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 1815913 times)

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3000 on: May 01, 2014, 03:50:29 PM »
And no, they didn't believe you, but does it matter?
Of course it matters, I need my accounts opened!

Offline @Yehuda

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Re: Amex F/R Master Thread
« Reply #3001 on: May 01, 2014, 03:50:57 PM »
I never got the point of listing a higher income than actual - unless you actually need to borrow the money - but in terms of DD purposes, you just need a credit line large enough to hit the spend with.

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3002 on: May 01, 2014, 03:55:03 PM »
How likely am I to pass this review?

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3003 on: May 01, 2014, 03:55:43 PM »
How likely am I to pass this review?

Almost everyone that has income passes in some way.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3004 on: May 01, 2014, 04:07:27 PM »
Whew!!! Just got F/R'ed from amex 3 personal and 1 biz!!!
What do I do now? My income isn't as high as I said!
They asked me when I had my F/R why I spent 30K+ on GC in less then a week. I told them that since it's the holiday time I get a lot of bonuses so I like purchasing GCs so that I can have smaller CC bills throughout the year! :)

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3005 on: May 01, 2014, 04:09:48 PM »
you dont need nearly that much
Very likely.

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3006 on: May 01, 2014, 04:09:52 PM »

And spend!
asked me about gift cards and cvs charges! I said since it was Holidays I gave GC's to friends and employess
But my income doesn't reflect availability for such huge spends!

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3007 on: May 01, 2014, 04:12:57 PM »
But my income doesn't reflect availability for such huge spends!

They know the truth on what you are doing, they just want to make sure that you have some money.

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Re: Amex F/R Master Thread
« Reply #3008 on: May 01, 2014, 04:18:55 PM »
But my income doesn't reflect availability for such huge spends!
As long as your making something you're fine. When I was done with my F/R I had credit double the amount of my income. The most they'll do is lower your credit lines and maybe put hard lines on your charge cards.

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Re: Amex F/R Master Thread
« Reply #3009 on: May 02, 2014, 12:24:53 AM »
I just upgraded from bgr to plat and need to spend 10k
Can I spend this month a lot and than take it slow or should I take it slow now
I just want to finish my spend before my annual fee hits

I just logged into my account and saw a fraud alert please verify recent charge attempts and that I should call account protection services

Was I stupid to try to spend the 10k so fast?

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Re: Amex F/R Master Thread
« Reply #3010 on: May 02, 2014, 12:26:42 AM »
What should I do now?
The charge was for my father, how should I verify it?
When I called yesterday they told me I can't charge for other ppl

Offline ckmk47

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Re: Amex F/R Master Thread
« Reply #3011 on: May 02, 2014, 12:50:19 AM »
What should I do now?
The charge was for my father, how should I verify it?
When I called yesterday they told me I can't charge for other ppl
Verify that the charge was legit.
Explain that you had a 1 time large purchase.  (joint with your father, if they noted your last call)
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Re: Amex F/R Master Thread
« Reply #3012 on: May 02, 2014, 01:08:16 AM »
I just chatted with a Amex rep and he told me that the alert is on the original charge was out of proportion of my spending
I told him that I already spoke to Amex on the phone to verify it
He said that I have nothing to worry abt, it's the same charge
I asked what is the status of my accounts
He said its current and in good standing

Am I good to go?

Offline SOS

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Re: Amex F/R Master Thread
« Reply #3013 on: May 02, 2014, 01:09:33 AM »
Verify that the charge was legit.
Explain that you had a 1 time large purchase.  (joint with your father, if they noted your last call)

Thanks for the quick response
I used this excuse of a one time large purchase

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3014 on: May 02, 2014, 01:14:26 AM »
Am I good to go?
In terms of what? This had nothing to do with an F/R.

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Re: Amex F/R Master Thread
« Reply #3015 on: May 02, 2014, 01:24:12 AM »
In terms of what? This had nothing to do with an F/R.

My online profile still shows me that I have to verify a charge

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Re: Amex F/R Master Thread
« Reply #3016 on: May 02, 2014, 01:26:09 AM »
And I found a option to check my spending ability on this card and it's not approved for $1 in general purchases till I call account services
And its a plat card which doesn't have preset spending limits

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Re: Amex F/R Master Thread
« Reply #3017 on: May 02, 2014, 02:20:57 AM »
Wait until tomorrow.  give all the info a chance to catch up with itself.
then check on line.  then try to spend.  If you really can't spend, call.
otherwise, usually after verifying the charge, you're good to go.
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Re: Amex F/R Master Thread
« Reply #3018 on: May 02, 2014, 02:22:50 PM »

My online profile still shows me that I have to verify a charge
Verify a charge is not an F/R, it's account security.

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Re: Amex F/R Master Thread
« Reply #3019 on: May 02, 2014, 02:49:35 PM »
Verify a charge is not an F/R, it's account security.

I know, but when I called the first time they told me that the account was sent for f/r, so I wasn't sure if this is a continuation of the f/r (especially because they told that I can't spend too much) or just verify a charge
I will check my account soon and I will update on my account status