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 1876703 times)

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3740 on: March 24, 2015, 10:54:12 AM »
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3741 on: March 24, 2015, 01:41:28 PM »
First hand experience?
With many FR personal. With regular first hand knowledge.

Offline eAge

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Re: Amex F/R Master Thread
« Reply #3742 on: March 24, 2015, 02:04:04 PM »

Not sure if this detail has been discussed before so here goes...if a merchant refunds me more than he charged me, is that an FR trigger? I'm talking about where it will NOT leave a credit on the account (meaning that I owe 1k in total, a merchant charges me $100 and refunds $200 so now I owe $800). Kind of a weird case, I know-but does anyone have experience with this?
I had the exact same case $4k total balance, vender refunded $3.6k instead of $1.8k, I was F/Red one day after the refunded posted.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3743 on: March 24, 2015, 02:58:29 PM »
I had the exact same case $4k total balance, vender refunded $3.6k instead of $1.8k, I was F/Red one day after the refunded posted.
Ok thanks that's exactly the info I wanted.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3744 on: March 24, 2015, 04:54:33 PM »
I've bought cameras for 1k at Costco and had them refunded to a different amex account with no issue
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3745 on: March 24, 2015, 05:49:48 PM »
I've bought cameras for 1k at Costco and had them refunded to a different amex account with no issue
Both were AMEX cards though?

Offline solls108

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Re: Amex F/R Master Thread
« Reply #3746 on: March 25, 2015, 10:49:40 AM »
I'm done with advice. Ppl ask a few Q's and refuse to read DDF and of course in a text I don't remember every single detail about a topic. Then they get screwed. At least none of my friends have gotten angry at me.
+1 :)

Offline solls108

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Re: Amex F/R Master Thread
« Reply #3747 on: March 25, 2015, 10:50:27 AM »
I've bought cameras for 1k at Costco and had them refunded to a different amex account with no issue
Be careful because costco has a system where they say you can return anything and everything, but supposedly there is a limit per dept. I know people who had issues.

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3748 on: March 25, 2015, 10:53:10 AM »
Be careful because costco has a system where they say you can return anything and everything, but supposedly there is a limit per dept. I know people who had issues.
What is the jewelry department limit, 300k?
I just found a new supply of forks!

Offline solls108

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Re: Amex F/R Master Thread
« Reply #3749 on: March 25, 2015, 10:54:40 AM »
What is the jewelry department limit, 300k?
I dont know limits. Hopefully we can find an ex-costco employee who can help :)

Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3750 on: March 27, 2015, 12:28:13 PM »
Can you transfer out MR during a FR?
Hey there! I am using DansDeals Forums.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3751 on: March 27, 2015, 12:36:43 PM »

Offline dealfinder85

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Re: Amex F/R Master Thread
« Reply #3752 on: March 27, 2015, 12:37:53 PM »
« Last Edit: March 27, 2015, 12:41:59 PM by dealfinder85 »

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3753 on: March 28, 2015, 01:56:24 PM »
Just passed a mini FR, it's a good feeling

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3754 on: March 28, 2015, 02:11:07 PM »
Just passed a mini FR, it's a good feeling

Trigger?

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3755 on: March 28, 2015, 02:16:40 PM »
Trigger?
First purchase of 10k as soon as I got the card

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3756 on: March 28, 2015, 02:20:12 PM »
First purchase of 10k as soon as I got the card
Legit purchase or MS?

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3757 on: March 28, 2015, 02:22:07 PM »
Legit purchase or MS?
Legit MS
But looks like regular purchase

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3758 on: March 28, 2015, 02:26:18 PM »
Legit MS
But looks like regular purchase

I thought that might be your response :) PM sent.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3759 on: March 28, 2015, 02:34:53 PM »