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 1875579 times)

Offline steves

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Re: Amex F/R Master Thread
« Reply #3620 on: February 13, 2015, 12:00:04 PM »
Ok thanks. I closed my cards   :'(.

In how long is it safe to reapply with them?

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3621 on: February 14, 2015, 10:47:22 PM »
Ok thanks. I closed my cards   :'(.

In how long is it safe to reapply with them?
I've done 6 months.

Offline steves

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Re: Amex F/R Master Thread
« Reply #3622 on: February 14, 2015, 10:52:25 PM »
Ok thanks.

I can handle that.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3623 on: February 15, 2015, 01:40:03 PM »
A merchant refunded me yesterday $1,800 instead of charging it...
Sure enough I was just F/Red.
Weird thing is that I passed an F/R June 2014, and now 7 months later, again
What does that mean he refunded you instead of charging it?

Offline D93

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Re: Amex F/R Master Thread
« Reply #3624 on: February 15, 2015, 01:41:29 PM »
What does that mean he refunded you instead of charging it?

When you swipe a credit card on a terminal, there's a few options, and one of them is "refund".

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3625 on: February 15, 2015, 01:49:44 PM »
When you swipe a credit card on a terminal, there's a few options, and one of them is "refund".
Oh so you're saying it was a mistake not some shtick or something. And getting refunded a large amount from a merchant you didn't buy something from is an F/R trigger. Am I getting this right?

Offline eAge

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Re: Amex F/R Master Thread
« Reply #3626 on: February 15, 2015, 02:45:39 PM »

Oh so you're saying it was a mistake not some shtick or something. And getting refunded a large amount from a merchant you didn't buy something from is an F/R trigger. Am I getting this right?
That.
And apparently it is?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3627 on: February 15, 2015, 09:14:22 PM »
Ok I know this has been discussed before in this thread but I'm trying to get a clear handle on this. Does anyone here think than AMEX BRG is a "magnet for F/R" like someone on FT said? I've had the PRG before (with only a mini F/R b"h no big deal), I have the everyday, and the SPG business, but people seem to be under the impression that BRG is the worst of all? In the experience of people on this thread (who seem to have lots of F/R experience) is this true?
To be more specific, it's a new account, and I plan on doing between 5-10k of airline spend (mostly legit) a month. Any reason to worry? And no, I'm like most people on this forum/lets just say I'd have great difficulty providing business's docs if asked.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3628 on: February 15, 2015, 09:17:38 PM »
Ok I know this has been discussed before in this thread but I'm trying to get a clear handle on this. Does anyone here think than AMEX BRG is a "magnet for F/R" like someone on FT said? I've had the PRG before (with only a mini F/R b"h no big deal), I have the everyday, and the SPG business, but people seem to be under the impression that BRG is the worst of all? In the experience of people on this thread (who seem to have lots of F/R experience) is this true?
To be more specific, it's a new account, and I plan on doing between 5-10k of airline spend (mostly legit) a month. Any reason to worry? And no, I'm like most people on this forum/lets just say I'd have great difficulty providing business's docs if asked.
Never had an issue.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3629 on: February 15, 2015, 09:21:56 PM »
Do you put a few thousand of spend a month on it?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3630 on: February 15, 2015, 09:25:00 PM »
Do you put a few thousand of spend a month on it?
Sometimes yes, sometimes no. What is he doing all his spend on ?

Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #3631 on: February 15, 2015, 09:59:03 PM »
Do you put a few thousand of spend a month on it?
I know people who put a few hundred thousand a month on this card with no issue.

"Here at DansDeals we don’t do buses." -Dan

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3632 on: February 15, 2015, 11:34:54 PM »
I know people who put a few hundred thousand a month on this card with no issue.
So to get this straight nobody here thinks there's anything special about BRG in regards to F/R. So why do the FT threads go nuts over it insisting tjst getting BRG is like asking for trouble (unless you have docs to back you up).

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3633 on: February 15, 2015, 11:37:06 PM »
So to get this straight nobody here thinks there's anything special about BRG in regards to F/R. So why do the FT threads go nuts over it insisting tjst getting BRG is like asking for trouble
I don't recall ever reading about it being a problem here on DDF.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3634 on: February 16, 2015, 04:03:35 AM »
I don't recall ever reading about it being a problem here on DDF.
The world is slightly larger than DDF

Offline Red

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Re: Amex F/R Master Thread
« Reply #3635 on: February 16, 2015, 04:20:43 AM »
I don't recall ever reading about it being a problem here on DDF.
I remember posts about it a couple of years ago, saying something about this card being targeted to newish businesses and therefore more prone to FR.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3636 on: February 16, 2015, 05:10:49 AM »
I remember posts about it a couple of years ago, saying something about this card being targeted to newish businesses and therefore more prone to FR.
FWIW my F/R 2 years ago was triggered by a charge on my BGR.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3637 on: February 16, 2015, 05:25:20 AM »
FWIW my F/R 2 years ago was triggered by a charge on my BGR.
What type of charge?

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3638 on: February 16, 2015, 05:39:26 AM »
What type of charge?
9K was my first charge

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3639 on: February 16, 2015, 05:41:01 AM »