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 1864997 times)

Offline Brian93

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Re: Amex F/R Master Thread
« Reply #5040 on: October 08, 2015, 08:23:01 AM »
Quote from: knowitall on October 08, 2015, 06:08:17 AM
On the phone they asked me for my business tax returns but in the email it just says tax returns.
My "business" is 3 years old so I can't say it's new so I didn't file separately. I do make $ on the books.
Any advice would be appreciated.
I told them I hadn't made so much money the last few years so I have been filing taxes from my business together with my personal
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Offline JDeals

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Re: Amex F/R Master Thread
« Reply #5041 on: October 08, 2015, 09:36:34 AM »
Quote from: Brian93 on October 08, 2015, 08:23:01 AM
I told them I hadn't made so much money the last few years so I have been filing taxes from my business together with my personal
Which means they should see your business name on your personal return,
And if not
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5042 on: October 08, 2015, 11:32:53 AM »
Quote from: yitrap on October 08, 2015, 06:52:33 AM

What version are you on? Mine doesn't look like that interface.
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Offline cholent

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Re: Amex F/R Master Thread
« Reply #5043 on: October 08, 2015, 12:04:43 PM »
Quote from: David Smith on October 08, 2015, 11:32:53 AM
What version are you on? Mine doesn't look like that interface.

Same here, I can't see bold or when someone crosses out in a quote
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Offline meme

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Re: Amex F/R Master Thread
« Reply #5044 on: October 08, 2015, 12:34:26 PM »
Anyway to get MR rewards or SPG points that have not posted yet after closing account?
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #5045 on: October 08, 2015, 12:55:00 PM »
Another family member FRed!
They are really on a roll here!
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Offline shoobi

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Re: Amex F/R Master Thread
« Reply #5046 on: October 08, 2015, 01:09:38 PM »
Quote from: knowitall on October 08, 2015, 12:55:00 PM
Another family member FRed!
They are really on a roll here!

+1 I also got F/R'ed few days ago, after my wife got shut down. Such a headache...
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Offline yitrap

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Re: Amex F/R Master Thread
« Reply #5047 on: October 08, 2015, 01:11:25 PM »

Quote from: David Smith on October 08, 2015, 11:32:53 AM
What version are you on? Mine doesn't look like that interface.
Quote from: cholent on October 08, 2015, 12:04:43 PM
Same here, I can't see bold or when someone crosses out in a quote
IOS latest version, I don't see crossed out either.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5048 on: October 08, 2015, 02:10:47 PM »
Quote from: meme on October 08, 2015, 12:34:26 PM
Anyway to get MR rewards or SPG points that have not posted yet after closing account?
No
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5049 on: October 08, 2015, 09:23:41 PM »
My experience was that I did get points posted after a shutdown by amex for not sending in the papers they wanted. Then I got a letter on the mail that I have 90 days to redeem the points. I just realized today that I missed the 90 days by 2 days past. I tried my luck and they were able to bring back the points and transfered them to aeroplan. ב''ה
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Offline JT27MP

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Re: Amex F/R Master Thread
« Reply #5050 on: October 11, 2015, 11:03:08 AM »
If one shows the $15k-$25K being charged on an amex card as expenses on a business (Schedule C) on his/her tax return, would that pass the financial review? And would they allow you to keep your credit line?
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Offline Toasted

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Re: Amex F/R Master Thread
« Reply #5051 on: October 12, 2015, 12:28:22 PM »
I did some charges for a 3rd party to meet spend. How safe is it to link 3rd party's checking acct for payments? F/R'able offense?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5052 on: October 12, 2015, 12:46:26 PM »
anyone ever have issues with 3rd party checks sent to amex?
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Offline a mirrer

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Re: Amex F/R Master Thread
« Reply #5053 on: October 12, 2015, 12:54:23 PM »
Quote from: Yehuda25 on October 12, 2015, 12:46:26 PM
anyone ever have issues with 3rd party checks sent to amex?
http://www.dansdeals.com/archives/35174
Quote
Having a 3rd party pay off a credit card bill or deposit a check into your account.
Pay off your own credit card bills from your own bank account. Don’t deposit checks that aren’t made out to you.
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5054 on: October 12, 2015, 12:55:52 PM »
Quote from: Toasted on October 12, 2015, 12:28:22 PM
I did some charges for a 3rd party to meet spend. How safe is it to link 3rd party's checking acct for payments? F/R'able offense?
If its the same checking account then its a big no-no. They will shut you down
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5055 on: October 12, 2015, 12:56:09 PM »
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5056 on: October 12, 2015, 01:00:49 PM »
Quote from: bznt on October 12, 2015, 12:55:52 PM
If its the same checking account then its a big no-no. They will shut you down
same checking account? what?
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Offline Zalc

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Re: Amex F/R Master Thread
« Reply #5057 on: October 12, 2015, 01:49:04 PM »
Quote from: Yehuda25 on October 12, 2015, 01:00:49 PM
same checking account? what?
if the 3rd party processed the payments to his checking and you want to pay your card from the same account, you'll get shut for fraud, very quickly.

Unless I misunderstand something.
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Offline sammy n

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Re: Amex F/R Master Thread
« Reply #5058 on: October 12, 2015, 01:49:56 PM »
What's the basic questions asked when getting FR'D?
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5059 on: October 12, 2015, 01:50:40 PM »
Quote from: Yehuda25 on October 12, 2015, 01:00:49 PM
same checking account? what?
You asked if you swipped into a friends account . if you can make payments from the same checking account where the money went in .
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