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 1876218 times)

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #3520 on: January 12, 2015, 06:53:08 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
Did you call them to see what they want?

Offline Matovu

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Re: Amex F/R Master Thread
« Reply #3521 on: January 13, 2015, 11:12:08 AM »
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 ?

any help on that ?

Offline zlt123

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Re: Amex F/R Master Thread
« Reply #3522 on: January 13, 2015, 12:52:49 PM »
they want the bank statments from wich you are paying the CC

Offline Matovu

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Re: Amex F/R Master Thread
« Reply #3523 on: January 13, 2015, 01:08:33 PM »
but I am paying from other accounts
and I am going to only give them my Personal accounts.
have any hope ?

Offline zionest

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Re: Amex F/R Master Thread
« Reply #3524 on: January 13, 2015, 02:50:06 PM »
Bump  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? any advise or Can you please direct me to A post that discusses this.

Offline YG

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Re: Amex F/R Master Thread
« Reply #3525 on: January 13, 2015, 09:55:33 PM »

You probably downgraded to a green and not a Green Rewards card. Hope you can still get your points back.
+1
DROPR  the only way the green card (not reward) can have a MR acc is by paying $45 to enroll your card for MR
+1

Finally got through to someone who knew what he was talking about. Said what you both said (except he said the few to link the card to MR would be $40) so he upgraded it to BRGreen for 95 AF which is $20 less than paying $40 to link it to MR and said it should show as linked by tomorrow., and that lucky I called and got him cos after 30 days I would have lost all my MR.

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3526 on: January 13, 2015, 11:11:27 PM »
+1+1

Finally got through to someone who knew what he was talking about. Said what you both said (except he said the few to link the card to MR would be $40) so he upgraded it to BRGreen for 95 AF which is $20 less than paying $40 to link it to MR and said it should show as linked by tomorrow., and that lucky I called and got him cos after 30 days I would have lost all my MR.
So is it showing now?

Offline peace123

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Re: Amex F/R Master Thread
« Reply #3527 on: January 14, 2015, 01:37:13 AM »
do you get FR for signing in to your own amex account 2 times a day every day?
Read somewhere that logging  many times   to your account can trigger FR

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3528 on: January 14, 2015, 02:39:17 AM »
do you get FR for signing in to your own amex account 2 times a day every day?
Read somewhere that logging  many times   to your account can trigger FR
It's in the wiki. I've never seen an actual report of someone being FR'd.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3529 on: January 14, 2015, 03:31:53 AM »

do you get FR for signing in to your own amex account 2 times a day every day?
Read somewhere that logging  many times   to your account can trigger FR
1) why would you need to log in so many times? OCD?
2) it's a myth

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3530 on: January 14, 2015, 04:30:33 AM »
2) it's a myth
Not everything that hasn't been verified is a myth.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3531 on: January 14, 2015, 05:23:30 AM »

Not everything that hasn't been verified is a myth.
it is in this case

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3532 on: January 14, 2015, 07:03:04 AM »
1) why would you need to log in so many times?
To see if payment/charges posted so you can churn your CL more? Just a wild guess.
I just found a new supply of forks!

Offline YG

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Re: Amex F/R Master Thread
« Reply #3533 on: January 14, 2015, 07:08:47 AM »

So is it showing now?
Not yet. Isn't showing as business rewards green yet.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3534 on: January 14, 2015, 07:22:16 AM »

To see if payment/charges posted so you can churn your CL more? Just a wild guess.
daily?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #3535 on: January 14, 2015, 07:47:00 AM »
I can sometimes log in dozens of times a day.  Was never FR'd

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3536 on: January 14, 2015, 07:48:42 AM »
1) why would you need to log in so many times? OCD?
To check for new offers

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3537 on: January 14, 2015, 07:52:20 AM »
To check for new offers
How often does it change? Not very often by me.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3538 on: January 14, 2015, 08:00:17 AM »
How often does it change? Not very often by me.
I could be logging in all day just responding to all the emails they send me to check this thing out or to see their new layout or to book something through the site. The point is they want you on their site.

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3539 on: January 14, 2015, 08:01:22 AM »
I could be logging in all day just responding to all the emails they send me to check this thing out or to see their new layout or to book something through the site. The point is they want you on their site.
I hear. Makes sense.