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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1876967 times)

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3760 on: March 28, 2015, 03:48:35 PM »
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Offline solls108

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Re: Amex F/R Master Thread
« Reply #3761 on: March 28, 2015, 08:16:31 PM »
Quote from: Emkay on March 28, 2015, 02:34:53 PM
Is that a threat?
What did you do to MS spend 10k?
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3762 on: March 28, 2015, 09:32:01 PM »
Quote from: solls108 on March 28, 2015, 08:16:31 PM
What did you do to MS spend 10k?
People don't openly discuss their private MS methods.
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3763 on: March 28, 2015, 11:12:58 PM »
I've heard stories of DDF'ers including their MS methods in their wills (and family fights that have come from from that).  ;D
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3764 on: March 29, 2015, 12:16:18 AM »
Quote from: Aj3042 on March 28, 2015, 11:12:58 PM
I've heard stories of DDF'ers including their MS methods in their wills (and family fights that have come from from that).  ;D
Stop your pathetic trolling already
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3765 on: March 29, 2015, 12:44:12 AM »
Quote from: noturbizniss on March 29, 2015, 12:16:18 AM
Stop your pathetic trolling already
Didn't like the joke? Then you can say so. Stop your pathetic nastiness already. I seriously hope that in real life you're not constantly on the warpath like you are here. Seriously what's your issue already? Just grow up and ignore if if you don't like it. It's not even directed at you (and even if it was you can ignore it).
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Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3766 on: March 29, 2015, 12:47:16 AM »
Quote from: noturbizniss on March 29, 2015, 12:16:18 AM
Stop your pathetic trolling already
Whoa. Totally shocking response. What did the guy do to you?
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3767 on: March 29, 2015, 12:50:07 AM »
Quote from: Aj3042 on March 29, 2015, 12:44:12 AM
Didn't like the joke? Then you can say so. Stop your pathetic nastiness already. I seriously hope that in real life you're not constantly on the warpath like you are here. Seriously what's your issue already? Just grow up and ignore if if you don't like it. It's not even directed at you (and even if it was you can ignore it).
I am exactly like this always.
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Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #3768 on: March 29, 2015, 12:55:03 AM »
Quote from: Aj3042 on March 29, 2015, 12:44:12 AM
Didn't like the joke? Then you can say so. Stop your pathetic nastiness already. I seriously hope that in real life you're not constantly on the warpath like you are here. Seriously what's your issue already? Just grow up and ignore if if you don't like it. It's not even directed at you (and even if it was you can ignore it).
Quote from: Aj3042 on March 28, 2015, 11:12:58 PM
I've heard stories of DDF'ers including their MS methods in their wills (and family fights that have come from from that).  ;D
Wrong thread. Please troll in js threads only. Thanx.
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3769 on: March 29, 2015, 01:00:16 AM »
Quote from: Saver2000 on March 29, 2015, 12:55:03 AM
Wrong thread. Please troll in js threads only. Thanx.
Well it wasn't an out of the blue comment, it was a response to the one before it, so I didn't see anything wrong with it. But if you ask nicely you get what you want :).
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Offline solls108

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Re: Amex F/R Master Thread
« Reply #3770 on: April 01, 2015, 11:38:35 AM »
If I use an AMEX strictly with MS, whats the best way to avoid FR?
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #3771 on: April 01, 2015, 11:39:35 AM »
Quote from: solls108 on April 01, 2015, 11:38:35 AM
If I use an AMEX strictly with MS, whats the best way to avoid FR?
ummm, don't do that?
use it for other stuff?
small amounts?
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Offline solls108

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Re: Amex F/R Master Thread
« Reply #3772 on: April 01, 2015, 11:41:20 AM »
Quote from: noturbizniss on April 01, 2015, 11:39:35 AM
ummm, don't do that?
use it for other stuff?
small amounts?
Define please?

I was going to use it for target(random amounts equalling 5k), then drain to chase checking to pay off AMEX.
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3773 on: April 01, 2015, 11:45:52 AM »
Quote from: solls108 on April 01, 2015, 11:41:20 AM
Define please?

I was going to use it for target(random amounts equalling 5k), then drain to chase checking to pay off AMEX.
There's no clear cut definition just be smart about it. Use it in other stores. Don't go too crazy.
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Offline solls108

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Re: Amex F/R Master Thread
« Reply #3774 on: April 01, 2015, 11:47:05 AM »
Quote from: Aj3042 on April 01, 2015, 11:45:52 AM
There's no clear cut definition just be smart about it. Use it in other stores. Don't go too crazy.
Define please.
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Offline @Yehuda

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Re: Amex F/R Master Thread
« Reply #3775 on: April 01, 2015, 11:49:44 AM »
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3776 on: April 01, 2015, 11:49:59 AM »
Quote from: solls108 on April 01, 2015, 11:47:05 AM
Define please.
Webster Merriam definition-
Don't go too crazy: use common sense.
Are you somewhat new to Amex? Is it charge card or cc? If cc, how big is your CL? If charge, what are your regular purchase amounts? Is it a biz card? As you can see there's no exact formula.
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Offline solls108

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Re: Amex F/R Master Thread
« Reply #3777 on: April 01, 2015, 11:50:32 AM »
Quote from: Aj3042 on April 01, 2015, 11:49:59 AM
Webster Merriam definition-
Don't go too crazy: use common sense.
Are you somewhat new to Amex? Is it charge card or cc? If cc, how big is your CL? If charge, what are your regular purchase amounts? Is it a biz card? As you can see there's no exact formula.
Got it. Ok. Thanks.
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #3778 on: April 01, 2015, 01:09:34 PM »
Does it make sense to  and can I change a business name on my card to my personal name in case of fr? Just opened two biz plats one for me and wife, having major fr phobia
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Offline D93

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Re: Amex F/R Master Thread
« Reply #3779 on: April 01, 2015, 01:19:26 PM »
Quote from: maxie m on April 01, 2015, 01:09:34 PM
Does it make sense to  and can I change a business name on my card to my personal name in case of fr? Just opened two biz plats one for me and wife, having major fr phobia
http://forums.dansdeals.com/index.php?topic=3589.msg38100#msg38100
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