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 ectÖ

Letís 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 donít 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 706271 times)

Online mmgfarb

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Re: Amex F/R Master Thread
« Reply #7590 on: March 17, 2017, 03:08:58 PM »
So this is my first post to DDF.
I am asking advice.
A member of DDF sent me a referral link to get an AMEX Platinum business card. He was going to get a bonus for me using his link.
I told him I don't have an officially registered business and will that be a problem. He said no.
So I apply for the Amex Platinum and it requires a minimum spend of 15k in order to get the 100k points.
As I start spending I get flagged for unusual activity and then am blocked from spending anymore. I tell Amex it is normal spending for me and I did make those charges. So they allow me to charge the cards again.
A few weeks later they suspend my charging and want me to submit to a financial review.
Stupidly, I told the guy I have business income of 50k a year. (I didn't know to claim I just started the business so I don't have a tax return.)
So now Amex won't let me do a FR without a tax return.
I am also claimed as a dependent on my Mother's tax return with 0 income and Amex won't even accept my Mom's return as they say only you are financially responsible for the debt.
What do you guys advise I do?
From reading this forum it seems I need to cancel the cards by the deadline which is the 21st.
Do you guys have any other advice or some other strategy I overlooked?
Thanks!
Seems like your friend wasn't nice enough to make you aware of what to do when you got FR'd which was almost guaranteed to happen. I would try and see if you can get them to take bank statements as proof of income but I doubt you'll have much luck with that. I'm really sorry you're in this situation but you may be out of luck until you have a tax return to show them in the future.
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Re: Amex F/R Master Thread
« Reply #7591 on: March 19, 2017, 06:47:00 PM »

I am also claimed as a dependent on my Mother's tax return with 0 income and Amex won't even accept my Mom's return as they say only you are financially responsible for the debt.
What do you guys advise I do?

Wait until you finish school and move out on your own.

Offline yitrap

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Re: Amex F/R Master Thread
« Reply #7592 on: March 19, 2017, 07:29:10 PM »
Looking for data points on tax return amounts for someone getting approved after getting their cards shut down from an FR, anyone done it with 12K or less?

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Re: Amex F/R Master Thread
« Reply #7593 on: March 21, 2017, 10:52:42 PM »
Want to load my serve from amex business card (I have reason to do so).
Is this a trigger?
Is it safe?

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Re: Amex F/R Master Thread
« Reply #7594 on: March 22, 2017, 02:52:56 PM »
Want to load my serve from amex business card (I have reason to do so).
Is this a trigger?
Is it safe?
BUMP

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Re: Amex F/R Master Thread
« Reply #7595 on: March 22, 2017, 02:56:49 PM »
BUMP

how much can you load? established card?

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Re: Amex F/R Master Thread
« Reply #7596 on: March 22, 2017, 03:02:27 PM »
how much can you load? established card?
Regular loading

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Re: Amex F/R Master Thread
« Reply #7597 on: March 22, 2017, 03:22:40 PM »
Regular loading

I meant how much are you planning on loading? either way I don't think this is any worse than anything else in the scheme of things. if the $ amount of spend you are doing through it is within the range of normal for you then I would say go for it.

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Re: Amex F/R Master Thread
« Reply #7598 on: March 22, 2017, 03:30:13 PM »
I meant how much are you planning on loading? either way I don't think this is any worse than anything else in the scheme of things. if the $ amount of spend you are doing through it is within the range of normal for you then I would say go for it.
Thanks

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Re: Amex F/R Master Thread
« Reply #7599 on: March 22, 2017, 07:40:03 PM »
I  got fred sent in docs a week ago still no response i called. the philipino rep said we still waiting to hear back from irs doesnt it usually take just a few days? what can this mean?

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Re: Amex F/R Master Thread
« Reply #7600 on: March 22, 2017, 07:45:18 PM »
Got a FR on DW business card. We've only started the business when we opened the account, not much proof of revenue. They asked for tax returns.

Will I need to prove business revenue?

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Re: Amex F/R Master Thread
« Reply #7601 on: March 22, 2017, 08:33:41 PM »
Got a FR on DW business card. We've only started the business when we opened the account, not much proof of revenue. They asked for tax returns.

Will I need to prove business revenue?
no

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Re: Amex F/R Master Thread
« Reply #7602 on: March 22, 2017, 10:18:43 PM »
I  got fred sent in docs a week ago still no response i called. the philipino rep said we still waiting to hear back from irs doesnt it usually take just a few days? what can this mean?
Depends on the season

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Re: Amex F/R Master Thread
« Reply #7603 on: March 24, 2017, 11:09:13 AM »
I recently got a F/R and I couldn't pass the F/R(because all of my income is my parents and I never personally payed taxed before) so I went ahead and closed all of my accounts. I was wondering if like in a year if I applied for another Amex card would I be approved?

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #7604 on: March 24, 2017, 11:37:27 AM »
I recently got a F/R and I couldn't pass the F/R(because all of my income is my parents and I never personally payed taxed before) so I went ahead and closed all of my accounts. I was wondering if like in a year if I applied for another Amex card would I be approved?
There have been many people who got approved, and many people who had to provide their tax info before getting approved.
I personally got approved with no issues
I don't sin, I give myself opportunities to repent.