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 ectÖ

Letís 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 donít 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.

Author Topic: Amex F/R Master Thread  (Read 1018793 times)

Offline Smokey Joe Robinson

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 2995
  • Total likes: 3
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
  • Programs: SPG Gold, HHonors Gold, Hyatt Plat, Club Carlson Gold Elite, Best Western Diamond Elite, Marriott Rewards Silver, Hertz President's Circle, National Executive Elite, Sixt Platinum, Delta Silver Medallion, United Premier Silver
Re: Amex Financial Review
« Reply #510 on: July 21, 2011, 07:29:56 PM »
         Now all 7 people that I payed their acc are having a F/R done. a few are being asked for the name of the person that payed your bill. and that "dont you know amex doesnt allow someone else to pay your bill."  they are ALL being asked to send them the past 3 statements of the bank cc that payed the bill. Does anyone think that I can get in some trouble by giving out my statements to everyone to send into amex. Thanks
wow my brother in law paid one gold bill and plat bill of mine, but hes an AU so I think im good.
My Programs Are Listed So That I Don't Forget Them :)

Offline Nitantnel

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 2999
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex Financial Review
« Reply #511 on: July 21, 2011, 07:57:26 PM »
Does Amazon payment's trigger a FR?

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5308
  • Total likes: 10
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #512 on: July 21, 2011, 08:29:02 PM »

Offline dans fan

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2011
  • Posts: 1318
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #513 on: July 22, 2011, 12:20:42 AM »
        "dont you know amex doesnt allow someone else to pay your bill."


its incorrect. offer the reviewer to do a conference call to 18002971000 and ask any rep if its ok to pay with a third party check if he want you can evan do a couple of rounds like best of 7 or best of 11 you will win 11 nothing. but its an old story dealing with fr is like dealing with customs they have their own rule not connected to any gov 

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Amex Financial Review
« Reply #514 on: July 24, 2011, 01:47:24 AM »
+1

Hey Daganster, sorry to hear about all the drama.

Wishing you g'luck with your F/R, try what myb821 suggested, and please let us know what they say.
They cleared everything up on Friday. So I finally got my Amex platinum after being FR after I applied for the card and then once again after I got approved. Anyone have a clew how long to wait before I apply for another Amex card or 2?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20574
  • Total likes: 133
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #515 on: July 24, 2011, 01:49:52 AM »
They cleared everything up on Friday. So I finally got my Amex platinum after being FR after I applied for the card and then once again after I got approved. Anyone have a clew how long to wait before I apply for another Amex card or 2?

Mazal Tov! You get an F/R survivors t-shirt ;)

Why don't you make sure to get your 100k MR, $200 airline giftcards, PP, GE etc. before applying again and possibly being held up with another F/R.
PGF24BMGS

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Amex Financial Review
« Reply #516 on: July 24, 2011, 01:53:55 AM »
What's PP?

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Amex Financial Review
« Reply #517 on: July 24, 2011, 01:54:40 AM »
I don't think that they'll FR me again;)

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20574
  • Total likes: 133
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #518 on: July 24, 2011, 01:56:25 AM »
What's PP?

Priority Pass.

I don't think that they'll FR me again;)

Did they explicitly tell you that? Otherwise what's the rush, play safe and win big.
PGF24BMGS

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Amex Financial Review
« Reply #519 on: July 24, 2011, 02:03:56 AM »
PP got it. No, they didn't explicitly tell me that - I just don't think that they have any business bothering me for at least 1 year. But I'll still play safe.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20574
  • Total likes: 133
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #520 on: July 24, 2011, 02:06:05 AM »
No, they didn't explicitly tell me that - I just don't think that they have any business bothering me for at least 1 year.

They didn't have any business the first time they FR'd you, and for sure not the second time, but they don't really ask...
PGF24BMGS

Offline daganster

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1331
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: CT
  • Programs: AA Lifetime Gold
Re: Amex Financial Review
« Reply #521 on: July 24, 2011, 02:50:43 PM »
They didn't have any business the first time they FR'd you, and for sure not the second time, but they don't really ask...
Is Avis preferred worth signing up for?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20574
  • Total likes: 133
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #522 on: July 25, 2011, 02:04:15 AM »
Is Avis preferred worth signing up for?

How is this on topic?

If you rent from Avis often enough, it'll save you time and make sure you don't have issues with whatever rate you booked (e.g. agent asking for corporate ID).
PGF24BMGS

Offline sim

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2010
  • Posts: 182
  • Total likes: 10
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #523 on: July 28, 2011, 01:33:04 PM »
just got fr'd  i sent in my tax return, because they told me theyll probably just lower my c/l  as long as there is income. They wante to know info on my business, i told them its a new startup and the income from the business wont reflect on my tax return. Should i just close the buisness account and leave the personals open?

Offline dans fan

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2011
  • Posts: 1318
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #524 on: July 28, 2011, 01:47:58 PM »
can anyone share a low income on tax return something under 35k that they didnt shut down your acc