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 1877775 times)

Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1620 on: September 20, 2012, 05:22:43 PM »
hmm..do u think i can pull off just faxing it to them and saying that i thought i can fax it? or theyll just say i need to send in orig?
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1621 on: September 20, 2012, 05:32:37 PM »
Quote from: mmermss on September 20, 2012, 05:22:43 PM
hmm..do u think i can pull off just faxing it to them and saying that i thought i can fax it? or theyll just say i need to send in orig?

TWTCSIN. ;)
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1622 on: September 20, 2012, 05:56:34 PM »
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1623 on: September 20, 2012, 06:00:35 PM »
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1624 on: September 20, 2012, 06:03:41 PM »
so i just received a letter from amex that i was declined for the cc because what i wrote for annual income and the 4506-t form i sent in the numbers didnt match...so apparently they did receive my documents or else they wouldnt be able to know that...its crazy that they told me they never received it.
anyways...any way to get around this? tell them i work overseas and file there works?
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1625 on: September 20, 2012, 06:38:15 PM »
Quote from: mmermss on September 20, 2012, 06:03:41 PM
so i just received a letter from amex that i was declined for the cc because what i wrote for annual income and the 4506-t form i sent in the numbers didnt match...so apparently they did receive my documents or else they wouldnt be able to know that...its crazy that they told me they never received it.
anyways...any way to get around this? tell them i work overseas and file there works?

Oh gosh, I just sent in my 4506Ts and my apps had "household" income... Hope they'll accept that explanation.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1626 on: September 20, 2012, 06:46:10 PM »
Quote from: AsherO on September 20, 2012, 06:38:15 PM
Oh gosh, I just sent in my 4506Ts and my apps had "household" income... Hope they'll accept that explanation.

hmm..not sure if that was a solution? or ur just saying ur in same situation?
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1627 on: September 20, 2012, 06:50:12 PM »
Quote from: mmermss on September 20, 2012, 06:46:10 PM
hmm..not sure if that was a solution? or ur just saying ur in same situation?

I'm not sure it's a solution, and I'm hoping I won't find myself in that situation. Amex F/Rs are YMMV, with some people getting away with murder, other people supplying docs and still getting shut down.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1628 on: September 20, 2012, 06:52:29 PM »
i understand its YMMV...but is there anything to do for those who have supplied the docs and got shut down...anything to tell them in recon that will change?
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1629 on: September 20, 2012, 06:54:14 PM »
Quote from: mmermss on September 20, 2012, 06:52:29 PM
i understand its YMMV...but is there anything to do for those who have supplied the docs and got shut down...anything to tell them in recon that will change?

I just made one suggestion, any outside of the box thinking that will make a case in your favor is worth trying.
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1630 on: September 20, 2012, 08:10:40 PM »
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Offline joey89

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Re: Amex F/R Master Thread
« Reply #1631 on: September 20, 2012, 08:13:06 PM »
Quote from: AsherO on September 20, 2012, 06:50:12 PM
I'm not sure it's a solution, and I'm hoping I won't find myself in that situation. Amex F/Rs are YMMV, with some people getting away with murder, other people supplying docs and still getting shut down.
amen to that
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Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1632 on: September 20, 2012, 09:30:53 PM »
Quote from: mmermss on September 20, 2012, 06:03:41 PM
so i just received a letter from amex that i was declined for the cc because what i wrote for annual income and the 4506-t form i sent in the numbers didnt match...so apparently they did receive my documents or else they wouldnt be able to know that...its crazy that they told me they never received it.
anyways...any way to get around this? tell them i work overseas and file there works?
what does 4506t have to do with your bank letterhead paper
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Offline nocknock

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Re: Amex F/R Master Thread
« Reply #1633 on: September 20, 2012, 11:36:23 PM »
is there any way to get the 75k offer what they had on the ebay site?

Its expired the offer could i call them in ask them to match it, does amex do these things?
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Offline Dan

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Re: Amex F/R Master Thread
« Reply #1634 on: September 20, 2012, 11:43:25 PM »
Quote from: nocknock on September 20, 2012, 11:36:23 PM
is there any way to get the 75k offer what they had on the ebay site?

Its expired the offer could i call them in ask them to match it, does amex do these things?
No
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1635 on: September 21, 2012, 12:59:55 AM »
Quote from: dans fan on September 20, 2012, 09:30:53 PM
what does 4506t have to do with your bank letterhead paper

they asked for both and i mailed them in same envelope...so if they got one...they got both

any one have any suggestions on how to get around it?
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1636 on: September 21, 2012, 01:06:34 AM »
Quote from: mmermss on September 21, 2012, 12:59:55 AM
they asked for both and i mailed them in same envelope...so if they got one...they got both

any one have any suggestions on how to get around it?

Fax to 801-945-2884.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1637 on: September 21, 2012, 04:44:49 AM »
Quote from: AsherO on September 21, 2012, 01:06:34 AM
Fax to 801-945-2884.

i found out that they received the letter...thing is they said the amount i wrote doesnt match the 4506T form
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1638 on: September 21, 2012, 08:42:47 AM »
Quote from: mmermss on September 21, 2012, 04:44:49 AM
i found out that they received the letter...thing is they said the amount i wrote doesnt match the 4506T form

I answered that question for you a few times already, there's no reason for you to keep asking.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1639 on: September 21, 2012, 08:51:32 AM »
Quote from: AsherO on September 21, 2012, 08:42:47 AM
I answered that question for you a few times already, there's no reason for you to keep asking.

got it...sorry
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