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 981021 times)

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3150 on: July 06, 2014, 03:10:13 AM »

Bump
When I was done with my F/R my CL was still double my reported income. Dunno if that helps you.

Offline vague

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Re: Amex F/R Master Thread
« Reply #3151 on: July 08, 2014, 05:02:34 PM »
If Iíve been put in a full, 4506-T-demanding F/R, and Iíve never filed a return before, is the sanest option to just request cancellation before they cancel me and my credit gets screwed?

I donít do any MS on my AMEX accounts, I strictly use them for actual spending. I just spent a lot last month and apparently they didnít like it.

Iím actually pretty annoyed, because Iíve had personal cards since 2011, AU since 2010, and the account Iím AU on goes back to 1985. I was personally F/Ríd a little over a year ago and they let me go after I gave them sworn statements from my bank that showed balances of $1 across the board (I keep no money in banks). The reviewer assigned to me and the supervisor were unwavering and unhelpful.

Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3152 on: July 08, 2014, 06:25:38 PM »
Cancel now don't hesitate. They may close your accounts without telling you

Offline mawmaw

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Re: Amex F/R Master Thread
« Reply #3153 on: July 08, 2014, 06:48:06 PM »
If Iíve been put in a full, 4506-T-demanding F/R, and Iíve never filed a return before, is the sanest option to just request cancellation before they cancel me and my credit gets screwed?

I donít do any MS on my AMEX accounts, I strictly use them for actual spending. I just spent a lot last month and apparently they didnít like it.

Iím actually pretty annoyed, because Iíve had personal cards since 2011, AU since 2010, and the account Iím AU on goes back to 1985. I was personally F/Ríd a little over a year ago and they let me go after I gave them sworn statements from my bank that showed balances of $1 across the board (I keep no money in banks). The reviewer assigned to me and the supervisor were unwavering and unhelpful.
if you can show spouse income or parents it can help you but YMMV

Offline htg123

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Re: Amex F/R Master Thread
« Reply #3154 on: July 08, 2014, 08:08:29 PM »
I just requested to shift credit lines with amex and they asked for my income... And then the line shift wasn't immediately granted... Is that a sign of a potential f/r?

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3155 on: July 08, 2014, 08:19:42 PM »
On a biz gold should i be scared to purchase 5k in gc in first month? how should i break it up 1 shot or a 3 4 small?

Offline Triple Canopy

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Re: Amex F/R Master Thread
« Reply #3156 on: July 09, 2014, 12:24:01 AM »
I miss the days when Amex would pay you to close your account.

Offline Novo

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Re: Amex F/R Master Thread
« Reply #3157 on: July 09, 2014, 09:27:38 AM »
When I tried to look at my transactions I got this
It doesn't happen often, but your posted transactions are unavailable. Please try again later.
What does it mean?
I try my best :-\
Quote from: Centro
If you wanna go fast, go alone
If you wanna go far, go together

Offline TC610

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Re: Amex F/R Master Thread
« Reply #3158 on: July 09, 2014, 10:16:23 AM »
When I tried to look at my transactions I got this
It doesn't happen often, but your posted transactions are unavailable. Please try again later.
What does it mean?


It means exactly what it says.  There's something temporarily wrong with their system.  Chillax, and try again later.

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3159 on: July 10, 2014, 01:04:52 PM »
just got A call to verify charges, my wife said she will get back to them, they asked about a specific charge , it was to  wholesale supplier they want to know if i use my card for someone else, what should i answer?

Offline yoss6400

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Re: Amex F/R Master Thread
« Reply #3160 on: July 10, 2014, 02:27:49 PM »
It means exactly what it says.  There's something temporarily wrong with their system.  Chillax, and try again later.

Happens every other day
"Credit Cards delaying arguments for 30 Days"

Offline vague

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Re: Amex F/R Master Thread
« Reply #3161 on: July 10, 2014, 03:23:09 PM »
just got A call to verify charges, my wife said she will get back to them, they asked about a specific charge , it was to  wholesale supplier they want to know if i use my card for someone else, what should i answer?
The truth?

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3162 on: July 10, 2014, 03:24:23 PM »
They guessed good. I just need a satisfying answer for them.

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3163 on: July 10, 2014, 11:41:47 PM »
Is it OK to tell them. Sorry I did not know that its not allowed and sorry I won't do it anymore ? Or admitting is a big no no ?

Offline vague

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Re: Amex F/R Master Thread
« Reply #3164 on: July 11, 2014, 12:18:52 AM »
Is it OK to tell them. Sorry I did not know that its not allowed and sorry I won't do it anymore ? Or admitting is a big no no ?
Did they specifically ask you to call them back? If so, call them back and say it was you. They generally call to verify charges when they suspect fraud, as in someone stole your card.

If they didnít ask you to call them back, donít call them back and forget about it.

Either way, make sure the charge is paid for on time. They care most about getting paid.