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 1875325 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4880 on: September 25, 2015, 10:32:02 AM »
Quote from: shoobi on September 25, 2015, 10:17:43 AM
Yes. Why?
Because you can very possibly get away with just submitting personal returns and not business income
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4881 on: September 26, 2015, 09:49:46 PM »
Help! Got FR order on my "biz" card because of lots of iphone orders, asking for irs form, but have no biz returns, only personal with about 15k reported. They froze my personal accounts to. Any chance of passing review or should I shut them myself first?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4882 on: September 26, 2015, 10:10:50 PM »
Quote from: meme on September 26, 2015, 09:49:46 PM
Help! Got FR order on my "biz" card because of lots of iphone orders, asking for irs form, but have no biz returns, only personal with about 15k reported. They froze my personal accounts to. Any chance of passing review or should I shut them myself first?
Did you use your name as the biz name? Talk to them if they will let you submit your tax returns I would do that
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4883 on: September 26, 2015, 10:16:34 PM »
Didn't use my name, made up biz name, thought it sounds more legit (oh well). I see people posted to say that's its first year of biz and never filed, but already spoke to them and didn't say that. (Got real mean fr manager too:(
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4884 on: September 26, 2015, 10:18:50 PM »
So should I risk sending in personal, or just shut them myself? Also, it's a joint return and spouse has Amex cards too, will that trigger FR on him too if they see minimal income?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4885 on: September 27, 2015, 12:37:34 AM »
Quote from: meme on September 26, 2015, 10:18:50 PM
So should I risk sending in personal, or just shut them myself? Also, it's a joint return and spouse has Amex cards too, will that trigger FR on him too if they see minimal income?

No reason to shut personal. You should be able to pass with 15k. CL may take a nice hit though
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4886 on: September 27, 2015, 12:52:32 AM »
So I should shut biz account and then send in form? Will that look suspicious?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4887 on: September 27, 2015, 12:54:23 AM »
Quote from: meme on September 27, 2015, 12:52:32 AM
So I should shut biz account and then send in form? Will that look suspicious?
No it won't. You can say that getting together the paperwork for the business is too complicated so you would rather just close those accounts
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4888 on: September 27, 2015, 01:14:38 AM »
Quote from: meme on September 26, 2015, 10:16:34 PM
(Got real mean fr manager too:(
What's her/ his name?
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4889 on: September 27, 2015, 01:25:21 AM »
Rita. you have experience with her?
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4890 on: September 27, 2015, 01:38:30 AM »
Quote from: meme on September 27, 2015, 01:25:21 AM
Rita. you have experience with her?
Last name is Rita?
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4891 on: September 27, 2015, 01:42:23 AM »
Think first.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4892 on: September 27, 2015, 01:48:35 AM »
Quote from: meme on September 27, 2015, 01:42:23 AM
Think first.
I think I had her. Don't recall that she was too bad.
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4893 on: September 27, 2015, 02:54:46 AM »

Quote from: rivkao on September 27, 2015, 01:48:35 AM
I think I had her. Don't recall that she was too bad.
+1 I had her too. She wasn't to bad.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4894 on: September 27, 2015, 02:55:54 AM »
Quote from: rileywiles23 on September 27, 2015, 02:54:46 AM
+1 I had her too. She wasn't to bad.
One FR specialist that I hope to never have to talk again to: Carolyn Morgan.
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Offline Brian93

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Re: Amex F/R Master Thread
« Reply #4895 on: September 27, 2015, 02:57:14 AM »
Quote from: rivkao on September 27, 2015, 02:55:54 AM
One FR specialist that I hope to never have to talk again to: Carolyn Morgan.
How many fr's did you have??
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #4896 on: September 27, 2015, 02:58:41 AM »
Quote from: Brian93 on September 27, 2015, 02:57:14 AM
How many fr's did you have??
That was for my husband's account
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4897 on: September 27, 2015, 05:58:42 AM »

Quote from: rivkao on September 27, 2015, 02:55:54 AM
One FR specialist that I hope to never have to talk again to: Carolyn Morgan.
What did she do ?!
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4898 on: September 27, 2015, 07:38:23 AM »
Bad idea posting names, let alone last names. This is a public forum that shows up on Google. You really want these people googling themselves and seeing a link to lying on a FR about business income?
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #4899 on: September 27, 2015, 08:58:31 AM »
The last time I received a FR I ran a red light right before I received it. Is running a red light a trigger for a FR?
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