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
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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 982216 times)

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3075 on: May 19, 2014, 11:12:04 PM »
was it only that?

Yes. First a large charge was defined after another large charge and they emailed me to call, but they cleared it then without any questions. I guess that they want some money now.

Offline YG

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Amex F/R Master Thread
« Reply #3076 on: May 20, 2014, 07:41:59 AM »
I tried searching with google and with the search bar on this thread but didn't come up with anything.

Is buying AmEx GCs with a non-AmEx CC known to be a flag for F/R?

 - I have no Ink cards (A/A'd, so not getting one anytime soon) and would like to crank out a few K a month of AmEx GCs through the Barclay shopping portal with my arrival card for 6% cash back.

EDIT:  I have never done AP or VRs with AmEx. Always kept shtick to other cards.
« Last Edit: May 20, 2014, 09:25:55 AM by YG »

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3077 on: May 20, 2014, 09:21:38 AM »
I made full payments and a few minutes later, and charges may resume already.

Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3078 on: May 20, 2014, 11:21:36 AM »
I got FR'd December of 2012. I got the dreaded "charging suspended" message upon logging in and an account manager was in charge of my case, he emailed me and requested certain papers within a few days.
At the end I decided, based on my situation then, to shut down all Amex accounts myself.

Fast forward to April of 2014.
I applied for a 4BM. All apps were pending. I called the recon department they said I needed to unfreeze my EX.
Upon doing so all 4 apps were deferred to the FR team. I spoke to the FR team and they said they would send me a letter in the mail regarding the papers I needed to send in.
Within a few days of that conversation 3 out of the 4 cards were approved without me doing anything.
I put two of them online under the old username that was FR'd and got the "charging suspended" message on both of them but no email from an account manager with deadline for papers.
I was procrastinating calling the FR dept.

Yesterday I called regular customer service for something unrelated (I forgot that during a FR you automatically get rooted to FR dept when calling). I asked my question and the guy is like "let me make sure there are no issues on your account" after a few minutes hold he comes back on the line and he's like "you're all clear, I'm transferring you to custserv"
The "Charging suspended message came off my cards" :)

Does anyone have an explanation for this?
I need to spend a lot of money on these cards now to meet thresholds.
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Offline daganster

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Re: Amex F/R Master Thread
« Reply #3079 on: May 20, 2014, 11:42:45 AM »
I would take it easy on the spending you don't want to risk another FR. 

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3080 on: May 20, 2014, 12:09:41 PM »
Can you cancel a scheduled amex payment made online for that day after they are made?

Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3081 on: May 20, 2014, 12:15:58 PM »
I would take it easy on the spending you don't want to risk another FR. 
I got about 30K to spend in two+ months.. I'm affraid I cannot take it too easy...  :-\
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3082 on: May 20, 2014, 12:17:25 PM »
tofasta meruba lo tofasta
Hey there! I am using DansDeals Forums.

Offline myb821

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Re: Amex F/R Master Thread
« Reply #3083 on: May 20, 2014, 12:18:15 PM »
I got about 30K to spend in two+ months.. I'm affraid I cannot take it too easy...  :-\
do you now have provable income? can u pass an FR?

Offline big ben

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American Express Financial Review Team
« Reply #3084 on: May 20, 2014, 02:03:40 PM »
Amex suspended my account until i send them in a IRS 4506-t form so they can review my financial aid.
Is there a problem that i gave them a grater amount?
If i send them in that form and they see i didn't earn the amount i told them what will happen?
If i'm not sending them in anything will they for sure cancel my account, (the rep. told me they might cancel the account because they have nothing to review)or just set me a spending limit? (I have a preset spending limit).

Offline Dr Moose

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Re: American Express Financial Review Team
« Reply #3085 on: May 20, 2014, 02:04:17 PM »
Hey there! I am using DansDeals Forums.

Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3086 on: May 21, 2014, 12:02:19 AM »
tofasta meruba lo tofasta
Say that again. They just approved me for the 4th card...
do you now have provable income? can u pass an FR?
Not much changed between now and the last time regarding income. Had income both times but nowhere near something "sizable" in their eyes..

I don't see another choice than to go all in with the spending, especially after the new "lifetime" terms, am I mistaken?
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #3087 on: May 21, 2014, 12:09:06 AM »
I don't see another choice than to go all in with the spending, especially after the new "lifetime" terms, am I mistaken?
Take it easy. Buy. Pay. Buy. Pay. or you'll get the dreaded statement on your account. Where will that get you? You'll lose another two weeks to spend.

Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #3088 on: May 21, 2014, 12:37:20 AM »
But isn't the date past May 1?

Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #3089 on: May 21, 2014, 01:04:09 AM »
But isn't the date past May 1?
Two are them are business cards.
In addition, I think it goes by application date, not approval.
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