Exec Services were closed all this week: a recorded message says to call back in office hours but they're closed Mon-Wed this week 9 to 5.
My first reaction to the letter was 'is this a scam by con artists?'. I get worried when insecure Superfunds and local councils want too much info - eg for useless council elections - that cons could access.
Re Amex' ;etter, there was a raid on a place in Nunawading with a nest of fake ids as 'people' used rented homes 'everywhere' to generate fake ids and fake rates and water bills: the very things Amexs is asking us for. Psst, want a black card to pay off a cartel?
Yes, the crims are ahead of Amex.
The letter might be because they've been 'burnt' with some of their own employees signing up fake named crims too. In other instances, they paid points and holidays as bribes to people like Nestor Morales, unwittingly no doubt. Possibly they're cracking down as the US goes through them, like with the Dept of Justice Case.
On the issue of points not adding up, the Annual Report in 2012 said Amex 'found" $150,000,000 from a internal review, and FOS recently say they reported a systemic issue. I think Amex's lastest Annual Report is out soon and it'll say (like this one for 2012) that they guess how many points they owe and
....what happens when the budget blows out? Well who remembers the mass cullings and games with 10,000 bonii for 20 spends and "mybonus', 'earnpoints' and other messes where they 'changed terms' and cut people out and things for months with fake excuses??? (If anyone misse out, you have 5 months left to go to FOS or its over red rover for you.
Management uses statistical and actuarial models to estimate
ultimate redemption rates of points earned to date by current
cardmembers based on redemption trends of current enrollees,
card product type, enrollment tenure, card spend levels and
credit attributes. A weighted-average cost per point redeemed
during the previous twelve months, adjusted as appropriate for
recent changes in redemption costs, including mix of rewards
redeemed, is used to estimate redemption costs. Management
periodically evaluates its liability estimation process and
assumptions based on developments in redemption patterns,
cost per point redeemed, partner contract changes and other
factors.
The liability for the estimated cost of earned points expected to
be redeemed is impacted over time by enrollment levels, points
earned and redeemed, and the weighted-average cost per point,
which is influenced by redemption choices made by
cardmembers, reward offerings by partners and other
Membership Rewards program changes.
Changes in the URR and weighted-average cost per point have
the effect of either increasing or decreasing the liability through
the current period marketing, promotion, rewards and
cardmember services expense by an amount estimated to cover
the cost of all points previously earned but not yet redeemed by
current enrollees as of the end of the reporting period. As of
December 31, 2012, an increase in the estimated URR of current
enrollees of 100 basis points would increase the balance sheet
liability and corresponding expense for the cost of Membership
Rewards by approximately $270 million. Similarly, an increase in
the weighted-average cost (WAC) per point of 1 basis point
would increase the balance sheet liability and corresponding
expense for the cost of Membership Rewards by approximately
$80 million
