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 1904104 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4520 on: August 21, 2015, 10:59:30 AM »
Quote from: TimT on August 21, 2015, 10:56:45 AM
True, although they all might've sent in lower income than what they wrote on the apps.
Yea that probably often is the case
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4521 on: August 21, 2015, 11:01:05 AM »
Just got the BRG, SPG Biz, and Everyday. Should I really take the 3 months to hit the bonus (I have 11k to spend)? With other banks, I usually hit it in the first month (mostly through GCs).
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Online TimT

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Re: Amex F/R Master Thread
« Reply #4522 on: August 21, 2015, 11:02:13 AM »
Quote from: CS91 on August 21, 2015, 11:01:05 AM
Just got the BRG, SPG Biz, and Everyday. Should I really take the 3 months to hit the bonus (I have 11k to spend)? With other banks, I usually hit it in the first month (mostly through GCs).
You shouldn't need 3 months for $11k. Are you brand new to amex ?
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #4523 on: August 21, 2015, 11:07:36 AM »
Quote from: CS91 on August 21, 2015, 11:01:05 AM
Just got the BRG, SPG Biz, and Everyday. Should I really take the 3 months to hit the bonus (I have 11k to spend)? With other banks, I usually hit it in the first month (mostly through GCs).
Don't do it in one day, but you don't need three months either.
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4524 on: August 21, 2015, 11:10:46 AM »
Quote from: TimT on August 21, 2015, 11:02:13 AM
You shouldn't need 3 months for $11k. Are you brand new to amex ?

Nope. Been with them for other cards since 2012. But don't really have a heavy spending pattern with them.
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Online TimT

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Re: Amex F/R Master Thread
« Reply #4525 on: August 21, 2015, 11:11:47 AM »
Quote from: CS91 on August 21, 2015, 11:10:46 AM
Nope. Been with them for other cards since 2012. But don't really have a heavy spending pattern with them.
$11k isn't heavy spending. Just don't do it all on day 1.
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4526 on: August 21, 2015, 11:12:21 AM »
Quote from: TimT on August 21, 2015, 11:11:47 AM
$11k isn't heavy spending. Just don't do it all on day 1.

Okay thanks. Appreciate the advice.
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4527 on: August 21, 2015, 11:13:28 AM »
Quote from: TimT on August 21, 2015, 11:11:47 AM
$11k isn't heavy spending. Just don't do it all on day 1.

Just to be cautious, does it help to pay off part of the bill before doing more MSing?
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Online TimT

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Re: Amex F/R Master Thread
« Reply #4528 on: August 21, 2015, 11:15:10 AM »
Quote from: CS91 on August 21, 2015, 11:13:28 AM
Just to be cautious, does it help to pay off part of the bill before doing more MSing?
You could do that just safer not to use your full credit line several times a month.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #4529 on: August 24, 2015, 06:19:26 PM »
Failed. All personal and business cards cancelled. They wouldnt listen that i was added to business this year and thats why tax returns from last year dont show business income.

So question becomes where to transfer 425k MR. Any thoughts?
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Online etech0

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Re: Amex F/R Master Thread
« Reply #4530 on: August 24, 2015, 06:42:41 PM »
Quote from: hvaces42 on August 24, 2015, 06:19:26 PM
Failed. All personal and business cards cancelled. They wouldnt listen that i was added to business this year and thats why tax returns from last year dont show business income.

So question becomes where to transfer 425k MR. Any thoughts?
oy! so sorry to hear...
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4531 on: August 24, 2015, 06:59:52 PM »
Quote from: hvaces42 on August 24, 2015, 06:19:26 PM
Failed. All personal and business cards cancelled. They wouldnt listen that i was added to business this year and thats why tax returns from last year dont show business income.

So question becomes where to transfer 425k MR. Any thoughts?
You already know that you failed and they are still letting you transfer out your Mr?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4532 on: August 24, 2015, 07:03:06 PM »


Quote from: hvaces42 on August 24, 2015, 06:19:26 PM

So question becomes where to transfer 425k MR. Any thoughts?
probably AC.

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Offline AJK

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Re: Amex F/R Master Thread
« Reply #4533 on: August 24, 2015, 07:31:10 PM »
Quote from: yakrot on August 24, 2015, 06:59:52 PM
You already know that you failed and they are still letting you transfer out your Mr?

SOP.
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4534 on: August 24, 2015, 08:20:34 PM »
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #4535 on: August 24, 2015, 08:34:45 PM »
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4536 on: August 24, 2015, 08:36:06 PM »

Quote from: AJK on August 24, 2015, 08:34:45 PM
http://bfy.tw/GNq
That was uncalled for, how should he know if it was a regular acronym or one of your ones recently plucked from your top hat?
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Re: Amex F/R Master Thread
« Reply #4537 on: August 24, 2015, 08:49:34 PM »
Quote from: Super Speed on August 24, 2015, 08:36:06 PM
That was uncalled for, how should he know if it was a regular acronym or one of your ones recently plucked from your top hat?

1) Please point out where in the past I have "plucked acronyms from my top hat"
2) Even if I had, GIYF should always be step zero.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #4538 on: August 24, 2015, 08:59:23 PM »
Quote from: AJK on August 24, 2015, 07:31:10 PM
SOP.
Your thoughts? I have 70k Delta, 190k Avios. Want to travel to europe and israel in the next year. AEroplan is one option as i have UA and UR .
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #4539 on: August 24, 2015, 09:00:38 PM »
Quote from: hvaces42 on August 24, 2015, 08:59:23 PM
Your thoughts? I have 70k Delta, 190k Avios. Want to travel to europe and israel in the next year. AEroplan is one option as i have UA and UR .

I'd definitely dump some in AC.

Or you can just sell and buy back as needed.
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