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 ectÖ

Letís 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 donít 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 1465683 times)

Offline yelped

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Re: Amex F/R Master Thread
« Reply #8560 on: April 06, 2022, 04:50:23 PM »
I'd say Aeroplan over Lifemiles due to better website and better customer service should you need to call
Thank you. Any other opinions?

Offline TravelSER

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Re: Amex F/R Master Thread
« Reply #8561 on: April 06, 2022, 05:15:26 PM »
Aeroplan is good and safe.

Offline jjangoo

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Re: Amex F/R Master Thread
« Reply #8562 on: April 07, 2022, 03:04:21 PM »
I had a FR back in February and now my account is back under review again with charging suspended. Iíve never heard of this happening to anyone else. Anyone with similar experiences? Currently waiting for the agent assigned to my case to call.

Offline oldguy

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Re: Amex F/R Master Thread
« Reply #8563 on: April 07, 2022, 03:10:53 PM »
I had a FR back in February and now my account is back under review again with charging suspended. Iíve never heard of this happening to anyone else. Anyone with similar experiences? Currently waiting for the agent assigned to my case to call.
I had that, I called in and told them, that they have all my info, agent put me on hold and cleared my accounts within minutes.

Offline jjangoo

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Re: Amex F/R Master Thread
« Reply #8564 on: April 07, 2022, 03:22:09 PM »
I had that, I called in and told them, that they have all my info, agent put me on hold and cleared my accounts within minutes.

Thanks, no such luck for me. Agent escalated to try and figure out why I was under review again. Just stuck waiting for now.  :-\

Offline Savingsbeast

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Re: Amex F/R Master Thread
« Reply #8565 on: May 05, 2022, 04:51:45 PM »
I've been flagged for F/R, however, the process is different than what it usually is.

They asked for pay stubs and 2 most recent bank statements. After submitting the documents they called the bank to verify ownership. (No 4506)

The F/R agent says that it now goes to their backend team to review the numbers, whatever that means, and they will make the final decision.

Is there any indicator they are looking for? Should I expect a lowered credit limit or a closed account? In the event my cards are closed, will I be able to transfer out my points at that point or would I need to do it before that happens?

Offline zaltz

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Re: Amex F/R Master Thread
« Reply #8566 on: May 09, 2022, 10:38:23 PM »
Anyone had any luck opening an amex card after a shutdown?
And after how long did you try?

Offline jew

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Re: Amex F/R Master Thread
« Reply #8567 on: July 13, 2022, 05:44:36 PM »
Got FR to see if my spend matches my income and I see only 6 of my cards are frozen, all 6 which I barely spend on. Anyone have explanation for that?
And if I fail, will they shut all my cards?

They asked for bank account which has been paying the account. Problem is that the bank account is under brother name, is that okay?
Will it make sense to quickly pay bunch of the cards with AH bank account  and then only show that ?
Any and all guidance would be appreciated. Way too many cards here to lose :)

Offline jew

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Re: Amex F/R Master Thread
« Reply #8568 on: July 17, 2022, 05:56:10 PM »
Is it pointless to send in bank account that was paying Amex cards if its a different first name?

Would getting a notarized letter that Bank AH confirming the permission to pay brothers cards helpful?
Thanks

Offline as2

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Re: Amex F/R Master Thread
« Reply #8569 on: October 26, 2022, 01:45:04 PM »
A friend received this email from Amex. Doesn't seem like a typical FR (at least anything like the ones I've had). His accounts are in good standing, and not frozen or anything. Anyone familiar with this?

Thanks!
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8570 on: October 26, 2022, 01:48:32 PM »
A friend received this email from Amex. Doesn't seem like a typical FR (at least anything like the ones I've had). His accounts are in good standing, and not frozen or anything. Anyone familiar with this?

Thanks!
Never seen that one before. Did they receive any phone calls prior to this?
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline as2

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Re: Amex F/R Master Thread
« Reply #8571 on: October 26, 2022, 01:53:05 PM »
Never seen that one before. Did they receive any phone calls prior to this?
No calls prior to it, but received one today which he wasn't able to take.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8572 on: October 26, 2022, 02:00:02 PM »
No calls prior to it, but received one today which he wasn't able to take.
Going to take a wild guess and say it might involve the bank accounts he is paying his cards from.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline as2

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Re: Amex F/R Master Thread
« Reply #8573 on: October 26, 2022, 08:50:47 PM »
Going to take a wild guess and say it might involve the bank accounts he is paying his cards from.
That is something out of the ordinary in his case. I believe he pays from a 3rd party account. I'll find out if he was able to get any further information from them.
Memories last forever, make them while you can.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8574 on: October 28, 2022, 09:46:38 AM »
A friend received this email from Amex. Doesn't seem like a typical FR (at least anything like the ones I've had). His accounts are in good standing, and not frozen or anything. Anyone familiar with this?

Thanks!
I just received this as well. Called and spoke to them for a bit and apparently it's a FR of some sort. Only reviewing one specific account, and no threat of shutdown, just credit slashes from what I understood. After some pressing it seems trigger was high spend (wasn't particularly high, but last few months were lower) and they found a not on my account that it was sent to me in error.

I'll try to update if my friend has a different outcome.
Memories last forever, make them while you can.

Offline sb5917

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Re: Amex F/R Master Thread
« Reply #8575 on: November 14, 2022, 08:36:37 PM »
I just received this as well. Called and spoke to them for a bit and apparently it's a FR of some sort. Only reviewing one specific account, and no threat of shutdown, just credit slashes from what I understood. After some pressing it seems trigger was high spend (wasn't particularly high, but last few months were lower) and they found a not on my account that it was sent to me in error.

I'll try to update if my friend has a different outcome.
update?
got same email.