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 982708 times)

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3165 on: July 11, 2014, 04:54:12 AM »
They asked to call them back the reason given  because they want to make sure I don't borrow the card for someone else

Offline yoshi

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Re: Amex F/R Master Thread
« Reply #3166 on: July 11, 2014, 03:23:50 PM »
They asked to call them back the reason given  because they want to make sure I don't borrow the card for someone else
Lend the card to someone else?

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3167 on: July 11, 2014, 03:25:09 PM »
I allowed a friend to use it for his business.

Offline Feivish

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Re: Amex F/R Master Thread
« Reply #3168 on: July 14, 2014, 04:04:26 PM »
Help! I'm under a F/R, proofing income is not my issue but I can't proof that I have a business and I have a couple of business and personal cards. What should I do, do I close them all or just the business cards?

Offline bubble347

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Re: Amex F/R Master Thread
« Reply #3169 on: July 14, 2014, 06:35:21 PM »
Help! I'm under a F/R, proofing income is not my issue but I can't proof that I have a business and I have a couple of business and personal cards. What should I do, do I close them all or just the business cards?
Did you apply as a sole proprietorship or a corp?
Watch this inspiring video.

Offline Feivish

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Re: Amex F/R Master Thread
« Reply #3170 on: July 14, 2014, 10:50:05 PM »
Did you apply as a sole proprietorship or a corp?
Sole proprietorship.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3171 on: July 14, 2014, 10:51:20 PM »
Sole proprietorship.
You should be fine.


Offline bubble347

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Re: Amex F/R Master Thread
« Reply #3172 on: July 14, 2014, 10:53:45 PM »
You should be fine.
+1 (from experience)
Watch this inspiring video.

Offline Feivish

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Re: Amex F/R Master Thread
« Reply #3173 on: July 15, 2014, 08:40:59 AM »
+1 (from experience)
Even if I have no way of proofing revenue/profit?

Offline bubble347

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Re: Amex F/R Master Thread
« Reply #3174 on: July 15, 2014, 08:44:55 AM »
Even if I have no way of proofing revenue/profit?
Yes, I was not asked to provide documentation for both, access to my tax return was sufficient.
Watch this inspiring video.

Offline Malachi

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Re: Amex F/R Master Thread
« Reply #3175 on: July 15, 2014, 12:30:55 PM »
Will I pass an f/r if I don't have any income but my wife does and we filed jointly?
Denny Crane

Offline yitzf

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Re: Amex F/R Master Thread
« Reply #3176 on: July 15, 2014, 01:11:49 PM »
Will I pass an f/r if I don't have any income but my wife does and we filed jointly?

Yes, the form they request does not break down the income by person, rather it's like your 1040 that has a lump sum for wages etc.

Offline Malachi

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Re: Amex F/R Master Thread
« Reply #3177 on: July 15, 2014, 04:45:00 PM »
Yes, the form they request does not break down the income by person, rather it's like your 1040 that has a lump sum for wages etc.
that's awesome news!
Denny Crane

Offline bznt

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Re: Amex F/R Master Thread
« Reply #3178 on: July 15, 2014, 04:50:05 PM »
I passed A f/r a few months ago. Today they called me that they want to see 3 months of bank statements from all my accounts that I made payments from. What does that mean? Why do they want to see my bank statements ?

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3179 on: July 15, 2014, 05:01:59 PM »
I passed A f/r a few months ago. Today they called me that they want to see 3 months of bank statements from all my accounts that I made payments from. What does that mean? Why do they want to see my bank statements ?

Maybe they suspect you're paying from someone else' account?