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 1869612 times)

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #3780 on: April 01, 2015, 01:26:07 PM »
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Offline username

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Re: Amex F/R Master Thread
« Reply #3781 on: April 03, 2015, 12:58:52 AM »
Will passing a fr on my personal accounts help prevent fr on a new business card?
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3782 on: April 03, 2015, 01:12:07 AM »
Quote from: solls108 on April 01, 2015, 11:38:35 AM
If I use an AMEX strictly with MS, whats the best way to avoid FR?
A FR is not a bad thing. Learn to embrace it.
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3783 on: April 03, 2015, 01:12:46 AM »
Quote from: username on April 03, 2015, 12:58:52 AM
Will passing a fr on my personal accounts help prevent fr on a new business card?
IME yes but I am just one person.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3784 on: April 03, 2015, 01:14:45 AM »
Quote from: ChaimMoskowitz on April 03, 2015, 01:12:07 AM
A FR is not a bad thing. Learn to embrace it.
Is it a good thing or something that one should try to avoid ?
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3785 on: April 03, 2015, 01:26:55 AM »


Quote from: TimT on April 03, 2015, 01:14:45 AM
Is it a good thing or something that one should try to avoid ?
speaking from experience, that.
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3786 on: April 03, 2015, 01:27:57 AM »
Quote from: TimT on April 03, 2015, 01:14:45 AM
Is it a good thing or something that one should try to avoid ?
If you were truthful on your app IMHO it is a good thing especially if you are using their cards to MS.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3787 on: April 03, 2015, 01:29:12 AM »


Quote from: ChaimMoskowitz on April 03, 2015, 01:27:57 AM
If you were truthful on your app.
oh, so that's the trick
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3788 on: April 03, 2015, 01:33:19 AM »
Quote from: Dr Moose on April 03, 2015, 01:29:12 AM
oh, so that's the trick
It does help.  ;)
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Re: Amex F/R Master Thread
« Reply #3789 on: April 03, 2015, 01:34:10 AM »
Quote from: ChaimMoskowitz on April 03, 2015, 01:27:57 AM
If you were truthful on your app IMHO it is a good thing especially if you are using their cards to MS.
Why is that ?
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3790 on: April 03, 2015, 01:36:03 AM »
Quote from: TimT on April 03, 2015, 01:34:10 AM
Why is that ?
then you'll have no issues providing them with the documentation they'll request from you
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3791 on: April 03, 2015, 01:37:39 AM »
Quote from: Dr Moose on April 03, 2015, 01:36:03 AM
then you'll have no issues providing them with the documentation they'll request from you
...and once you pass it is basically a green light to do whatever you want.
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Re: Amex F/R Master Thread
« Reply #3792 on: April 03, 2015, 01:38:13 AM »
Quote from: ChaimMoskowitz on April 03, 2015, 01:37:39 AM
...and once you pass it is basically a green light to do whatever you want.
for how long?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #3793 on: April 03, 2015, 01:38:51 AM »
Quote from: username on April 03, 2015, 12:58:52 AM
Will passing a fr on my personal accounts help prevent fr on a new business card?
Ime I got FRd passed and then opened another business card and got FRd again.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3794 on: April 03, 2015, 01:39:50 AM »
Quote from: DMYD on April 03, 2015, 01:38:51 AM
Ime I got FRd passed and then opened another business card and got FRd again.
+1

I'm not sure if it's because I opened a biz account, but it was right after the account was opened
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3795 on: April 03, 2015, 01:40:44 AM »
Quote from: ChaimMoskowitz on April 03, 2015, 01:37:39 AM
...and once you pass it is basically a green light to do whatever you want.
That does sound good. But no risk of them doing anything worse in the future ?
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Re: Amex F/R Master Thread
« Reply #3796 on: April 03, 2015, 01:42:09 AM »
But by the second FR I told them that I just opened up the business so they agreed to let other card open, but had to close that card.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3797 on: April 03, 2015, 01:44:57 AM »
Quote from: DMYD on April 03, 2015, 01:42:09 AM
But by the second FR I told them that I just opened up the business so they agreed to let other card open, but had to close that card.
Why did you have to close it ?
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3798 on: April 03, 2015, 01:45:39 AM »
Quote from: Dr Moose on April 03, 2015, 01:38:13 AM
for how long?
Not sure. A few that I know about have been over a year.
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Re: Amex F/R Master Thread
« Reply #3799 on: April 03, 2015, 01:50:36 AM »
Quote from: TimT on April 03, 2015, 01:44:57 AM
Why did you have to close it ?
They wanted tax return of business, and I didn't mind closing the account.
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