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 1082811 times)

Offline Q274

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Re: Amex Financial Review
« Reply #435 on: June 12, 2011, 08:50:36 AM »
Grrrrr- just got fr'ed all 5 of my cards

Offline aryeh1

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Re: Amex Financial Review
« Reply #436 on: June 12, 2011, 08:53:57 AM »
Grrrrr- kjust got fr'ed all 5 of my cards
It seems like having a platinum = frd. My whole family got frd. Do you know what prompted it?

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Re: Amex Financial Review
« Reply #437 on: June 12, 2011, 08:55:16 AM »
:(
In order to understand recursion, you first need to understand recursion.

Offline Q274

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Re: Amex Financial Review
« Reply #438 on: June 12, 2011, 09:34:22 AM »
It seems like having a platinum = frd. My whole family got frd. Do you know what prompted it?
no clue sorry did not do anything different recently than i have been doing since i got the platinum card in december.
Oh well will keep all updated iyh

Offline mancunian

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Re: Amex Financial Review
« Reply #439 on: June 13, 2011, 04:46:04 PM »
just got f/rd

had a plat & starwood.
signed up for gold and plat and was approved, got gold in the mail and activated it and made a little transaction.

made one transaction which was 40% of starwood limit just now. lady asked if i'm doing business transactions. i said no, i had thought about it, should i open a bus card for that? had a bit of a chat about that, then put me on hold and asked for my docs.

she said they may need to put limits on my charge cards, cause the bill has to be paid in full and thats hard... and the fees are soooo expensive, are you sure your able to pay so much? and on two plat cards?
she said if i want to cancel to call her.

should i call her to cancel all my cards or call the regular number?

Offline bades

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Re: Amex Financial Review
« Reply #440 on: June 13, 2011, 06:16:18 PM »
If you send them 4506T with income (even if it's low), your accounts will probably stay open.

whats considered low??/?

Offline Q274

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Re: Amex Financial Review
« Reply #441 on: June 13, 2011, 06:19:13 PM »
Can you transfer pts while in fr

Offline mancunian

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Re: Amex Financial Review
« Reply #442 on: June 13, 2011, 06:41:38 PM »
can someone answer my question?!?!?!?

should cancel through her or through the regular number??? i've never filed taxes!1!!!!1!

Offline myb821

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Re: Amex Financial Review
« Reply #443 on: June 13, 2011, 06:44:16 PM »
can someone answer my question?!?!?!?

should cancel through her or through the regular number??? i've never filed taxes!1!!!!1!
call the number on the back of ur card and cancel ur accounts stop freaking out

Offline bades

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Re: Amex Financial Review
« Reply #444 on: June 13, 2011, 07:12:27 PM »
can someone answer my question?!?!?!?

should cancel through her or through the regular number??? i've never filed taxes!1!!!!1!
before u cancel get all ur points out

Offline elikay

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Re: Amex Financial Review
« Reply #445 on: June 13, 2011, 07:38:29 PM »
don't you have 30 days for the points?

Offline mancunian

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Re: Amex Financial Review
« Reply #446 on: June 13, 2011, 08:12:39 PM »
thanks

all my points are out.

what about the platinum card i didn't get yet? how can i cancel that one?

Offline aryeh1

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Re: Amex Financial Review
« Reply #447 on: June 13, 2011, 08:24:34 PM »
thanks

all my points are out.

what about the platinum card i didn't get yet? how can i cancel that one?

She can cancel it for you ( the one frd you ). I told the frd that i rather cancel my card than give my 1040. She felt stupid.

Offline miles

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Re: Amex Financial Review
« Reply #448 on: June 13, 2011, 09:14:55 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
finally om finish on my delta they didn't touch my blue cash they cut from 25k to 10k my plat. the limited to 13k
now my wife got a call from them

Offline mancunian

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Re: Amex Financial Review
« Reply #449 on: June 13, 2011, 10:31:58 PM »
She can cancel it for you ( the one frd you ). I told the frd that i rather cancel my card than give my 1040. She felt stupid.
so u canceled with the person who called you then. and it was no prob i take it? (meaning wasnt closed in connection with fr or whatever)?
i'll call first thing in the morning