topic Re: Amex Financial Review in Credit Cards

Amex Financial Review

TrynaMakeIt13 — Sun, 12 Nov 2023 20:52:59 GMT

Sent in bank statements like they request and now they want to call the bank to accept the documents. I'm assuming they want to verify my account balance. Anyone else have this experience? How'd it go?

Re: Amex Financial Review

CreditCuriosity — Sun, 12 Nov 2023 21:42:28 GMT

Did they freeze your account or was this an application for a new account?

Re: Amex Financial Review

TrynaMakeIt13 — Sun, 12 Nov 2023 21:51:29 GMT

Accounts suspended @CreditCuriosity

Re: Amex Financial Review

CreditCuriosity — Sun, 12 Nov 2023 22:10:54 GMT

Never heard of them wanting to call bank. No advise here. So a true financial review although less intrusive than tax transcripts

Re: Amex Financial Review

ADMYFIC0 — Mon, 13 Nov 2023 12:09:29 GMT

Amex may just want to verify the ownership of the checking account--- that it really belongs to you. When I first started with Amex, agent called my bank while I was on call with her; she did not seem to care about the balance.

Re: Amex Financial Review

BuckyB — Thu, 16 Nov 2023 04:15:06 GMT

Good lord is it really worth it to go through all that? There are lot of credit card companies out there...

Re: Amex Financial Review

Anonymous — Sat, 18 Nov 2023 22:37:11 GMT

So now we get to the heart of the matter. Why was the account suspended? Did they -- or you-- detect fraudulent use or was there another reason. Perhaps looking at that reason will explain why they want to go into detail with your bank.

Re: Amex Financial Review

Anonymous — Sun, 19 Nov 2023 00:03:37 GMT

@TrynaMakeIt13 wrote:
Sent in bank statements like they request and now they want to call the bank to accept the documents. I'm assuming they want to verify my account balance. Anyone else have this experience? How'd it go?

It depends on the area and degree of concern! My first guess is that just want confirmation that the documents you have sent are valid. It is trivial to make entirely fake or altered versions of something as simple as bank statements. I do it all the time (I mean, I have a friend, well, just a casual acquantiance who does it, from time to time).

That's one reason for the tax transcript route, they get the document straight from the IRS, which reflects what you told the IRS, and the idea being you are much less likely to lie to them.

OTOH, if they are just concerned with your ability to pay, getting the bank to confirm your balance might do a little, but if they trusted the statements anyway....

Re: Amex Financial Review

NoMoreDebt — Sun, 19 Nov 2023 01:00:26 GMT

@BuckyB wrote:
Good lord is it really worth it to go through all that? There are lot of credit card companies out there...

Many people go through it and many say yes its worth it...

Re: Amex Financial Review

Berk — Tue, 21 Nov 2023 17:29:18 GMT

When I first applied for an Amex quite a few years ago (via pen and paper application) I had to provide bank statements and investment statements as part of the process. When borrowing money was free for banks a warm body, weak pulse and a 650 credit score would get you just about any card you wanted.

Now, with the current state of the economy - think pre 2008 collapse, banks are getting stingier and stingier with loans. It costs them more to borrow money and defaults on CCs, mortages, and auto loans are increasing rapidly. Plus, over 43 million Americans are having to start to pay their student loan debt which is adding to the banks' concerns. Just look at all the bank layoffs over the past year. Banks are failing at an alarming rate too if you ask me.

Re: Amex Financial Review

BuckyB — Wed, 22 Nov 2023 05:00:12 GMT

Well,

@Berk wrote:
When I first applied for an Amex quite a few years ago (via pen and paper application) I had to provide bank statements and investment statements as part of the process. When borrowing money was free for banks a warm body, weak pulse and a 650 credit score would get you just about any card you wanted.

Now, with the current state of the economy - think pre 2008 collapse, banks are getting stingier and stingier with loans. It costs them more to borrow money and defaults on CCs, mortages, and auto loans are increasing rapidly. Plus, over 43 million Americans are having to start to pay their student loan debt which is adding to the banks' concerns. Just look at all the bank layoffs over the past year. Banks are failing at an alarming rate too if you ask me.

Well, fine, but we don't run banks here so why do we care about banks' problems? I still want a good deal and a stress-free life and, frankly, I don't deal with banks that add stress to my life. Sending my personal info like bank statements, pay checks, tax returns, etc makes my life stressful so I'm not likely to do business with banks who want me to do that.

Re: Amex Financial Review

Anonymous — Wed, 22 Nov 2023 14:38:52 GMT

@BuckyB wrote:
Well,
@Berk wrote:
When I first applied for an Amex quite a few years ago (via pen and paper application) I had to provide bank statements and investment statements as part of the process. When borrowing money was free for banks a warm body, weak pulse and a 650 credit score would get you just about any card you wanted.

Now, with the current state of the economy - think pre 2008 collapse, banks are getting stingier and stingier with loans. It costs them more to borrow money and defaults on CCs, mortages, and auto loans are increasing rapidly. Plus, over 43 million Americans are having to start to pay their student loan debt which is adding to the banks' concerns. Just look at all the bank layoffs over the past year. Banks are failing at an alarming rate too if you ask me.
Well, fine, but we don't run banks here so why do we care about banks' problems? I still want a good deal and a stress-free life and, frankly, I don't deal with banks that add stress to my life. Sending my personal info like bank statements, pay checks, tax returns, etc makes my life stressful so I'm not likely to do business with banks who want me to do that.

I think @Berk was implying that this might become more common, as banks try to step losses from chargeoffs and fraud. So, if that turns out to be true, you won't be able to avoid such banks, unless you give up credit cards. IMO, probably not going to happen any time soon!

OTOH, we tend not to complain too much about the documentation requirements for mortgages (from almost every lender, with a few offering low documentation mortgages at higher rates). Yes. it's usually much more money than a credit card CL but it is also secured.

So if POI became much more common for credit cards, we would eventually accept as part of the normal application process "Yes, they are lending us money so of course they need to check" It's just currently those that do ask seem too demanding compared to the rest!

Re: Amex Financial Review

youngandcreditwrthy — Fri, 24 Nov 2023 17:14:49 GMT

a lot of credit card companies are requesting this type of info now.

Apparently there's loads and loads of fraud with people lying on car loans and the like.

I can understand verifying proof of income with bank statements (not including my transaction history but myabe the first page with deposits listed)

but providing Taxes to a credit card co is a whole nother story. Keep in mind too that some of what triggers these thigns is if you have actually been a victim of fraud (like recently I put a fraud alert on my report and had to send some SSA 89 form to verify my social for a card)

Sad state of affairs we are in with the identity theft and fraud that goes on.

just remember its all "for your protection" said every f ascist d ictator ever. hah

our civil liberties are going the way of the gold standard but that's another story for another day yall.

Re: Amex Financial Review

gbert — Mon, 07 Oct 2024 22:02:21 GMT

what kind of information did they need to verify by calling your bank?