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:
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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 1116913 times)

Offline dealtastic

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Re: Amex F/R Master Thread
« Reply #8475 on: July 02, 2020, 05:51:52 PM »
Maybe we should collect some info what is causing this.

Offline TheDroid

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Re: Amex F/R Master Thread
« Reply #8476 on: July 03, 2020, 11:51:47 AM »
I also got a voicemail from Amex underwriting about a time sensitive business matter. They want me to call back.

Anyone who can offer any assistance, I'm all ears.

Before we find some defensive plan. You can get asked for those documents if your spending vs limit doesn't match well, which I feel is still better than 4506-T.

What card(s) do you have?
What did you think you do to trigger it?
« Last Edit: July 03, 2020, 11:57:38 AM by TheDroid »

Offline Belmar Boy

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Re: Amex F/R Master Thread
« Reply #8477 on: July 03, 2020, 12:53:32 PM »
Before we find some defensive plan. You can get asked for those documents if your spending vs limit doesn't match well, which I feel is still better than 4506-T.

What card(s) do you have?
What did you think you do to trigger it?
I have 5 amex cards, it was the business platinum that did this.
Interesting that I had a ton of spend for a long time (several years) with no issues, always paid my balance on time.
Also interesting my account isn't frozen right now and I could swipe it now.

Offline Belmar Boy

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Re: Amex F/R Master Thread
« Reply #8478 on: July 03, 2020, 03:14:26 PM »
Just spoke to an underwriting rep. She said if I pay off the full balance on the card (which I do every month as it is), that will be enough and nothing more would be needed. She did imply that going forward there would be a hard limit...

Offline TheDroid

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Re: Amex F/R Master Thread
« Reply #8479 on: July 04, 2020, 02:48:51 PM »
Just spoke to an underwriting rep. She said if I pay off the full balance on the card (which I do every month as it is), that will be enough and nothing more would be needed. She did imply that going forward there would be a hard limit...

Great that you are aware of why.
I kind of suspect it was a charge card doing this too. What we know is charge card doesn't have an official limit but always still have an internal secret limit so you can't go spend a million dollar (the hard limit).
Even if you paid full, if you look at the credit card side of FR, one trigger is recycling credit line. So once you combine the two (if you did recycle), it might trigger this.

More DP would be useful as a future reference for members. Things that might be useful is
Like what was the usage the month that trigger vs other months.
How many times you paid the balance that month.
How many % you spend compare to you highest credit limit of the AMEX non charge card and % compare to total credit limit of every AMEX card?

Might be worthwhile to know how extreme you push before the trigger.

Offline Belmar Boy

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Re: Amex F/R Master Thread
« Reply #8480 on: July 04, 2020, 10:25:20 PM »
Great that you are aware of why.
I kind of suspect it was a charge card doing this too. What we know is charge card doesn't have an official limit but always still have an internal secret limit so you can't go spend a million dollar (the hard limit).
Even if you paid full, if you look at the credit card side of FR, one trigger is recycling credit line. So once you combine the two (if you did recycle), it might trigger this.

More DP would be useful as a future reference for members. Things that might be useful is
Like what was the usage the month that trigger vs other months.
How many times you paid the balance that month.
How many % you spend compare to you highest credit limit of the AMEX non charge card and % compare to total credit limit of every AMEX card?

Might be worthwhile to know how extreme you push before the trigger.

The balance was the same as previous several months, I never pay off during the month and then spend more that month, just one payment per cycle.
My credit limit on my non-charge cards are paltry compared to the spend on the charge card.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8481 on: September 07, 2020, 09:21:43 PM »
I got this email today:

We’re writing to inform you that American Express makes periodic assessments of our commercial clients’ financial resources to make sure we are managing your needs and our financial exposure appropriately. We request your assistance to ensure we make a thorough and accurate assessment of the spending capacity on your commercial card account.

In order to conduct our review, please provide us with your company's financial statements for the past two years, preferably audited, or reviewed by an external auditor and prepared by an accountant. These financial statements should include:

    Balance Sheets
    Income statements
    Cash Flow Statements
    Notes to Financial Statements
    Interim Financial Statements through the most recent quarter

If these financial statements are not available, you may submit company prepared financial statements AND Business Federal Tax Returns from the most recent two years.

This information is important because it will help us understand more about your business and spending needs. If we do not receive the requested information within 14 days from the date of this letter, we will give no further consideration to your application if you have requested an increase in spending capacity.

You can return these documents along with the cover sheet to us in any of the following ways:

    Upload your documents online at americanexpress.com/docupload
    Email us your documents as an attachment at commercialunderwriting@aexp.com
        When emailing documents, please ensure your files are not password protected
    Fax to us at 1-866-759-8980 (utilize the attached fax cover sheet)
    Mail to us at the address indicated on the cover sheet

To expedite the process and to give you a timely response, we recommend that you use the online upload tool to send us your documents. Once we receive all of the requested information, we will generally complete our review within 14 business days. Any information you provide will be treated as strictly confidential and will only be used to establish spending levels on your account.

* Please note that alimony, child support or separate maintenance income doesn't need to be revealed if you don't wish to have it considered as a basis for repaying this obligation.

This is a time sensitive matter that could impact your existing spending capacity. We look forward to hearing from you soon.

If you have any questions, please call us at 888-290-6418. We are available to assist you Monday - Friday 8:30 a.m. to 6:30 p.m. ET.

FR?
not uncommon, most get it at some point when doing any decent amount of spend.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle