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 744040 times)

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7755 on: September 11, 2017, 05:47:19 PM »
No sign of F/R in my amex Buisness account but when i called up they've told me to call tge F/R department at 8002301289,

The account is 2 years old, i made large purchasses with that account, and not so legitimate.

1. Is this a regular FR?
2. Will this affect my personal account?
3. If i will R"L have to close my account, are the points lost?
4. Anything to tell them if i don't have income/tax return?
is your card active? can you use any of your Amex cards?

Online mmgfarb

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Re: Amex F/R Master Thread
« Reply #7756 on: September 11, 2017, 07:29:07 PM »
No sign of F/R in my amex Buisness account but when i called up they've told me to call tge F/R department at 8002301289,

The account is 2 years old, i made large purchasses with that account, and not so legitimate.

1. Is this a regular FR?
2. Will this affect my personal account?
3. If i will R"L have to close my account, are the points lost?
4. Anything to tell them if i don't have income/tax return?
Call them and see what they want, it may just be a mini FR. If it's a real FR, just don't tell them anything you can't back up.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Emgee

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Re: Amex F/R Master Thread
« Reply #7757 on: September 28, 2017, 06:08:35 PM »
I just got declined with one of my amex cards, when i called they said they suspended all of my accounts because i charged one of my cards at a business related to me. Any advice on how to get reinstated?

Offline ilherman

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Re: Amex F/R Master Thread
« Reply #7758 on: November 02, 2017, 08:56:58 PM »
Update: made payment, brought all accounts to $0 balance. and msg disappeared!!
Interesting data point. Has this happened to anyone else?

How long did it take from when you paid up the balance until the message was gone? Did you speak with anyone in the FR dept at all?
You can say what you think when you think what you say.

Online mochjas

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Re: Amex F/R Master Thread
« Reply #7759 on: November 02, 2017, 09:43:36 PM »
I just got declined with one of my amex cards, when i called they said they suspended all of my accounts because i charged one of my cards at a business related to me. Any advice on how to get reinstated?
dont do stupid things

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #7760 on: November 03, 2017, 12:12:59 AM »
dont do stupid things
Nonsense, I used to own gas stations and charged my Amex cards for gas, auto repair and c store stuff, money orders for years and never had a problem.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7761 on: November 03, 2017, 12:54:35 AM »
I got frd awhile back never sent in docs and closed my accounts and now every few weeks i get amex pffers in the mail should i take that as a sign that theyll approve me without me needing to send in 4506t form or not

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #7762 on: November 03, 2017, 01:06:32 AM »
I got frd awhile back never sent in docs and closed my accounts and now every few weeks i get amex pffers in the mail should i take that as a sign that theyll approve me without me needing to send in 4506t form or not
i also get mail offers but even after I applied after getting f/r I still got declined. Not worth it. But 6 months wait may help

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #7763 on: November 03, 2017, 01:09:33 AM »
what happens if I canít get approved for a Amex because I underwent f/r am I going to have problems when my Citi converts over to Amex? And if not could that potentially be beneficial to rebuild my relationship back up with Amex to get more cards in the future without having to undergo fr?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7764 on: November 03, 2017, 01:12:30 AM »
what happens if I canít get approved for a Amex because I underwent f/r am I going to have problems when my Citi converts over to Amex? And if not could that potentially be beneficial to rebuild my relationship back up with Amex to get more cards in the future without having to undergo fr?
Anything is possible however this is what it says in the email I received

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #7765 on: November 03, 2017, 11:31:57 PM »
i also get mail offers but even after I applied after getting f/r I still got declined. Not worth it. But 6 months wait may help
Yes, a wait will hep, give it some time, a friend of mines was approved 15 months after f/r.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7766 on: November 05, 2017, 01:34:51 AM »
I got frd awhile back never sent in docs and closed my accounts and now every few weeks i get amex pffers in the mail should i take that as a sign that theyll approve me without me needing to send in 4506t form or not
It doesn't mean anything, if it's within 6 months of your last FR they'll request your tax returns regardless, if it's after 6 months you can pass without it.
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7767 on: November 05, 2017, 11:23:09 AM »
It doesn't mean anything, if it's within 6 months of your last FR they'll request your tax returns regardless, if it's after 6 months you can pass without it.
not neccasiry, seems everyone is different as many have been asked for returns even 6+ months after
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Offline S123

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Re: Amex F/R Master Thread
« Reply #7768 on: November 05, 2017, 11:46:21 AM »
Or you can ask to send in bank statements instead, worked for a lot of people I know

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #7769 on: November 05, 2017, 12:26:43 PM »
Or you can ask to send in bank statements instead, worked for a lot of people I know
If this works, it is valuable information, it will be much help to many, thanks.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.