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 1816260 times)

Offline Shkop

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Re: Amex Financial Review
« Reply #1020 on: February 18, 2012, 10:23:46 PM »
All joking aside...anyone with any ideas or suggestions?
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Offline JEWDA

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Re: Amex Financial Review
« Reply #1021 on: February 18, 2012, 10:37:24 PM »
All joking aside...anyone with any ideas or suggestions?
Read ^
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Offline askmoses

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Re: Amex Financial Review
« Reply #1022 on: February 19, 2012, 02:00:46 AM »
Who? What? How?
They have some department there called the media department. They are the ones whom I put down for the IRS to send the 4506 over to

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Re: Amex Financial Review
« Reply #1023 on: February 19, 2012, 08:53:17 AM »
All joking aside...anyone with any ideas or suggestions?
Do you have document to match the info you told them?
Do you bank statements and tax return match the income you said you have?

If you dont "Fork" over the documents you deff are gonna get shut down, and you wont get back on until you "Fork" it to them.

IMHO if your documents match up then give it to them.

Offline Drago

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Re: Amex Financial Review
« Reply #1024 on: February 19, 2012, 09:32:17 AM »
Do you have document to match the info you told them?
Do you bank statements and tax return match the income you said you have?

If you dont "Fork" over the documents you deff are gonna get shut down, and you wont get back on until you "Fork" it to them.

IMHO if your documents match up then give it to them.

+1
My wife and I were FR'd a year or 2 ago, but since our income equaled what was stated, I sent e/t in.
In the end, they slapped lower CL's on our accounts, but e/t was reopened.

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Re: Amex Financial Review
« Reply #1025 on: February 19, 2012, 09:38:12 AM »
+1
My wife and I were FR'd a year or 2 ago, but since our income equaled what was stated, I sent e/t in.
In the end, they slapped lower CL's on our accounts, but e/t was reopened.

I was FR'd a couple of years ago... I never sent in the info (cuz I dint have  ;)) My account was shut down... Every time I tried to re-apply they told me that I need to send in my tax return... I finally sent it in and got back on!!

Offline dans fan

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Re: Amex Financial Review
« Reply #1026 on: February 20, 2012, 10:50:17 PM »
I was FR'd a couple of years ago... I never sent in the info (cuz I dint have  ;)) My account was shut down... Every time I tried to re-apply they told me that I need to send in my tax return... I finally sent it in and got back on!!
do you mind sharing how much income was on the tax return? ( its about a tenth of you income)

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Re: Amex Financial Review
« Reply #1027 on: February 20, 2012, 11:18:51 PM »
do you mind sharing how much income was on the tax return? ( its about a tenth of you income)
The income on my tax return matched what I put down on my application

Offline txtmax4

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Re: Amex Financial Review
« Reply #1028 on: February 22, 2012, 11:13:22 AM »
A friend is asking: "What's the easiest way to cancel Amex during a F/R"? He says whenever he calls he gets the rep that's dealing with his case..
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Re: Amex Financial Review
« Reply #1029 on: February 22, 2012, 11:15:50 AM »
A friend is asking: "What's the easiest way to cancel Amex during a F/R"? He says whenever he calls he gets the rep that's dealing with his case..

Call from a different number, don't put in your Amex card #, refuse to get transferred, say/insist you spoke to F/R dept already and just want to close your accounts.

Worked for me.
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Offline AJK

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Re: Amex Financial Review
« Reply #1030 on: February 22, 2012, 11:26:56 AM »
Easier to just SM. Simple and it works.
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Re: Amex F/R Master Thread
« Reply #1031 on: February 27, 2012, 05:19:04 PM »

Offline aj26

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back to amex after an FR
« Reply #1032 on: March 01, 2012, 01:12:02 PM »
I had my amex accounts shut down last august after an FR since my tax returns had not yet been filed (I had an extention). They wouldn't take bank statements because the statement did not have my name on it. Unfortunately, I let them close down my accounts.
Now that I filed for 2011 I recently applied for Plat and Gold. They sent me a letter requesting I send in 4506 form to IRS. (its not the T form and is costing me $57 to IRS). I only reported 13K to IRS but put 30K on app since the other 17 is non-taxable. I know people who have survived an FR with only 6K on tax forms even though they reported 30K on app.
Should I try to push ahead with app for just one of teh cards or both. Anyone have any experience getting back into amex after an FR

Offline AJK

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Re: back to amex after an FR
« Reply #1033 on: March 01, 2012, 01:12:56 PM »
This should be posted in the AMEX FR thread.
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Offline aj26

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Re: back to amex after an FR
« Reply #1034 on: March 01, 2012, 01:13:43 PM »
oopps!
maybe a moderator can move it

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Re: Amex F/R Master Thread
« Reply #1035 on: March 01, 2012, 08:00:45 PM »
I had my amex accounts shut down last august after an FR since my tax returns had not yet been filed (I had an extention). They wouldn't take bank statements because the statement did not have my name on it. Unfortunately, I let them close down my accounts.
Now that I filed for 2011 I recently applied for Plat and Gold. They sent me a letter requesting I send in 4506 form to IRS. (its not the T form and is costing me $57 to IRS). I only reported 13K to IRS but put 30K on app since the other 17 is non-taxable. I know people who have survived an FR with only 6K on tax forms even though they reported 30K on app.
Should I try to push ahead with app for just one of teh cards or both. Anyone have any experience getting back into amex after an FR
I'd send them the info they're asking for and hope they accept.

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Re: Amex F/R Master Thread
« Reply #1036 on: March 02, 2012, 11:14:29 AM »
I'd send them the info they're asking for and hope they accept.
+1

I had the same request from AMEX - 4506 ($57) I sent it in and got back on. I think they only ask for the 4506 is good enough to get approved they just wanna verify. Now in your vase that your amount on ur tax return doesnt match, you have a good explanation, so hope all works out for you

Offline askmoses

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Re: Amex F/R Master Thread
« Reply #1037 on: March 04, 2012, 01:35:23 AM »
+1

I had the same request from AMEX - 4506 ($57) I sent it in and got back on. I think they only ask for the 4506 is good enough to get approved they just wanna verify. Now in your vase that your amount on ur tax return doesnt match, you have a good explanation, so hope all works out for you
+1

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Re: Amex F/R Master Thread
« Reply #1038 on: March 04, 2012, 06:47:11 PM »
Amazon just shut me down in one of 4 accounts. I did this for a Chase card. Today I saw that the other $3000 charges disappeared from the Chase card. Am I fried?

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Re: Amex F/R Master Thread
« Reply #1039 on: March 04, 2012, 06:52:17 PM »
Amazon just shut me down in one of 4 accounts. I did this for a Chase card. Today I saw that the other $3000 charges disappeared from the Chase card. Am I fried?
Hopefully not. Sounds like an amazon problem, not AMEX. Try here: http://forums.dansdeals.com/index.php?topic=3524.0;topicseen