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 1816146 times)

Offline SGF

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Re: Amex F/R Master Thread
« Reply #1980 on: December 28, 2012, 11:51:27 AM »
Don't be dumb. Ever.
Lol.
If I want to do a big transaction, should I be worried or just not do it just in case? After all they already know my financial status

Offline mochada

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Re: Amex F/R Master Thread
« Reply #1981 on: December 28, 2012, 11:51:40 AM »
how long after I cleared my F/R should I be afraid of doing actions that can trigger another F/R?
Immediately? After a year? Longer?

Use your head....wisely  :P

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Re: Amex F/R Master Thread
« Reply #1982 on: December 28, 2012, 11:56:29 AM »
Lol.
If I want to do a big transaction, should I be worried or just not do it just in case? After all they already know my financial status
How big of a transaction?

What percentage of your CL will it be?

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1983 on: December 28, 2012, 11:58:20 AM »
Lol.
If I want to do a big transaction, should I be worried or just not do it just in case? After all they already know my financial status

Not that I'm sure it helps, but every time I put through a large transaction, i.e. $40k+, I call ahead of time to let them know, and it's not been an issue for me. So I'd call and let them know.
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Offline SGF

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Re: Amex F/R Master Thread
« Reply #1984 on: December 28, 2012, 12:04:48 PM »
How big of a transaction?

What percentage of your CL will it be?
Im not actually looking to buy something big, Im just asking:
would they F/R right after they did it to me. - Im not talking about doing something stupid just about doing something regular which would sometimes trigger a F/R, - or not since they already know my financial status

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Re: Amex F/R Master Thread
« Reply #1985 on: December 28, 2012, 12:10:57 PM »
Im not actually looking to buy something big, Im just asking:
would they F/R right after they did it to me. - Im not talking about doing something stupid just about doing something regular which would sometimes trigger a F/R, - or not since they already know my financial status
I was F/R'd. I spend a lof of money on my cards monthly and haven't had issues.

Before I make charges over $5k I go to the "Check Spending Ability" on my account online

Offline Yaalili

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Re: Amex F/R Master Thread
« Reply #1986 on: December 28, 2012, 12:47:16 PM »
I never followed up with the F/R that they sent me, so today they sent me an e-mail that my accounts have been closed permanently.

Offline robi

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Re: Amex F/R Master Thread
« Reply #1987 on: December 28, 2012, 12:47:57 PM »
Not a problem.  Pay from AMEX site.
thnx!
"I'd rather be hated for who I am, then loved for who I'm not"

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Re: Amex F/R Master Thread
« Reply #1988 on: December 28, 2012, 12:54:25 PM »
I never followed up with the F/R that they sent me, so today they sent me an e-mail that my accounts have been closed permanently.
Thats not good :(

Once Amex has shut you down, it wont be easy to get back on. FME

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Re: Amex F/R Master Thread
« Reply #1989 on: December 28, 2012, 01:00:35 PM »
Thats not good :(

Once Amex has shut you down, it wont be easy to get back on. FME

Are u serious? That is not good.. But i had no way to prove any income..

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Re: Amex F/R Master Thread
« Reply #1990 on: December 28, 2012, 01:05:40 PM »
You shoulda preemptively closed 'em, perhaps.
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Re: Amex F/R Master Thread
« Reply #1991 on: December 28, 2012, 01:06:44 PM »
Are u serious? That is not good.. But i had no way to prove any income..
When you cant prove income - then you should shut your accounts before Amex does.

Dont bother applying until you have a tax return.

Once you do, Amex will probally require to send in the 4506 form to the IRS - (Costs $57, and is a pain) before they even process the application.

They may also require a bank letter (to Verify your address). In my case, I sent them the back letter right away, and it took them over 2 months to get the tax returns from IRS, so they said they need a new bank letter, cuz its only valid for 60 days.

A Pain in the A$$

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Re: Amex F/R Master Thread
« Reply #1992 on: December 28, 2012, 01:12:02 PM »
When you cant prove income - then you should shut your accounts before Amex does.

Dont bother applying until you have a tax return.

Once you do, Amex will probally require to send in the 4506 form to the IRS - (Costs $57, and is a pain) before they even process the application.

They may also require a bank letter (to Verify your address). In my case, I sent them the back letter right away, and it took them over 2 months to get the tax returns from IRS, so they said they need a new bank letter, cuz its only valid for 60 days.

A Pain in the A$$


That is **** annoying, so basically i should never try amex for another few years.

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Re: Amex F/R Master Thread
« Reply #1993 on: December 28, 2012, 01:12:39 PM »
You shoulda preemptively closed 'em, perhaps.

Was thinking of doing that, but wanted in this case the delta card, to have the pay-with-miles feature.

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Re: Amex F/R Master Thread
« Reply #1994 on: December 28, 2012, 01:13:23 PM »
That is **** annoying, so basically i should never try amex for another few years.
Until you file taxes.


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Re: Amex F/R Master Thread
« Reply #1995 on: December 28, 2012, 01:14:38 PM »
Until you file taxes.

Like i said another few years ;)

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Re: Amex F/R Master Thread
« Reply #1996 on: December 28, 2012, 01:41:04 PM »
When you cant prove income - then you should shut your accounts before Amex does.
+100, surprised people dont know this yet.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline SGF

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Re: Amex F/R Master Thread
« Reply #1997 on: December 28, 2012, 01:43:36 PM »
+100, surprised people dont know this yet.
Time to add to the wiki a FAQ of how to go about it

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Re: Amex F/R Master Thread
« Reply #1998 on: December 28, 2012, 01:58:53 PM »
+100, surprised people dont know this yet.

Of course i knew, but like i told ajk there were reasons i was waiting it out a little. Didn't think they would shut it down that fast, was gonna call them in a few.

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Re: Amex F/R Master Thread
« Reply #1999 on: December 28, 2012, 02:31:18 PM »


Dont bother applying until you have a tax return.

Once you do, Amex will probally require to send in the 4506 form to the IRS - (Costs $57, and is a pain) before they even process the application.


?? 57$??