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 1875019 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5080 on: October 14, 2015, 05:41:51 PM »
Quote from: TimT on October 14, 2015, 05:38:04 PM
I waited till they got the $20 & $40 GC's back in stock. Very smooth
No problems with activation?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5081 on: October 14, 2015, 05:42:27 PM »
Quote from: Marco Polo on October 14, 2015, 05:37:09 PM
There will almost always be some work involved to get the free money. If putting in some work is too much, just cancel the AU's.
Ftfy. +1
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #5082 on: October 14, 2015, 05:47:18 PM »

Quote from: Marco Polo on October 14, 2015, 05:37:09 PM
There will almost be some work involved to get the free money. If putting in some work is too much, just cancel the AU's.
But SBS doesn't involve that. All I'm saying, is why, for some people SBS is not comparable to Amex offers.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5083 on: October 14, 2015, 05:47:33 PM »
Quote from: Jm1248 on October 14, 2015, 05:41:51 PM
No problems with activation?
No. I clicked the link in the email & it worked fine.
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Offline leaf

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Re: Amex F/R Master Thread
« Reply #5084 on: October 14, 2015, 06:48:39 PM »
sorry for participating in the derailment of this discussion but let's keep this discussion about FR
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5085 on: October 14, 2015, 07:01:41 PM »
Quote from: David Smith on October 14, 2015, 05:28:26 PM
-.5 What's as lucrative as SBS? (I know, amex checkout was nice.)
Smart and final kicked sbs
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5086 on: October 15, 2015, 07:05:24 AM »
I got a call 2 weeks ago they want to talk about my business account. I said I am really busy right now if I can call back. They said sure and I will get a letter in the mail. Got the letter yesterday. They want to discuss my business, my account is not suspended (yet). Probably a mini f/r?  Can I ignore it or it will not go away and eventually they will shut me down if I don't call ?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5087 on: October 15, 2015, 07:06:08 AM »
Quote from: bznt on October 15, 2015, 07:05:24 AM
I got a call 2 weeks ago they want to talk about my business account. I said I am really busy right now if I can call back. They said sure and I will get a letter in the mail. Got the letter yesterday. They want to discuss my business, my account is not suspended (yet). Probably a mini f/r?  Can I ignore it or it will not go away and eventually they will shut me down if I don't call ?
It's nothing. You can ignore it.
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5088 on: October 15, 2015, 07:06:57 AM »
Quote from: D93 on October 15, 2015, 07:06:08 AM
It's nothing. You can ignore it.
Thanks
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5089 on: October 15, 2015, 08:47:59 AM »
Quote from: D93 on October 15, 2015, 07:06:08 AM
It's nothing. You can ignore it.
+1
Although IME They will call back 5 or 6 times before they finally give up. Don't be freaked out by their aggressiveness.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5090 on: October 15, 2015, 08:59:51 AM »
Quote from: tzifanya54 on October 15, 2015, 08:47:59 AM
+1
Although IME They will call back 5 or 6 times before they finally give up. Don't be freaked out by their aggressiveness.
Why do they call? Just to update their records?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5091 on: October 15, 2015, 09:36:36 AM »
Why not just speak with them?
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5092 on: October 15, 2015, 09:39:47 AM »
Quote from: yakrot on October 15, 2015, 09:36:36 AM
Why not just speak with them?
I don't have the gift of gab
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Offline rileywiles23

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Amex F/R Master Thread
« Reply #5093 on: October 15, 2015, 09:39:57 AM »
Quote from: yakrot on October 15, 2015, 09:36:36 AM
Why not just speak with them?
Some people have it hard to make stuff up about a "business", when talking to a real person.
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5094 on: October 15, 2015, 10:13:17 AM »
Quote from: bznt on October 15, 2015, 09:39:47 AM
I don't have the gift of gab
I hear you.
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Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5095 on: October 17, 2015, 10:32:37 PM »
If i have a CL of $19K, and another card with with $14K, is it a bad idea to move over $18K of the 19K CL card to the $14K CL card to a combined $32K CL?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5096 on: October 17, 2015, 10:42:10 PM »
Quote from: Hershelsdeals on October 17, 2015, 10:32:37 PM
If i have a CL of $19K, and another card with with $14K, is it a bad idea to move over $18K of the 19K CL card to the $14K CL card to a combined $32K CL?
Can you pass an f/r? Is it worth getting an f/r over this. I have not seen any recent reports of this (presumably bc everyone steers clear of the issue) but having a cl of 25k or over is supposedly a pretty big risk of triggering an f/r
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Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5097 on: October 17, 2015, 10:42:58 PM »
A combined CL or on a single card?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5098 on: October 17, 2015, 10:43:38 PM »
Quote from: Hershelsdeals on October 17, 2015, 10:42:58 PM
A combined CL or on a single card?
The latter supposedly
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5099 on: October 18, 2015, 12:06:31 AM »
Called amex and was connected to credit dept, when I asked why I was transferred there they couldn't answer me other then that my account was being handled by a diff team yet my accounts are still active is this a full fr?
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