Customers receive high-quality customer service they expect from American Express and a pricing structure that rewards them when they reach certain asset levels."

Benefits include:

Simplification and Convenience

-- Complimentary American Express Gold Card for accounts with assets of $25,000
or more

-- Membership Rewards(R) points available through American Express Gold Card

-- Free online bill pay

-- Preferred cash rates in an FDIC-insured cash sweep account

-- Up to $6 per month in non-American Express ATM surcharge reimbursements for
accounts with assets of $25,000 or more

-- Quarterly account maintenance fee(1) waived when household assets(2) at
American Express Financial Advisors Inc. are $100,000 or more

Rewards

-- Complimentary American Express Gold Card for accounts with assets of $25,000
or more

-- Membership Rewards(R) points available through American Express Gold Card

-- Free online bill pay

-- Preferred cash rates in an FDIC-insured cash sweep account

-- Up to $6 per month in non-American Express ATM surcharge reimbursements for
accounts with assets of $25,000 or more

-- Quarterly account maintenance fee(1) waived when household assets(2) at
American Express Financial Advisors Inc. are $100,000 or more

Advice

-- Personalized financial advice tailored to an individual's life

goals, time frame and risk tolerance(3)

Clients working with an American Express financial advisor have the choice of a ONE account with a transaction-based pricing structure or an asset-based pricing structure.(4)

For information about ONE, contact your local American Express financial advisor, go online to www.americanexpress.com/onefinancial/ or call (800) AXP-8800.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.

Brokerage and financial advisory services are made available through American Express Financial Advisors Inc. Member NASD and SIPC. Banking products are made available through American Express Centurion Bank. Member FDIC. Investments are not insured by the FDIC, are not deposits or obligations of or guaranteed by a financial institution and involve investment risk including possible loss of principal. All deposit products and services are offered by American Express Centurion Bank, a federally insured financial institution. Only American Express Financial Advisors Inc. is a broker-dealer.

Insurance products are offered by IDS Life Insurance Company, Minneapolis, Minnesota, except in New York. Travel services and charge cards are made available through American Express Travel Related Services Company, Inc. International banking services are made available through American Express Bank, Ltd.

(1) Does not apply to Individual Retirement Accounts (IRA) or other retirement accounts, Strategic Portfolio Service (SPS) Advantage, Wealth Management Service (WMS) or Investing at Work accounts. ONE accounts with less than $100,000 in household assets at American Express Financial Advisors Inc. will be charged a $20 quarterly account maintenance fee.

(2) Households are defined by the primary household accounts for an individual, his or her spouse or domestic partner and any accounts owned for, by or with their unmarried children under the age of 21. Products included in the household definition are: Brokerage, Wealth Management Services, Strategic Portfolio Services Advantage, American Express Mutual Funds, Certificates, Accumulation Plans, Limited Partnerships, Real Estate Investment Trusts, Tax-Sheltered Custodial Accounts, Individual Retirement Accounts, and may include Fixed and Variable Annuities, Cash-Value Life Insurance policies and other products as they become available.

(3) Advice delivered and priced separately.

(4) Transaction-based pricing structure available through American Express ONE(SM) Financial Account. Asset-based pricing structure available through Strategic Portfolio Services Advantage Account with ONE features.