American Express sent me a mail saying that my credit card would not accept new charges, because my account was under finanacial review. They asked me to send bank statement and tax information, and there is a deadline. I am wondering what will happen to my account?
!!!BE AWARE
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This may NOT work
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I followed the following steps. Today I tried calling back and asked to reopen the card. It's only 3 weeks since I closed the cards. The representative told me that the computer didn't allow her to reopen the card, and I have to reapply. She said the reason might be that the time is too long, but I don't think so...I have around $500 blue cash... dead, tears
madhorse3 08/17/07
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If you do not want to comply with the FR, and in order to circumvent it, as well as avoid any adverse action on your credit report, do the following.
1. When you get the FR on your card, cancel the card the same day. Tell them to make sure to enter it as "CLOSED AT CUSTOMERS REQUEST". Also make sure to verify that whatever offer you got on the outstanding balance will still apply (ie: 0% for 12 months). It should, but double check just to be safe.
2. Make your minimum payments (assuming this is a card that does allow for carrying a balance) for 2 months straight.
3. A few days after making your 2nd payment and it clearing, call them, and ask them to reopen the card.
4. As long as you ask them to reinstate the card NO longer than 90 days after it has been closed, they will not run a credit check (meaning no hit on your CB). Verify with CS if you want to be 100% certain.
5. Your CL and card should be reinstated without any FR. They will most likely tell you that a new (physical) card will be issued to you. Now just make sure not to make the same mistake of what got you into an FR in the first place!! 
Shalom!
dallybird said:American Express sent me a mail saying that my credit card would not accept new charges, because my account was under finanacial review. They asked me to send bank statement and tax information, and there is a deadline. I am wondering what will happen to my account?
You are required to provide the requested information. If you refuse it's likely they will close your accounts.
dallybird said:American Express sent me a mail saying that my credit card would not accept new charges, because my account was under finanacial review. They asked me to send bank statement and tax information, and there is a deadline. I am wondering what will happen to my account?
This may be a stupid question, but to clarify, did you receive this request via snail mail or email?
There is an old thread discussing this, can't seem to find it in the archives.
what did you do to get the review? Did your credit limits go up too fast? Did you max out your cards?
I got it thru snail mail, I thought it was becuase I maxed out the credit card.
btw: I had a business AMEX card, now they also wanted bank and tax info for that business.
should I just go ahead cancal the business account?
Call them up and see what's going on. I have received a similar request, but when I tried to open a new Citibank CC account (utility bill, etc. to verify address). I talked to them on the phone and verified my account since I already had an account with them, so I didn't need to send anything in?
If you've opened a business account, and don't have a business, that's probably against your T&C. But then again you can always claim to have some sort of seasonal or part-time business. Did the original application required the business to have TIN or something like that?
dallybird said:American Express sent me a mail saying that my credit card would not accept new charges, because my account was under finanacial review. They asked me to send bank statement and tax information, and there is a deadline. I am wondering what will happen to my account?
I just faxed the documents to them, and they told me it would take 7-10 days.
Ah, should I be worried about all the membership reward points?
maybe I should transfer them all now.
anyone had similiar experience here, would AMEX cancel your account after review?
if they cancel your account any earned and unused points are null and void
expert5186 said:if they cancel your account any earned and unused points are null and void
No, he will get an option of transferring them to different programs.
My company given AMEX corporate card was cancelled by my company after 4-5 years and
I was given 3 months to transfer it to any programs.
Offcourse, I never had any inquiry from AMEX like the OP had.
OP should transfer them ASAP.
You should have also asked the reason for the review?
They should be able to tell you.
Did you verify that the address and fax number that you are sending these documents to are in fact American Express and not some id theft scam? Don't trust the numbers they sent in the mail unless they match what you have on your card or can verify them.
Yes it is from American Express.
I maxed out my credit card, and AMEX told me this is irregular activity.
This is really trouble to me, I had about 40k spg points,
should I transfer them all now?
If its the SPG card check your SPG account. Most likely the points from your last statement are already there. AMEX cant take points from your SPG account if you close your SPG AMEX AFAIK.
Gagan
dallybird said:Yes it is from American Express.
I maxed out my credit card, and AMEX told me this is irregular activity.
This is really trouble to me, I had about 40k spg points,
should I transfer them all now?
What is your credit limit? How long have you had the card? There is a lot of info about AMEX FR in this archived thread.
jlgrandam said:Please be so kind as to list all the AMEX accounts you currently have open. Prevailing theory is that you only get FR if you have AMEX charge products.no its not! You can get FR with their CREDIT products
FR thread
http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=241746&highlight_key=y&keyword1=amer
American Express once requested that I give them my banking info. This was back in late 90's. I went to use my AMEX Platium charge card and they declined the charge. When I got back to my office I called and complained. The CS rep explained that because my charging pattern went from 20K a month to close to 60K a month they wanted to verify I had the funds to pay the bill.
Now my bill went up so much because this was back when the Public Utilites started to accept credit cards for payments. I own and run investment properties. So to get a ton of "Free Miles" I started to run all my bussiness expenss through my personal card.
The person I got transfered to asked for my banking info which I provided. I gave them all my personal accounts including my brokerage account and my bussiness accounts. If I remember correctly they put me on hold and verified the info and unblocked my account.
When I applied for SPG credit card in 2003 I was giving originally a $5K limit. When I got the card I called up and complained and they asked for my banking info and where able to raise the limit from $5K to $25K but they refused to raise it any more because I have a centurion card with LOC attached with another 25K limit on it. They explained to be between the internal limit on my charge card and 2 credit lines they could not offer me any more credit.
So I dont think it is rare for American Express to request banking info they done it to me 2X over the last 10 years. slightly office topic but Citibank called me up when I applied last month for PP elite lvl credit card asking me for my banking info because I already had what they consider to be 2 high limit card with them. A $38K AA credit and a Diners Card. After providing them with my banking info they opened the new account with a $25K limit.
I think it becoming more commen today for credit issuers to ask for banking info as more consumers get hip onto how fico scores work and how to increase there scores.
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