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 980134 times)

Offline Ephraimh

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2013
  • Posts: 1456
  • Total likes: 42
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: nyc
Re: Amex F/R Master Thread
« Reply #3090 on: May 21, 2014, 11:11:13 AM »

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).
If you have some income they probably won't shut you down,

But if you're ignoring their request they'll definitely shut you down.

Offline nobiggy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2339
  • Total likes: 10
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: forums
Re: Amex F/R Master Thread
« Reply #3091 on: May 22, 2014, 10:13:27 AM »
I purchased one vanilla visa GC on my SPG and then buy MO. If I start buying Amex GC. Not too much will I get F/R?

Offline miles lover

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2013
  • Posts: 731
  • Total likes: 14
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Isreal
Re: Amex F/R Master Thread
« Reply #3092 on: May 22, 2014, 10:25:08 AM »
If u show your parents income and you live together with them would that be good enough ? Officially your aloud to put your parents income on your application if they are supporting you. Correct ?

Offline Myccrabbi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 2075
  • Total likes: 11
  • DansDeals.com Hat Tips 9
    • View Profile
  • Location: Monsey ny
Re: Amex F/R Master Thread
« Reply #3093 on: May 22, 2014, 12:17:48 PM »
If u show your parents income and you live together with them would that be good enough ? Officially your aloud to put your parents income on your application if they are supporting you. Correct ?
yes.
If u work for a living, why kill urself working?

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6969
  • Total likes: 8
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #3094 on: May 22, 2014, 12:21:46 PM »
Just a data point, my calls still get transferred to FR dept but every time they don't know why it is and they transfer me to customer service..
If You See Something, Say Something!!

Offline miles lover

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2013
  • Posts: 731
  • Total likes: 14
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Isreal
Re: Amex F/R Master Thread
« Reply #3095 on: May 22, 2014, 05:30:16 PM »
yes.
was the yes on both questions ? So me as a single with no income on the books shouldn't be scared for an fr since I could send in my parents income ??

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1097
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3096 on: May 26, 2014, 10:26:43 PM »
I see that one of the reason for f/r is amex gift card purchases. Does this apply to going into CVS and buying a visa/MC/Amex GC for $500, do the CC companies know what I am buying at CVS and will that cause a F/R?
As long as it's done in moderation, no.
GC's is not a trigger. How many times do I have to say this?  >:(
Machlokess Shmulyg vs. CV

If CV is correct, does this mean it is safe to purchse $6k of AmEx GCs per month with a barclay arrival card through the barclay rewards boost mall for 6 ppd and exmpy them out on AP?
i can purchase the GCs without being logged in to AmEx account, but they will see the name and billing address on the purchasing credit card and it will match an account with AmEx.

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7517
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3097 on: May 26, 2014, 10:36:03 PM »
Machlokess Shmulyg vs. CV

If CV is correct, does this mean it is safe to purchse $6k of AmEx GCs per month with a barclay arrival card through the barclay rewards boost mall for 6 ppd and exmpy them out on AP?
i can purchase the GCs without being logged in to AmEx account, but they will see the name and billing address on the purchasing credit card and it will match an account with AmEx.
What does buying gc's on a Barclays cars have to do with an amex FR?

Offline notanonymous

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 2153
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3098 on: May 26, 2014, 10:41:30 PM »
What does buying gc's on a Barclays cars have to do with an amex FR?
I think the OP was concerned that Amex will cross-reference his Amex gc purchase with the info from his Amex account.

They won't.

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1097
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3099 on: May 26, 2014, 10:41:52 PM »
AmEx will know that the GCs are being  purchased with a name and address that matches a few AmEx cards, so they will know that their account holder is purchasing large amounts of GCs even though it's not with their card.

Assuming its safe but looking to confirm that it's unheard of. Really do not want an F/R r"l.
Just lost about 50K of credit with chase in Feb A/A

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1097
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3100 on: May 26, 2014, 10:46:26 PM »

I think the OP was concerned that Amex will cross-reference his Amex gc purchase with the info from his Amex account.

They won't.
:)
Beat me to it.

Thanks.

...... I suppose as far as Barclay cracking down for 6K monthly GC purchases is YMMV. (Is there a Barclay A/A thread?  Searched bit didn't find one).

Offline notanonymous

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 2153
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3101 on: May 26, 2014, 10:47:44 PM »
AmEx will know that the GCs are being  purchased with a name and address that matches a few AmEx cards, so they will know that their account holder is purchasing large amounts of GCs even though it's not with their card.

Assuming its safe but looking to confirm that it's unheard of. Really do not want an F/R r"l.
Just lost about 50K of credit with chase in Feb A/A
I am not speaking from experience, but I disagree that they will know.
It is probably two completely different divisions with different databases.
Is there the technical ability?  Probably.  Is there any cross-referencing?  IMO, no.

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1097
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3102 on: May 26, 2014, 10:49:15 PM »
Makes sense. Thought the same. Just wanted to confirm.

Offline bubbles

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2011
  • Posts: 5050
  • Total likes: 13
  • DansDeals.com Hat Tips 67
    • View Profile
Re: Amex F/R Master Thread
« Reply #3103 on: May 26, 2014, 11:29:26 PM »
What does buying gc's on a Barclays cars have to do with an amex FR?

+1
Why do people here seem to think that an F/R is AMEX's way of punishing you?

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1097
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3104 on: May 26, 2014, 11:52:51 PM »

+1
Why do people here seem to think that an F/R is AMEX's way of punishing you?
I didn't think of it as punishment.
However, if AmEx considers large GC purchases as a risk factor that makes them F/R account holders who do so, they may hypothetically see it as an indication of a risky borrower even if it is done on another lender's card and consequently reconsider their interest level in lending to that borrower.

I understand that in all likelihood they do not make the connection, but as far as I can see, the logic is there.