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 1876408 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5100 on: October 18, 2015, 12:22:05 AM »
Quote from: maxie m 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?
Large purchases recently?
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5101 on: October 18, 2015, 12:23:21 AM »
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5102 on: October 18, 2015, 12:25:01 AM »
Quote from: maxie m on October 18, 2015, 12:23:21 AM
nope
I don't think that the credit dept. is the same as the FR dept. Hope it ends well, keep us posted.
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5103 on: October 18, 2015, 12:36:50 AM »
Quote from: tzifanya54 on October 18, 2015, 12:25:01 AM
I don't think that the credit dept. is the same as the FR dept. Hope it ends well, keep us posted.
called back,not sure if it's a fluke,I got transferred to regular cs and they said nothing was wrong with the account :o  ::)
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5104 on: October 18, 2015, 12:43:14 AM »
Quote from: maxie m on October 18, 2015, 12:36:50 AM
called back,not sure if it's a fluke,I got transferred to regular cs and they said nothing was wrong with the account :o  ::)
Personally, I would guess that the CSR made a mistake. That's just a hunch though. Good luck either way...
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5105 on: October 18, 2015, 12:49:30 AM »
Quote from: tzifanya54 on October 18, 2015, 12:43:14 AM
Personally, I would guess that the CSR made a mistake. That's just a hunch though. Good luck either way...
hope so,thanks though
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Offline Zalc

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Re: Amex F/R Master Thread
« Reply #5106 on: October 18, 2015, 01:04:34 AM »
Quote from: maxie m on October 18, 2015, 12:49:30 AM
hope so,thanks though
Ye, I actually got a name of my FR account manager, with a phone number.
I immediately paid off all balances (wasn't overdue or anything, just to be safe) and closed extra AUs, called him.
He tells me "I have no idea why we are speaking", and we had a little laugh about the whole thing, that was it.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5107 on: October 18, 2015, 05:19:34 AM »
Quote from: Zalc on October 18, 2015, 01:04:34 AM
Ye, I actually got a name of my FR account manager, with a phone number.
I immediately paid off all balances (wasn't overdue or anything, just to be safe) and closed extra AUs, called him.
He tells me "I have no idea why we are speaking", and we had a little laugh about the whole thing, that was it.
That's weird. IME they knew what triggered it. I'm surprised they didn't know the initial reason for it.
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Offline Zalc

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Re: Amex F/R Master Thread
« Reply #5108 on: October 18, 2015, 05:24:23 AM »
Quote from: tzifanya54 on October 18, 2015, 05:19:34 AM
That's weird. IME they knew what triggered it. I'm surprised they didn't know the initial reason for it.
He was more surprised then me. I did wait like 5 days to call though.
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5109 on: October 18, 2015, 06:14:03 AM »
Quote from: Zalc on October 18, 2015, 01:04:34 AM
Ye, I actually got a name of my FR account manager, with a phone number.
I immediately paid off all balances (wasn't overdue or anything, just to be safe) and closed extra AUs, called him.
He tells me "I have no idea why we are speaking", and we had a little laugh about the whole thing, that was it.
is there fr account managers linked to specific accounts, meaning if someone will get a second fr they will get the same person?
In that case you were sent to your account manager, even though he didn't request you (if you follow)
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5110 on: October 18, 2015, 08:59:59 AM »
Quote from: Mplace on October 18, 2015, 06:14:03 AM
is there fr account managers linked to specific accounts, meaning if someone will get a second fr they will get the same person?
In that case you were sent to your account manager, even though he didn't request you (if you follow)
Yea, but there would still need to be an initial reason/trigger which this guys manager couldn't seem to find.
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5111 on: October 18, 2015, 12:41:28 PM »
Just got a phone call from Tracy wanting to talk to my wife :-[ hope it isn't a full fr
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5112 on: October 18, 2015, 12:48:40 PM »
Quote from: maxie m on October 18, 2015, 12:41:28 PM
Just got a phone call from Tracy wanting to talk to my wife :-[ hope it isn't a full fr
Uh oh. Can she pass?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5113 on: October 18, 2015, 12:56:10 PM »
Quote from: maxie m on October 18, 2015, 12:41:28 PM
Just got a phone call from Tracy wanting to talk to my wife :-[ hope it isn't a full fr
Look online, is charging suspended?
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5114 on: October 18, 2015, 01:19:15 PM »
Quote from: D93 on October 18, 2015, 12:56:10 PM
Look online, is charging suspended?
Quote from: Jm1248 on October 18, 2015, 12:48:40 PM
Uh oh. Can she pass?
yeah charging is suspended, not sure if I can pass with tax returns, hopefully they'll take bank statements
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5115 on: October 18, 2015, 01:21:56 PM »
Quote from: maxie m on October 18, 2015, 01:19:15 PM
yeah charging is suspended, not sure if I can pass with tax returns, hopefully they'll take bank statements
Any clue as to what caused it?
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Offline Josef.koney

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Re: Amex F/R Master Thread
« Reply #5116 on: October 18, 2015, 01:23:39 PM »
If I got a fr didn't have time to deal with it so closed accounts... know that I have time could I reinstate it?
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5117 on: October 18, 2015, 01:25:53 PM »
Quote from: Josef.koney on October 18, 2015, 01:23:39 PM
If I got a fr didn't have time to deal with it so closed accounts... know that I have time could I reinstate it?
Someone discussed this a while back in this thread... Can't find it right now, paging TimT 😃

ETA found it but it isn't too helpful:
http://forums.dansdeals.com/index.php?topic=8.msg1268650#msg1268650
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5118 on: October 18, 2015, 01:30:56 PM »
Quote from: tzifanya54 on October 18, 2015, 01:25:53 PM
Someone discussed this a while back in this thread... Can't find it right now, paging TimT 😃

ETA found it but it isn't too helpful:
http://forums.dansdeals.com/index.php?topic=8.msg1268650#msg1268650
Good job
Go a little further back here
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Offline Josef.koney

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Re: Amex F/R Master Thread
« Reply #5119 on: October 18, 2015, 01:32:02 PM »
Quote from: tzifanya54 on October 18, 2015, 01:25:53 PM
Someone discussed this a while back in this thread... Can't find it right now, paging TimT 😃

ETA found it but it isn't too helpful:
http://forums.dansdeals.com/index.php?topic=8.msg1268650#msg1268650

Quote from: TimT on October 18, 2015, 01:30:56 PM
Good job
Go a little further back here
Thanks guys!
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