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 1068902 times)

Offline Mikeoracle

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Re: Help amex froze acct
« Reply #345 on: May 13, 2011, 03:02:33 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?
If you dont send in the forms they very possibly will close your accounts. If you send in the forms usually they will only lower credit limits if they see you make too little. There is no guarantee either way but from others experience that seems to be the case.

If you have a strong feeling that they will close your accounts anyways then it may be best for you to tell them that you want to close the accounts- that way your credit report will show as "account closed by user" which is better than "account closed by issuer".

Offline moshiach1

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Re: Amex Financial Review
« Reply #346 on: May 13, 2011, 06:05:35 PM »
Basically i wrote i make 70k a yr and i make much much less. Should i send in my tax return or just tell them im a full time student and show them my bank statements?

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #347 on: May 13, 2011, 06:10:34 PM »
Basically i wrote i make 70k a yr and i make much much less. Should i send in my tax return or just tell them im a full time student and show them my bank statements?
How is this question different than
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?
??
In order to understand recursion, you first need to understand recursion.

Offline moshiach1

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Re: Amex Financial Review
« Reply #348 on: May 13, 2011, 06:36:17 PM »
How is this question different than??
Because I wrote that prior to reading the forum, before I wrote should i send it . now im asking whats beter to do 1)send it or 2) dont send it and say im a full time student with no salary and send them bank statements?

Offline moshiach1

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Re: Amex Financial Review
« Reply #349 on: May 14, 2011, 11:43:46 PM »
IS 20K ENOUGH FOR THEM TO LET ME KEEP MY AMEX PLATINUM ? ANYONE?? ALSO WILL I GET FRIED OR IN TROUBLE IF I SEND IN MY 4506T IF I WROTE I MAKE MUCH MORE? ?..

Offline Dan

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Re: Amex Financial Review
« Reply #350 on: May 14, 2011, 11:48:36 PM »
IS 20K ENOUGH FOR THEM TO LET ME KEEP MY AMEX PLATINUM ? ANYONE?? ALSO WILL I GET FRIED OR IN TROUBLE IF I SEND IN MY 4506T IF I WROTE I MAKE MUCH MORE? ?..
Send it in.
They'll place a credit limit on your card, but hopefully they won't cancel your cards.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #351 on: May 14, 2011, 11:50:20 PM »
IS 20K ENOUGH FOR THEM TO LET ME KEEP MY AMEX PLATINUM ? ANYONE?? ALSO WILL I GET FRIED OR IN TROUBLE IF I SEND IN MY 4506T IF I WROTE I MAKE MUCH MORE? ?..

Fried?

You have nothing to lose, if you don't send it they'll close your cards. I sent them my 4506-T and I still report higher (albeit 'household') income.

Oh, and please don't SCREAM, it isn't polite...
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Offline moshiach1

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Re: Amex Financial Review
« Reply #352 on: May 15, 2011, 12:05:54 AM »
Fried?

You have nothing to lose, if you don't send it they'll close your cards. I sent them my 4506-T and I still report higher (albeit 'household') income.

Oh, and please don't SCREAM, it isn't polite...

]

Sorry I'm just really nervous...thinking about it the whole shabbos. But I just want to make sure 1)I wont get in trouble -it isnt fraud to write 70k while it only shows 20k on 4506t? asher how much higher did u write? 2) am i better off saying i dont have a tax return, my father supports me? 3) am i waisting my time with such a low income that theyll forsure reject me?

Offline myb821

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Re: Amex Financial Review
« Reply #353 on: May 15, 2011, 12:12:16 AM »
listen to the advice u were already given and send it in if it shows 20k

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #354 on: May 15, 2011, 12:17:26 AM »
listen to the advice u were already given and send it in if it shows 20k
+1
and seriously, CALM DOWN.
In order to understand recursion, you first need to understand recursion.

Offline moshiach1

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Re: Amex Financial Review
« Reply #355 on: May 15, 2011, 12:18:40 AM »
but anyone got experience with writing much more on application than what you really make and sending in 4506t? thats really what id like to know and if so how much did u over state..

Offline AsherO

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Re: Amex Financial Review
« Reply #356 on: May 15, 2011, 12:18:44 AM »
Sorry I'm just really nervous...thinking about it the whole shabbos. But I just want to make sure 1)I wont get in trouble -it isnt fraud to write 70k while it only shows 20k on 4506t? asher how much higher did u write? 2) am i better off saying i dont have a tax return, my father supports me? 3) am i waisting my time with such a low income that theyll forsure reject me?

1. No risk of Fraud IMO, I wrote like triple what's reported on my tax return.
2. No, especially if your father isn't willing to send a 4506T that'll substantiate the amount you wrote.
3. I don't think so, YMMV.

listen to the advice u were already given and send it in if it shows 20k

+1
PGF24BMGS

Offline moshiach1

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Re: Amex Financial Review
« Reply #357 on: May 15, 2011, 01:45:14 AM »
did anyone ever regret sending in your 4506t?

Offline YudiG

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Re: Amex Financial Review
« Reply #358 on: May 15, 2011, 08:25:59 AM »
me and my wife got fr'd a couple months back and prempted  and closed our accounts cuz we didn't want to send in the tax info...my father then got fr'd - he's at the same address - and passed instatnly after sending in the form...now he was able to add us as addiotnal users on his Plat and they approved us...

are our troubles w/ amex over? should i hold off a bit longer or take advantage of these new offers? should i risk it and try reinstating my old accounts?

thanks!

Offline AsherO

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Re: Amex Financial Review
« Reply #359 on: May 15, 2011, 08:32:48 AM »
me and my wife got fr'd a couple months back and prempted  and closed our accounts cuz we didn't want to send in the tax info...my father then got fr'd - he's at the same address - and passed instatnly after sending in the form...now he was able to add us as addiotnal users on his Plat and they approved us...

are our troubles w/ amex over? should i hold off a bit longer or take advantage of these new offers? should i risk it and try reinstating my old accounts?

thanks!

What's the risk in trying to reinstate your old accounts? My bet is they'll ask for your 4506-T unless you say your father supports you...
PGF24BMGS