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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1856180 times)

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #3640 on: February 16, 2015, 08:10:22 AM »
Quote from: Aj3042 on February 15, 2015, 11:34:54 PM
So to get this straight nobody here thinks there's anything special about BRG in regards to F/R. So why do the FT threads go nuts over it insisting tjst getting BRG is like asking for trouble (unless you have docs to back you up).

Maybe ask the FT community then.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3641 on: February 16, 2015, 08:16:32 AM »
Quote from: Emkay on February 16, 2015, 04:03:35 AM
The world is slightly larger than DDF
Quote from: Aj3042 on February 15, 2015, 09:14:22 PM
Does anyone here think than AMEX BRG is a "magnet for F/R"

In the experience of people on this thread (who seem to have lots of F/R experience) is this true?
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3642 on: February 16, 2015, 09:19:53 AM »
Quote from: Super Speed on February 16, 2015, 05:10:49 AM
FWIW my F/R 2 years ago was triggered by a charge on my BGR.
My wife got one from vr purchases at cvs. Only reason for fail was cuz no tax returns with biz name. Since then biz name is always our own names. Rep said personal tax return with biz name equals my or her name would have been enough to pass.  Have gotten multiple bgr since them with no issue
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Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3643 on: February 18, 2015, 12:27:00 PM »
Is not getting routed to FR dept when calling and putting in CC number a sure sign that one is not under FR?
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3644 on: February 18, 2015, 12:33:34 PM »
Quote from: txtmax4 on February 18, 2015, 12:27:00 PM
Is not getting routed to FR dept when calling and putting in CC number a sure sign that one is not under FR?
Why would u assume you are getting one? Is your account online locked?
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Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3645 on: February 18, 2015, 01:30:48 PM »
Quote from: noturbizniss on February 18, 2015, 12:33:34 PM
Why would u assume you are getting one? Is your account online locked?
Got FR letter. Accounts had charging suspended. Now accounts seem to be current and call doesn't route to FR.
I can write more in detail later.
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3646 on: February 18, 2015, 03:33:40 PM »
Quote from: txtmax4 on February 18, 2015, 01:30:48 PM
Got FR letter. Accounts had charging suspended. Now accounts seem to be current and call doesn't route to FR.
I can write more in detail later.
If you can use cards then it's not under FR. Did you send anything in?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3647 on: March 02, 2015, 04:38:54 PM »
If I had a mini FR do I have to act now safer? Or ones it's done I'm good to go?
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #3648 on: March 02, 2015, 04:50:59 PM »
Quote from: pixi on March 02, 2015, 04:38:54 PM
If I had a mini FR do I have to act now safer? Or ones it's done I'm good to go?
Last year I had a mini FR, and then a week later I got the real thing. Didn't do any MS in between, IIRC.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3649 on: March 02, 2015, 04:52:05 PM »
Quote from: etech0 on March 02, 2015, 04:50:59 PM
Last year I had a mini FR, and then a week later I got the real thing. Didn't do any MS in between, IIRC.
Ohhhh boy..  I just got a mini FR and I did MS now,  I hope I will survive
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Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3650 on: March 02, 2015, 05:29:10 PM »
Quote from: pixi on March 02, 2015, 04:52:05 PM
Ohhhh boy..  I just got a mini FR and I did MS now,  I hope I will survive
What do you think triggered it?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3651 on: March 02, 2015, 06:00:30 PM »
Quote from: Emkay on March 02, 2015, 05:29:10 PM
What do you think triggered it?
Did a lot of MS ( + I log into my account alot + I have many additional + I pay many times in the month my bills +... ) I know it's not good all this but I don't have a other  option
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3652 on: March 02, 2015, 06:02:23 PM »
Quote from: pixi on March 02, 2015, 06:00:30 PM
Did a lot of MS ( + I log into my account alot + I have many additional + I pay many times in the month my bills +... ) I know it's not good all this but I don't have a other  option
The logging into account CMIIW Has never been substantiated as a trigger.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3653 on: March 02, 2015, 06:06:00 PM »
What mean a lot additional?  5?  20?  What about?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3654 on: March 02, 2015, 06:51:18 PM »
Quote from: pixi on March 02, 2015, 06:06:00 PM
What mean a lot additional?  5?  20?  What about?
How many AU's per account do you have ?
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Offline Tom Brady

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Re: Amex F/R Master Thread
« Reply #3655 on: March 02, 2015, 09:56:28 PM »
After someone had there cards shut down from FR, what's the lowest reported income people have been able to get back into Amex with?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3656 on: March 02, 2015, 10:09:02 PM »
Quote from: Tom Brady on March 02, 2015, 09:56:28 PM
After someone had there cards shut down from FR, what's the lowest reported income people have been able to get back into Amex with?
reports of none
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Offline Tom Brady

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Re: Amex F/R Master Thread
« Reply #3657 on: March 02, 2015, 10:13:08 PM »
Quote from: Yehuda25 on March 02, 2015, 10:09:02 PM
reports of none
How? If you apply after being shut down from FR they automatically require you to send in tax information before even considering approving you?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3658 on: March 02, 2015, 10:46:22 PM »
Quote from: Tom Brady on March 02, 2015, 10:13:08 PM
How? If you apply after being shut down from FR they automatically require you to send in tax information before even considering approving you?
I've gotten on after an F/R with no documents requested.
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Offline Tom Brady

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Re: Amex F/R Master Thread
« Reply #3659 on: March 02, 2015, 11:01:33 PM »
Quote from: Super Speed on March 02, 2015, 10:46:22 PM
I've gotten on after an F/R with no documents requested.
Were your cards shut down by the FR, or did you close them on your own?
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