Under a nonprosecution agreement the company is to pay a $77.6 million fine and forfeit $60.7 million for the revenue that could have been owed from its Payroll Rewards and Premium Wire programs.

American Express has agreed to pay more than $138 million to resolve a wire fraud investigation related to its sales and marketing practices.

American Express will pay about $230mn to resolve a US federal investigation into allegations that it deceptively marketed credit card and wire transfer products to small businesses. The Department of Justice said the alleged practices involved making false assertions from 2018 to 2021 to small business customers that its Payroll Rewards and Premium Wire products carried certain tax benefits.