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 1877348 times)

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3880 on: April 28, 2015, 12:58:39 PM »
a little of topic. but didn't want to open a new thread for this.
if I got approved for Amex gold and then Amex called me with questions so I told them to drop it and cancel it.
the card was never activated and never linked to a MR account.
can I apply now for that card again or its called that I had it already.
as the language on the application says that you need to never had enrolled this card in a MR account.
any help will be appreciated.
What do you mean? Was the account opened or not? And why'd you close/cancel it instead of answering the questions?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3881 on: April 28, 2015, 01:20:20 PM »
What kind of questions ?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3882 on: April 28, 2015, 01:21:43 PM »
What kind of questions ?
Sounds like some pretty tough ones.

Offline shulemw

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Re: Amex F/R Master Thread
« Reply #3883 on: April 28, 2015, 01:24:10 PM »
it was my friend. it was not opened

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3884 on: April 28, 2015, 01:26:09 PM »
it was my friend. it was not opened
If they wanted more info to approve the app and he didn't give it but withdrew the app then the account was never opened and there's no issue.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3885 on: April 28, 2015, 02:01:04 PM »
Is there a difference as to what category your business is put into in regards to where you spend?

Offline JayR

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Re: Amex F/R Master Thread
« Reply #3886 on: April 28, 2015, 02:37:02 PM »
That's the right way of doing it.
Was this #7000? Congrats  :)
You can modify your original post. The modify button is right next to the quote button.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3887 on: April 28, 2015, 02:39:24 PM »
Was this #7000? Congrats  :)
For the 2nd (or 3rd ;) ) time

Offline JayR

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Re: Amex F/R Master Thread
« Reply #3888 on: April 28, 2015, 02:41:04 PM »
You can modify your original post. The modify button is right next to the quote button.

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3889 on: April 28, 2015, 02:46:19 PM »
For the 2nd (or 3rd ;) ) time
the way things are going its not gonna be the last time

Offline aro123

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Re: Amex F/R Master Thread
« Reply #3890 on: April 28, 2015, 05:21:08 PM »
here is my story. i sold my amex  points to some guy who added on 6 AUs and the account got FRd . when i called to speak the the specialist she said dont you remember when i spoke to you when you called to add the AUs and i told you i would need to review the account and you hung up on me....
so i guess adding to many random AUs is a real trigger

Offline TimT

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Re: Amex F/R Master Thread
« Reply #3891 on: April 28, 2015, 05:23:11 PM »
here is my story. i sold my amex  points to some guy who added on 6 AUs and the account got FRd . when i called to speak the the specialist she said dont you remember when i spoke to you when you called to add the AUs and i told you i would need to review the account and you hung up on me....
so i guess adding to many random AUs is a real trigger
Probably has more to do with "reviewing the account" than 6 AU's.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3892 on: April 28, 2015, 05:25:22 PM »
here is my story. i sold my amex  points to some guy who added on 6 AUs and the account got FRd . when i called to speak the the specialist she said dont you remember when i spoke to you when you called to add the AUs and i told you i would need to review the account and you hung up on me....
so i guess adding to many random AUs is a real trigger
She actually remembered that? Weird.

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #3893 on: April 28, 2015, 05:25:31 PM »
here is my story. i sold my amex  points to some guy who added on 6 AUs and the account got FRd . when i called to speak the the specialist she said dont you remember when i spoke to you when you called to add the AUs and i told you i would need to review the account and you hung up on me....
so i guess adding to many random AUs is a real trigger
Or hanging up the phone
Probably has more to do with "reviewing the account" than 6 AU's.

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #3894 on: April 28, 2015, 05:33:53 PM »
here is my story. i sold my amex  points to some guy who added on 6 AUs and the account got FRd . when i called to speak the the specialist she said dont you remember when i spoke to you when you called to add the AUs and i told you i would need to review the account and you hung up on me....
so i guess adding to many random AUs is a real trigger

Argh! So frustrating when you have those things. If all was good until then, this sure looks suspicious.
Work hard, Play harder!

Offline aro123

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Re: Amex F/R Master Thread
« Reply #3895 on: April 28, 2015, 05:49:19 PM »
Argh! So frustrating when you have those things. If all was good until then, this sure looks suspicious.
maybe she made up the whole story just to test if it was really me who called the first time.

Offline yitrap

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Re: Amex F/R Master Thread
« Reply #3896 on: April 28, 2015, 05:51:20 PM »
How do you do that? I always have to give my wife a whole detailed rundown of what she has to say on the phone. The only way that they'll speak to me about her account is if she gets on the phone first and authorizes me to speak on her behalf. Massive PITA.

When I call for other people I'll offer the account information before they ask for it and then say " the name on the account is so and so" they generally don't think twice about it and I don't have to lie...I've never been questioned about a male voice when calling for a female acocunt

Offline CS91

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Re: Amex F/R Master Thread
« Reply #3897 on: April 28, 2015, 05:52:29 PM »
When I call for other people I'll offer the account information before they ask for it and then say " the name on the account is so and so" they generally don't think twice about it and I don't have to lie...I've never been questioned about a male voice when calling for a female acocunt

My wife's name is clearly female though. So would be tough to get away with that if they hear a male's voice.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3898 on: April 28, 2015, 06:02:30 PM »
I know a man named marcy...

Offline yitrap

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Re: Amex F/R Master Thread
« Reply #3899 on: April 28, 2015, 06:41:16 PM »
My wife's name is clearly female though. So would be tough to get away with that if they hear a male's voice.

As I said, I've never had issues even with clear female names

ETA: no, I don't have a high pitch voice....