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 683254 times)

Offline av83

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Re: Amex F/R Master Thread
« Reply #7650 on: April 05, 2017, 04:21:14 PM »
Is there a way to transfer membership rewaeds from my plat.. account to my wifes account ?
a few years ago this worked:if you close up all your mr earning accounts you can then transfer the points. this may have changed

Offline MoMo22

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Re: Amex F/R Master Thread
« Reply #7651 on: April 05, 2017, 04:36:28 PM »
No. But its quite appropriate the thread that you're in
yes its because i was F/R

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7652 on: April 09, 2017, 05:29:25 PM »
Is Amex currently asking for 2015 Tax returns or 2016 Tax returns , I can't get a hold of my account manager and I want to send in the docs before time is running out .
money doesn't talk......      it SCREAMS !

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7653 on: April 09, 2017, 05:31:53 PM »
Is Amex currently asking for 2015 Tax returns or 2016 Tax returns , I can't get a hold of my account manager and I want to send in the docs before time is running out .
2015

Offline LiquidMovz

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Re: Amex F/R Master Thread
« Reply #7654 on: April 17, 2017, 03:32:28 AM »
I am new to the hobby and look forward to learning and sharing with you guys and gals!

Would appreciate any experienced input or direction to links regarding DPs on my AMEX FR scenario...

Pretty sure the answer is to shut the accounts down...but would love to hear I might have a chance.

Here's the situation:

Got approved for my first cards (3) with AMEX and have a thin file.
SPG Personal ($2K)
SPG Biz ($3K)
BRG

Got the cards and immediately put (like the 2nd or 3rd day) a big spend compared to their limits on them:

$5K (the Card Power Button said I could the day before  :o on the BRG to the Harley Dealership (to make the new Harley go vrooom better)  ::)

$2200 on the SPG BIZ on legit travel, as I was leaving for AZ the day before the cards were delivered for 8 days (had them overnighted to me at the hotel)

Got FR'd within an hour of activating the personal and never used it.

I also added the same AU to all accounts (my GF).

I get that I goofed and should have eased into the cards with spending, but excitement to meet the spend took over and I was making the purchases and have the money to do it...rookie mistake!

I have a legit BIZ almost 5 years old doing $100K Gross/yr...an LLC - I haven't filed tax returns, as I didn't start pulling paychecks until January of this year (2017)...haven't had a personal checking account until then either...I just payed personal expenses out of the biz account as a draw...

AMEX wants the 4506-T for 2015, which was never filed. Meeting with the accountant this Friday to start getting that all good with reporting income this year, as I want to prep for refinancing my house, in 2-3 years, I am am about to buy on a CD this year...as well as document to build my credit profile etc...

I have Biz Bank statements going back to 7/2012 that I could provide...but that's it.

They show a consistent 8-10K every mo for deposits except for a 20K/mo in 2013 avg...then a drop to 5-6K for a couple months in 2014....last 24 months are solid for showing deposits between 9-12K.

The withdrawals pretty much match the deposits...leaving a consistent ending balance of 1-2K.

I could pay the $7200 off prior to speaking to AMEX on the request by my 25th deadline (although, this would be a push for me, as I was planning to do it in 3-4 Weeks when they would have been due (statements cycle on the  17th and 18th) - if I swing for it, I know this would need to be part of the plan.

Anyone have any DPs on getting through a FR on Biz Bank Statements alone? And is showing Gross Deposits going to work if they would go there for me?

Also would a "Closed by Institution" show up on CRs for Biz accounts?

I am thinking my risk/worst case of trying the Biz Bank Statement route (IF they would even go there) is...obviously them closing the accounts...but only 1 (the Personal) showing up on my CR - which could possibly be disputed with AMEX, as they shut it down immediately?

I know if I close them I am out of the sand box with them until I can show them TRs If I OR they close them (should be June of Next Year for the 4506-Ts for 2017)

I just found this forum in my search for DPs on this and hope to participate in it on other subjects in the future!

As I stated above...I am pretty sure the right move here is to just shut them down and work with the other lenders with an expensive lesson (losing those points AND the Opportunity to build with AMEX out of the gate) until I can get them TRs.

Also one other issue I need to make a decision on...at the same time (JUST before actually) I got approved, I got my mother approved for both the SPG Biz and Personal and added me on as an AU on Both (I didn't think I was going to get approved personally) - DO I pull myself off her cards, as my situation could flag her account (either with me closing my accounts or not passing the FR if I roll the dice)?

I am 50 years old and don't live with her...not even the same last name, as she's been remarried...

Sorry for the long post, just wanted to get as much data as possible for any comments...

Thank you in advance for any experienced direction here!







Offline spiffpat

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Re: Amex F/R Master Thread
« Reply #7655 on: April 17, 2017, 05:00:41 PM »
I have a legit BIZ almost 5 years old doing $100K Gross/yr...an LLC - I haven't filed tax returns, as I didn't start pulling paychecks until January of this year (2017)...

More than a FR, I would be worried about this statement...

Offline LiquidMovz

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Re: Amex F/R Master Thread
« Reply #7656 on: April 17, 2017, 08:12:48 PM »
More than a FR, I would be worried about this statement...

That's "Gross" not "Net"...nothing to worry about...the company did not make a profit then! It's legit!

Offline jsk173

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Re: Amex F/R Master Thread
« Reply #7657 on: April 17, 2017, 10:21:39 PM »
That's "Gross" not "Net"...nothing to worry about...the company did not make a profit then! It's legit!

Profit or no profit, grossing $500,000 over 5 years without filing taxes = IRS problems.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7658 on: April 18, 2017, 09:51:12 PM »
Before you do anything call the person assigned to your case and ask if you can send in your bank statements and paystubs. The biz bank account shouldn't make a difference but you make a payment to amex from the bank account since IINM it'll need to be an account that you've used to pay amex with. YMMV if they'll let you get away with it but it's definitely worth a try.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7659 on: April 21, 2017, 01:50:21 AM »
for someone who does not have a 2015 return, but has a 2016 extension, would amex accept that?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7660 on: April 21, 2017, 09:40:53 AM »
for someone who does not have a 2015 return, but has a 2016 extension, would amex accept that?
They will still want to see tax return or bank statements

Online mochjas

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Re: Amex F/R Master Thread
« Reply #7661 on: April 24, 2017, 05:26:33 PM »
A family member was FRd: she works for cash so she doesnt file taxes. What can she say to the F/R rep as a good excuse why she doesnt file taxes. She is able to provide bank statements

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7662 on: April 24, 2017, 06:34:02 PM »
A family member was FRd: she works for cash so she doesnt file taxes. What can she say to the F/R rep as a good excuse why she doesnt file taxes. She is able to provide bank statements
She doesn't earn enough to file taxes

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Re: Amex F/R Master Thread
« Reply #7663 on: April 24, 2017, 06:51:42 PM »
She doesn't earn enough to file taxes
she does but gets paid cash so doesn't file

Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7664 on: April 24, 2017, 07:04:02 PM »
she does but gets paid cash so doesn't file

Bank statements? Although I am guessing those are not showing all of her income if she is not filing