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 1876441 times)

Offline meme

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Re: Amex F/R Master Thread
« Reply #4920 on: September 27, 2015, 12:27:22 PM »
A little off topic, but I transferred Amex MR to delta in case I shut account, normally there is federal tax surcharge for that, but my accounts are frozen due to FR, transfer didn't go through online, probably because of frozen cc they couldn't charge, but called them and they completed transfer, don't see any charges pending. Is it possible that I got away with that annoying fee as they have no accounts to charge? (I do want the last laugh after all :P)
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4921 on: September 27, 2015, 12:31:49 PM »
Quote from: David Smith on September 27, 2015, 11:49:17 AM
How fast were you going?
Not as fast as CM
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money doesn't talk......      it SCREAMS !

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #4922 on: September 29, 2015, 09:15:20 PM »
Quote from: meme on September 27, 2015, 12:27:22 PM
A little off topic, but I transferred Amex MR to delta in case I shut account, normally there is federal tax surcharge for that, but my accounts are frozen due to FR, transfer didn't go through online, probably because of frozen cc they couldn't charge, but called them and they completed transfer, don't see any charges pending. Is it possible that I got away with that annoying fee as they have no accounts to charge? (I do want the last laugh after all :P)
Chances are they will end up billing it eventually.
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #4923 on: September 29, 2015, 10:22:01 PM »
:o :o :o :o4 of my relatives' got fr"d on the 28"th
ill have a lot of work after Yom tov
they got the call and email on the 28"th is it safe to wait till after Yom tov ?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4924 on: September 29, 2015, 10:24:02 PM »
Quote from: Yhgfkj on September 29, 2015, 10:22:01 PM
:o :o :o :o4 of my relatives' got fr"d on the 28"th
ill have a lot of work after Yom tov
they got the call and email on the 28"th is it safe to wait till after Yom tov ?
what do you think triggered?
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Offline Toasted

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Re: Amex F/R Master Thread
« Reply #4925 on: September 29, 2015, 10:29:52 PM »
Heres what i got this morning:

Service Interruption Notice
 
Dear ---------
 
We have noticed purchase activity on your accounts that is much higher than your usual spending levels.
......

Please call us today at 1-800-230-1284 to discuss your account(s). We are available to assist you 24 hours a day, seven days a week. We look forward to hearing from you soon.

Is this a full blown fr? :-[
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4926 on: September 29, 2015, 10:33:44 PM »
Quote from: Toasted on September 29, 2015, 10:29:52 PM
Heres what i got this morning:

Service Interruption Notice
 
Dear ---------
 
We have noticed purchase activity on your accounts that is much higher than your usual spending levels.
......

Please call us today at 1-800-230-1284 to discuss your account(s). We are available to assist you 24 hours a day, seven days a week. We look forward to hearing from you soon.

Is this a full blown fr? :-[
Only one way to find out. Anything that could have triggered it?
Could this wave of fr's be somewhat related to people spending way more than normal buying the new iPhones?
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #4927 on: September 29, 2015, 10:35:27 PM »
Quote from: Yehuda25 on September 29, 2015, 10:24:02 PM
what do you think triggered?
how knows ?
 the ones that got fr"d did add a lot of a"u recently,  but I would think that its in result of someone in the same household that didn't pass an f"r  recently 
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4928 on: September 29, 2015, 10:36:31 PM »
Quote from: Yhgfkj on September 29, 2015, 10:35:27 PM
how knows ?
 the ones that got fr"d did add a lot of a"u recently,  but I would think its in result of someone in the same household didn't pass an f"r  recently
All 4 fr's are same household?
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Offline Toasted

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Re: Amex F/R Master Thread
« Reply #4929 on: September 29, 2015, 10:37:00 PM »
Quote from: Jm1248 on September 29, 2015, 10:33:44 PM
Only one way to find out. Anything that could have triggered it?
Could this wave of fr's be somewhat related to people spending way more than normal buying the new iPhones?
...or something to do with the 100k/10k codes being flipped on ddf? ???
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #4930 on: September 29, 2015, 10:37:53 PM »
Quote from: Jm1248 on September 29, 2015, 10:36:31 PM
All 4 fr's are same household?
3 of them
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4931 on: September 29, 2015, 10:38:16 PM »
Quote from: Toasted on September 29, 2015, 10:37:00 PM
...or something to do with the 100k/10k codes being flipped on ddf? ???
You mean a result of the spending being done to reach the 10k?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4932 on: September 29, 2015, 10:38:55 PM »
Quote from: Yhgfkj on September 29, 2015, 10:37:53 PM
3 of them
I think it can definitely be assumed that same household was a huge factor
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4933 on: September 29, 2015, 10:38:59 PM »
Quote from: Toasted on September 29, 2015, 10:37:00 PM
...or something to do with the 100k/10k codes being flipped on ddf? ???
? what relevance?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4934 on: September 29, 2015, 10:40:46 PM »
Quote from: Yehuda25 on September 29, 2015, 10:38:59 PM
? what relevance?
I assume he means this
Quote from: Jm1248 on September 29, 2015, 10:38:16 PM
You mean a result of the spending being done to reach the 10k?
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Offline Toasted

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Re: Amex F/R Master Thread
« Reply #4935 on: September 29, 2015, 10:44:09 PM »
Quote from: Jm1248 on September 29, 2015, 10:38:16 PM
You mean a result of the spending being done to reach the 10k?
Yup.
It was their idea not mine.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4936 on: September 29, 2015, 10:45:02 PM »
Quote from: Toasted on September 29, 2015, 10:44:09 PM
Yup.
It was their idea not mine.
It was whose idea?
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Offline Toasted

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Re: Amex F/R Master Thread
« Reply #4937 on: September 29, 2015, 10:48:51 PM »
Quote from: Jm1248 on September 29, 2015, 10:45:02 PM
It was whose idea?
Amex. They go tell me to spend 10k, then lose their cool when i do. Idi0ts.
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #4938 on: September 29, 2015, 10:56:01 PM »
Quote from: Jm1248 on September 29, 2015, 10:38:55 PM
I think it can definitely be assumed that same household was a huge factor
right.  but its interesting that only the ones in the household that added a"u  they got  fr"d
anyway b"h actually they all have reported separate income so lets hope '''
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4939 on: September 29, 2015, 11:37:14 PM »
Quote from: Yhgfkj on September 29, 2015, 10:56:01 PM
right.  but its interesting that only the ones in the household that added a"u  they got  fr"d
anyway b"h actually they all have reported separate income so lets hope '''
If they have reported income they should have nothing to worry about. There is nothing bad about an fr in and of itself (aside from the annoyance). The problem is when when you cant provide the necessary documents they need.
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