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 1872882 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5340 on: October 29, 2015, 12:08:07 AM »
If you ignore amex when they call, then get an email on the "affected accounts"   does that mean those are the only ones getting fr/d? Or not necessarily?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5341 on: October 29, 2015, 12:10:05 AM »
Quote from: Yehuda25 on October 29, 2015, 12:08:07 AM
If you ignore amex when they call, then get an email on the "affected accounts"   does that mean those are the only ones getting fr/d? Or not necessarily?
The ones getting fr'ed should be suspended
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5342 on: October 29, 2015, 12:15:42 AM »
Quote from: Jm1248 on October 29, 2015, 12:10:05 AM
The ones getting fr'ed should be suspended
ah, though they are all suspended, but amex only emailed for 2 of the cards, weird.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5343 on: October 29, 2015, 12:17:32 AM »
Quote from: Yehuda25 on October 29, 2015, 12:15:42 AM
ah, though they are all suspended, but amex only emailed for 2 of the cards, weird.
Yea by me I only got one email. And one account that hadn't even been added online yet was also under fr
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5344 on: October 29, 2015, 12:18:08 AM »
Quote from: Jm1248 on October 29, 2015, 12:17:32 AM
Yea by me I only got one email. And one account that hadn't even been added online yet was also under fr
same here. ANd no big spend at all - just new cards
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5345 on: October 29, 2015, 12:22:43 AM »
Quote from: Yehuda25 on October 29, 2015, 12:18:08 AM
same here. ANd no big spend at all - just new cards
That could also probably be a trigger. How many new cards?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5346 on: October 29, 2015, 12:23:26 AM »
Quote from: Jm1248 on October 29, 2015, 12:22:43 AM
That could also probably be a trigger. How many new cards?
3 charge cards, no real spend yet
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5347 on: October 29, 2015, 12:24:18 AM »
Quote from: Yehuda25 on October 29, 2015, 12:23:26 AM
3 charge cards, no real spend yet
Interesting. How soon after approval did it hit?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5348 on: October 29, 2015, 12:38:28 AM »
Quote from: Jm1248 on October 29, 2015, 12:24:18 AM
Interesting. How soon after approval did it hit?
About a month
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5349 on: October 29, 2015, 08:55:17 AM »
Quote from: Yehuda25 on October 29, 2015, 12:38:28 AM
About a month
What's your previous Amex history like?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5350 on: October 29, 2015, 02:04:36 PM »
Quote from: tzifanya54 on October 29, 2015, 08:55:17 AM
What's your previous Amex history like?
spotless, 1 card for 10 years, then this year a few new cards.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5351 on: October 29, 2015, 02:06:14 PM »
Quote from: Yehuda25 on October 29, 2015, 02:04:36 PM
spotless, 1 card for 10 years, then this year a few new cards.
Interesting, they really are going after everyone...
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5352 on: October 29, 2015, 02:07:38 PM »
Quote from: Yehuda25 on October 29, 2015, 02:04:36 PM
spotless, 1 card for 10 years, then this year a few new cards.
Maybe the sudden increase of a few new cards is what triggered it
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5353 on: October 29, 2015, 02:25:48 PM »
Quote from: Jm1248 on October 29, 2015, 02:07:38 PM
Maybe the sudden increase of a few new cards is what triggered it
quite possibly.  though their definitely is a wave, hopefully it is not permanent.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5354 on: October 29, 2015, 04:10:49 PM »
Quote from: Yehuda25 on October 29, 2015, 02:25:48 PM
quite possibly.  though their definitely is a wave, hopefully it is not permanent.
There is also a wave of applications going on, guess it's cause and effect.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5355 on: October 29, 2015, 04:26:54 PM »
For some reason, they seem to like auto approving and fr-ing instead of declining. I actually think many gain from this.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5356 on: October 29, 2015, 06:31:34 PM »
Quote from: David Smith on October 29, 2015, 04:26:54 PM
For some reason, they seem to like auto approving and fr-ing instead of declining. I actually think many gain from this.
-1000 I would rather deal with recon a thousand times than FR
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5357 on: October 29, 2015, 07:28:18 PM »
Quote from: Yehuda25 on October 29, 2015, 06:31:34 PM
-1000 I would rather deal with recon a thousand times than FR
-1000
FR sounds scary but has greater success rate in getting accounts reinstated than recon has on getting approved.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5358 on: October 29, 2015, 07:35:40 PM »
Quote from: rivkao on October 29, 2015, 07:28:18 PM
-1000
FR sounds scary but has greater success rate in getting accounts reinstated than recon has on getting approved.
what? honestly I have never heard of someone getting denied for an Amex charge card, ever ;D ;D
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5359 on: October 29, 2015, 07:38:05 PM »
Quote from: Yehuda25 on October 29, 2015, 07:35:40 PM
what? honestly I have never heard of someone getting denied for an Amex charge card, ever ;D ;D
I did. But anyhow were not talking amex here obviously because approval doesn't mean by them that you're off the hook. You can still be hit with a FR two days after approval ... I'm talking about other banks...
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