Wife survives the dreaded Amex Financial Review

Introduction

About 2 weeks ago, my wife got the dreaded AMEX FR email.  I’ll show it below, but I can tell you what most likely triggered it but I’m sure you can guess already – a sudden surge in spend… as in, I charged $25K on her pers SPG and another $20K on her biz SPG cards, thus maxing out their CL’s (actually I realized the pers SPG only had a $14K CL too.)  You would think I would learn ‘slow and steady’ by now, but that personal card is over 5 years old.  Since AMEX is pretty lenient with doing multiples of CL, I didn’t think it would be an issue that’s why.  Anyway, here’s what the FR email looks like.  The title was “Important Information About Your account”

 

Dear Mrs MPD,

 

We are writing regarding your American Express account(s) referenced above because we have been unable to reach you by telephone.

We are conducting a financial review of your account(s) and we have determined there are financial documents we need from you in order to complete our review. It is important that you call us at the number on the back of your card as soon as possible so that we can discuss what documents are required.

If you fail to provide the documents required within 14 days of the date of this letter, we may take additional credit actions up to and including cancellation of your account(s).

We have placed a restriction on your account(s) and no further charges will be allowed until this matter is resolved.

We look forward to hearing from you soon.

 

Sincerely,

American Express Credit Services

 

Form 4506T

My wife wasn’t available when they called, so she called them back and had to speak to a specific rep.  She wasn’t able to reach that rep, but another rep took down her info.  They asked her what the recent charges were; I wasn’t there but she told me later what she said and I couldn’t be more proud of her answers.  Anyway, they emailed her a form and fax cover letter.

 

Note: Please do not respond to this email; this email address does not accept incoming email

Office Hours: 8:00 AM until 12 PM; Sat 8 AM- 6:30 PM; Sun 10:00-8:30 PM, Eastern Time

Office Number: 1-800-230-1289

American Express recently requested that you complete and return a tax form called the 4506T in order to conduct a financial review. The 4506T authorizes American Express to retrieve tax information. We find the review process to be a necessary requirement in order to conduct our business in a prudent and successful manner.

Detailed instructions on how to fill out the 4506T are attached, as well as in the American Express Fax Cover Sheet. In order to avoid closure of the account, it is critical that this information be completed correctly and faxed back to us within the deadline discussed by the American Express representative.

Instructions to help ensure a faster review:

  1. Print out the American Express Fax Cover Sheet
  2. Print out the Blank 4506T Form

Instructions for completing this American Express Fax Cover Sheet

      1. Fill out the FROM field with your name as it appears on your card.
      2. Fill out your 15 digit account number (this is used for internal processing; your account number is not given to a third party).

Instructions for completing the Blank 4506T Form

      1. Please refer to your copy of the tax return you filed for accuracy.  Information you provide must match IRS files, or the documents obtained may be insufficient and your account could be canceled.
      2. Typed forms are preferable.  Do not make corrections by whiting or crossing out.  These will cause the 4506T to be rejected and could result in cancellation. Please make changes by creating a new form.  Do not write or type your account number anywhere on the 4506T form.
      3. Complete lines 1-4 per the instructions on the 4506T for those lines.
      4. Line 5 may be prefilled with “American Express c/o Equifax Verification Services, 11432 Lackland Road, St. Louis, MO 63146”.  If line 5 is blank, please leave blank.
      5. Complete line 6. Line 6 must contain the name of the form you filed.  Box 6A should be checked.
      6. Leave lines 7 and 8 blank.
      7. Line 9 must be completed as requested.  Do not add years not requested.  Use mm/dd/yyyy format for each year requested.  Place each year on separate lines.
      8. If you filed using a Tax ID instead of your Social Security Number, please put your Tax ID number in the Social Security Number field.  Names and socials must be on corresponding lines for the IRS to accept this document.
      9. Sign and date the 4506T.  If completing for your business, please write your title under your signature.  You must check the box above the signature line to acknowledge you have the authority to sign and request the information.  The form cannot be processed if the box is unchecked.
  1. After completing instructions for the American Express Cover sheet and Blank 4506T Form, return BOTH of the completed forms to 1800 219 8549

Once the forms are received, they will be processed in 5-7 business days. If you have questions regarding your review, please call 1800-230-1289 and enter your account manager’s five digit extension (listed at the top of this email) to avoid long wait times.

Thank you,

The American Express Financial Review Team

 

Four business days later

I had filled out the form since I filed our taxes.  All they wanted last the previous year’s tax return.  I faxed it in and 4 days later, I got this email:

 

Dear Mrs MPD,

 

We are writing regarding your Card account(s).

We have completed our financial review and are pleased to let you know that your Card account(s) are in good order. You may use your Card(s) effective immediately.

You can visit our website at americanexpress.com to view your account online, make payments, and sign up for convenient email and mobile alerts.

Thank you for your Card Membership.

 

Sincerely,

American Express Credit Services

 

Lessons Learned

The odd thing was that my cards didn’t get FR’ed.  One reader proposed that was because we had different last names.  Not really sure there.  A handful of readers have gone through it; most of them passed.  The key thing that they want to know is that your reported income matches your tax returns.  Since hers did, she passed just fine.  I know of one college student reader who was hitting the OBC ultra hard got axed by AMEX after his FR (possibly lied on his income or too low of an income relative to spend.)  So if you’re being truthful with AMEX about your income, you should pass the FR just fine.

Going forward, I think it’ll be business as usual, but maybe no more surges in spend like that.

9 comments on “Wife survives the dreaded Amex Financial Review

  1. “she told me later what she said and I couldn’t be more proud of her answers.”

    Care to shed any light on what her answers were?

  2. My income on my application was several thousand less than my actual income, but they still slashed my credit limits quite a lot.

  3. And there goes the rest of your wifemiles. You are in the red now Vinh!

    But at least your wife called Amex. Mine refused to about 6 months ago and I had to close both of her credit card accounts before the shutdown hammer dropped.

  4. Went through this last year myself. NOTE to others that might end up here, if the FAX to them is not perfectly clear, they will reject it. That is when you find out you only get TWO chances to fax them stuff or the process ends. I had to make the FAX place (No landline here) clean and change their FAX machine. They didn’t know it was making a line down the page. Be very careful with the quality of the faxes and copies.

  5. If you’re self employed like me you’ll have tons of deductions that really skew annual income. I’m truthful with banks, but if you look at our returns it looks like we’re making about half of what I report due to tax deductions.

    Happy to hear she survived.

  6. I had a FR a few years ago after I charged $13k in one month on my Amex Hilton and paid it off right away. Prior to that, I had hardly used the card. I passed the FR, however, they put limits on my Platinum and Gold cards which were removed eventually.

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