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 981194 times)

Offline 123abc

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Re: Amex F/R Master Thread
« Reply #3030 on: May 04, 2014, 02:33:47 PM »
I just got a f/r I have pending mr points just paid the bill. will they post in my account? How long does it take to post?

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3031 on: May 04, 2014, 06:21:55 PM »

I just got a f/r I have pending mr points just paid the bill. will they post in my account? How long does it take to post?
IME they let me transfer my pending MR's after I was F/Red

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3032 on: May 04, 2014, 06:23:14 PM »

I have done quite a few of the things listed as triggers on my amex card. (ive had the card for 5 years, started with 1k credit line and was up to 25k after 2-3years).
Im guilty of:
Adding many Cardholders
Prepaying
Using close to reported income
Unusual spending
Mint purchases
Using majority of CL
Family member receiving FR
Credit line of $25k

Ive never had a F/R....
I'd short you if you were a public traded company😮

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3033 on: May 04, 2014, 06:27:47 PM »
I'd short you if you were a public traded company😮
;D
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pizzahut

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Re: Amex F/R Master Thread
« Reply #3034 on: May 04, 2014, 08:53:55 PM »
How long after you opened the card did you start playing around?
straight away. I was spending several thousand dollars per month and my credit limit was 1k... of course I had to prepay and spend close to my limit. I only added the users slightly later though. I was doing mint purchases, my activity was fluctuating and it was completely different each month.

The one thing I learnt after comparing my amex to my other cards was that if I ever wanted a transaction regardless of the size or location to go through I should use amex. All the other companies have declined my transactions at least once. Over 5 years and some really strange transactions out of the blue, amex has yet to cancel a transaction or even contact me about one...

Offline pizzahut

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Re: Amex F/R Master Thread
« Reply #3035 on: May 05, 2014, 05:59:41 AM »
I'd short you if you were a public traded company😮
thing is I was doing these kinds of things since I had a 1k credit line. They were the ones who eventually raised it to 25k.....

Offline boropark123

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Re: Amex F/R Master Thread
« Reply #3036 on: May 08, 2014, 01:14:22 PM »
I just got F/R on a business card that I have under my name under sole proprietorship, and the lady i spoke to said i need to fill out two 4506 forms one for tax id and one for my social. But of course there's only my social, so how do i go about this?

Offline yoshi

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Re: Amex F/R Master Thread
« Reply #3037 on: May 08, 2014, 02:44:29 PM »
I just got F/R on a business card that I have under my name under sole proprietorship, and the lady i spoke to said i need to fill out two 4506 forms one for tax id and one for my social. But of course there's only my social, so how do i go about this?
See if you are able to shut down your card.

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3038 on: May 08, 2014, 02:58:38 PM »
I just got F/R on a business card that I have under my name under sole proprietorship, and the lady i spoke to said i need to fill out two 4506 forms one for tax id and one for my social. But of course there's only my social, so how do i go about this?
Tell them you didn't file for taxes yet for the business. I did that and they said I should only provide my ssn

Offline boropark123

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Re: Amex F/R Master Thread
« Reply #3039 on: May 08, 2014, 03:23:21 PM »

Tell them you didn't file for taxes yet for the business. I did that and they said I should only provide my ssn
and they reopened you?

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3040 on: May 08, 2014, 03:47:25 PM »
Still waiting. They closed my per and biz accounts.

Offline TC610

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Re: Amex F/R Master Thread
« Reply #3041 on: May 08, 2014, 04:41:06 PM »
See if you are able to shut down your card.

-1

Tell them you didn't file for taxes yet for the business. I did that and they said I should only provide my ssn

+1

Offline boropark123

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Re: Amex F/R Master Thread
« Reply #3042 on: May 08, 2014, 07:29:18 PM »

-1

+1
didnt help they said i need to close down my account immediately if I cant provide proper tax return documents.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3043 on: May 08, 2014, 08:02:44 PM »

See if you are able to shut down your card.
-1

Offline Centro

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Re: Amex F/R Master Thread
« Reply #3044 on: May 08, 2014, 08:15:55 PM »
How's Amex with taking MO's?
Is it unsafe to pay about 1k with MO's?