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 1872790 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5380 on: October 30, 2015, 09:43:49 AM »
Quote from: bznt on October 30, 2015, 09:42:02 AM
No more gruling questions?
Nope. You already passed :)
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5381 on: October 30, 2015, 09:44:12 AM »
Quote from: bznt on October 30, 2015, 09:42:02 AM
No more gruling questions?
Not at all. Once you passed it should be a painless call.
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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 Yehuda25

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Re: Amex F/R Master Thread
« Reply #5382 on: October 30, 2015, 01:13:29 PM »
On the form 4506-t where it says year or period requested, Do i just put in 2014?
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Offline leaf

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Re: Amex F/R Master Thread
« Reply #5383 on: October 30, 2015, 01:24:52 PM »
Quote from: D93 on October 30, 2015, 09:37:46 AM
Just call and the rep will lift it right away.
Not necessarily.  May still take a few days.  But you can always try. 
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5384 on: October 30, 2015, 01:30:22 PM »
Quote from: leaf on October 30, 2015, 01:24:52 PM
Not necessarily.  May still take a few days.  But you can always try.
I called 2 times and I was on hold for 20 minutes . just hung up . I will wait  s few  days
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5385 on: October 30, 2015, 01:30:41 PM »
Quote from: Yehuda25 on October 30, 2015, 01:13:29 PM
On the form 4506-t where it says year or period requested, Do i just put in 2014?
Yes
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Offline leaf

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Re: Amex F/R Master Thread
« Reply #5386 on: October 30, 2015, 01:38:05 PM »
Quote from: Yehuda25 on October 30, 2015, 01:13:29 PM
On the form 4506-t where it says year or period requested, Do i just put in 2014?
Depends what they are asking for.  Sometimes they want one year's, sometimes more. 
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5387 on: October 30, 2015, 01:47:11 PM »
Quote from: leaf on October 30, 2015, 01:38:05 PM
Depends what they are asking for.  Sometimes they want one year's, sometimes more.
+1
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5388 on: October 30, 2015, 02:19:43 PM »
Quote from: Yehuda25 on October 30, 2015, 09:43:40 AM
no, but for me it was a PIA to get the holds lifted, a few fr people claimed it was lifted, but until a got to a supervisor and they did a "full refresh" and ran some charges on their end noting worked.
Quote from: Yehuda25 on October 30, 2015, 01:13:29 PM
On the form 4506-t where it says year or period requested, Do i just put in 2014?
? You're before or after?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5389 on: October 30, 2015, 02:34:32 PM »
Quote from: rivkao on October 30, 2015, 02:19:43 PM
? You're before or after?
Why cant it be both? ;)
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5390 on: October 30, 2015, 03:34:03 PM »
Quote from: Jm1248 on October 30, 2015, 02:34:32 PM
Why cant it be both? ;)
I got fr/d and 2 family members.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5391 on: October 30, 2015, 03:44:21 PM »
Quote from: Yehuda25 on October 30, 2015, 01:13:29 PM
On the form 4506-t where it says year or period requested, Do i just put in 2014?
You must write 12/31/2014. Otherwise they'll decline it
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5392 on: October 31, 2015, 12:30:23 PM »
Quote from: Yehuda25 on October 30, 2015, 01:13:29 PM
On the form 4506-t where it says year or period requested, Do i just put in 2014?
If they are requesting 2014 returns, you need to write 12/31/14
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5393 on: October 31, 2015, 09:46:45 PM »
Quote from: Yehuda25 on October 30, 2015, 03:34:03 PM
I got fr/d and 2 family members.
Oh that also sucks. I was thinking you got a 2nd fr. Could it be possible one of your family members triggered the fr? Because you said all you did was sign up for a few new cards...
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5394 on: October 31, 2015, 11:34:45 PM »
Quote from: Jm1248 on October 31, 2015, 09:46:45 PM
Oh that also sucks. I was thinking you got a 2nd fr. Could it be possible one of your family members triggered the fr? Because you said all you did was sign up for a few new cards...
Mine was triggered from a family member. The others must have been the new cards.
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #5395 on: October 31, 2015, 11:59:31 PM »
My wife's accounts came under F/R recently and I spoke to the manager (with my wife's permission) for about 15 min and she cleared it and said she won't be requesting docs as long as I keep it under 100K spend!
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5396 on: November 01, 2015, 12:08:29 AM »
Quote from: Super Speed on October 31, 2015, 11:59:31 PM
My wife's accounts came under F/R recently and I spoke to the manager (with my wife's permission) for about 15 min and she cleared it and said she won't be requesting docs as long as I keep it under 100K spend!
Wow!!! Thats the first report of such I have heard in a long time! What do you think made her allow that?
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5397 on: November 01, 2015, 12:13:18 AM »
Quote from: Super Speed on October 31, 2015, 11:59:31 PM
My wife's accounts came under F/R recently and I spoke to the manager (with my wife's permission) for about 15 min and she cleared it and said she won't be requesting docs as long as I keep it under 100K spend!
Was it very high spend, before?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #5398 on: November 01, 2015, 12:16:25 AM »
Quote from: Yehuda25 on November 01, 2015, 12:08:29 AM
Wow!!! Thats the first report of such I have heard in a long time! What do you think made her allow that?
I showed her to look at my wife's history as well as mine, which is the same spending. Meaning we are partners in the company we own so she was satisfied with that info.
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #5399 on: November 01, 2015, 12:16:54 AM »
Quote from: tzifanya54 on November 01, 2015, 12:13:18 AM
Was it very high spend, before?
On that specific card I never went over 50K.
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