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 1910265 times)

Offline Shmulyg

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Re: Amex F/R Master Thread
« Reply #2540 on: August 27, 2013, 09:08:30 AM »
If I just passed an f/r and need to meet a threshold is it unsafe to amazon payments on those same cards that were f/r'd?
If you're asking whether you can just as easily be FR'd again, the answer is yes.

Offline joey123

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Re: Amex F/R Master Thread
« Reply #2541 on: August 27, 2013, 02:22:12 PM »
@ShmulyG

What if one's name is Jake John and he selects sole proprietorship and puts Jake John as the business name. Would he be able to pass an F/R by just showing his income? Furthermore, is it ideal to write as the business name "Jake John Sole Proprietorship"?

I appreciate your help.
To the nOObs out there, feel free to PM with q's. #AlwaysTakesTheHighRoad #LovesHashTags

Offline chamdena

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Re: Amex F/R Master Thread
« Reply #2542 on: August 27, 2013, 05:11:36 PM »
I just got called by FR. Crap! Ive got 3 issues:
1) I called to cancel, but they wanted to connect me to the FR department since my wife had begun a phone call with them and told them "she'd call back". So they had that on record and said "oh lets connect you with Ms so and so. It seems like she had gotten started with you". How can I get around that and simply shut it?
2) i want to cash out the spg points before closing. Possible? Whats the quickest transfer. Something better than nothing...

Offline Shmulyg

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Re: Amex F/R Master Thread
« Reply #2543 on: August 27, 2013, 06:33:35 PM »
@ShmulyG

What if one's name is Jake John and he selects sole proprietorship and puts Jake John as the business name. Would he be able to pass an F/R by just showing his income? Furthermore, is it ideal to write as the business name "Jake John Sole Proprietorship"?

I appreciate your help.
So says Dan.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #2544 on: August 27, 2013, 06:37:45 PM »
I just got called by FR. Crap! Ive got 3 issues:
1) I called to cancel, but they wanted to connect me to the FR department since my wife had begun a phone call with them and told them "she'd call back". So they had that on record and said "oh lets connect you with Ms so and so. It seems like she had gotten started with you". How can I get around that and simply shut it?
2) i want to cash out the spg points before closing. Possible? Whats the quickest transfer. Something better than nothing...

1. SM.
2. Your SPG points are not at risk (unless you're referring to points that are pending).
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Chuck2

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Re: Amex F/R Master Thread
« Reply #2545 on: August 27, 2013, 07:15:39 PM »
I just got called by FR. Crap! Ive got 3 issues:
1) I called to cancel, but they wanted to connect me to the FR department since my wife had begun a phone call with them and told them "she'd call back". So they had that on record and said "oh lets connect you with Ms so and so. It seems like she had gotten started with you". How can I get around that and simply shut it?
2) i want to cash out the spg points before closing. Possible? Whats the quickest transfer. Something better than nothing...
Call without entering your Credit card number, just press 0 or try to get a Representative on the phone than give him/her your credit card number (avoiding   the automatic transfer to the F/R department)
2. Your SPG points are not at risk (unless you're referring to points that are pending).
+1
:-)

Offline Nitantnel

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Re: Amex F/R Master Thread
« Reply #2546 on: August 27, 2013, 08:22:04 PM »
I just got called by FR. Crap! Ive got 3 issues:
1) I called to cancel, but they wanted to connect me to the FR department since my wife had begun a phone call with them and told them "she'd call back". So they had that on record and said "oh lets connect you with Ms so and so. It seems like she had gotten started with you". How can I get around that and simply shut it?
2) i want to cash out the spg points before closing. Possible? Whats the quickest transfer. Something better than nothing...

+1 on the fact that there's no risk to the SPG.

But you can always SM, or chat your way to get all the pending points. However, I believe you need your bill paid for them to expedite it for you, CMIIW.

Offline daganster

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Re: Amex F/R Master Thread
« Reply #2547 on: August 27, 2013, 08:45:30 PM »
+1 on the fact that there's no risk to the SPG.

But you can always SM, or chat your way to get all the pending points. However, I believe you need your bill paid for them to expedite it for you, CMIIW.
I've had them push through pending points without/before paying my bill YMMV.

Offline Shmulyg

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Re: Amex F/R Master Thread
« Reply #2548 on: August 27, 2013, 08:46:40 PM »
I've had them push through pending points without/before paying my bill YMMV.
CMIIW, but the whole paying-first thing is only for MR points.

Offline daganster

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Re: Amex F/R Master Thread
« Reply #2549 on: August 27, 2013, 08:48:02 PM »
CMIIW, but the whole paying-first thing is only for MR points.
Yes.

Offline Shmulyg

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Re: Amex F/R Master Thread
« Reply #2550 on: August 27, 2013, 08:52:08 PM »
Meaning it's irrelevant to this whole SPG discussion...

Offline daganster

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Re: Amex F/R Master Thread
« Reply #2551 on: August 27, 2013, 08:53:32 PM »
Meaning it's irrelevant to this whole SPG discussion...
Correct.

Offline menashe04

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Re: Amex F/R Master Thread
« Reply #2552 on: August 28, 2013, 01:49:11 AM »
actually my card is on a congregation name and i paid from a bank account belonging to a different congregation.
Personally I have enough income to show, and the congregation the card is under also has. but they didn't ask me now for proof of income. they asked to see 3 months of bank statements from the accounts used for payment. So my question was if anyone knows what they will do when they will see name on bank statement different then my card name.
as far as I understand they don't like hearing that someone else used your card and thats why they're paying for it
anyone have any help for me? I need to send in my statements already...

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2553 on: August 28, 2013, 10:55:04 AM »
Got 2 denied charges on my SPG, called to find out what was happening. Just got slammed with  45 min. of interrogation, the rep told me he could really ask for my tax returns he said it like 10 times. Then at the end he said I provided sufficient info. and I could start using it now. Yippee! Survived!

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #2554 on: August 28, 2013, 11:33:10 AM »
Got 2 denied charges on my SPG, called to find out what was happening. Just got slammed with  45 min. of interrogation, the rep told me he could really ask for my tax returns he said it like 10 times. Then at the end he said I provided sufficient info. and I could start using it now. Yippee! Survived!
Start slow young grasshopper.  ;)
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Offline smaxber

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Re: Amex F/R Master Thread
« Reply #2555 on: August 28, 2013, 11:34:45 AM »
Got 2 denied charges on my SPG, called to find out what was happening. Just got slammed with  45 min. of interrogation, the rep told me he could really ask for my tax returns he said it like 10 times. Then at the end he said I provided sufficient info. and I could start using it now. Yippee! Survived!

What were the charges?

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2556 on: August 28, 2013, 12:00:00 PM »

What were the charges?
1K at CVS $5 at a bagel store.

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #2557 on: August 28, 2013, 12:01:26 PM »
1K at CVS $5 at a bagel store.
Thats what you get for buying a bagel.  :)
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2558 on: August 28, 2013, 12:03:51 PM »

Thats what you get for buying a bagel.  :)
Lol! ;)

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Re: Amex F/R Master Thread
« Reply #2559 on: August 28, 2013, 12:06:33 PM »
Lol! ;)
It was a joke but this is a true story. I had many large charges on my Amex BC card. I made a small purchase at WM to change things up and the card was locked.
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