Financial Review discussion

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Old Dec 24, 20, 4:17 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 Jun 10, 20, 12:25 pm
  #886  
 
Join Date: May 2011
Location: SLC
Posts: 65
Originally Posted by Steve M View Post
just comply with the request as it's written.
I agree with this. It's easy to begin to confuse the issues and bring in a bunch of other factors. If there is a written request, submit exactly what is written in the request. If there is a phone conversation, listen politely and confirm exactly what is requested, don't add anything further to the conversation other than answering direct questions politely and fully, thank them for all their help, and submit exactly what is requested.

This is the exact same thing that gets people into trouble with all kinds of things, including for example changing an airline ticket etc. Speak very directly with exactly what you need, listen politely to anything said, be quiet and allow the agent to help you. Don't be afraid of silence on a phone line while the agent works the issue. I've found 99% of the time if you follow the above you get the best result possible in the situation, and you avoid having any red flags added to your account with whatever company you are working with.
captaindomon is offline  
Old Jun 11, 20, 4:02 pm
  #887  
 
Join Date: May 2011
Location: Dallas, Texas
Posts: 161
Giving an update - the FR was passed. Emails were sent that basically said AmEx lowered the limits on every single charge card.
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Old Oct 21, 20, 7:30 pm
  #888  
 
Join Date: Jul 2012
Location: RDU
Programs: DL(PM), UA(Silver), Marriott(Ti), HH(Gold), Hertz(PC)
Posts: 2,415
I posted before about my experience with a financial review: a non-event, they asked me for the tax form, I provided it, and that was it.

I have two Amex cards: Delta Plat, and the regular Plat. I've been a cardmember since 1986 (green, eventually gold, eventually plat), have never paid late, never went over the limit on the Delta card, and never overstated income and assets.

My usage of the plat card has been sporadic, though three months ago my business travel increased a lot (odd, given the current pandemic) and my current employer doesn't provide a corporate card so I've been using the plat just for travel expenses. Last minute airline tickets, many hotel nights and rental cars, so the spending on the card increased by a lot, and I've been making weekly payments (I submit expense reports weekly, they get paid within a week, I then pay the Amex). About a week ago I was contacted about the large increase in spending, I explained the travel and who was paying for it, and towards the end of the call the CSR said that "the financial review is now concluded, thank you for being a cardmember for so long".

So... I guess I now have two FRs under my belt, both positive experiences with minimal fuss.
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Old Oct 21, 20, 9:07 pm
  #889  
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Originally Posted by fliesdelta View Post
My usage of the plat card has been sporadic, though three months ago my business travel increased a lot (odd, given the current pandemic) and my current employer doesn't provide a corporate card so I've been using the plat just for travel expenses. Last minute airline tickets, many hotel nights and rental cars, so the spending on the card increased by a lot, and I've been making weekly payments (I submit expense reports weekly, they get paid within a week, I then pay the Amex). About a week ago I was contacted about the large increase in spending, I explained the travel and who was paying for it, and ...
Out of curiosity, what was the magnitude of the increase? Either as a multiple of your usual spending or dollars? If you don't mind sharing.
krazykanuck is offline  
Old Oct 22, 20, 9:07 am
  #890  
 
Join Date: Jul 2012
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Originally Posted by krazykanuck View Post
Out of curiosity, what was the magnitude of the increase? Either as a multiple of your usual spending or dollars? If you don't mind sharing.
The monthly spend is usually a few hundred dollars at best, when there's an offer of dollars off at some merchant where I need something, or extra points, etc. Now it's as much as $9K/mo.
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Old Oct 22, 20, 9:43 am
  #891  
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Originally Posted by fliesdelta View Post
The monthly spend is usually a few hundred dollars at best, when there's an offer of dollars off at some merchant where I need something, or extra points, etc. Now it's as much as $9K/mo.
Thanks! Putting real numbers against it really helps put things in context.
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Old Dec 24, 20, 5:00 pm
  #892  
 
Join Date: Jul 2017
Posts: 35
Unhappy Amex FR (need help)

Called Amex to see my available credit on my gold (I prepaid the card in full of $4k), rep started questioning my activity and asking what these "tax payments" and "giftcardmall.com" charges were for and started mentioning I was under financial review. I hung up on him.

My account now says: "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."

I think I may have poked the hornets nest by asking my available credit limit and the rep (who was an ... btw) got nosey and wanted to fling .... at me. The card was used to buy giftcards and pay my taxes with the IRS.

I will call them, but what do you advise I do? Is buying giftcards / paying taxes allowed? Will my bonus be forfeit or will I be blacklisted? How should I proceed without shooting myself in the foot?

note: I understand now theres a button to see my available credit. I did not know this existed before calling.
speer1234 is offline  
Old Dec 24, 20, 8:42 pm
  #893  
 
Join Date: Mar 2011
Programs: Delta Skymiles
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What are they asking to receive from you?

What amount of gift cards are we talking about here?

Is the tax amount an unusually high spend activity for you?
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Old Dec 24, 20, 9:31 pm
  #894  
 
Join Date: May 2000
Location: Houston, TX, USA
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As with most FR situations, it's unlikely to be any specific item or issue by itself, but the totality of the situation. You said you "I prepaid the card in full of $4k" - what does that mean? You paid $4k into a credit balance in anticipation of a charge? Or you paid a balance due of $4k before it was due because you have a $4k credit limit and wanted to charge more on the same statement? Or something else?

Large gift card purchases can be a warning sign of financial difficulties, as some people get desperate and charge gift cards and then sell them to others at a discount in order to work around cash advance limits. There's nothing wrong with gift card purchases per se, but if you have an unusually-large amount, and especially if they're out of line with what Amex knows your income to be, then this may be of interest to them.
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Old Dec 25, 20, 2:03 am
  #895  
 
Join Date: Jul 2005
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Originally Posted by speer1234 View Post
Called Amex to see my available credit on my gold (I prepaid the card in full of $4k), rep started questioning my activity and asking what these "tax payments" and "giftcardmall.com" charges were for and started mentioning I was under financial review. I hung up on him.

My account now says: "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."

I think I may have poked the hornets nest by asking my available credit limit and the rep (who was an ... btw) got nosey and wanted to fling .... at me. The card was used to buy giftcards and pay my taxes with the IRS.

I will call them, but what do you advise I do? Is buying giftcards / paying taxes allowed? Will my bonus be forfeit or will I be blacklisted? How should I proceed without shooting myself in the foot?

note: I understand now theres a button to see my available credit. I did not know this existed before calling.
So are you saying the rep put you under financial review? before you called your account did not say anything and it was working fine?
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Old Feb 22, 21, 12:50 am
  #896  
 
Join Date: Jul 2005
Programs: Hilton Diamond, Starwood Platinum, AA, SW, Delta
Posts: 762
Originally Posted by speer1234 View Post
Called Amex to see my available credit on my gold (I prepaid the card in full of $4k), rep started questioning my activity and asking what these "tax payments" and "giftcardmall.com" charges were for and started mentioning I was under financial review. I hung up on him.

My account now says: "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."

I think I may have poked the hornets nest by asking my available credit limit and the rep (who was an ... btw) got nosey and wanted to fling .... at me. The card was used to buy giftcards and pay my taxes with the IRS.

I will call them, but what do you advise I do? Is buying giftcards / paying taxes allowed? Will my bonus be forfeit or will I be blacklisted? How should I proceed without shooting myself in the foot?

note: I understand now theres a button to see my available credit. I did not know this existed before calling.
so what ended up happening? Was it a financial review
happyvoid is offline  

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