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 1874354 times)

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2920 on: March 20, 2014, 07:57:44 PM »
If anything, mr. But why spg?
idk, I'm new to mr and spg.

If I wrote the accurate amount of income, am living with my parents, and have more yearly income then I've spent on my amex cards, is there reason to worry about not passing?
Workflowy. You won't know what you're missing until you try it.

Offline smart brit

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Re: Amex F/R Master Thread
« Reply #2921 on: March 20, 2014, 08:36:44 PM »
idk, I'm new to mr and spg.

If I wrote the accurate amount of income, am living with my parents, and have more yearly income then I've spent on my amex cards, is there reason to worry about not passing?
No

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2922 on: March 20, 2014, 09:40:16 PM »
Workflowy. You won't know what you're missing until you try it.

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2923 on: March 20, 2014, 10:17:11 PM »
Does it make sense that amex won't let me pay my bill until the FR is over?

Edit: realized I can just initialize the payment from my bank, instead of from amex
« Last Edit: March 21, 2014, 12:20:08 AM by etech0 »
Workflowy. You won't know what you're missing until you try it.

Offline TC610

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Re: Amex F/R Master Thread
« Reply #2924 on: March 21, 2014, 08:54:58 AM »
idk, I'm new to mr and spg.

If I wrote the accurate amount of income, am living with my parents, and have more yearly income then I've spent on my amex cards, is there reason to worry about not passing?

Once the Starpoints points post to your SPG account, they're yours even if the Amex card gets closed.

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2925 on: March 21, 2014, 09:17:41 AM »
Once the Starpoints points post to your SPG account, they're yours even if the Amex card gets closed.
ok thanks!
Workflowy. You won't know what you're missing until you try it.

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2926 on: March 21, 2014, 09:18:15 AM »
are my parents (where I live) now at risk of FR, if the only amex they have is a macys card :) ?
Workflowy. You won't know what you're missing until you try it.

Offline Myccrabbi

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Re: Amex F/R Master Thread
« Reply #2927 on: March 21, 2014, 09:26:22 AM »
are my parents (where I live) now at risk of FR, if the only amex they have is a macys card :) ?
Lol!
In regards to Ur question, read wiki.
« Last Edit: March 21, 2014, 09:29:23 AM by Myccrabbi »
If u work for a living, why kill urself working?

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2928 on: March 21, 2014, 09:56:36 AM »
Lol!
In regards to Ur question, read wiki.
hmmm
Workflowy. You won't know what you're missing until you try it.

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2929 on: March 21, 2014, 01:31:23 PM »
Lol!
In regards to Ur question, read wiki.
I did. That's what made me ask in the first place.

My question was if amex cares enough about a macys card to actually do something
Workflowy. You won't know what you're missing until you try it.

Offline Myccrabbi

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Re: Amex F/R Master Thread
« Reply #2930 on: March 21, 2014, 02:03:55 PM »
I did. That's what made me ask in the first place.

My question was if amex cares enough about a macys card to actually do something
I spoke to amax and they said since it's only a macys card they don't care::)
Jk but you get my point.
If u work for a living, why kill urself working?

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2931 on: March 21, 2014, 02:08:31 PM »
so I guess the answer is that you dont have experience with that
Workflowy. You won't know what you're missing until you try it.

Offline Myccrabbi

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Re: Amex F/R Master Thread
« Reply #2932 on: March 21, 2014, 02:11:58 PM »
so I guess the answer is that you dont have experience with that
no, but this whole thing is ymmv so, if they decide to go after everyone then they will and if not then not.
If u work for a living, why kill urself working?

Offline danfan5773

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Re: Amex F/R Master Thread
« Reply #2933 on: March 22, 2014, 10:44:22 PM »
I received a letter from AMEX  buis gold after making a big  charge and it was already paid. They  sent me a letter 10 days later they are trying to reach me and were unsuccessful i should call them they have special team. ? is this going to be FR  or do they just want to ask some question as the buis is SOLE PROPRIETORSHIP anyone have any experience??. TIA

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2934 on: March 22, 2014, 10:57:39 PM »
They asked me to call them and I did. Then a few weeks later they called me with FR.

Workflowy. You won't know what you're missing until you try it.

Offline Myccrabbi

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Re: Amex F/R Master Thread
« Reply #2935 on: March 22, 2014, 11:15:02 PM »
I received a letter from AMEX  buis gold after making a big  charge and it was already paid. They  sent me a letter 10 days later they are trying to reach me and were unsuccessful i should call them they have special team. ? is this going to be FR  or do they just want to ask some question as the buis is SOLE PROPRIETORSHIP anyone have any experience??. TIA
if ur cards are blocked then it's an FR ime.
If u work for a living, why kill urself working?

Offline etech0

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Re: Amex F/R Master Thread
« Reply #2936 on: March 22, 2014, 11:15:59 PM »
if ur cards are blocked then it's an FR ime.
then I'm up to my second FR? Actually I don't remember if they blocked my cards the first time, or just told me to call them asap.
Workflowy. You won't know what you're missing until you try it.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2937 on: March 23, 2014, 12:08:12 AM »

then I'm up to my second FR? Actually I don't remember if they blocked my cards the first time, or just told me to call them asap.
Your account should say something about calling them, if you're being FRd.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2938 on: March 23, 2014, 12:09:24 AM »

I received a letter from AMEX  buis gold after making a big  charge and it was already paid. They  sent me a letter 10 days later they are trying to reach me and were unsuccessful i should call them they have special team. ? is this going to be FR  or do they just want to ask some question as the buis is SOLE PROPRIETORSHIP anyone have any experience??. TIA
If it's a brand new card and you're a new customer it may be the security team. My brother just had it and had to have some paper signed by a bank notarizer.

Offline Mushkie10

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Re: Amex F/R Master Thread
« Reply #2939 on: March 23, 2014, 03:48:43 PM »
So was there a consensus as to how long to wait after having F/r, closing accounts on own accord, until starting again? 6 months?