Topic Wiki

1)   What is a Financial Review?
In short - American Express occasionally freezes the credit card accounts of individuals with high-risk patterns, or for new account holders.
They request a lot of personal information, such as IRS tax returns, bank statements, letters from Banks ect…

Let’s break it down into 2 different types of Financial Reviews
A)   Mini Financial Review
B)   Financial Review

A)   Mini Financial Review

(please fill in info) This form of financial review, is usually a short process, it could be as short as one phone call. American Express might feel a need to verify your finances for whatever reason, and they could call you to verify information. Your accounts could be suspended from using until you get in touch with them, typically they will restore your accounts after a simple phone call.

B)   Financial Review
This type of Financial Review is very common. It often happens when opening a new account for the first time, usually if you are opening a Charge Card, or a Business Card or if on a new account you start off will a lot of high spending.
American Express will suspend your account/s, they will not remove the suspension until the review is over, which takes around 2 weeks.

If you cannot provide the required information, shut down your account right away.

2)   Triggers

Look below for a list of triggers and links.
 
3)   What will happen?
Your accounts will get suspended. You will be able to log in online, and see account activity, but you will get a message that charging is suspended.

They will contact you via phone and email. Once you get in touch with them, (typically) you will be assigned a specific representative to work on your case.

The will require mainly IRS Tax returns. The point of a Financial Review is to verify your income. They may also require Back statements, a letter from a Bank to verify your address, and other documents. People have reported that they did survive a Financial Review with just bank statements.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

In cases of a Financial Review after opening a Business Card, you will need proof of Business income.

If you cannot provide the required information, shut down your account right away.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

4)   What Steps Should I take?

Get in touch with Amex as soon as you could. Send in the request inform promptly. You will have a rep that will be working with you, and telling you what documents are needed. 4506-t is a transcript request from the IRS for you last tax return. You will need to fill out this form, fax it to Amex, it will take them 24-48 hours until they receive this form, they will request the tax return from the IRS that could take about a week.

Important: you only have 2 attempts to send them the fax, if they reject it after 2 attempts you will get shut down. You don't get more than 2 attempts. (source)
You may be able to get 3 attempts if you ask for a manager.

You need to be on top of it, if you don’t follow thru, they could shut your accounts down.


5)   What to do if American Express closed your accounts?

Once American Express closes your accounts, the only way to get back on is if you have the required information needed to pass a Financial Review. They will require you to request a 4506 form from the IRS (which will cost you $57) before they even approve any of your future applications.


To start you may want to read up here:

F/R triggers:
[/color]


Credit line of $25k or more
http://www.dansdeals.com/forums/index.php?topic=1438.msg10906#msg10906

Family member receiving FR can cause other family members to get Fr'ed as well
http://www.dansdeals.com/forums/index.php?topic=6223.msg74003#msg74003 http://www.dansdeals.com/forums/index.php?topic=8.msg24759#msg24759

Living at same address as someone who was FR'ed
http://www.dansdeals.com/forums/index.php?topic=8.msg77046#msg77046

Using majority of CL
http://www.dansdeals.com/forums/index.php?topic=7526.msg87716#msg87716

Large cash advance
http://www.dansdeals.com/forums/index.php?topic=5908.msg82906#msg82906

Nothing...
http://www.dansdeals.com/forums/index.php?topic=2723.msg30062#msg30062

Changing name on business card
http://www.dansdeals.com/forums/index.php?topic=3589.msg38101#msg38101

Mint purchases
http://www.dansdeals.com/forums/index.php?topic=146.msg22932#msg22932

Amex Gift Card Purchases
http://www.dansdeals.com/forums/index.php?topic=2422.msg26670#msg26670
http://www.dansdeals.com/forums/index.php?topic=8.msg40106#msg40106

Unusual spending
http://www.dansdeals.com/forums/index.php?topic=8.msg7627#msg7627
http://www.dansdeals.com/forums/index.php?topic=3710.msg39597#msg39597

Amazon payments (possibly)
http://www.dansdeals.com/forums/index.php?topic=3657.msg88656#msg88656
http://www.dansdeals.com/forums/index.php?topic=3524.msg42436#msg42436

Using close to reported income
http://www.dansdeals.com/archives/2537

Logging in online too much (!)
http://www.dansdeals.com/forums/index.php?topic=8.msg13741#msg13741

Prepaying
http://www.dansdeals.com/forums/index.php?topic=1712.msg13732#msg13732
http://www.dansdeals.com/forums/index.php?topic=3710.msg39725#msg39725

Adding Cardholders (many?)
http://www.dansdeals.com/forums/index.php?topic=8.msg49318#msg49318

Refunds exceeding total payments made on the card since it was opened
http://forums.dansdeals.com/index.php?topic=8.msg845606#msg845606
[/font]
Though not exactly F/R, it's worth mentioning that Amex takes returned payments very seriously.
They often shut all accounts without going through the F/R process.

Author Topic: Amex F/R Master Thread  (Read 1869140 times)

Offline Matovu

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1218
  • Total likes: 21
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
  • Programs: SPG Gold, Hilton Honors Diamond,
Re: Amex F/R Master Thread
« Reply #3540 on: January 14, 2015, 11:37:20 AM »
I passed B"H
they lowered my limit on The Charge cards.

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3541 on: January 14, 2015, 11:42:01 AM »
I passed B"H
they lowered my limit on The Charge cards.
Good for you!
I didn't know they do that. (Lower limit on a charge card)

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22692
  • Total likes: 7191
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Amex F/R Master Thread
« Reply #3542 on: January 14, 2015, 11:44:09 AM »
I passed B"H
they lowered my limit on The Charge cards.
Which card was it ?

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6091
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #3543 on: January 14, 2015, 01:05:43 PM »
I passed B"H
they lowered my limit on The Charge cards.
Doesn't a charge card by definition have no limit?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3544 on: January 14, 2015, 01:08:17 PM »
Doesn't a charge card by definition have no limit?
It doesn't officially have a limit, but that doesn't mean you can use it for $10 million.
The actual limit changes according to your usage.

Offline Hershelsdeals

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2014
  • Posts: 3590
  • Total likes: 13
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3545 on: January 14, 2015, 01:09:10 PM »
Doesn't a charge card by definition have no limit?
You can't just swipe $100,000, American Express has an internal credit limit, which they would raise/Lower  according to your spending habits and pay

Offline peace123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2012
  • Posts: 1408
  • Total likes: 12
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: usa
Re: Amex F/R Master Thread
« Reply #3546 on: January 14, 2015, 01:44:51 PM »
to check  spend req, to check for new amex offers, to check if SC has posted, to check any points earned, etc

BTW<  seems no one has actually received $25 SC on amex staples   purchase?

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3547 on: January 14, 2015, 01:47:31 PM »
to check  spend req, to check for new amex offers, to check if SC has posted, to check any points earned, etc

BTW<  seems no one has actually received $25 SC on amex staples   purchase?
I paid with Visa Checkout and my order was cancelled for security reasons, but the offer shows as "redeemed".
Chat said I'll get the credit anyways. I guess we'll see.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 7232
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Amex F/R Master Thread
« Reply #3548 on: January 14, 2015, 07:51:05 PM »
I just found a new supply of forks!

Offline Matovu

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1218
  • Total likes: 21
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
  • Programs: SPG Gold, Hilton Honors Diamond,
Re: Amex F/R Master Thread
« Reply #3549 on: January 15, 2015, 04:23:44 PM »
Which card was it ?
My Business And Personal Gold and Platnium.

My issue was letting others spend and It seems that business was swiping to himself and paying back same account.... or so I think. I dont want to tell him I was FR'd

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3550 on: January 15, 2015, 04:26:05 PM »
My Business And Personal Gold and Platnium.

My issue was letting others spend and It seems that business was swiping to himself and paying back same account.... or so I think. I dont want to tell him I was FR'd
Why would he do that? Doesn't it cost him?

Offline Boruch999

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2014
  • Posts: 2164
  • Total likes: 186
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3551 on: January 15, 2015, 05:11:31 PM »
I paid with Visa Checkout and my order was cancelled for security reasons, but the offer shows as "redeemed".
Chat said I'll get the credit anyways. I guess we'll see.

Any particular reason you paid with Visa Checkout?

Offline Emkay

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 14412
  • Total likes: 377
  • DansDeals.com Hat Tips 35
    • View Profile
  • Location: Where I ought to be
Re: Amex F/R Master Thread
« Reply #3552 on: January 15, 2015, 05:25:25 PM »
Why would he do that? Doesn't it cost him?
Short term loan

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3553 on: January 15, 2015, 05:59:43 PM »
Any particular reason you paid with Visa Checkout?
I signed up because of the $30 promo, which was already expired. But since i already signed up and was logged in, I just paid. To see how it works. I got the confirmation email right away.

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3554 on: January 15, 2015, 06:01:35 PM »
Short term loan
I hear.
But if the card is on your name, whats the problem? How would AMEX know it's not legitimate spend?

Offline eAge

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2014
  • Posts: 276
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #3555 on: January 15, 2015, 06:42:41 PM »

I hear.
But if the card is on your name, whats the problem? How would AMEX know it's not legitimate spend?
Cuz a card being payed from the account it was charged isn't legit.

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3556 on: January 15, 2015, 11:57:38 PM »
Cuz a card being payed from the account it was charged isn't legit.
Oh. You can probably check online/chat from what account (or name on account) the payment was made.
(Or now that you passed, you don't care)

Offline username

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2008
  • Posts: 4643
  • Total likes: 613
  • DansDeals.com Hat Tips 14
  • Gender: Male
    • View Profile
  • Location: C Heights
  • Programs: ┌──────────────────┐ │───> Ữ₴ΣЯИΛΜӘ <─── │ └──────────────────┘
Re: Amex F/R Master Thread
« Reply #3557 on: January 19, 2015, 01:01:16 PM »
Just got FR from AMEX. They needed tax form, etc.
B"H Passed.

I transferred CL to my everyday preferred, and spent most of it in a day or two.
Now can i resume this activity? (I remember somewhere seeing that passing a F/R is a good thing, but maybe i'm thinking about a Chase AA?)
^^^

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3558 on: January 19, 2015, 01:04:00 PM »
Just got FR from AMEX. They needed tax form, etc.
B"H Passed.

I transferred CL to my everyday preferred, and spent most of it in a day or two.
Now can i resume this activity? (I remember somewhere seeing that passing a F/R is a good thing, but maybe i'm thinking about a Chase AA?)
Congrats!
Did they tell you that was the reason?

Offline Boruch999

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2014
  • Posts: 2164
  • Total likes: 186
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3559 on: January 19, 2015, 01:07:27 PM »
Thinking about trying a 3x CLI.  I have a ED with 10k,  a Blue MR with 8k and Delta Gold with 8k.

I live in Israel, so I don't really have much use for a bigger CL on any of these cards.

Reasons to/not to?