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 1909666 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4420 on: August 04, 2015, 11:31:32 AM »
Quote from: sruly on August 04, 2015, 11:22:52 AM
They left voicemail abt business accounts but both are suspended.
Good luck! Did you get your own personal Amex rep yet? Otherwise you are only a part member of this exclusive club 😉
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Offline sruly

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Re: Amex F/R Master Thread
« Reply #4421 on: August 04, 2015, 11:32:29 AM »
Quote from: Jm1248 on August 04, 2015, 11:31:32 AM
Good luck! Did you get your own personal Amex rep yet? Otherwise you are only a part member of this exclusive club 😉
Yes x 2
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4422 on: August 04, 2015, 11:33:39 AM »
Quote from: sruly on August 04, 2015, 11:32:29 AM
Yes x 2
2 reps assigned to you? Then youre automatically upgraded to elite status :)
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #4423 on: August 04, 2015, 11:36:37 AM »
Quote from: Dr Moose on July 22, 2015, 02:29:39 PM
I was FR'd not too long ago, I decided to apply for a CC again today to see what'll happen. I was instantly approved.

Does that mean I'm in the clear? Or will they shut down accounts after approving them?
update: I've been making purchases on the card and it all seems to be working normally. Thank G-d!
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4424 on: August 04, 2015, 11:37:50 AM »
Quote from: Dr Moose on August 04, 2015, 11:36:37 AM
update: I've been making purchases on the card and it all seems to be working normally. Thank G-d!
Congrats! Hopefully I will be able to say the same in 6 months :)
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4425 on: August 04, 2015, 11:40:12 AM »
Quote from: Dr Moose on August 04, 2015, 11:36:37 AM
update: I've been making purchases on the card and it all seems to be working normally. Thank G-d!
did you pass that f/r or were accounts closed down ?
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Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #4426 on: August 04, 2015, 11:42:20 AM »
Quote from: TimT on August 04, 2015, 11:40:12 AM
did you pass that f/r or were accounts closed down ?
If he passed then what's the chiddush
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4427 on: August 04, 2015, 11:44:48 AM »
Quote from: Hershelsdeals on August 04, 2015, 11:42:20 AM
If he passed then what's the chiddush
True. Was wondering if he closed them or did Amex shut them.
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Offline sruly

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Re: Amex F/R Master Thread
« Reply #4428 on: August 04, 2015, 11:47:33 AM »
Quote from: Jm1248 on August 04, 2015, 11:33:39 AM
2 reps assigned to you? Then youre automatically upgraded to elite status :)
My wife's account got hit 5 min later.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #4429 on: August 04, 2015, 12:20:19 PM »
Quote from: TimT on August 04, 2015, 11:44:48 AM
True. Was wondering if he closed them or did Amex shut them.
I closed them
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4430 on: August 04, 2015, 12:33:34 PM »
Quote from: Dr Moose on August 04, 2015, 12:20:19 PM
I closed them
Were they Biz or personal?
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #4431 on: August 04, 2015, 12:46:38 PM »
Quote from: DMYD on August 04, 2015, 12:33:34 PM
Were they Biz or personal?
both, but they were asking for personal documents
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4432 on: August 04, 2015, 12:49:37 PM »
Quote from: Dr Moose on August 04, 2015, 12:46:38 PM
both, but they were asking for personal documents
And what did you apply for now? cuz I know someone that got FRd on Biz closed account, and a year+ later applied again for biz and they asked for the tax form again. 
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #4433 on: August 04, 2015, 12:51:16 PM »
Quote from: DMYD on August 04, 2015, 12:49:37 PM
And what did you apply for now? cuz I know someone that got FRd on Biz closed account, and a year+ later applied again for biz and they asked for the tax form again.
PRG.

when did they ask for their documents? right after the application?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4434 on: August 04, 2015, 12:52:38 PM »
Quote from: Dr Moose on August 04, 2015, 12:51:16 PM
PRG.

when did they ask for their documents? right after the application?
Yup wasn't approved instantly, called in to see what was needed.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #4435 on: August 04, 2015, 12:53:34 PM »
Quote from: DMYD on August 04, 2015, 12:52:38 PM
Yup wasn't approved instantly, called in to see what was needed.
oh, cuz I had instant approval.
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4436 on: August 04, 2015, 12:54:51 PM »
Quote from: Dr Moose on August 04, 2015, 12:53:34 PM
oh, cuz I had instant approval.
I will try the personal card and see if they will get approved.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4437 on: August 04, 2015, 02:05:29 PM »
Quote from: sruly on August 04, 2015, 11:47:33 AM
My wife's account got hit 5 min later.
Do you think it's cuz of spouse or same household address? Cuz my wife got fr'ed and I'm hoping it doesn't mean I will be getting fr'ed too. We are not under the same address
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Offline sruly

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Re: Amex F/R Master Thread
« Reply #4438 on: August 04, 2015, 02:56:48 PM »
Quote from: Jm1248 on August 04, 2015, 02:05:29 PM
Do you think it's cuz of spouse or same household address? Cuz my wife got fr'ed and I'm hoping it doesn't mean I will be getting fr'ed too. We are not under the same address
no,
It's b/c I put $75k from the US mint on both accounts.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4439 on: August 04, 2015, 05:12:40 PM »
Quote from: sruly on August 04, 2015, 02:56:48 PM
no,
It's b/c I put $75k from the US mint on both accounts.
Oh nice! And I thought my 10k purchase was bad :)
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