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 1911866 times)

Offline D93

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Re: Amex F/R Master Thread
« Reply #4800 on: September 21, 2015, 08:31:25 PM »
Quote from: mosh.now on September 21, 2015, 08:23:14 PM
Just got F/R - anyone know if pending purchases will go through?
Yes they will.
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Offline D93

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Re: Amex F/R Master Thread
« Reply #4801 on: September 21, 2015, 08:31:58 PM »
Quote from: Yehuda25 on September 21, 2015, 08:29:10 PM
Just got a purchase denied on a charge card because there isn't enough credit available, is that a bad sign?
Not necessarily, log into your account does everything look ok?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4802 on: September 21, 2015, 08:32:55 PM »
Quote from: D93 on September 21, 2015, 08:31:58 PM
Not necessarily, log into your account does everything look ok?
yes, except for a fraud alert
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Offline Ghost

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Re: Amex F/R Master Thread
« Reply #4803 on: September 21, 2015, 08:33:43 PM »
Quote from: Yehuda25 on September 21, 2015, 08:29:10 PM
Just got a purchase denied on a charge card because there isn't enough credit available, is that a bad sign?
It can trigger fr or mini but it itself isn't an issue.
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Offline mosh.now

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Re: Amex F/R Master Thread
« Reply #4804 on: September 21, 2015, 08:42:59 PM »
Will they drill me about all the recent A/U i just added?
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #4805 on: September 21, 2015, 08:54:30 PM »
Deffinetly a wave of FR's....
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4806 on: September 21, 2015, 09:42:26 PM »
Quote from: Yehuda25 on September 21, 2015, 08:32:55 PM
yes, except for a fraud alert
Quote from: Ghost on September 21, 2015, 08:33:43 PM
It can trigger fr or mini but it itself isn't an issue.
That's exactly how my wife's fr happened. I think as of now you are not under fr and whether you will be placed under fr is dependent on how you answer the questions they ask when you call to remove the fraud alert
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4807 on: September 21, 2015, 09:43:34 PM »
Quote from: mosh.now on September 21, 2015, 08:42:59 PM
Will they drill me about all the recent A/U i just added?
They will likely mention it. Doubt they will drill you on it
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4808 on: September 21, 2015, 09:55:52 PM »
Quote from: Jm1248 on September 21, 2015, 09:42:26 PM
That's exactly how my wife's fr happened. I think as of now you are not under fr and whether you will be placed under fr is dependent on how you answer the questions they ask when you call to remove the fraud alert
I called in and they did not ask any serious questions, and cleared the account immediately.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4809 on: September 21, 2015, 09:56:52 PM »
Quote from: Yehuda25 on September 21, 2015, 09:55:52 PM
I called in and they did not ask any serious questions, and cleared the account immediately.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4810 on: September 21, 2015, 10:41:39 PM »
can i add a AU while i am on  F/R ?
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #4811 on: September 21, 2015, 10:43:56 PM »
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4812 on: September 21, 2015, 10:44:51 PM »
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Online TimT

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Re: Amex F/R Master Thread
« Reply #4813 on: September 21, 2015, 11:12:15 PM »
I had a purchase decline & when I called in the rep said it was a fraud alert & he just wants to confirm its me making the purchase. I confirmed & I had him stay on the line as I swiped again & it worked fine.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4814 on: September 21, 2015, 11:23:19 PM »
Quote from: TimT on September 21, 2015, 11:12:15 PM
I had a purchase decline & when I called in the rep said it was a fraud alert & he just wants to confirm its me making the purchase. I confirmed & I had him stay on the line as I swiped again & it worked fine.
Well a fraud alert can still be just a fraud alert even with the new wave of fr's  :)
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4815 on: September 21, 2015, 11:36:04 PM »
Had once a fraud alert which ended up in a mini (thank God)  FR
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4816 on: September 21, 2015, 11:57:09 PM »
Quote from: pixi on September 21, 2015, 11:36:04 PM
Had once a fraud alert which ended up in a mini (thank God)  FR
Seems like a lot of fr's are triggered by fraud alerts
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Offline mosh.now

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Re: Amex F/R Master Thread
« Reply #4817 on: September 22, 2015, 12:06:00 AM »
Makes sense in my case, but then again I also had a large purchase on a new card and added a bunch of additional users so who knows:)
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4818 on: September 22, 2015, 12:09:14 AM »
Is there any benefit of having a FR and passing it then not having one at all?
« Last Edit: September 22, 2015, 12:19:09 AM by pixi »
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Offline joshro

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Re: Amex F/R Master Thread
« Reply #4819 on: September 22, 2015, 12:35:02 AM »

Quote from: pixi on September 22, 2015, 12:09:14 AM
Is there any benefit of having a FR and passing it then not having one at all?
That you don't have to live in fear of one everyday?
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