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 ectÖ

Letís 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 donít 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 1082821 times)

Offline stevesteve

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Re: Amex Financial Review
« Reply #420 on: June 05, 2011, 07:54:04 AM »
FRs have been extensively discussed, if you can prove any income they will not shut you down. Its not uncommon to happen even to 10-20 year customers. Very often they'll audit more than one person at the same address. As far as taking care of the FR now rather than later - never heard of that (that you'd have a standing FR if you'd ever try to apply again).
I got FR 3 years ago. At the time I could not not provide them with paperwork they wanted so I got shut down. I then waited 2 years to reapply for a Amex did not get approval online and than got a letter requesting a 4506. I sent in the paperwork and got approved. Three months later I applied for another Amex and the same reoccurred.
The exact same thing happened to my wife as well.

Offline aryeh1

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Re: Amex Financial Review
« Reply #421 on: June 05, 2011, 08:10:09 AM »
even if you close an account, you still need to pay...

FRs have been extensively discussed, if you can prove any income they will not shut you down. Its not uncommon to happen even to 10-20 year customers. Very often they'll audit more than one person at the same address. As far as taking care of the FR now rather than later - never heard of that (that you'd have a standing FR if you'd ever try to apply again).

I know but I'm sure some dont feel like paying them, when amex shuts their accts down. Im saying it would be smarter of them to do an Fr when there is a 0 balance

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #422 on: June 05, 2011, 08:21:31 AM »
maybe they'd want to specifically do it when u have a nice size bill due, because if u don't pay up you get charged interest...
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Offline aryeh1

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Re: Amex Financial Review
« Reply #423 on: June 05, 2011, 08:29:07 AM »
Just wondering, if i made a purchase before the FR and the charge is in pending transactions-will it post to my acct since they froze it?

Offline smurf

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Re: Amex Financial Review
« Reply #424 on: June 05, 2011, 08:59:26 AM »
Just wondering, if i made a purchase before the FR and the charge is in pending transactions-will it post to my acct since they froze it?
most likely that it will

Offline elikay

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Re: Amex Financial Review
« Reply #425 on: June 05, 2011, 09:02:58 AM »
@stevesteve
There Amexshut your account, how about where you shut it first?

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #426 on: June 05, 2011, 09:05:52 AM »
@elikay
do u think that would make a dif? it seems that its bc the FR, not bc of the account being closed...
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Offline miles

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Re: Amex Financial Review
« Reply #427 on: June 05, 2011, 02:51:12 PM »
now i'm on the FR' list my 1040 is with 25k less then on my apps but i have proof of 25k that don't need to be reported on 1040 (T. return check and i have about 20k from rewards checks ) and my Rep. told me he want look on it

Offline aryeh1

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Re: Amex Financial Review
« Reply #428 on: June 05, 2011, 03:56:33 PM »
do you still get the airline credit after a fr? the 100 credit didnt post yet

Offline stevesteve

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Re: Amex Financial Review
« Reply #429 on: June 05, 2011, 04:18:12 PM »
@stevesteve
There Amexshut your account, how about where you shut it first?
I don't think it makes a difference, once your ssn is under FR I believe the next time you apply they gonna want documentation. At least that's what happened to me and that's what I understand from speaking with other people who have been through this.

Offline AsherO

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Re: Amex Financial Review
« Reply #430 on: June 05, 2011, 04:22:24 PM »
it seems like they fr in families, also if your father ever wants to get an amex card again, afaik he will need to take care of that fr might as well do it now

Not always. IME they didn't BH.

I don't think it makes a difference, once your ssn is under FR I believe the next time you apply they gonna want documentation. At least that's what happened to me and that's what I understand from speaking with other people who have been through this.

YMMV, some people have reported not needing docs when applying some time later.
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Offline miles

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Re: Amex Financial Review
« Reply #431 on: June 05, 2011, 10:23:50 PM »
now i'm on the FR' list my 1040 is with 25k less then on my apps but i have proof of 25k that don't need to be reported on 1040 (T. return check and i have about 20k from rewards checks ) and my Rep. told me he want look on it
is there any chance my cards will stay open or i should close my accounts

Offline AsherO

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Re: Amex Financial Review
« Reply #432 on: June 05, 2011, 10:26:42 PM »
is there any chance my cards will stay open or i should close my accounts

If you send them 4506T with income (even if it's low), your accounts will probably stay open.
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Re: Amex Financial Review
« Reply #433 on: June 06, 2011, 12:07:04 PM »
They basically financial reviewed my whole family within a few weeks. 1st my father than mother than me etc. Did this happen to anyone else ie. wife after you? it seems to run in families...

Offline AsherO

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Re: Amex Financial Review
« Reply #434 on: June 06, 2011, 12:10:47 PM »
They basically financial reviewed my whole family within a few weeks. 1st my father than mother than me etc. Did this happen to anyone else ie. wife after you? it seems to run in families...

It's been reported before, but this isn't always the case.
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