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 1857584 times)

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4660 on: September 16, 2015, 03:55:48 PM »
If I close a business card due to an FR and I have pending points on that card will I lose it if I still have other personal cards open?

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4661 on: September 16, 2015, 03:56:58 PM »
Will amex allow my wife,  to authorize me to take care of her FR ?
If she calls in and adds you as an account manager
-1

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #4662 on: September 16, 2015, 03:58:04 PM »
-1
I have experience, what experience do you have?

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4663 on: September 16, 2015, 04:00:14 PM »
If I close a business card due to an FR and I have pending points on that card will I lose it if I still have other personal cards open?
I think so

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #4664 on: September 16, 2015, 04:01:10 PM »
If I close a business card due to an FR and I have pending points on that card will I lose it if I still have other personal cards open?
Try expediting your pending points, if you have personal cards open they should be fine

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4665 on: September 16, 2015, 04:02:12 PM »
I have experience, what experience do you have?
I tried adding myself as account manager when my wife was fr'ed and they told me that they can only speak to the account holder regarding the fr. If you have experience otherwise then I guess I am incorrect. But this was my experience

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4666 on: September 16, 2015, 04:02:30 PM »
Try expediting your pending points, if you have personal cards open they should be fine
They're bonus points and usually they can't be accelerated. I'll try.

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4667 on: September 16, 2015, 07:43:23 PM »
After I've sent in the tax return form to Amex, is there anything else they'll need me to do, or do they base their decision on the return info. 
Im going to be out of the U.S. and I'm just wondering if I'll still need to be on the phone with them ?
Life is as good as you make it...

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #4668 on: September 16, 2015, 07:49:57 PM »
After I've sent in the tax return form to Amex, is there anything else they'll need me to do, or do they base their decision on the return info. 
Im going to be out of the U.S. and I'm just wondering if I'll still need to be on the phone with them ?
the  'reason' needs to be taken care of (like they might require you to pay your bill)
What's your plan for yud shvat?

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4669 on: September 16, 2015, 07:54:14 PM »

the  'reason' needs to be taken care of (like they might require you to pay your bill)
All the bills are paid off.
Life is as good as you make it...

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4670 on: September 16, 2015, 09:12:59 PM »
All the bills are paid off.
The rep I dealt with told me in the event that I do not pass the f/r and her next move is to shut down my accounts she will call me so that I can shut them down instead (she warned me however that if she can't get through to Me she will have no choice but to shut me down ) for the couple days I was waiting for my decision I was so nervous I would miss that call (luckily I passed though)

Offline TimT

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Re: Amex F/R Master Thread
« Reply #4671 on: September 16, 2015, 09:17:27 PM »
All the bills are paid off.
Can't you leave them a cell number if they need to reach you ? You don't want to get back & see that they shut you down.

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4672 on: September 16, 2015, 09:35:01 PM »

Can't you leave them a cell number if they need to reach you ? You don't want to get back & see that they shut you down.
The reps. claimed that I'll get the decision by email too, but I did leave our numbers just in case.
Such bad timing, but I hope this is the only gezeirah I got over rosh hashana, bec. Then I'm in good shape.
Life is as good as you make it...

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4673 on: September 16, 2015, 09:40:45 PM »
The reps. claimed that I'll get the decision by email too, but I did leave our numbers just in case.
Such bad timing, but I hope this is the only gezeirah I got over rosh hashana, bec. Then I'm in good shape.
Yup! Any idea what triggered the fr?

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4674 on: September 16, 2015, 09:51:00 PM »

Yup! Any idea what triggered the fr?
Probably all the au's I added to the accounts for Amex express checkout and upcoming sbs.
My wife also got a FR, and that's the only reason for both of us I can think of.
Life is as good as you make it...

Offline TimT

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Re: Amex F/R Master Thread
« Reply #4675 on: September 16, 2015, 09:53:36 PM »
Probably all the au's I added to the accounts for Amex express checkout and upcoming sbs.
My wife also got a FR, and that's the only reason for both of us I can think of.
Was there a specific account you went crazy with au's or just across all accounts ? There doesn't seem to have been more FR's than usual in the last few months.

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4676 on: September 16, 2015, 09:55:00 PM »

Was there a specific account you went crazy with au's or just across all accounts ? There doesn't seem to have been more FR's than usual in the last few months.
Across all my accounts.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4677 on: September 16, 2015, 10:21:15 PM »
Probably all the au's I added to the accounts for Amex express checkout and upcoming sbs.
My wife also got a FR, and that's the only reason for both of us I can think of.
Thanks for the info. You may have just saved me an fr. I've been steadily building up au's across my accounts over past month or so. Ill give it a break till November now

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4678 on: September 17, 2015, 08:42:51 AM »

I tried adding myself as account manager when my wife was fr'ed and they told me that they can only speak to the account holder regarding the fr. If you have experience otherwise then I guess I am incorrect. But this was my experience
+1 they didn't allow me to deal with all the F/R questions etc. for my wife.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #4679 on: September 17, 2015, 12:15:57 PM »
Across all my accounts.
Roughly how many was that?