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 1856254 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5300 on: October 28, 2015, 07:24:58 PM »
Quote from: tzifanya54 on October 28, 2015, 07:18:35 PM
There was an article up thread that said that they are weeding out customers.... What a good way to reward good paying customers (non DDFR's)!
Why would they want to weed out customers?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5301 on: October 28, 2015, 07:25:44 PM »
Quote from: yochiek93 on October 28, 2015, 07:24:58 PM
Why would they want to weed out customers?
That's the million dollar question
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5302 on: October 28, 2015, 07:53:07 PM »
Quote from: yochiek93 on October 28, 2015, 07:24:58 PM
Why would they want to weed out customers?
They officially are just getting rid of the non profitable ones.
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Offline Feivish

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Re: Amex F/R Master Thread
« Reply #5303 on: October 28, 2015, 07:58:43 PM »
Quote from: tzifanya54 on October 28, 2015, 07:53:07 PM
They officially are just getting rid of the non profitable ones.
Wouldn't that count for the majority?! Doesn't make sense.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5304 on: October 28, 2015, 08:02:21 PM »
Quote from: yochiek93 on October 28, 2015, 07:24:58 PM
Why would they want to weed out customers?
I know for a fact they haven't made too much off me, and if assume that goes 1000x more for many other people here. If i were them, I'd want to get rid of me. That's the beauty of a big system, you can slip a lot through.
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Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #5305 on: October 28, 2015, 08:05:12 PM »
Quote from: David Smith on October 28, 2015, 08:02:21 PM
I know for a fact they haven't made too much off me, and if assume that goes 1000x more for many other people here. If i were them, I'd want to get rid of me. That's the beauty of a big system, you can slip a lot through.

Depends how much the 2 day ball room rental is.

Hilton HHonors Diamond status for any calendar year in which you spend $40,000 on the card.
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Work hard, Play harder!

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5306 on: October 28, 2015, 08:12:22 PM »
Quote from: benjie1305 on October 28, 2015, 08:05:12 PM
Depends how much the 2 day ball room rental is.

Hilton HHonors Diamond status for any calendar year in which you spend $40,000 on the card.
How in the world did this end up here? And according to their website, you get it by accumulating 125,000 base points also, i don't know what's considered base points.
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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 benjie1305

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Re: Amex F/R Master Thread
« Reply #5307 on: October 28, 2015, 08:50:22 PM »
Quote from: David Smith on October 28, 2015, 08:12:22 PM
How in the world did this end up here? And according to their website, you get it by accumulating 125,000 base points also, i don't know what's considered base points.

Whoops. Was meant for the Hilton thread. Too late.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5308 on: October 28, 2015, 08:52:07 PM »
Quote from: benjie1305 on October 28, 2015, 08:50:22 PM
Whoops. Was meant for the Hilton thread. Too late.
RTM
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5309 on: October 28, 2015, 10:23:01 PM »
Quote from: tzifanya54 on October 28, 2015, 07:18:35 PM
There was an article up thread that said that they are weeding out customers.... What a good way to reward good paying customers (non DDFR's)!
Couldn't find the link, I think it was in this thread. Does anyone know where it was?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5310 on: October 28, 2015, 10:26:19 PM »
Quote from: tzifanya54 on October 28, 2015, 10:23:01 PM
Couldn't find the link, I think it was in this thread. Does anyone know where it was?
Here
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #5311 on: October 28, 2015, 10:29:30 PM »
Am I crazy for not wanting to get business CCs until I know I can pass a business FR?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5312 on: October 28, 2015, 10:31:54 PM »
Quote from: etech0 on October 28, 2015, 10:29:30 PM
Am I crazy for not wanting to get business CCs until I know I can pass a business FR?
Maybe just a little :)
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5313 on: October 28, 2015, 10:35:04 PM »
Quote from: etech0 on October 28, 2015, 10:29:30 PM
Am I crazy for not wanting to get business CCs until I know I can pass a business FR?
You can always say your business is few months old and therefore didn't file taxes yet. Worked by me.
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5314 on: October 28, 2015, 10:37:02 PM »
Quote from: rivkao on October 28, 2015, 10:35:04 PM
You can always say your business is few months old and therefore didn't file taxes yet. Worked by me.
+1 and make sure the biz name is your name covers you both ways.... No reason not to
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5315 on: October 28, 2015, 10:38:11 PM »
Quote from: TimT on October 28, 2015, 10:26:19 PM
Here
You really are amazing at this! I spent 15 min trying to find it...
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5316 on: October 28, 2015, 10:39:36 PM »
Quote from: etech0 on October 28, 2015, 10:29:30 PM
Am I crazy for not wanting to get business CCs until I know I can pass a business FR?
Worst case scenario you get fr'ed and need to close your biz cards. You'll be no worse off than if you don't get them in the first place
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5317 on: October 28, 2015, 10:42:00 PM »
Quote from: Jm1248 on October 28, 2015, 10:39:36 PM
Worst case scenario you get fr'ed and need to close your biz cards. You'll be no worse off than if you don't get them in the first place
+1
Very sound logic.
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #5318 on: October 28, 2015, 10:43:07 PM »
Quote from: Jm1248 on October 28, 2015, 10:39:36 PM
Worst case scenario you get fr'ed and need to close your biz cards. You'll be no worse off than if you don't get them in the first place
except that you may get fr'ed on personal cards as well, which happened to me
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Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5319 on: October 28, 2015, 10:44:43 PM »
Quote from: maxie m on October 28, 2015, 10:43:07 PM
except that you may get fr'ed on personal cards as well, which happened to me
But he can pass a personal fr. Otherwise he would be having the same dilemma on those
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