Financial Review discussion [2009-2013]

Old Jul 10, 09, 7:29 pm
  #1  
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Financial Review discussion [2009-2013]


So after posting this thread
http://www.flyertalk.com/forum/ameri...cent-card.html
About 45 minutes later I get a call from Amex (Very weird almost like they monitor this board)

The lady asked for me by name and I accepted the call. She asked about the last charges on my account that were very high and what they were for. I explained and she said:

They need to verify that I have the funds to pay them in my account that I needed to get a letter from my bank with my average balance last X months.. I told her what that was and she said that is more than enough and if they could get this it would be great.

Question:
My spending limit on that card is low and every time I charged I paid it off as soon as it posted (wouldn't this show I have the funds in my account????!!!))
Also stated for "my convenience" they will keep the account open and not freeze it...

I am okay with all this and understand because of my young age and the amount of businesses I own and my spending but they really have no foot to stand on...

Interesting
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Old Jul 10, 09, 7:35 pm
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?

what? that sounds like a total scam. i've never gotten a call from any amex that asks me to verify myself, my bank account, and my charges.
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Old Jul 10, 09, 8:00 pm
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After all the threads and all the pages of posts about the antics of the American Express Company, I think everybody should write the following on the blackboard 100 times before going to bed tonight. . .

AMEX has the power to mess with me any freakin' way they want to. It may not be right; it may not be ethical; it may not be consistent; it may not be rational; it may not make sense to anybody but them. And, who knows, it may not even make sense to them. No matter. They can do it, they have done it, and they will do it again. If they do it to me, I have two choices: put up with it, or blow them off and do business with someone else. Amen.
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Old Jul 10, 09, 8:22 pm
  #4  
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Its not a scam I thought the same thing.

So they emailed me and I called the back of the card and they transfered me directly.

O well... if they do something beyond this by by Amex

EDIT: I will also stop accepting it in all my stores.
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Old Jul 10, 09, 10:21 pm
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Originally Posted by platinumPizza View Post
Its not a scam I thought the same thing.

So they emailed me and I called the back of the card and they transfered me directly.

O well... if they do something beyond this by by Amex

EDIT: I will also stop accepting it in all my stores.
If you have previously called to inquire about centurion (from your other post), then they are probably doing this in order to gather minimal asset information in an attempt to approve your centurion request which they knew was coming, as they more than likely documented your previous desire for a cent card.
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Old Jul 11, 09, 5:33 am
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Originally Posted by allga View Post
After all the threads and all the pages of posts about the antics of the American Express Company, I think everybody should write the following on the blackboard 100 times before going to bed tonight. . .

AMEX has the power to mess with me any freakin' way they want to. It may not be right; it may not be ethical; it may not be consistent; it may not be rational; it may not make sense to anybody but them. And, who knows, it may not even make sense to them. No matter. They can do it, they have done it, and they will do it again. If they do it to me, I have two choices: put up with it, or blow them off and do business with someone else. Amen.
I disagree.

There are plenty of other credit companies that don't hassle you like the OP describes above. If Amex makes themselves a hassle, can them. There is no rule saying you have to put up with any of their crap whatsoever. Just cancel and replace them.
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Old Jul 11, 09, 7:37 am
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Originally Posted by chriswufgator View Post
I disagree.

There are plenty of other credit companies that don't hassle you like the OP describes above. If Amex makes themselves a hassle, can them. There is no rule saying you have to put up with any of their crap whatsoever. Just cancel and replace them.
Um, isn't that pretty much what I said? What do you disagree with?
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Old Jul 11, 09, 3:56 pm
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Originally Posted by allga View Post
Um, isn't that pretty much what I said? What do you disagree with?
Sorry, I thought you were saying Amex will do what it will do, and there's nothing you can do about it. I misread. My apologies.
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Old Jul 12, 09, 12:40 pm
  #9  
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Okay so I found out it is a Bank/Credit Union Verification....

I honestly dont have a problem as long as they dont cancel my accounts since I use the cards so much.

I mean I can understand they are a little worried that the last 3 months I moved my charges over to amex and they have gone up insane amounts.
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Old Jul 12, 09, 11:39 pm
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I do and don't disagree about other companies. Whenever I make a purchase somewhat large on either of my Visa cards (recently I made a $700 purchase, my credit limit on each card is $5,000), I get a call from them. They never ask for proof of ability to pay for it, they just verify I made the purchase.

Can't say I have ever had the same situation with Amex, though. And to the OP, I have to HIGHLY doubt that your age has ANYTHING to do with it. I've known plenty of Amex cardmembers, from clear up to CENT, probably younger than yourself and spend more than yourself (ah the LA lifestyle). Your payment habits, likely trigger more of a red flag at Amex. If this continues, call and speak to a supervisor about it.
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Old Jul 13, 09, 1:14 am
  #11  
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Your call for boycott is no solution...

Originally Posted by platinumPizza View Post
Its not a scam I thought the same thing.

EDIT: I will also stop accepting it in all my stores.
I think this is a very unusual and unfair call for a boycott. If you would call for a boycott for everey company in which a member of staff makes a failure then the markets would soon be empty of many companies.

Just think about seriously what happened first and then later:
1.) Anywhere (I Don't know exactly where) sits a Credit or Risk Manager and watches the faltering economy in many business field in which many things don't be sure anymore. Prices are going down in many fields as consulting, webdesign, translating services and banking.
So what to do ? Just watch out the high risk and the -I would call- high turnovers. Because with a right decision there you can manage a risk equivalent to many average customers.
2.) You were disappointed by their decision not to change the colour of your card. Not more and not less. And then acted very unfriendly to that company which made a decision according to THEIR RULES and THEIR TERMS AND OCNTRACTS. And it is no right of a customer to get a specific card with a specific colour.

So I can understand what the risk manager does and how he tries to cope with the actual situation. That he/them make some faulty decisions is naturally true in that kind of business.

And naturally their alarm bells begin ringing when a customer is overcriticizing them for a decision which has nearly no impact on your business - like which colour your card has.

So if I would be customer and you would decline my Amex I will just go away - from your business and not from Amex.

P.S.: If one more time one may ask: Im not working for Amex corp but only a fan of their credit card due to nearly a decade of good service withut any interruptions and one fast help in a case of a phishing attack.

Last edited by gum; Jul 13, 09 at 1:28 am
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Old Jul 14, 09, 1:00 pm
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Originally Posted by gum View Post
I think this is a very unusual and unfair call for a boycott.
Chriswufgator may be surprised , but for OP to decide not to do busines with Amex, is his call - whether unfair or not. And I don't think there is that much fair in love and money. Or at least it is much harder to to figure out. If it makes sense, do it. If you are able to keep your customers (with no decrease in sales), and just paying the lower visa merchant fees, you probably should have done this years ago. [And there was no call for a boycott either.]

But since I just cannot help myself; Plenty of CC companies hassle their customers. My Chase visa has a hickup every 10th charge. Amex every few hundred. Amex has to get better at these confirmation calls though. They may be necessary/helpful to avoid fraud, but could take less time with an automated solution.
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Old Jul 14, 09, 7:52 pm
  #13  
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Originally Posted by platinumPizza View Post
The Amex call is it the one everyone talks about?
No. The Amex call that everyone talks about is usually a financial review, in which you are required to release your income tax informations to AMEX directly.
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Old Jul 14, 09, 8:27 pm
  #14  
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Originally Posted by chriswufgator View Post
I disagree.

There are plenty of other credit companies that don't hassle you like the OP describes above. If Amex makes themselves a hassle, can them. There is no rule saying you have to put up with any of their crap whatsoever. Just cancel and replace them.
Like BofA? http://creditboards.com/forums/index...owtopic=402800

Or Chase? http://creditboards.com/forums/index...owtopic=402360
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Old Jul 15, 09, 12:33 am
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Originally Posted by platinumPizza View Post
I can understand they are a little worried that the last 3 months I moved my charges over to amex and they have gone up insane amounts.
So AMEX advertises promotions like this...

More Rewards - Earn 25,000 additional points each year if you shift $50,000 of your business purchases onto the Card


...but then gets all worried when you actually shift spending to them. More and more of their practices are becoming nonsensical. The AMEX card use to give an insight into your business' financial breadth - but the product has been deteriorating so much, I'm not quite sure what it stands for now.

Last edited by joechickens; Jul 15, 09 at 12:40 am
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