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.

Author Topic: Amex F/R Master Thread  (Read 2086517 times)

Offline infra-

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Re: Amex Financial Review
« Reply #540 on: August 11, 2011, 10:09:44 PM »
They want to see if you were actually buying something or using it for a cash advance.
Damn, I was using it for cash advance. Are they going to close my account if I was using as cash advance?

Offline gozalim

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Re: Amex Financial Review
« Reply #541 on: August 11, 2011, 10:24:38 PM »
Damn, I was using it for cash advance. Are they going to close my account if I was using as cash advance?
print yourself a reciept from the "payee" (with its own phone number) for whatever 'goods/service' you were supposedly paying for.
(you didn't click cash advance for the payments, right?)

Offline infra-

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Re: Amex Financial Review
« Reply #542 on: August 11, 2011, 11:40:31 PM »
print yourself a reciept from the "payee" (with its own phone number) for whatever 'goods/service' you were supposedly paying for.
(you didn't click cash advance for the payments, right?)
I made a mistake by clicking on the cash advance. It was too late to change it

Offline ye

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Re: Amex Financial Review
« Reply #543 on: August 12, 2011, 03:08:35 PM »
I opened too many amex accounts recently and am in financial review. I will be closing the accounts myself as I cannot prove the stated income (or anything close to it). I have met the minimum spend on all the offers and they are notated on my accounts. Is there any point in calling MR to get my points expedited or once it's under financial review everything is frozen?

Offline ChMo

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Re: Amex Financial Review
« Reply #544 on: August 12, 2011, 03:59:41 PM »
I opened too many amex accounts recently and am in financial review. I will be closing the accounts myself as I cannot prove the stated income (or anything close to it). I have met the minimum spend on all the offers and they are notated on my accounts. Is there any point in calling MR to get my points expedited or once it's under financial review everything is frozen?

I think I remember reading, that you have 30 days after closing your account, to transfer out your MR points.  And it looks like you already know, that it is better for your credit, to close the accounts yourself (closed by consumer), instead of letting them close them.

Offline ye

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Re: Amex Financial Review
« Reply #545 on: August 12, 2011, 04:03:24 PM »
I think I remember reading, that you have 30 days after closing your account, to transfer out your MR points.  And it looks like you already know, that it is better for your credit, to close the accounts yourself (closed by consumer), instead of letting them close them.

my qusestion is if amex will give the sign up bonus after the account is already in financial review?

Offline ChMo

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Re: Amex Financial Review
« Reply #546 on: August 12, 2011, 07:50:02 PM »
my qusestion is if amex will give the sign up bonus after the account is already in financial review?

Ohhh, I thought you already had received the sign-up bonus. 

You got hit quick, with an F/R!  I have a feeling you are out of luck this time.  You could wait to close your account, and hope the points post within the next week, before they close your account involuntarily.  But, in my opinion, you are probably better off just forgetting about the sign-up bonus this time, closing this account ASAP, and then applying in about 90 days, for the next AmEx offer to come along.

I think I read somewhre, that if YOU close your account, you can apply later (perhaps after 90-ish days), and you might avoid the F/R altogether.  But, if THEY close your account, your existing F/R will be just chillin' there, unsatisfied, waiting for you the next time you apply for anything at AmEx.

Offline ChMo

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Re: Amex Financial Review
« Reply #547 on: August 12, 2011, 07:53:06 PM »
my qusestion is if amex will give the sign up bonus after the account is already in financial review?

On second thought, it probably wouldn't hurt to ask AmEx for the sign-up bonus points, both before you close your account, and after.  But regardless of their answer, I think you are better off closing the account on your own, voluntarily.

Offline ye

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Re: Amex Financial Review
« Reply #548 on: August 14, 2011, 07:17:04 AM »
On second thought, it probably wouldn't hurt to ask AmEx for the sign-up bonus points, both before you close your account, and after.  But regardless of their answer, I think you are better off closing the account on your own, voluntarily.
Thanks

Offline ye

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Re: Amex Financial Review
« Reply #549 on: August 14, 2011, 10:04:22 AM »
Ohhh, I thought you already had received the sign-up bonus. 

You got hit quick, with an F/R!  I have a feeling you are out of luck this time.  You could wait to close your account, and hope the points post within the next week, before they close your account involuntarily.  But, in my opinion, you are probably better off just forgetting about the sign-up bonus this time, closing this account ASAP, and then applying in about 90 days, for the next AmEx offer to come along.

I think I read somewhre, that if YOU close your account, you can apply later (perhaps after 90-ish days), and you might avoid the F/R altogether.  But, if THEY close your account, your existing F/R will be just chillin' there, unsatisfied, waiting for you the next time you apply for anything at AmEx.
Is the Citi AA Amex a completely different card, as it is issued thru Citi and not directly by Amex, or should I close that account as well once I am FR'ed?

Offline Saver2000

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Re: Amex Financial Review
« Reply #550 on: August 14, 2011, 11:11:57 AM »
Is the Citi AA Amex a completely different card, as it is issued thru Citi and not directly by Amex, or should I close that account as well once I am FR'ed?

http://www.dansdeals.com/forums/index.php?topic=3104.1395

Read dans comment- he says they are unrelated.

Offline gozalim

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Re: Amex Financial Review
« Reply #551 on: August 14, 2011, 12:12:22 PM »
Is the Citi AA Amex a completely different card, as it is issued thru Citi and not directly by Amex, or should I close that account as well once I am FR'ed?
it's issued by citi. no need to close it.

Offline Simcha89

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Re: Amex Financial Review
« Reply #552 on: August 15, 2011, 10:13:36 PM »
I called amex MR, was rerouted to the FR department, the guy asked me a few questions about my current income and place of employment. He said that was all and didnt mention anything about a financial review.

am i off the hook?

Offline clownaparte

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Re: Amex Financial Review
« Reply #553 on: August 17, 2011, 06:55:31 PM »
I had/have an Amex Blue cash card. A year or two ago, I had a 32k credit limit and asked for an increase (online) to 45k. I was told to check the mail in 7 - 10 business days for the response. What did they send me? Essentially that they could not approve my increase without financial documentation, and wanted me to sign a release to see my tax return. I did not sign, and was afraid that the next step would be a "real" FR with noncompliance resulting in shutting my accounts. Thankfully, the other shoe never fell - I was not hit with a full FR.

Just another data point, for anyone in a similar situation.

Offline ye

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Re: Amex Financial Review
« Reply #554 on: August 18, 2011, 10:05:36 AM »
Just my experience:
My wife and I have had many amex cards over the years and it seems that each time we apply for the Business Gold card we get FR'ed within a week after it is approved .

Offline Dan

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Re: Amex Financial Review
« Reply #555 on: August 18, 2011, 12:31:33 PM »
Just my experience:
My wife and I have had many amex cards over the years and it seems that each time we apply for the Business Gold card we get FR'ed within a week after it is approved .
Looks like we have another trigger...lol.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex Financial Review
« Reply #556 on: August 18, 2011, 04:54:11 PM »
I have had AMEX for 5+ years - many business expenses on Starwood and Platinum. Never missed a payment. 2hrs after activating the Biz Gold card the FR hit me (but granted it was my 3rd new card from AMEX this year).
Want more Deals? Check out http://www.MightyTravels.com

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Re: Amex Financial Review
« Reply #557 on: August 18, 2011, 06:03:08 PM »
What's the easiest way to close my accounts? Every time I call CS to close them they say "hold on while I just look into something" and they then transfer me to the person who is doing my FR. I really would rather not speak to this specific "account manger".

Offline Dan

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Re: Amex Financial Review
« Reply #558 on: August 18, 2011, 06:10:28 PM »
What's the easiest way to close my accounts? Every time I call CS to close them they say "hold on while I just look into something" and they then transfer me to the person who is doing my FR. I really would rather not speak to this specific "account manger".
Online
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex Financial Review
« Reply #559 on: August 18, 2011, 06:11:43 PM »
Online
Where through the website or you need to SM