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 1876055 times)

Offline TC610

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Re: Amex F/R Master Thread
« Reply #1360 on: June 20, 2012, 12:07:15 AM »
When it happened to the spouse and I, I went right back to doing AP, and no issues...

I had a mini-F/R due to using AP.  After the mini-F/R was completed, I went back to using AP with no problems.

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #1361 on: June 28, 2012, 07:19:54 PM »
yea just tell them they took bank statements from me you should probably continue this is the FR thread
As a matter of practice, they simply will not accept anything older than 2 (might be 3) years old.

They'll request bank statements.

So I would need to first spend the $56 and then have them tell me that its too old (and only then they'll request bank statements) ?

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1362 on: June 28, 2012, 07:53:24 PM »
No, just tell them on the phone.
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Offline Mimi K.

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Re: Amex Financial Review
« Reply #1363 on: July 11, 2012, 12:25:10 PM »
I've heard that they will also accept bank account statements instead of a tax return.
Hi I have a question. my friend is being F/Red for a few months already.
Yet when he sends in the 4056 form the IRS is not cooperating and will not release the info!  ::)
he paid the $50 3x already and is getting very frustrated!
is there anyone at amex he can speak to? like a direct number to someone who know WTH she is talking about?  ???
any replies would be appreciated!  :)
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1364 on: July 11, 2012, 12:28:35 PM »
Whats the given reason the IRS is rejecting the form?
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Offline Name Changed

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Re: Amex F/R Master Thread
« Reply #1365 on: July 11, 2012, 01:22:19 PM »
Whats the given reason the IRS is rejecting the form?
The IRS once rejected the form from me cuz I crossed something out.

They refunded me like 6 weeks later

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1366 on: July 11, 2012, 02:17:37 PM »
I had the same type of rejection, but my question was the why they kept on rejecting it for Mimi's friend.
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Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1367 on: July 11, 2012, 10:30:26 PM »
The IRS told him it went through & Amex said they didn't receive it!  >:(
Tachlis! Is there a direct number to speak to a F/R rep? or do you have to speak to a whole tribe of Indians first!  ::)
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1368 on: July 11, 2012, 10:34:14 PM »
If you're currently under F/R, calling AmEx and putting in a CC #, should reroute you to F/R dept.
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Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1369 on: July 11, 2012, 10:37:20 PM »
If you're currently under F/R, calling AmEx and putting in a CC #, should reroute you to F/R dept.
Not if they are just F/Ring your new App.!
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Offline Zeeeeks

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Re: Amex F/R Master Thread
« Reply #1370 on: July 11, 2012, 10:37:56 PM »
OT What's the $50 fee? When my wife was FRed I didn't pay a fee?

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1371 on: July 11, 2012, 10:38:30 PM »
Not if they are just F/Ring your new App.!

The individual F/Ring you should have given you contact info.
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Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #1372 on: July 12, 2012, 02:31:53 AM »
Not if they are just F/Ring your new App.!
Im starting to think there is no FR here...
New app, few months, no direct phone number given... Maybe they just want additional info for the app.

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1373 on: July 12, 2012, 09:33:24 AM »
Try calling 800-230-1289
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Offline Jay the PRESIDENT

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Re: Amex F/R Master Thread
« Reply #1374 on: July 16, 2012, 08:37:09 PM »
how screwed am i?  my app is "canceled" and amex is asking for 4506...

if this is for a business card why do i have to give personal info?


what should i do next?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1375 on: July 16, 2012, 08:40:52 PM »
how screwed am i?  my app is "canceled" and amex is asking for 4506...

if this is for a business card why do i have to give personal info?


what should i do next?

1. They sometimes do this for new applicants.
2. You're personally liable for Amex business accounts (AFAIK only corporate accounts aren't personally liable).
3. They might be expecting business docs too.
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Offline Jay the PRESIDENT

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Re: Amex F/R Master Thread
« Reply #1376 on: July 16, 2012, 08:44:32 PM »
thanx 

so will it take to pass?
what happens if i dont pass?

so what does "household income" mean ??

or whats my best option?

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1377 on: July 16, 2012, 08:47:52 PM »
Do you have any min personal income?
Is the biz legit?
You need to provide details so people can help.
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Re: Amex F/R Master Thread
« Reply #1378 on: July 16, 2012, 11:23:25 PM »
Do you have any min personal income?
Is the biz legit?
You need to provide details so people can help.
thanx   biz is legit  but personal income is not alot

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1379 on: July 17, 2012, 10:12:44 AM »
Doesn't need to be a lot, they'll just cut the CL, in worst case.
Biz has reported income?
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