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 982211 times)

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3195 on: July 24, 2014, 12:52:14 AM »
No put in other i have some side biz but nothing proveable. Should i say just started bla bla bla?

Offline bubble347

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Re: Amex F/R Master Thread
« Reply #3196 on: July 24, 2014, 12:53:39 AM »
No put in other i have some side biz but nothing proveable. Should i say just started bla bla bla?
Yes exactly :)
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Offline joey123

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Re: Amex F/R Master Thread
« Reply #3197 on: July 24, 2014, 12:55:23 AM »
Just got an fr i am student but gonna send in my dads returns any hope? what should i claim i do?any tips?

According to this thread, you shouldn't have a problem. http://forums.dansdeals.com/index.php?topic=37121.0

Please report back. Good luck!
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Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3198 on: July 24, 2014, 01:04:58 AM »
Any other tips before i make the call tom. morning? the trigger was a 10k purchase in local grocery

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3199 on: July 24, 2014, 05:37:24 AM »

According to this thread, you shouldn't have a problem. http://forums.dansdeals.com/index.php?topic=37121.0

Please report back. Good luck!
It really depends on age, a 22 year old student can't include household income. CMIIW.

Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3200 on: July 24, 2014, 08:57:50 AM »
It really depends on age, a 22 year old student can't include household income. CMIIW.
I think that's incorrect
Hey there! I am using DansDeals Forums.

Offline htg123

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Re: Amex F/R Master Thread
« Reply #3201 on: July 24, 2014, 08:58:56 AM »

Offline joey123

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Re: Amex F/R Master Thread
« Reply #3202 on: July 24, 2014, 09:17:36 AM »

+1000
Awesome! Now for all the younger guys on the blog, we have conclusive proof. It's a good day for young DDFers!
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Re: Amex F/R Master Thread
« Reply #3203 on: July 24, 2014, 09:28:55 AM »
When i called in late last night they said i should call FR department but today when i call cs they made no mention and said account looks fine anyone have this? how do i proceed?

Offline Novo

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Re: Amex F/R Master Thread
« Reply #3204 on: July 24, 2014, 09:32:56 AM »
When i called in late last night they said i should call FR department but today when i call cs they made no mention and said account looks fine anyone have this? how do i proceed?
I have no FR experience but the following is my $0.02
Is your card working? If so, I'd assume you can just continue using your card responsible and enjoy the game :)
Are you sure it was an FR? Maybe just a fraud alert?
I try my best :-\
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Re: Amex F/R Master Thread
« Reply #3205 on: July 24, 2014, 11:13:17 AM »
Just got an fr i am student but gonna send in my dads returns any hope? what should i claim i do?any tips?
I just got F/R as well and I'm also a student. I told them that being that I am still a dependant I can send in my parents tax papers. They said that's fine but I must also send the last 3 statements of the checking account which I paid the CC from. (Even though I have only been with Amex for 1 month.)
I sent it all in. Waiting for good news...

Offline joey123

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Re: Amex F/R Master Thread
« Reply #3206 on: July 24, 2014, 11:17:00 AM »

I just got F/R as well and I'm also a student. I told them that being that I am still a dependant I can send in my parents tax papers. They said that's fine but I must also send the last 3 statements of the checking account which I paid the CC from. (Even though I have only been with Amex for 1 month.)
I sent it all in. Waiting for good news...
Shouldn't be a problem. I hope I am not next. Hatzlacha
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Offline lunatic

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Re: Amex F/R Master Thread
« Reply #3207 on: July 24, 2014, 11:43:01 AM »
Any other tips before i make the call tom. morning? the trigger was a 10k purchase in local grocery
How did you know that?

Offline joey123

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Re: Amex F/R Master Thread
« Reply #3208 on: July 24, 2014, 11:51:26 AM »

How did you know that?
Btw, for future reference don't spend 10k at a grocery store. It's hard to justify a charge like that. Slow and steady wins the race 
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #3209 on: July 24, 2014, 12:25:56 PM »
lol
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