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 1068505 times)

Offline Devorah

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Re: Amex Financial Review
« Reply #330 on: April 12, 2011, 09:11:56 PM »
when u were fr/ed did u cancel the account or did u send them the tax form and then they cut ur limit?
Sent the form.

Offline Jimbob

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Re: Amex Financial Review
« Reply #331 on: April 13, 2011, 10:53:14 PM »
They are closing my account bec. I can't provide them with the social
security cards of the additional card holders on my account.


And by the way, this is my second FR. I just had an FR about 2 months ago. :-[
« Last Edit: April 13, 2011, 11:07:54 PM by Jimbob »

Offline Avid Reader

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Re: Amex Financial Review
« Reply #332 on: April 13, 2011, 10:56:35 PM »
They are closing my account bec. I can't provide them with the social
security cards of the additional card holders on my account.


Can't you just remove the AU's?

Offline Jimbob

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Re: Amex Financial Review
« Reply #333 on: April 13, 2011, 11:09:27 PM »
Can't you just remove the AU's?
I did that, but since the AU's were there when they started the FR, they required that
information even though their cards were closed. On a positive note though, they are
allowing me the option to close the account myself rather than having them close it.

Online myb821

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Re: Amex Financial Review
« Reply #334 on: April 13, 2011, 11:15:58 PM »
y cant u provide the ss#

Offline AsherO

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Re: Amex Financial Review
« Reply #335 on: April 13, 2011, 11:57:13 PM »
I did that, but since the AU's were there when they started the FR, they required that
information even though their cards were closed. On a positive note though, they are
allowing me the option to close the account myself rather than having them close it.

They're F/Ring your AUs? Isn't it all about establishing your ability to pay?
PGF24BMGS

Offline Chaikel

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Re: Amex Financial Review
« Reply #336 on: April 28, 2011, 03:01:20 PM »
Just got FRed. Only thing I did on the card was Amazon payment, so heads up
Create professional looking itineraries.
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Offline AsherO

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Re: Amex Financial Review
« Reply #337 on: April 28, 2011, 03:03:39 PM »
Just got FRed. Only thing I did on the card was Amazon payment, so heads up

OMG :'( Did you survive?
PGF24BMGS

Offline Chaikel

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Re: Amex Financial Review
« Reply #338 on: April 28, 2011, 04:17:57 PM »
OMG :'( Did you survive?
It's my wife and right now we're shchiv mra
Create professional looking itineraries.
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Re: Amex Financial Review
« Reply #339 on: April 28, 2011, 04:26:06 PM »
It's my wife and right now we're shchiv mra
we wish u the best of luck

Offline AsherO

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Re: Amex Financial Review
« Reply #340 on: April 29, 2011, 01:08:20 AM »
we wish u the best of luck

+1. May Nissan bring you redemption and miracles :)
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Offline fetcher

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Re: Amex Financial Review
« Reply #341 on: April 29, 2011, 05:48:43 PM »
Just got FRed. Only thing I did on the card was Amazon payment, so heads up

How much are you doing?   Did you pay off the balance right away? or did you wait until the statement closed?
Best of luck

Offline MOSES

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Re: Amex Financial Review
« Reply #342 on: April 30, 2011, 10:39:20 PM »
y cant u provide the ss#
+1
Care to explain?

Offline Chaikel

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Re: Amex Financial Review
« Reply #343 on: April 30, 2011, 11:31:01 PM »
How much are you doing?   Did you pay off the balance right away? or did you wait until the statement closed?
Best of luck
didn't pay, went to FR before it closed
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Offline moshiach1

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Help amex froze acct
« Reply #344 on: May 13, 2011, 02:51:45 PM »
basically I applied for the platinum a month ago and I got a letter that they froze my account bec they need to verify my financial info and they need my tax return. Any advice ? bec im worried i make too little and I wrote i make much more on the application. Should i send them my tax return?