Impossible AMEX Financial Review

[FinStar]

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@Anonymous wrote:

Hi guys,

Sorry for the long wait but figured I would post an update. Got the call from Amex today that my account was routed for cancellation. I ended up working with my accountant to provide them with paystubs from one of our US holding companies that we have in our structure, accompanied with some recent bank statements. They were sent for review to an external team which took roughly two months, but they were declined and the account was officially cancelled. According to them it was not sufficient enough and they stood behind their requirement of receiving the IRS filings... which is honestly crazy.

Highly appreciate all the advice given here. I have at this point spoken to pretty much every higher authority person in the department and they understand the context of this bizarre situation... But simply put there is nothing they can do about it. I might still work with my RM to see what they can do but from my experience the cooperation between Amex markets has always been quite scarce (seems like they just have one email/contact person to forward requests to).

The rep that I was assigned was actually quite nice and wellwilling to assist... But seems like they are just extremely limited in what they can and cannot approve. I'll definitely be following up with a letter to corporate. What's probably the most surprising about this however is that even though my accounts were cancelled today, I can immediately re-apply for a new card and get a decision which is not impacted by the review.

I'll wait for a few days for everything to get properly processed (including getting access to the 300.000 MR points which are currently being held hostage in my account) and then make further decisions.

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Thanks for the update on the situation @Anonymous and it's really unfortunate things didn't work out in your favor.

As far as re-applying, keep in mind that if your accounts were cancelled today, the system may not let any applications proceed as those will likely be declined after cross-checking internal records. You can try it for science, if anything, since more than likely there won't be any HPs, but I would leave AmEx alone (applications-wise) for a bit.

As far as the MRs, that's going to be a tricky situation and hopefully you can resolve that with AENB, but don't hold out hope since any accrued rewards can be forfeited at anytime depending on the specific situation.

Keep us posted.

[Anonymous]

I don't usually suggest this (not as often as some here anyway!) but, at least once you attempt to get your MRs, I think a complaint to the Consumer Financial Protection Bureau 

Consumer Financial Protection Bureau (consumerfinance.gov)

would be worthwhile, especially if you can construct a concise explanation.   From my viewpoint:

This was a global transfer account, the whole point of which is that you don't have a US credit file (at the time) and there is a reasonable expectation that you have never filed with the IRS.   So to  have a process that demands a non-existent filing at this point makes no sense, and is almost bait-and-switch.

No idea of the success possibility but at this stage (after you get a decision on the MRs!) you have nothing to lose.   If you have to forfeit the MRs, that is another item to complain about.

[xenon3030]

If you have non-US Amex card, you may be able to transfer MR points. In the worst scenario, you should have the feasibility to redeem the MR points with a reasonable rate (GC) even if the card is cancelled (it might depend on the state that you live but I might be wrong).

I suggest to avoid wasting HP on new Amex cards now. It might be better to first file your first tax early and afterward, proceed to one new Amex application. In case of another financial review (linked to the prior card), you would have solid documents to provide.

[LADave]

And I thought Credit One was a headache to work with.

[bourgogne]

gosh you picked a great time to move to the usa lol.  sorry for your troubles.  I have not read through this thread but it sounds like you have connected with individuals that are not positioned to help you and say yes.  have you reached out to steve and the exec team?  I had a problem for years where I was showing as deceased even through I have been w them for 4 decades and had a slew of cards.  new apps would always get declined and I had to jump through all sorts hoops, but not anymore.  took one email to get it sorted.  give it a try, stay high level.

Stephen J. Squeri CEO

[purebulldogs]

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@NYC_Fella wrote:

Not that this is helpful, but the FR people in general are really nasty.

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You got that right. I just went through one. They were very rude and treated me as if I was a criminal. It worked out in the end I can spend more. 

If they want a 2nd financial review I'll just close the account. I have better cards now