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 980798 times)

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3060 on: May 13, 2014, 09:22:11 PM »
about 22k

Offline rng

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2011
  • Posts: 637
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex F/R Master Thread
« Reply #3061 on: May 18, 2014, 02:41:33 AM »

about 22k
so are you going to spend with amazon payments to meet spend?

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3062 on: May 18, 2014, 10:33:10 AM »
so are you going to spend with amazon payments to meet spend?

I did and met spend and everything was fine

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #3063 on: May 18, 2014, 02:45:22 PM »
I did and met spend and everything was fine
It seems like a hit or miss using ap with amex, some do it with no problem, some have all the problems, as always ymmv  ;D
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rng

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2011
  • Posts: 637
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex F/R Master Thread
« Reply #3064 on: May 18, 2014, 06:42:07 PM »
It seems like a hit or miss using ap with amex, some do it with no problem, some have all the problems, as always ymmv  ;D
how does ymmv make a difference?

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #3065 on: May 19, 2014, 12:44:10 AM »
how does ymmv make a difference?
Diffrence ? There is no difference, for some amex doesn't mind ap, for others it fr's them.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3066 on: May 19, 2014, 08:53:11 AM »

My trigger were the GC's

Offline Emkay

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 14354
  • Total likes: 343
  • DansDeals.com Hat Tips 34
    • View Profile
  • Location: Where I ought to be
Re: Amex F/R Master Thread
« Reply #3067 on: May 19, 2014, 09:26:58 AM »
My trigger were the GC's
how much $?

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3068 on: May 19, 2014, 09:28:38 AM »

2k

Offline Marco Polo

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 13608
  • Total likes: 9
  • DansDeals.com Hat Tips 104
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #3069 on: May 19, 2014, 11:35:32 AM »
Quaerite et Invenietis.

Offline Joe4007

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2013
  • Posts: 3787
  • Total likes: 46
  • DansDeals.com Hat Tips 11
    • View Profile
  • Location: NY
Re: Amex F/R Master Thread
« Reply #3070 on: May 19, 2014, 11:52:57 AM »
So basically Amex offers you free GC's, and then they FR you for taking that offer? Criminal...

Offline Moshe123

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2012
  • Posts: 4675
  • Total likes: 95
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: Amex F/R Master Thread
« Reply #3071 on: May 19, 2014, 12:34:17 PM »
Is "charging is suspended" "please pay at least xx amount and we'll consider allowing more charges", a full-blown FR?
Wasn't contacted yet.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3072 on: May 19, 2014, 12:36:55 PM »
Is "charging is suspended" "please pay at least xx amount and we'll consider allowing more charges", a full-blown FR?
Wasn't contacted yet.
No, that means that you spent over their limits.

So basically Amex offers you free GC's, and then they FR you for taking that offer? Criminal...
Yeah, I don't know what their cheshbon is. Kind of a bait.
Maybe if they see that  coupled with CVS and AP they flag it

Offline Moshe123

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2012
  • Posts: 4675
  • Total likes: 95
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: Amex F/R Master Thread
« Reply #3073 on: May 19, 2014, 12:46:36 PM »
Thank you rivkao

Offline yankelsheester

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2013
  • Posts: 216
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn N.Y.
Re: Amex F/R Master Thread
« Reply #3074 on: May 19, 2014, 06:48:01 PM »
Thank you rivkao
was it only that?