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 1875286 times)

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5020 on: October 04, 2015, 02:50:39 AM »
Quote from: Yehuda25 on October 02, 2015, 06:17:21 PM
has anyone had success in asking for a higher up?
I think I remember seeing a report (@aussiebochur iirc ) very early in this thread saying that a manager had gotten him help...
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #5021 on: October 04, 2015, 03:25:06 AM »
Quote from: Yehuda25 on October 02, 2015, 06:17:21 PM
has anyone had success in asking for a higher up?
I asked for supervisor and had no success in her letting me pass with bank statements. She said if I would like to speak to someone higher than her I would have to write a letter to some office. 
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Offline sammy n

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Re: Amex F/R Master Thread
« Reply #5022 on: October 04, 2015, 03:47:59 AM »
Is the FR department open today?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5023 on: October 04, 2015, 09:00:28 AM »
Quote from: sammy n on October 04, 2015, 03:47:59 AM
Is the FR department open today?
Putpac
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #5024 on: October 04, 2015, 05:31:12 PM »
just confriming. after I close my accounts I still have 60 days to transfer out the points?
« Last Edit: October 04, 2015, 05:47:25 PM by jameswacht »
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5025 on: October 04, 2015, 05:33:12 PM »
Quote from: jameswacht on October 04, 2015, 05:31:12 PM
just confriming. after I close my accounts I still have 60 days to transfer out the points???
people are saying 60/30 days. I would get them out before you close the account.
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Offline a mirrer

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Re: Amex F/R Master Thread
« Reply #5026 on: October 05, 2015, 04:57:12 PM »
Quote from: jameswacht on October 04, 2015, 05:31:12 PM
just confriming. after I close my accounts I still have 60 days to transfer out the points?
ime no
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5027 on: October 07, 2015, 11:41:36 AM »
Anyone ever try reinstating an f/red account?
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Offline Feivish

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Re: Amex F/R Master Thread
« Reply #5028 on: October 07, 2015, 11:55:01 AM »
I was able to but only personal accounts as I was not able to prove business return.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5029 on: October 07, 2015, 01:13:34 PM »
How long after f/r do they close you if you don't send in docs, 14 days?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5030 on: October 07, 2015, 01:15:10 PM »
Quote from: Yehuda25 on October 07, 2015, 01:13:34 PM
How long after f/r do they close you if you don't send in docs, 14 days?
Yes
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5031 on: October 07, 2015, 01:16:11 PM »
Quote from: D93 on October 07, 2015, 01:15:10 PM
Yes
14 days from when you speak to them? Or when they suspended charging?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5032 on: October 07, 2015, 01:24:28 PM »
Quote from: Yehuda25 on October 07, 2015, 01:16:11 PM
14 days from when you speak to them? Or when they suspended charging?

That
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Offline sammy n

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Re: Amex F/R Master Thread
« Reply #5033 on: October 08, 2015, 04:24:05 AM »
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #5034 on: October 08, 2015, 06:05:57 AM »
Quote from: sammy n on October 08, 2015, 04:24:05 AM
Which one is that?
The one that he bolded.
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #5035 on: October 08, 2015, 06:08:17 AM »
On the phone they asked me for my business tax returns but in the email it just says tax returns.
My "business" is 3 years old so I can't say it's new so I didn't file separately. I do make $ on the books.
Any advice would be appreciated.
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Offline sammy n

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Re: Amex F/R Master Thread
« Reply #5036 on: October 08, 2015, 06:39:15 AM »
Quote from: knowitall on October 08, 2015, 06:05:57 AM
The one that he bolded.
I'm on tapatalk none are bolded.
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Offline yitrap

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Re: Amex F/R Master Thread
« Reply #5037 on: October 08, 2015, 06:52:33 AM »
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #5038 on: October 08, 2015, 07:50:46 AM »
Quote from: knowitall on October 08, 2015, 06:08:17 AM
On the phone they asked me for my business tax returns but in the email it just says tax returns.
My "business" is 3 years old so I can't say it's new so I didn't file separately. I do make $ on the books.
Any advice would be appreciated.
Is the business name your name? If not then I think your dead in the water.
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READ THE DARN WIKI!!!!

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Offline sammy n

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Re: Amex F/R Master Thread
« Reply #5039 on: October 08, 2015, 07:54:05 AM »
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