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 1816518 times)

Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #5820 on: November 26, 2015, 08:46:42 AM »
That's like asking for one
-15/20k but YMMV
"Here at DansDeals we don’t do buses." -Dan

Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5821 on: November 26, 2015, 08:47:28 AM »
But I did make a payment for 5.5 k that posted already
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Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5822 on: November 26, 2015, 08:48:52 AM »
-15/20k but YMMV
. What do you mean that 12 k isn't enough to trigger?
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #5823 on: November 26, 2015, 08:48:59 AM »
Just read the wiki sorry that I didn't go thru 388 pages quick question if I'm still able to log in to my account after receiving the fr email that I must call within 30 days does that mean it's a mini fr?
Even if it's a full FR, you'll still be able to log into your account. It will just say "charges suspended".
Hey there! I am using DansDeals Forums.

Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #5824 on: November 26, 2015, 08:51:00 AM »
. What do you mean that 12 k isn't enough to trigger?
Of course it is but it really depends on your spending relationship with amex. Plenty of people do all 15 or 20k On day 1 no problem.
"Here at DansDeals we don’t do buses." -Dan

Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5825 on: November 26, 2015, 08:53:34 AM »
Right thanx the email says that there is a security concern and the charges may be declined.... What does that mean that they just wanna confirm the address etc or the want tax stuff
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Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5826 on: November 26, 2015, 08:54:49 AM »
Also I used my personal social as the tax I'd for the biz so does that mean I can send in my regular tax returns because I have no legal biz
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Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #5827 on: November 26, 2015, 08:56:04 AM »
Just call. They may just want to verify some info and that you have the card/made those charges.
"Here at DansDeals we don’t do buses." -Dan

Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5828 on: November 26, 2015, 08:57:19 AM »
Ok awesome because I also see that the charges are pending and have not been suspended 😀
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Offline kangarruu

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Re: Amex F/R Master Thread
« Reply #5829 on: November 26, 2015, 08:58:35 AM »
Definitely.

Here is the one big "kasha" according to me. Take a look at the following scenario below (mashal :P :P)

Now let's pause for a second to look at the legal side of things. CC companies don't have to take household income into consideration, but they are ALLOWED TO if they wish.

I would say this may be considered some sort of "violation" or some kind of  "predatory" lending. The reason being that Amex has approved jacob based upon his original and correct info, and now with no factors having changed are basically "changing their minds". Now for those that are going to chime in "amex says in the t&c's that they can close your account at their discretion", this is not "predatory lending" nevertheless I can not imagine the CFPB taking such a complaint likely. (Or maybe some kind of class action lawsuit)

/End rant ;D ;D :P :P

We're going to need citations to the relevant statutes and regulations before any real analysis can be done. Moreover,

Quote
When you use your Account (or sign or keep the Card), you agree to the terms of the Card Member Agreement that will be provided to you. Your Card Member Agreement includes an arbitration provision, which restricts your opportunity to have claims related to the account heard in court or resolved by a jury, and to participate in a class action or similar proceeding.


Offline D93

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Re: Amex F/R Master Thread
« Reply #5830 on: November 26, 2015, 09:06:17 AM »
Ok awesome because I also see that the charges are pending and have not been suspended 😀

Even if you're FR'ed, previous charges don't disappear.

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5831 on: November 26, 2015, 09:10:48 AM »
Even if you're FR'ed, previous charges don't disappear.

Imagine if they did though

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5832 on: November 26, 2015, 09:11:40 AM »
Right thanx the email says that there is a security concern and the charges may be declined.... What does that mean that they just wanna confirm the address etc or the want tax stuff
Can be either.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline D93

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Re: Amex F/R Master Thread
« Reply #5833 on: November 26, 2015, 09:14:15 AM »
Just read the wiki sorry that I didn't go thru 388 pages quick question if I'm still able to log in to my account after receiving the fr email that I must call within 30 days does that mean it's a mini fr?

When you log in, does it say "charging suspended please call....."?

Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5834 on: November 26, 2015, 11:29:00 AM »
all clear!!!! was just a fraud alert thanx for all your help( in appreciation first one to pm me gets a free metallic moshi iphone 6 plus case :P)
« Last Edit: November 26, 2015, 11:33:44 AM by gimmeallyourcashasap »
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5835 on: November 26, 2015, 11:31:11 AM »
all clear!!!! was just a fraud alert thanx for all your help( in appreciation first one to pm me gets a free metallic moshi iphone 6s case :P)
Good to hear. How many PM's have you gotten ?


Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5837 on: November 26, 2015, 11:34:15 AM »
Good to hear. How many PM's have you gotten ?
guess the 6 plus isnt popular among dffers lol
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5838 on: November 26, 2015, 11:57:17 AM »
all clear!!!! was just a fraud alert thanx for all your help( in appreciation first one to pm me gets a free metallic moshi iphone 6 plus case :P)
nice! Can you post the number Amex gave you to call and the name and of the rep you dealt with? If you don't feel comfortable posting it, please pm me the info.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5839 on: November 26, 2015, 12:09:17 PM »
1888 800 5234 reps name was sharon thats all  i know
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