Financial Review discussion

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Old Apr 19, 19, 12:57 pm   -   Wikipost
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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 Apr 19, 19, 7:35 am
  #796  
jk2
 
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Originally Posted by mysterym View Post
maybe block is wrong word

censor
OK, if it helps: call came from 801-758-0816, need to call 855-531-2364
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Old Apr 19, 19, 8:21 am
  #797  
mia
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Originally Posted by jk2 View Post
....855-531-2364
Did you lookup this number online? The call is a solicitation. They want your business to take out a loan:

https://www.americanexpress.com/us/b...rms/index.html
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Old Apr 19, 19, 8:30 am
  #798  
 
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Originally Posted by mia View Post
Did you lookup this number online? The call is a solicitation. They want your business to take out a loan:

https://www.americanexpress.com/us/b...rms/index.html
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Old Apr 19, 19, 11:14 am
  #799  
 
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Originally Posted by mia View Post
Did you lookup this number online? The call is a solicitation. They want your business to take out a loan:

https://www.americanexpress.com/us/b...rms/index.html
Maybe they think after all your charge activity that you're going to need one
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Old Apr 19, 19, 1:14 pm
  #800  
jk2
 
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Originally Posted by mia View Post
Did you lookup this number online? The call is a solicitation. They want your business to take out a loan:

https://www.americanexpress.com/us/b...rms/index.html
Thanks! Now, I feel good. I thought I'm in trouble.
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Old Apr 19, 19, 6:59 pm
  #801  
 
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Help, need advise for Amex Financial Review

Long time reader, first time post. Thanks in advance for your suggestions!

I've been an AMEX card member for over 10 years, currently hold a number of cards, and thru loyalty and use have accumulated over 400,000 points. Recently I went through several attempts of $10K PayPal purchase linked to one of my AMEX cards, that ended up getting refunded by seller several times. It seems this triggered a financial review by Amex.

After being on the phone with several AMEX reps from Financial Review department, I couldn't get clear answers, but it seems my only options is to provide tax returns to Amex to complete the Financial Review. I find this incredibly intrusive, and I am dismayed that I cannot provide pay stubs or checking/savings account statements. Beyond being comprehensive about sharing tax returns, I don't have a 2017 return (I took a year off in 2017, and therefore did not have to file tax returns for that year). 2018 year tax returns have just been submitted to IRS a week ago, and may not get accepted/processed by IRS in time for the Financial Review deadline. I was informed ahead my accounts would be closed if AMEX does not receive requested information from IRS.

Can anyone provide suggestions, or examples of how they dealt with a similar situation? I have escalated and spoke to a manager-level employee at Financial Review department, and was told that AMEX Financial Review department ONLY accepts tax returns. Again I am dismayed that I cannot provide pay stubs or bank statements.

Thank you again. Disappointed both in the situation and the customer service treatment received from Amex so far. Amex put a hold on my account without notifying me first.
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Old Apr 20, 19, 2:12 am
  #802  
 
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What were you trying to buy for 10k paypal? 10k is pretty uncommon with paypal
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Old Apr 20, 19, 7:59 am
  #803  
 
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Originally Posted by pownation View Post
Long time reader, first time post. Thanks in advance for your suggestions!

I've been an AMEX card member for over 10 years, currently hold a number of cards, and thru loyalty and use have accumulated over 400,000 points. Recently I went through several attempts of $10K PayPal purchase linked to one of my AMEX cards, that ended up getting refunded by seller several times. It seems this triggered a financial review by Amex.

After being on the phone with several AMEX reps from Financial Review department, I couldn't get clear answers, but it seems my only options is to provide tax returns to Amex to complete the Financial Review. I find this incredibly intrusive, and I am dismayed that I cannot provide pay stubs or checking/savings account statements. Beyond being comprehensive about sharing tax returns, I don't have a 2017 return (I took a year off in 2017, and therefore did not have to file tax returns for that year). 2018 year tax returns have just been submitted to IRS a week ago, and may not get accepted/processed by IRS in time for the Financial Review deadline. I was informed ahead my accounts would be closed if AMEX does not receive requested information from IRS.

Can anyone provide suggestions, or examples of how they dealt with a similar situation? I have escalated and spoke to a manager-level employee at Financial Review department, and was told that AMEX Financial Review department ONLY accepts tax returns. Again I am dismayed that I cannot provide pay stubs or bank statements.

Thank you again. Disappointed both in the situation and the customer service treatment received from Amex so far. Amex put a hold on my account without notifying me first.
I hear ramblings of people being able to submit bank statements and such during the government shutdown.
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Old Apr 20, 19, 1:13 pm
  #804  
 
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Originally Posted by happyvoid View Post
What were you trying to buy for 10k paypal? 10k is pretty uncommon with paypal
A p-to-p transaction involving a watch. Few months before I made a purchase in similar magnitude through eBay, but became alarmed after the seller contacted me about potential fraud, and PayPal did due diligence to stop the transaction with full refund to me.
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Old Apr 20, 19, 1:40 pm
  #805  
 
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Stupid question... but what is the basis for the financial review? If you buy something and then return/get a refund, doesn't Amex (or any other bank) just simply take back the points (as they should)? Or are refunds normally not subjected to standard clawbacks?
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Old Apr 20, 19, 2:06 pm
  #806  
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Financial Reviews are not about rewards, they are about spending above the level supported by your verified financial resources (credit risk), and also about illegal activity (money laundering).
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Old Apr 21, 19, 2:37 am
  #807  
 
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Originally Posted by pownation View Post
A p-to-p transaction involving a watch. Few months before I made a purchase in similar magnitude through eBay, but became alarmed after the seller contacted me about potential fraud, and PayPal did due diligence to stop the transaction with full refund to me.
The seller suspected your were fraudulent ?
Also, was it thru ebay? Because amex is known not to like p to p
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Old Apr 21, 19, 12:49 pm
  #808  
 
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Should have been more clear. I contacted eBay and PayPal after suspecting the seller was fraudulent (10 years experience buying on eBay). PayPal quickly (within 1-2 hours) stopped the transaction and reversed the payment. Little did I know this would count against me in the eyes of Amex. How do I know this counted against me or this was the trigger?The Financial Review agent discussed the magnitude of the charges and returns. Sadly he went off a summary snapshot instead of looking at actual transactions.

Lesson 2: there is a lot of fraudulent activity on eBay. Accounts get hacked and used to sell goods that do not exist. Yes, buyer protection helps, but fraudulent sellers hope to take the money and run.

I'm resigned that I will be moving away from Amex, following 10+ years of being a solid customer who paid his bills on time. Plenty of other cards out there, and I hate poor customer service recently, intrusiveness, and their ability to just cut me off without notice.

BTW, I called several other departments at AMEX to get an explanation (Customer Retention, and Fraud). Both occasions the Amex reps knew nothing about Financial Reviews, expressed shock, and even went so far as to say Amex does not do this, does not ask for tax statements, and calls to me to obtain such information were fraudulent. This is what a mess AMEX has become!
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Old Apr 21, 19, 5:48 pm
  #809  
 
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Originally Posted by pownation View Post
BTW, I called several other departments at AMEX to get an explanation (Customer Retention, and Fraud). Both occasions the Amex reps knew nothing about Financial Reviews, expressed shock, and even went so far as to say Amex does not do this, does not ask for tax statements, and calls to me to obtain such information were fraudulent. This is what a mess AMEX has become!
Amex does indeed ask for tax returns, I was subjected to an FR (I posted about it on this thread a couple of years ago, it was largely a non-event and all it took was to provide them with what they asked). My tenure with Amex goes back to 1986, I can't say I was happy with the FR, but I moved on from it.
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Old Apr 21, 19, 10:12 pm
  #810  
 
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Originally Posted by fliesdelta View Post
it was largely a non-event
Thanks to all for the feedback shared so far.

However, I need to clarify my situation for those that did go through a FR and thought it was largely a 'non-event'. Hence my request for feedback for anyone that may have been in a similar situation.

I took a year off in 2017. No income. No tax returns. I'm doing well enough to afford to take a year off. I just submitted my tax returns for 2018, IRS did not process it yet. There is a 2 week deadline to get AMEX a tax return from 2017 or 2018 year. If I do not, my accounts will be closed. Other prior tax years do not count. Bank statements are not accepted. Pay stubs are not accepted. No extension will be provided by Amex to allow adequate time for 2018 tax return to complete.

I cannot believe there isn't a more thoughtful and comprehensive internal assessment by Amex on the elements of a Financial Review. It is grossly unfair, disruptive, intrusive and limited.
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