Financial Review discussion

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Earlier discussion is in this thread: Financial Review Discussion [2009-2013]


In the USA a Financial Review typically includes a request to submit an IRS form 4506-T which authorizes American Express to obtain a transcript of your Federal Income Tax Return for a specific year. It does not authorize a copy of the actual return. Download the form here: http://www.irs.gov/pub/irs-pdf/f4506t.pdf

Order your own transcript here: https://sa2.www4.irs.gov/irfof-tra/start.do


Other USA-based rewards card issuers also audit accounts and end unsatisfactory relationships.

Bank of America: 2013

Citibank: 2013

JP Morgan Chase: 2013.1 2013.4 2013.9 2013.12
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Old Aug 4, 18, 12:33 pm
  #781  
mia
FlyerTalk Evangelist, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
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Originally Posted by OliverB View Post
I've been a card member in good standing for some thirty years,....
How long have you held a USA-issued American Express card?

Originally Posted by OliverB View Post
I'm slowly building my credit portfolio and credit score after having emigrated from Canada several years ago, starting with a blank slate. I'm somewhat restricted in the products that I'm eligible for as a result of my limited credit history in the States

Something about your credit file or card utilization does seem to attract attention:

Originally Posted by OliverB View Post
Just had a Chase Reserve and Ink account closed due to MS.
Steve M and Gasolin like this.

Last edited by mia; Aug 4, 18 at 12:45 pm
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Old Aug 19, 18, 5:33 am
  #782  
 
Join Date: Aug 2018
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I buy my GCs in variable amounts from $480-$500 from a non-L3 reporting supermarket to meet MSR on an Amex Biz Plat. While I understand that the non-L3 reporting will stop any sort of automated clawback of my bonus, it’s as clear as day to any human looking at my transaction history that I’m buying ~$500 GCs from this market.




If I am put under an Amex Financial Review in the future, are they likely to clawback the bonus that I am working on now?
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Old Aug 19, 18, 10:10 am
  #783  
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Originally Posted by yojimbo146 View Post
I buy my GCs in variable amounts from $480-$500 from a non-L3 reporting supermarket to meet MSR on an Amex Biz Plat. While I understand that the non-L3 reporting will stop any sort of automated clawback of my bonus, it’s as clear as day to any human looking at my transaction history that I’m buying ~$500 GCs from this market.

If I am put under an Amex Financial Review in the future, are they likely to clawback the bonus that I am working on now?
Unless you are doing something that is violating T&Cs ... why should they claw back any bonus?
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Old Aug 19, 18, 10:45 am
  #784  
mia
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Originally Posted by yojimbo146 View Post
....
If I am put under an Amex Financial Review in the future, are they likely to clawback....]
Financial Reviews are not primarily about rewards, there is a separate process described here:

USA: MR points transfer blocked, account being reviewed [Consolidated]

Originally Posted by cfischer View Post
Unless you are doing something that is violating T&Cs ...
Buying giftcards does violate the terms:

Eligible purchases do NOT include fees or interest charges, purchases of travelers checks, purchases of reloading or prepaid cards, purchases of gift cards, person-to-person payments or purchases of other cash equivalents. ....

If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome offer (s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit Membership Rewards® points to, we may freeze Membership Rewards® points credited to, or we may take away Membership Rewards® points from your account. We may also cancel this Card account and other Card accounts you may have with us. American Express reserves the right to modify or revoke offer at any time.

Last edited by mia; Aug 19, 18 at 10:50 am
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Old Aug 24, 18, 1:39 am
  #785  
 
Join Date: Jul 2005
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Originally Posted by OliverB View Post
I've been a card member in good standing for some thirty years, only to discover my account temporarily suspended pending a financial review of my tax returns. I'm pretty pissed off about it and may not even respond as I don't appreciate the way it's been handled and I was on the fence about keeping the card anyhow; it's the SPG which is being transitioned now. Anyhow, I'm told my account could be closed permanently if the tax form is not received within 2 weeks. I was also told that this was just "standard procedure" and they're updating records and requesting the same from all accounts, which sounds pretty suspicious/doubtful. I can't believe that they've frozen my account in the interim and that they did so w/o reason warning or apology. Just wondering if anyone else has experienced this?
Did you ask what trigger the financial review? Did you apply for any new cards or had an increase in spending
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Old Oct 16, 18, 8:53 pm
  #786  
 
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Newb question: I'm a greenhorn to MS and made two large GC purchases with Business Gold Amex. A third was declined, triggering FR—which annoys me, but here we are.

The difficulty is in providing the requisite forms. I'm self-employed, so my income is substantially higher than what I report, and I've had a downturn due to difficult personal circumstances over the last two years.

Would it be possible to negotiate the 2017 tax return into a 2016 or 2015 tax return?

Better yet, could I show a pile of liquid assets instead?

The CSR seems vaguely unfriendly.

Thanks, guys,
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Old Oct 16, 18, 8:59 pm
  #787  
 
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Location: California USA
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Originally Posted by George Saurus View Post
Newb question: I'm a greenhorn to MS and made two large GC purchases with Business Gold Amex. A third was declined, triggering FR—which annoys me, but here we are.

The difficulty is in providing the requisite forms. I'm self-employed, so my income is substantially higher than what I report, and I've had a downturn due to difficult personal circumstances over the last two years.

Would it be possible to negotiate the 2017 tax return into a 2016 or 2015 tax return?

Better yet, could I show a pile of liquid assets instead?

The CSR seems vaguely unfriendly.

Thanks, guys,
You cant negotiate which year they will review. You can send them documents proving your assets in addition to the tax review.

Last edited by mia; Oct 20, 18 at 9:25 pm
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Old Dec 23, 18, 1:26 pm
  #788  
 
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does applying for 2 charge card and 1 credit card in a single month trigger financial review? i read if you apply for too many cards at once it may trigger FR. just wondering if anyone ever had this happen
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Old Dec 23, 18, 1:37 pm
  #789  
 
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Originally Posted by OliverB View Post
I assure you it's happened. Logged in this a.m. to find an alert: "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."

Had no idea what it was about until I ended up on a recorded line w/ someone from lending asking me to update my profile info (tel, email, address, work info, etc) and then was informed that I needed to submit a tax form to restore the account. When asked why account use has been suspended, the rep acknowledged that I had a perfect track record, no missed or late payments, etc. but also indicated that there was no financial records on file and that it's the biggest factor in any line of credit and AmEx is now doing this w/ all accounts and I'm not being singled out. It sounded like BS to me.

Here's what it says in the email I received:

"American Express recently requested that you complete and return a tax form called the 4506T in order to conduct a financial review. The 4506T authorizes American Express to retrieve tax information. We find the review process to be a necessary requirement in order to conduct our business in a prudent and successful manner.

Detailed instructions on how to fill out the 4506T are attached, as well as in the American Express Fax Cover Sheet. In order to avoid closure of the account, it is critical that this information be completed correctly and faxed back to us within the deadline discussed by the American Express representative."
Do you know what trigger the FR? and did you resolve this
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Old Mar 11, 19, 5:11 am
  #790  
 
Join Date: Feb 2015
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just got a call regarding heavy activity on my AMEX Gold which I haven't used in a while. Been getting a lot of GCs at the grocery stores. Have to send over signed 4506-T form. Will revert back on outcome.
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Old Apr 18, 19, 7:24 pm
  #791  
jk2
 
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Missed a call from AMEX (801-XXX number). Voicemail was left, asking to call back to 855-xxx number. The guy wasn't available, but welcome message was like from Business services. Am I in trouble? I have few business AMEX, which I use heavily (50% of CL) - all MS spending.

I am wondering what is this all about. Charging is not suspended. Is it a FR?
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Old Apr 18, 19, 8:04 pm
  #792  
 
Join Date: Aug 2013
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Originally Posted by George Saurus View Post
Newb question: I'm a greenhorn to MS and made two large GC purchases with Business Gold Amex. A third was declined, triggering FR—which annoys me, but here we are.

The difficulty is in providing the requisite forms. I'm self-employed, so my income is substantially higher than what I report, and I've had a downturn due to difficult personal circumstances over the last two years.
Your income is substantially higher than what you report? As in what your tax returns show? You can’t have it both ways - if you take a ton of deductions to reduce your tax liability you can’t then claim your true income would be higher if not for all the deductions.
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Old Apr 19, 19, 7:00 am
  #793  
 
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Originally Posted by jk2 View Post
Missed a call from AMEX (801-XXX number). Voicemail was left, asking to call back to 855-xxx number. The guy wasn't available, but welcome message was like from Business services. Am I in trouble? I have few business AMEX, which I use heavily (50% of CL) - all MS spending.

I am wondering what is this all about. Charging is not suspended. Is it a FR?
why block out the phone # ? perhaps scam/spam?
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Old Apr 19, 19, 7:10 am
  #794  
jk2
 
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Originally Posted by mysterym View Post
why block out the phone # ? perhaps scam/spam?
What did you mean by block #? I was typing by memory (just recalled that got a call from one number, asked to call on different number). I googled those numbers, but found nothing relative to financial review.
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Old Apr 19, 19, 7:18 am
  #795  
 
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Originally Posted by jk2 View Post
What did you mean by block #? I was typing by memory (just recalled that got a call from one number, asked to call on different number). I googled those numbers, but found nothing relative to financial review.
maybe block is wrong word

censor
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