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 1874544 times)

Offline moish

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Re: Amex F/R Master Thread
« Reply #1880 on: December 06, 2012, 06:16:42 PM »

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1881 on: December 06, 2012, 06:19:29 PM »
why?

Sitting on the phone for ages, waiting (perhaps days) until the right person gets the paperwork and reopens the cards, etc... It's just inconvenient.

Offline moish

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Re: Amex F/R Master Thread
« Reply #1882 on: December 06, 2012, 06:20:46 PM »
thats interesting, when i got fr'd about 6 years ago, i took care of it in one phone call

Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1883 on: December 06, 2012, 06:21:32 PM »
Yes.

Still a royal PITA, though.

Will they ever say that even though the numbers match but the annual income is too low so we cant reopen the cards?
It's not about the quantity of your posts.  It's about the quality.

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1884 on: December 06, 2012, 06:23:20 PM »
thats interesting, when i got fr'd about 6 years ago, i took care of it in one phone call

I don't know - perhaps times have changed, perhaps having everything accurate down to a T helps - but I've seen multiple reports in this thread (and elsewhere) of it being a PITA, even when they passed in the end.

ETA: http://forums.dansdeals.com/index.php?topic=8.msg339715#msg339715

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #1885 on: December 06, 2012, 06:28:23 PM »
thats interesting, when i got fr'd about 6 years ago, i took care of it in one phone call
You probably had a 'mini FR'.

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1886 on: December 06, 2012, 06:38:26 PM »
You probably had a 'mini FR'.
Why do you say so?
Card get susspended.
Call to Amex, transferred to F/r rep.
Faxed docs.
A week latter, accounts opened.

Whats the big deal?
Love me or hate me. I still love you.

Offline dirah

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Re: Amex F/R Master Thread
« Reply #1887 on: December 06, 2012, 06:39:28 PM »
why?
You are assigned an account manager, and s/he is the only one who you can work with.
If you get unlucky, you will get a royal PITN manager, who doesn't pick up his calls, and when he calls you back and you aren't available, he won't leave any details on the message other than "call me back", even if he just needs to let you know some stupid detail. And then you'll go playing phone tag forever. They have funny business hours, so if your rep's hours aren't that compatible with your hours (e.g. work, international etc), you're gonna have a hard time. Especially if he is "flexible" with his business hours without telling you first.
I managed 3 Fr's in the last eight weeks, all similar situations, two were done within the fortnight, and the third one just resolved after nearly seven weeks.
« Last Edit: December 06, 2012, 06:49:20 PM by dirah »

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1888 on: December 06, 2012, 06:47:27 PM »
two were done within the fortnight, and the third one just resolved after nearly seven weeks.

Haha, whatever you say Abraham Lincoln
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Offline dirah

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Re: Amex F/R Master Thread
« Reply #1889 on: December 06, 2012, 07:02:47 PM »
Haha, whatever you say Abraham Lincoln
As I like to say: "The world will little note, nor long remember, what we say here."

Offline Sowhat

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Re: Amex F/R Master Thread
« Reply #1890 on: December 06, 2012, 07:04:37 PM »
Im trying to Get a Chase Ink Biz card, and after sending in my Sch C twice, they tell me that its not enough to show my EIN, I need a letter from the IRS.  Holy cow!

Offline dirah

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Re: Amex F/R Master Thread
« Reply #1891 on: December 06, 2012, 07:05:45 PM »
Im trying to Get a Chase Ink Biz card, and after sending in my Sch C twice, they tell me that its not enough to show my EIN, I need a letter from the IRS.  Holy cow!
So why on earth are you telling us about it in this thread?

Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1892 on: December 06, 2012, 07:07:11 PM »
So why on earth are you telling us about it in this thread?

He means to say this is Amex F/R...nothing to do with Chase
It's not about the quantity of your posts.  It's about the quality.

Offline moish

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Re: Amex F/R Master Thread
« Reply #1893 on: December 06, 2012, 07:17:32 PM »
You probably had a 'mini FR'.
does such a thing exist? i passed it without sending any docs...

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1894 on: December 06, 2012, 07:24:39 PM »
does such a thing exist? i passed it without sending any docs...

See that little search box in the upper-right corner? Type in "Mini FR", and hit search. You'd be surprised what comes up...

Offline moish

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Re: Amex F/R Master Thread
« Reply #1895 on: December 06, 2012, 07:25:52 PM »
See that little search box in the upper-right corner? Type in "Mini FR", and hit search. You'd be surprised what comes up...
oh, is that what that box is for?  ::)

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1896 on: December 06, 2012, 07:28:57 PM »
oh, is that what that box is for?  ::)

8)

Seriously though... last time, I did the legwork for you, and linked to a sample "PITA" post. This time, I think you'll get a clearer picture if you just do the search yourself.

#justsayin

Offline moish

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Re: Amex F/R Master Thread
« Reply #1897 on: December 06, 2012, 07:31:08 PM »
8)

Seriously though... last time, I did the legwork for you, and linked to a sample "PITA" post. This time, I think you'll get a clearer picture if you just do the search yourself.

#justsayin
ok, but you couldve just said its been discussed, search

i wasnt sure if he was joking

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1898 on: December 06, 2012, 07:33:53 PM »
ok, but you couldve just said its been discussed, search

Was just trying to make light of the situation, with a little humor. :)

Offline moish

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Re: Amex F/R Master Thread
« Reply #1899 on: December 06, 2012, 07:36:20 PM »
Was just trying to make light of the situation, with a little humor. :)
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