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 ect…

Let’s 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 don’t 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 1874662 times)

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1126
  • Total likes: 15
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3500 on: January 07, 2015, 07:16:35 AM »
Reckon it's a big risk to buy 6K worth of tickets today while doing PGGM so when my billing cycle closes today I'll have hit my threshold and can close account earlier rather than waiting another couple of months to hit it and pay plat. fees for two more months?
The reason I wonder whether this may be ok, is that they will not process as returns, but as pending charges that will just fall off. IINM, AmEx has a reputation for clawing back bonuses when spend that was responsible for reaching the threshold was later refunded.
I think it's bs.
Just went for it.
Hoping for the best.

I downgraded from plat to green yesterday via chat after my 30K signup bonus showed up thanks to the 8K worth of tickets that delta actually charged me for and then refunded after the statement posted (long story - including 40 min on hold and then holding again for a supervisor), and when I logged in later during the day and clicked on the green card (image changed within a few hours) in the place where it would usually say how many MR I have, it said "Sorry about that!It doesn't happen often, but your Rewards information is unavailable. Please try again later." It still says it this morning.
My wife's account seems to be showing her MR just fine.
Never had this before. Anyone seen this before this? indication of anything to come?

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3501 on: January 07, 2015, 07:31:09 AM »
I downgraded from plat to green yesterday via chat after my 30K signup bonus showed up thanks to the 8K worth of tickets that delta actually charged me for and then refunded after the statement posted (long story - including 40 min on hold and then holding again for a supervisor), and when I logged in later during the day and clicked on the green card (image changed within a few hours) in the place where it would usually say how many MR I have, it said "Sorry about that!It doesn't happen often, but your Rewards information is unavailable. Please try again later." It still says it this morning.
My wife's account seems to be showing her MR just fine.
Never had this before. Anyone seen this before this? indication of anything to come?
I happens to me occasionally. Just chat to find out.

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1126
  • Total likes: 15
  • DansDeals.com Hat Tips 2
    • View Profile
Amex F/R Master Thread
« Reply #3502 on: January 07, 2015, 07:40:59 AM »
Thanks.
Chatted. He said its a website tech error. Hope he's right!

Offline udip3146

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jan 2014
  • Posts: 150
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3503 on: January 07, 2015, 07:45:01 AM »
I downgraded from plat to green yesterday via chat after my 30K signup bonus showed up thanks to the 8K worth of tickets that delta actually charged me for and then refunded after the statement posted (long story - including 40 min on hold and then holding again for a supervisor), and when I logged in later during the day and clicked on the green card (image changed within a few hours) in the place where it would usually say how many MR I have, it said "Sorry about that!It doesn't happen often, but your Rewards information is unavailable. Please try again later." It still says it this morning.
My wife's account seems to be showing her MR just fine.
Never had this before. Anyone seen this before this? indication of anything to come?
You probably downgraded to a green and not a Green Rewards card. Hope you can still get your points back.

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1126
  • Total likes: 15
  • DansDeals.com Hat Tips 2
    • View Profile
Amex F/R Master Thread
« Reply #3504 on: January 07, 2015, 07:52:44 AM »
$75 AF?

Chatting again now to check...

Hope I didn't lose them!!!!

UPDATE: My account online says "business green card" not green rewards card, but the chat rep said it is an MR card and my points are intact and available, just a website glitch.
« Last Edit: January 07, 2015, 08:05:07 AM by YG »

Offline udip3146

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jan 2014
  • Posts: 150
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3505 on: January 07, 2015, 12:22:01 PM »
$75 AF?

Chatting again now to check...

Hope I didn't lose them!!!!

UPDATE: My account online says "business green card" not green rewards card, but the chat rep said it is an MR card and my points are intact and available, just a website glitch.

Don't rely on Chat. Call them.

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1126
  • Total likes: 15
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3506 on: January 07, 2015, 12:31:35 PM »
Thanks.
Just called. They transferred me to MR and the rep said I definitely have an active account and my points are available.

Offline Boruch999

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2014
  • Posts: 2164
  • Total likes: 186
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3507 on: January 09, 2015, 07:23:44 AM »
Just got this trying to log in to an AU account (real AU, with SS#.)  What's that about?


AUTHENTICATE YOUR ACCOUNT

Unfortunately, we are unable to log you in at this time.

Please call the Customer Care number on the back of your Card.

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1252
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3508 on: January 11, 2015, 10:47:08 PM »
Thanks.
Just called. They transferred me to MR and the rep said I definitely have an active account and my points are available.
DROPR  the only way the green card (not reward) can have a MR acc is by paying $45 to enroll your card for MR 

Offline cholent

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 2705
  • Total likes: 524
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3509 on: January 11, 2015, 10:48:24 PM »
Why not just open a Everyday card to hold your MR? And, incidentally, aren't we in the wrong thread for this discussion...?  ::)
Don't ask stupid questions and you won't get stupid answers

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3510 on: January 12, 2015, 03:28:15 AM »
Thanks.
Just called. They transferred me to MR and the rep said I definitely have an active account and my points are available.
How about now?

Offline YG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2011
  • Posts: 1126
  • Total likes: 15
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3511 on: January 12, 2015, 11:29:46 AM »
Not showing yet. She said it could be that I have to wait till the new card arrives and I activate it.

Offline Matovu

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1218
  • Total likes: 21
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
  • Programs: SPG Gold, Hilton Honors Diamond,
Re: Amex F/R Master Thread
« Reply #3512 on: January 12, 2015, 01:24:38 PM »
F/R Happened to me today

Business CC
High spending for others
and I have been paying back from other accounts

they didn't tell me this
they just said FR
and that I should fax in 3 Months Bank Statements.

I am of course not sending in someone else's Bank Statements.
I already faxed in my Personal.
Is this an issue if I am sending in my Personal Accounts ?

Offline DMYD

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2013
  • Posts: 2911
  • Total likes: 4
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #3513 on: January 12, 2015, 01:29:02 PM »
F/R Happened to me today

Business CC
High spending for others
and I have been paying back from other accounts

they didn't tell me this
they just said FR
and that I should fax in 3 Months Bank Statements.

I am of course not sending in someone else's Bank Statements.
I already faxed in my Personal.
Is this an issue if I am sending in my Personal Accounts ?
I also got FR on Business and sent in my personal Tax and passed B"H

Offline Matovu

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1218
  • Total likes: 21
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: NYC
  • Programs: SPG Gold, Hilton Honors Diamond,
Re: Amex F/R Master Thread
« Reply #3514 on: January 12, 2015, 01:37:06 PM »
I also got FR on Business and sent in my personal Tax and passed B"H

good to know,
thanks for your response.

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22692
  • Total likes: 7191
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Amex F/R Master Thread
« Reply #3515 on: January 12, 2015, 01:40:13 PM »
I also got FR on Business and sent in my personal Tax and passed B"H
Did they ask for business forms ?

Offline eli.f

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2013
  • Posts: 1140
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: TLV
Re: Amex F/R Master Thread
« Reply #3516 on: January 12, 2015, 01:41:48 PM »
I also got FR on Business and sent in my personal Tax and passed B"H
How did these statements look? (Roughly, how much in/out and how many transactions. Just wondering what they want to see?)

Offline zionest

  • DansDeals Copper Elite
  • *
  • Join Date: Apr 2013
  • Posts: 19
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: lakewood
Re: Amex F/R Master Thread
« Reply #3517 on: January 12, 2015, 04:19:03 PM »
amex closed my amex business platinum this morning after my wife swiped my card in her business last night. any way of having them reopen or have them report it as i closed it

Offline DMYD

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2013
  • Posts: 2911
  • Total likes: 4
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #3518 on: January 12, 2015, 06:50:15 PM »
Did they ask for business forms ?
Yes just sent in the form with my SS

Offline DMYD

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2013
  • Posts: 2911
  • Total likes: 4
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #3519 on: January 12, 2015, 06:51:37 PM »
How did these statements look? (Roughly, how much in/out and how many transactions. Just wondering what they want to see?)
only sent in tax return.