Help: Stuck in AmEx financial review for 5 weeks.

[Awkward-Limit8852]

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.

1. 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?
2. 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?
3. 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.

[ldkcivilservant]

The nuclear option is severing your relationship with Amex.

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

[Awkward-Limit8852]

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.

[K-in-Boston]

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.

[Brian_Earl_Spilner]

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

[Harvey26]

@Awkward-Limit8852  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.

[Awkward-Limit8852]

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.

[Harvey26]

@Awkward-Limit8852  Nothing but an expedited card.

[UpperNwGuy]

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.

[Awkward-Limit8852]

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