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 21, 19, 11:08 pm
  #811  
 
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Originally Posted by pownation View Post
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.
Can you not provide the file you submitted, and say you will submit the 2018 return once it's processed properly and accepted? And how did you submit it? By paper or online?
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Old Apr 22, 19, 7:02 am
  #812  
mia
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Originally Posted by pownation View Post
.... 2 week deadline to get AMEX a tax return from 2017 or 2018 year....
Is American Express requesting a form 4506 or 4506-T?
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Old Apr 22, 19, 8:15 am
  #813  
 
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Originally Posted by pownation View Post
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.
I wonder if you can provide Amex with your 2016 return, an explanation as to why you didn't have income in 2017, and your 2018 return as filed, plus whatever else you might have to prove that you're credit-worthy and have the assets to cover your Amex bills.

Good luck with this, and please do keep us posted.
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Old Apr 22, 19, 5:59 pm
  #814  
 
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Out of curiosity, does anyone know if global transfer members can be targeted for a FR? College student, no US-based income, SSN or ITIN. Taking advantage of bonus spending by paying airfare and dining out for friends and Venmo(ing) the money. Amex bills are usually quite high (under 5 figures though) and I'm afraid it might raise some questions from Amex.
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Old Apr 22, 19, 9:44 pm
  #815  
 
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Originally Posted by fliesdelta View Post
I wonder if you can provide Amex with your 2016 return
That's not how it works. You don't provide Amex with your tax returns. Instead, you sign a form that gives Amex permission to pull the filed tax returns directly from IRS. This way, they know that what they're looking it is what was actually filed. Plus, it's already in a machine-readable format that they can easily analyze.
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Old Apr 22, 19, 10:16 pm
  #816  
 
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Originally Posted by Snick View Post
Out of curiosity, does anyone know if global transfer members can be targeted for a FR? College student, no US-based income, SSN or ITIN. Taking advantage of bonus spending by paying airfare and dining out for friends and Venmo(ing) the money. Amex bills are usually quite high (under 5 figures though) and I'm afraid it might raise some questions from Amex.
You have no verifiable income or employment status, and you're smurfing?

I think it's a pretty reasonable fear that Amex might wonder how they don't get left holding one of these monthly bags.
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Old Apr 22, 19, 10:47 pm
  #817  
 
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Originally Posted by greg99 View Post
You have no verifiable income or employment status, and you're smurfing?

I think it's a pretty reasonable fear that Amex might wonder how they don't get left holding one of these monthly bags.
Thanks for your contribution but I would say this is far from smurfing (MS, churning, etc).
I guess that due to the structure of lending services in the US, the relationship with Amex focuses around credit score and bearing the risk of default in mind. On the other hand, in Europe, it is more around wealth and revenue (bank statements or assets) - having a particle in the surname might help too. As seen above in the thread, asking for tax returns to support some mere thousands of $ is quite low from Amex.

Can a moderator delete everything linked to post #814 ?

Last edited by Snick; Apr 22, 19 at 10:56 pm
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Old Apr 22, 19, 10:56 pm
  #818  
 
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Originally Posted by Snick View Post
Thanks for your contribution but I would say this is far from smurfing (MS, churning, etc).
I guess that due to the structure of lending services in the US, the relationship with Amex focuses around credit score and bearing the risk of default in mind. On the other hand, in Europe, it is more around wealth and revenue (bank statements) - having a particle in the surname might help too. As seen above in the thread, asking for tax returns to support some mere thousands of $ is quite low from Amex.

Can a moderator delete everything linked to post #814 ?
I know nothing about you personally. You could have a triple-barreled surname for all I know. What I do know is that it has been in the news a lot recently that 40% of Americans can't afford a $400 emergency, so somebody without a job and no credit history running high four figure charges would likely raise a risk of a FR.

I may have misunderstood your comment about global transfer to mean moving money, rather than a transfer of a card from a non-US account to the US. Apologies for the misunderstanding and suggestion of smurfing.

That said, I thought that if you did a global transfer, you brought yourself under the credit standards of the "receiving" country, so what you had in the original country wasn't as important.
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Old Apr 23, 19, 11:59 pm
  #819  
 
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Originally Posted by mia View Post
Is American Express requesting a form 4506 or 4506-T?
Amex is requesting Form 4506T
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Old Apr 24, 19, 4:50 am
  #820  
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Originally Posted by pownation View Post
Amex is requesting Form 4506T
That form authorizes the IRS to give American Express a transcript (not a copy) of your income tax return. I would send American Express the form, and see what they do when the IRS notifies them that no transcript is available for 2017. I realize that you already told them, but they still need to follow their procedure, and the people you are able to speak with are likely not the people who make decisions.
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Old Jun 11, 19, 8:51 pm
  #821  
 
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Snick, you are at risk of closure it appears. IMHO
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Old Jun 25, 19, 3:28 am
  #822  
 
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will spending $500 at supermarket to buy gift card trigger financial review?
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Old Jun 25, 19, 6:57 am
  #823  
mia
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Originally Posted by happyvoid View Post
will spending $500 at supermarket to buy gift card trigger financial review?
It may trigger an audit of spending for rewards, but it isn't likely to trigger a classic Financial Review which is to verify ability to pay.
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Old Jun 27, 19, 12:50 am
  #824  
 
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But I heard for amex they care more about VGC rather than store gift cards when maxing out the 6%?
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Old Jun 27, 19, 11:59 am
  #825  
 
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You think Vanilla is more of a trigger?
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