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 1876361 times)

Offline JDeals

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Re: Amex F/R Master Thread
« Reply #4940 on: September 30, 2015, 01:32:42 PM »
I just got the phone call of account cancellation, anyone to sell amex points today?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4941 on: September 30, 2015, 01:35:04 PM »
I'm sure for the right price
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Offline yomo

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Re: Amex F/R Master Thread
« Reply #4942 on: September 30, 2015, 03:17:36 PM »
Do they pull personal taxes with the 4506T or only business?
If my wife has no business in her name, but we have a family business, can we just put in the EIN and say she's a "manager" ?
Does she need to be associated with the company with the IRS?
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Offline meme

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Re: Amex F/R Master Thread
« Reply #4943 on: September 30, 2015, 03:29:13 PM »
Quote from: tzifanya54 on September 29, 2015, 09:15:20 PM
Chances are they will end up billing it eventually.
What if my account has already been cancelled?
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Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #4944 on: September 30, 2015, 04:05:18 PM »
Quote from: yomo on September 30, 2015, 03:17:36 PM
Do they pull personal taxes with the 4506T or only business?
If my wife has no business in her name, but we have a family business, can we just put in the EIN and say she's a "manager" ?
Does she need to be associated with the company with the IRS?
IINM a 4506T can only pull personal returns.
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Offline yomo

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Re: Amex F/R Master Thread
« Reply #4945 on: September 30, 2015, 04:13:58 PM »
So why does it give a choice to put in social or Ein?
« Last Edit: September 30, 2015, 05:30:30 PM by yomo »
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Offline yomo

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Re: Amex F/R Master Thread
« Reply #4946 on: September 30, 2015, 05:32:18 PM »
Quote from: coralsnake on September 30, 2015, 04:05:18 PM
IINM a 4506T can only pull personal returns.
So why does it give you the option to give Ein?
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Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #4947 on: September 30, 2015, 05:34:39 PM »
Quote from: yomo on September 30, 2015, 04:13:58 PM
So why does it give a choice to put in social or Ein?
Quote from: yomo on September 30, 2015, 05:32:18 PM
So why does it give you the option to give Ein?
Looks like it can be used for business as well
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #4948 on: September 30, 2015, 06:20:23 PM »
Just got an FR after making a 14k purchase on my biz Spg.
They want proof of business income.
In the wiki it says:
In cases of a Financial Review after opening a Business Card, you will need proof of Business income"
Though it seems others here had success with just submitting personal tax returns.
I do make $ on the books but I don't have any proof of business income.
Any advice would be appreciated. TIA
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4949 on: September 30, 2015, 06:36:34 PM »
Passed my fr, b'h. They applied spending limits to my charge cards, which I'm really fine with.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4950 on: September 30, 2015, 06:37:57 PM »
Quote from: knowitall on September 30, 2015, 06:20:23 PM
Just got an FR after making a 14k purchase on my biz Spg.
They want proof of business income.
In the wiki it says:
In cases of a Financial Review after opening a Business Card, you will need proof of Business income"
Though it seems others here had success with just submitting personal tax returns.
I do make $ on the books but I don't have any proof of business income.
Any advice would be appreciated. TIA
Aren't personal returns good for a sole proprietorship?
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Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline Brian93

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Re: Amex F/R Master Thread
« Reply #4951 on: September 30, 2015, 06:55:30 PM »
Quote from: knowitall on September 30, 2015, 06:20:23 PM
Just got an FR after making a 14k purchase on my biz Spg.
They want proof of business income.
In the wiki it says:
In cases of a Financial Review after opening a Business Card, you will need proof of Business income"
Though it seems others here had success with just submitting personal tax returns.
I do make $ on the books but I don't have any proof of business income.
Any advice would be appreciated. TIA
I said I that I never made too much from this business and I never filed the taxes separately. They only asked for personal
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4952 on: September 30, 2015, 07:53:36 PM »
Quote from: knowitall on September 30, 2015, 06:20:23 PM
Just got an FR after making a 14k purchase on my biz Spg.
They want proof of business income.
In the wiki it says:
In cases of a Financial Review after opening a Business Card, you will need proof of Business income"
Though it seems others here had success with just submitting personal tax returns.
I do make $ on the books but I don't have any proof of business income.
Any advice would be appreciated. TIA
What's the business name on the card?
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #4953 on: September 30, 2015, 08:45:25 PM »
The business name isn't my name.
But hopefully they'll still b ok with my personal returns.
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4954 on: October 01, 2015, 12:42:18 AM »
Quote from: knowitall on September 30, 2015, 08:45:25 PM
The business name isn't my name.
But hopefully they'll still b ok with my personal returns.
Even Even f it was your name it'd be iffy...
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4955 on: October 01, 2015, 12:44:15 AM »
Quote from: noturbizniss on October 01, 2015, 12:42:18 AM
Even Even f it was your name it'd be iffy...
+1. My secretary and a friend of mine both had their names as their business names and were closed because they couldn't back up the existence of the business.
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4956 on: October 01, 2015, 12:45:45 AM »
Quote from: Super Speed on October 01, 2015, 12:44:15 AM
+1. My secretary and a friend of mine both had their names as their business names and were closed because they couldn't back up the existence of the business.
Exactly try what I was thinking of when I said iffy. Was just to lazy to search it out.
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #4957 on: October 01, 2015, 06:38:59 AM »
Quote from: Super Speed on October 01, 2015, 12:44:15 AM
+1. My secretary and a friend of mine both had their names as their business names and were closed because they couldn't back up the existence of the business.
When you can't verify biz but you do have personal income on the books, do they also shut your personal accounts?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4958 on: October 01, 2015, 07:40:24 AM »
Quote from: knowitall on October 01, 2015, 06:38:59 AM
When you can't verify biz but you do have personal income on the books, do they also shut your personal accounts?
Nope.
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Offline yomo

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Re: Amex F/R Master Thread
« Reply #4959 on: October 01, 2015, 12:27:24 PM »
Is there any possibility that sending Amex a 4506T for a business will cause any trouble down the line like an audit etc..?
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