topic Re: Help: Stuck in AmEx financial review for 5 weeks. in Credit Cards

Help: Stuck in AmEx financial review for 5 weeks.

Anonymous — Wed, 16 Sep 2020 14:52:02 GMT

Good morning everyone! Longtime lurker, but signed up for an account to post this.

I am stuck in an AmEx financial review right now and have had a really awful experience with them. I have two AmEx cards: a brand-new Business Platinum and a 2-year-old Personal Gold. 5 weeks ago, AmEx started a financial review on my account. What triggered the FR? Me trying to buy an engagement ring. It was bigger than any previous purchase I had put on my AmEx cards, but I'd called AmEx to tell them about this purchase and gotten spending authorization. The charge still triggered a FR.

They told me that they needed me to fill out a 4506-T form for retrieving my tax returns. I filled it out immediately, and they forwarded the form to the IRS. However, I called AmEx separately to let them know that I had filed my tax returns via paper, close to the July 15 extended deadline, and that as far as I could see the IRS still hadn’t processed my return. (I am due for a refund this year, so I’ve been tracking my refund status daily.) The IRS’s delay makes total sense, since their paper processing centers were shut due to Covid and they are offering high interest on refunds to compensate.

AmEx refused to alter course and waited to hear back from the IRS. The IRS responded that they didn’t have a 2019 tax return for me on file yet (as expected). I offered to share other forms with AmEx: like my 1040, my W2s, or my bank account statements. My AmEx FR manager said yes to them tentatively but came back and said I’d need to go the 4506-T route again. So I’m in a second route of waiting for my tax returns transcripts from the IRS, but I don’t expect them to have recorded my 2019 return yet because I still can’t see my refund status.

I have now not had use of my AmEx cards for around 5 weeks. Combining my Biz Plat and Personal Gold card, that’s fees of at least $70 that I have not had any use of (leaving aside credits and perks). Moreover, I’ve felt pretty demeaned throughout the FR experience. There have been numerous times when I’d call my FR manager’s dedicated extension during her office hours and not be picked up. I’d call the general FR line and learn she was actually available; someone would transfer me to her. My FR manager promised me a date she’d respond to me by (to offer alternative methods of income verification) but blew past that deadline and when I called days later, said I'd need to file another 4506-T.

I am writing to ask you all what my options are at this point. At this point, I don’t even want the new Biz Plat; I won’t be able to hit the SUB anyway. I valued my personal Gold because I have 90K MRs on it, but I am one more disappointing interaction away from being willing to forfeit that as well.

I haven’t tried to complete this yet (for fear of triggering something more), but could I transfer my 90K MR points from my Gold while my “charging is suspended” due to FR?
Could I ask for a prorated refund on my membership fees on both cards for the duration that I didn’t have access to them?
If not, is there any nuclear option, like filing a complaint regarding the fees charges with the CFPB or something?

I am sorry for the long post. As you can see, this has been a very frustrating experience. I would be grateful for any advice!

ETA: I know that going nuclear would put me in the AmEx doghouse for a while / forever. There are times in these last 5 weeks when I've thought I'd be okay with that as well.

Re: Help: Stuck in AmEx financial review for 5 weeks.

ldkcivilservant — Wed, 16 Sep 2020 14:47:17 GMT

The nuclear option is severing your relationship with Amex.

Unfortunatly there is not much you can do. Their sandbox, their rules.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Anonymous — Wed, 16 Sep 2020 14:53:30 GMT

Thank you! I understand. When the FR began, I obviously wanted to preserve my AmEx relationship. But, over the last 5 weeks (and given their behavior), I've really soured on the whole relationship and go back-and-forth on whether I'd want to get more AmEx cards or accrue MR points after this.

Re: Help: Stuck in AmEx financial review for 5 weeks.

K-in-Boston — Wed, 16 Sep 2020 14:59:30 GMT

I would be surprised if 2019 tax transcripts are available at all. In a typical tax year, they are unavailable until August. With the deadline for filing pushed back 3 months from April to July I would not expect transcripts to be processed until near the end of the year.

Unless your MRs are frozen for some reason (i.e. suspected fraud), you should be able to freely move them as you wish. As for prorating an AF, if you successfully complete the FR, you may be able to get a goodwill credit upon request for the time you were unable to use your cards, and if the accounts are closed you will be issued a prorated refund for the remainder of your cardmember year.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Brian_Earl_Spilner — Wed, 16 Sep 2020 14:59:31 GMT

I'd the FR comes back fine they can extend the time limit for hitting the SUB.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Harvey26 — Wed, 16 Sep 2020 15:40:36 GMT

@Anonymous I hate to be the bearer of bad news but I was stuck in FR for Amex from March until August for a new account. They stated the IRS was behind on all 4506-T Forms and I am sure that just means for them and not like mortgage companies.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Anonymous — Wed, 16 Sep 2020 17:31:51 GMT

6 months?! That's insane; I'm so sorry. Did you get any goodwill credit or prorated refund from them on your wasted membership fees?

Thank you for the replies, everyone! I realize my options are limited here and I may be waiting for a long, long time.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Harvey26 — Wed, 16 Sep 2020 17:56:41 GMT

@Anonymous Nothing but an expedited card.

Re: Help: Stuck in AmEx financial review for 5 weeks.

UpperNwGuy — Wed, 16 Sep 2020 21:18:06 GMT

If I were in your situation, I would exercise the nuclear option. But first I would check to see if I could transfer my MR points over to Delta or JetBlue.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Anonymous — Wed, 16 Sep 2020 22:38:22 GMT

I've thought of this many times already! The only thing reining me in is that I see how easy MRs are to gather on cards (the huge sign-up bonuses on Green etc.) and feel like I don't want to be locked out of the AmEx ecosystem. My own churning keeps clashing with my dignity lol

Re: Help: Stuck in AmEx financial review for 5 weeks.

Jccflat — Wed, 16 Sep 2020 23:51:23 GMT

When a FR is on pogress can someone transfer the more rewards point to a airline ?

or they block u ?

Re: Help: Stuck in AmEx financial review for 5 weeks.

Boragard — Thu, 17 Sep 2020 07:27:17 GMT

I completely understand how Amex can annoy you. I remember back in 2011, I got my first Amex card. The now infamous Zync. I was ecstatic. I charged it up, then lost my job. I called Amex to get on a payment plan. They stated "well can't you just return the items?" I replied "I can return some items but not the groceries I've already eaten." So the associate put me on a payment plan, begrudginly, and stated if I made payments of $30 until the debt was paid off they would not report it do the CRAs.

LIES!!!!!

They reported me deliquent after 30 days even though I had made the payment. When I called them, they stated they never agreed to not report it as negative, especially since it was a charge account and had to be paid in full. Amex then told me that they would remove it once they got full payment. Needless to say, I found another job in less than a month and paid it off in my first paycheck. Then I called Amex back to get the now 60 day late removed. They never removed it where it sat on my report for 7 years.

Re: Help: Stuck in AmEx financial review for 5 weeks.

sammydavidjr — Thu, 17 Sep 2020 11:09:25 GMT

@Anonymous wrote:
They told me that they needed me to fill out a 4506-T form for retrieving my tax returns. I filled it out immediately, and they forwarded the form to the IRS. However, I called AmEx separately to let them know that I had filed my tax returns via paper, close to the July 15 extended deadline, and that as far as I could see the IRS still hadn’t processed my return. (I am due for a refund this year, so I’ve been tracking my refund status daily.) The IRS’s delay makes total sense, since their paper processing centers were shut due to Covid and they are offering high interest on refunds to compensate.

AmEx refused to alter course and waited to hear back from the IRS. The IRS responded that they didn’t have a 2019 tax return for me on file yet (as expected). I offered to share other forms with AmEx: like my 1040, my W2s, or my bank account statements. My AmEx FR manager said yes to them tentatively but came back and said I’d need to go the 4506-T route again. So I’m in a second route of waiting for my tax returns transcripts from the IRS, but I don’t expect them to have recorded my 2019 return yet because I still can’t see my refund status.

This sounds like an awful experience. I have always liked Amex -- they are my favorite issuer by a mile -- because they have always appeared to avail themselves of the right technology at the right time, and the right humanity when technology fails. As a marketing professional, I am impressed by how they miss few opportunities to be better than the competition.

That being said, your bad experience also sounds un-necessary. Sometimes bad experiences are inevitable: a financial review is inherently unpleasant, and inevitably tedious. But their refusal to pursue alternative means to conduct the review is nonsensical: centering a financial review around the IRS in 2020 can only lead to delays -- surely there are other ways to mitigate credit risk without waiting on the revenue service.

Amex (possibly the banking unit) is listed on Plaid's website as a client: Plaid is one of the leading softwares that allows companies to connect user accounts from other financial institutions. Most people on myFICO have probably used the software at least once to allow a lender or a payment solution to provide a service that required connecting external accounts. I don't see why Amex couldn't by now have set up a provisional financial review method based primarily on a customer's bank holdings and movements. Very disappointing!

I hope things work out for you.

Re: Help: Stuck in AmEx financial review for 5 weeks.

MacCreed — Thu, 17 Sep 2020 16:53:26 GMT

Amex wants collect as many AFs as possible without increasing default risk. This NPSL business is how they do it.

Re: Help: Stuck in AmEx financial review for 5 weeks.

Anonymous — Thu, 17 Sep 2020 20:46:30 GMT

I'm sure this is very frustrating, and while you did call them ahead of time to clear it this really, isn't a 100% guarantee according to DP's I've read. If your average spend is inconsistent with the new charge it often triggers this type AA. That said, it must have been one expensive ring to warrant FR. I mean in general most people who hold the Gold card aren't using it for a mere $400 per month spend, but if you are and go to charge $4-5K for a ring it may seem out of the norm. Same thing if your typical spnd is only $1-2K per month yet you want to charge a $10K ring, it's all relative.

i've seen mixed views on this and both sides haev their valid points, yet at the end of the day if you cannot feel comfortable/confident in your spending privileges it may be best to seek a card that does meet your expectations.

Re: Help: Stuck in AmEx financial review for 5 weeks.

icednightpaper — Thu, 17 Sep 2020 22:29:13 GMT

All I’m taking from this is to never deviate from spending patterns with an AMEX charge cards. Honestly if I were you I’d say bump it and just sever the relationship. Your FR manager doesn’t seem to care about maintaining it (putting aside that banks don’t care about individuals, it’s all business). A company like them can’t be bothered to update/mend their protocols even in a year like this? Yeesh.

Re: Help: Stuck in AmEx financial review for 5 weeks.

adelphi_sky — Wed, 23 Sep 2020 17:44:03 GMT

They asked me to fill out the same form. I let them kick rocks. lol Although they didn't freeze my cards. Pay off the cards. Show them the error of their ways. No balance, less risk. No need for tax info. Kick rocks Amex.