Amex credit card account in financial rewiew?

Question

IF they tell ur american express acoount is under financial rewiew, and they ask for more employer etc data,

what dose it mean? is that normal from amex?

i did speak with them , soo its from them, not fraud website,

in last 12 moths, i been on time 11 moths, on month i was late about 3 days

Answer 1

Yes it is normal for Amex to request a financial review for no reason. Eventually every Amex card holder will be requested {at least once) to send financial information.
Even though you might comply and send the requested info it does not mean they will keep the account open. Or if they do allow it to remain open, that in a month or two, or longer, they might not throw you back into the financial review and request the same info from you.

When they first started doing the reviews it seemed like they were happy with only receiving pay stubs. Now it seems that they will rarely settle for less than a 4506-T tax form.
And in most instances the taxes they are requesting is from a couple years ago.

After going through a financial review, they may either keep the account open or close it if the person has any past baddies reporting or if their past tax forms don't match what they listed for income on the application, etc. If the person passes the review they may see a credit limit increase. If the person fails to pass, the account will remain closed and show closed by credit granter on the credit reports.

If you decide not to comply, you should pay off any balance you have on the card and request that they close the account and show it as closed by consumer on your reports.

I intensly dislike the way that Amex is handling it.
They will put a block on cards without any prior notification, which leaves some people in a lurch, and embarrassed, when they go to use what they think is an active account.

In my opinion, sending pay stubs is just fine when a person is requested to go through a review, being forced to send income tax forms is above and beyond what they need and an invasion of privacy. It's one thing to have to provide tax forms for a mortgage or business loan, but for a simple credit card - nope, not in my opinion.

When my time comes, if they only request pay stubs I might comply. If they request tax forms they can stick their card.

I have done a lot of searching and reading as to why Amex has been doing this. From things I've uncovered "I believe" it has nothing to do with the current credit crisis, that it is basically a way for Amex to make money from the information provided on the tax forms <<
If you want to comply and hope to keep the card, send what they ask for.
If you don't want to comply, pay off your card and request the account be closed.

edit++++++++++

While I agree with PJ that it would not be good if you lied on your app If you had, you would probably be better off closing the account yourself.

I don't agree with PJ in that it is so cut and dried - you either lied in which they will close the account or you didn't lie in which they will leave the account open and you have nothing to worry about.

Incomes change on a fairly constant basis. Some may have lost their jobs and took a job for a lessor / greater amount of pay, some may have agreed to a paycut to keep their jobs, some may have agreed to a lesser pay and receive stocks in lieu of more pay, etc., etc., etc.

Even if the numbers match it is "no" guarantee that Amex will be satisfied and allow the account to remain open. Even if the numbers match and Amex is satisfied it doesn't mean that person will never be financially reviewed again. People have passed with flying colors only to be financially reviewed again - and again - and again.

In my opinion, they have "no" business requesting income tax information any more then the local grocery store has in requesting to see a persons bank statement if the person uses a check to make their purchase.

Amex had been sued for their sideline business of selling peoples information. I just shudder to think of what they are doing with the more detailed info on peoples tax forms. Let alone having peoples tax information floating around in their system.

It's strictly personal opinion if a person is comfortable in supplying income tax info and wants to comply or not
If a person's comfort level is good about sending sensitive tax info - then they should comply.
If their comfort level is low and they don't want to share that info with a credit card company, then they should close the account themselves.

Again, my opinion on what I would do - if Amex only requested pay stubs I would comply. I will not comply if or when a "credit card company" wants copies of my taxes

Answer 2

No it is not normal. Make sure that you are actually being contacted by AMEX. Only go directly to their site from your favorites or by typing in their website address. Do not use any hyperlink in the emails you receive.
Since AMEX is a pay monthly card, generally they don't review if you pay on time and if you don't they will cancel if you are late a few times.

Answer 3

American Express Financial Review

Answer 4

It means if you DO NOT comply and send the requested information it will be closed very shortly.

If you did not fabricate on your application concerning income then you have nothing to worry about, send the info and keep the card. If you did exaggerate you might just let it expire and forget about confirming you lied by submitting anything.

Answer 5

If its under financial review then its under financial review, it should be normal, i think they check for things like identity fraud. But make sure, always keep up to date with whats happening with your accoutn

Answer 6

It means the economy is tanking and people are not paying their bills on time.

You obviously have been really, really late on a number of payments and Amex is reevaluating letting you keep your card.

Out of curiosity, how many times have you made your payment in full on time in the past year?