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 ectÖ

Letís 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 donít 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 1068107 times)

Online AsherO

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Re: Amex Financial Review
« Reply #300 on: April 06, 2011, 02:47:23 AM »
my wife has an amex plat, amex spg and amex gold....can she close all them down with one phone call or must she call and do each one, one at a time?

should she leave the plat open and risk it?

thanks for the help!!!!! i appreciate it

You can close several cards during one call, why not?

If you guys have income, send a 4506T and hope for the best.

PGF24BMGS

Offline YudiG

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Re: Amex Financial Review
« Reply #301 on: April 06, 2011, 02:53:41 AM »
You can close several cards during one call, why not?

If you guys have income, send a 4506T and hope for the best.




thanks for the help, i appreciate it.....her stated income of 8k on the tax form isnt the 150k it is now and what was on the application...does she really stand a chance? is it worth the risk?

Online AsherO

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Re: Amex Financial Review
« Reply #302 on: April 06, 2011, 02:56:02 AM »

thanks for the help, i appreciate it.....her stated income of 8k on the tax form isnt the 150k it is now and what was on the application...does she really stand a chance? is it worth the risk?

Pay stubs. You can also close some and leave some, I'm not quite sure.
PGF24BMGS

Offline YudiG

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Re: Amex Financial Review
« Reply #303 on: April 06, 2011, 03:32:08 AM »
I got no pay stubs....how bad is it if they close one account as far as the damage to credit is concerned?

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Re: Amex Financial Review
« Reply #304 on: April 06, 2011, 04:56:30 AM »
I got no pay stubs....how bad is it if they close one account as far as the damage to credit is concerned?

Hmmm, if you have nothing you might want to close them all, who knows, you might get approved someday down the line.
PGF24BMGS

Offline YudiG

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Re: Amex Financial Review
« Reply #305 on: April 06, 2011, 12:35:47 PM »
ok...live and learn i suppose....at least she got a chase CO offer so something will remain open....how long is best to wait before going back to amex again...a year?

Offline miles

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Re: Amex Financial Review
« Reply #306 on: April 06, 2011, 01:24:42 PM »
I don't think an AMEX trip-app is safe unless unless you have an income.
is 30k good

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Re: Amex Financial Review
« Reply #307 on: April 07, 2011, 07:11:02 PM »
HELP!!!
I current review with Amex, I sent in the for 4506T which shows that my income was correctly stated so I was not worried, but now I just got a call from them asking for 3 month of bank statements that pays the account.

They never asked for this info orginally so no idea why they are asking now. The problem is my bank statements show large deposits made to bank. I obviously do not want to send in my bank statements, because my financial review was triggered by the US Mint purchases.

When they first called all they asked was for the tax form  which I sent. Do I have to send in the bank statements?
What will happen if I don't and what will happen if I and they see the large cash in and out?

Any suggestions - please help.


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Re: Amex Financial Review
« Reply #308 on: April 07, 2011, 07:22:17 PM »

When they first called all they asked was for the tax form  which I sent. Do I have to send in the bank statements?
What will happen if I don't and what will happen if I and they see the large cash in and out?

Any suggestions - please help.



First, welcome to the forum!

I believe you have to give them the statements or they will still close your account.

As far as being worried about the cash in and out, i would think that's a good thing. I'm assuming they want to see that there is actually current cashflow in the account (your tax return is not necessarily what you currently make). I highly doubt they would see that as something bad. When AMEX F/R'd me, I gave them statements showing money in-out and I believe that's what made them leave my credit limits untouched. Anyone have the opposite experience?

Offline myb821

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Re: Amex Financial Review
« Reply #309 on: April 07, 2011, 07:58:01 PM »
First, welcome to the forum!

I believe you have to give them the statements or they will still close your account.

As far as being worried about the cash in and out, i would think that's a good thing. I'm assuming they want to see that there is actually current cashflow in the account (your tax return is not necessarily what you currently make). I highly doubt they would see that as something bad. When AMEX F/R'd me, I gave them statements showing money in-out and I believe that's what made them leave my credit limits untouched. Anyone have the opposite experience?
but hes worried that they will see the deposits from the mint

Offline Dan

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Re: Amex Financial Review
« Reply #310 on: April 07, 2011, 08:00:27 PM »
but hes worried that they will see the deposits from the mint
How will they know it's from the mint?
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 gozalim

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Re: Amex Financial Review
« Reply #311 on: April 07, 2011, 08:05:28 PM »
but hes worried that they will see the deposits from the mint
the deposits don't say "us mint" just "cash"

Offline pyth

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Re: Amex Financial Review
« Reply #312 on: April 07, 2011, 08:09:02 PM »
How will they know it's from the mint?


true, they won't see it was from the mint the problem is I also have a bunch of deposits from Amazon Payments and also have some charges from Amazon Payments on my Amex cards. I don't want to raise anymore red flags. I can always try to give explaination is asked - say I was selling stuff or charges related to business etc. I am just worried they are going to come back and ask for documentation/receipts for all that. How far will they go?

Offline pyth

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Re: Amex Financial Review
« Reply #313 on: April 07, 2011, 08:11:08 PM »
the deposits don't say "us mint" just "cash"

The deposits don't even say cash it says deposits - bunch there was a lot of cash in and out of account between $10,000- $20,000 for the 3 months

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Re: Amex Financial Review
« Reply #314 on: April 07, 2011, 08:11:59 PM »
I am just worried they are going to come back and ask for documentation/receipts for all that. How far will they go?
They won't go that far.
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.