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 1817232 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5480 on: November 09, 2015, 12:59:01 PM »
How long does it typically take amex to get the returns from the IRS?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline D93

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Re: Amex F/R Master Thread
« Reply #5481 on: November 09, 2015, 12:59:25 PM »
How long does it typically take amex to get the returns from the IRS?
5 days

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5482 on: November 09, 2015, 01:02:35 PM »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5483 on: November 10, 2015, 05:04:04 PM »
I'm under f/r on my (wifes)  business Plat card, the business name is the same as the personal name
Can I send it my personal tax returns?
If I don't pass it  will all my personal cards be closed as well?
« Last Edit: November 10, 2015, 06:59:54 PM by pixi »
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5484 on: November 10, 2015, 06:09:37 PM »
I got a f/r on my (wifes)  business Plat card, the business name is the same as the personal name
Can I send it my personal tax returns?
If I don't pass it  will all my personal cards be closed as well?
Which returns did they ask for?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5485 on: November 10, 2015, 06:13:52 PM »
Which returns did they ask for?
They didn't ask for any returns yet,  they just told me that the account is under financial review and my wife has to call in for further assistance on the account.
money doesn't talk......      it SCREAMS !

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5486 on: November 10, 2015, 07:23:07 PM »
Is it possible to pass a FR on a business account with personal tax returns?  The business name is the same as personal name
money doesn't talk......      it SCREAMS !

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #5487 on: November 10, 2015, 07:35:11 PM »
Is it possible to pass a FR on a business account with personal tax returns?  The business name is the same as personal name
Yes it's possible, just ask the Rep if you can send in personal as your business is new.

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5488 on: November 10, 2015, 07:36:19 PM »
Yes it's possible, just ask the Rep if you can send in personal as your business is new.
Rather then saying that I don't file tax return for the business?
money doesn't talk......      it SCREAMS !

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #5489 on: November 10, 2015, 07:38:04 PM »
Rather then saying that I don't file tax return for the business?
No difference just try getting them to except it.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5490 on: November 10, 2015, 07:39:11 PM »
Is it possible to pass a FR on a business account with personal tax returns?  The business name is the same as personal name
I think that helps. Did she do large spend, or was it just part of the FR wave going on?

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5491 on: November 10, 2015, 07:44:20 PM »
I think that helps. Did she do large spend, or was it just part of the FR wave going on?
Doing some large spend,  have to spend 20k.  If I don't pass on the business fr will my personal card be closed as well?
money doesn't talk......      it SCREAMS !

Offline cholent

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Re: Amex F/R Master Thread
« Reply #5492 on: November 10, 2015, 07:45:14 PM »
Doing some large spend,  have to spend 20k.  If I don't pass on the business fr will my personal card be closed as well?
Shouldn't be
Don't ask stupid questions and you won't get stupid answers

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5493 on: November 10, 2015, 07:45:39 PM »
Shouldn't be
You know from experience?
money doesn't talk......      it SCREAMS !

Offline cholent

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Re: Amex F/R Master Thread
« Reply #5494 on: November 10, 2015, 07:46:13 PM »
You know from experience?
Not from personal experience
Don't ask stupid questions and you won't get stupid answers

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5495 on: November 10, 2015, 07:47:28 PM »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5496 on: November 10, 2015, 07:48:08 PM »
If I make more this year then my last year's tax return,  what income should I tell them my current or the one I can proof on the tax returns?
Is it groos  or net?
money doesn't talk......      it SCREAMS !

Offline D93

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Re: Amex F/R Master Thread
« Reply #5497 on: November 10, 2015, 08:03:26 PM »

Offline D93

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Re: Amex F/R Master Thread
« Reply #5498 on: November 10, 2015, 08:04:06 PM »
If I make more this year then my last year's tax return,  what income should I tell them my current or the one I can proof on the tax returns?
Is it groos  or net?
Tell the rep the truth, last year's numbers and this year's numbers.

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5499 on: November 11, 2015, 12:42:35 AM »
A friend just got approved for a gold 25k green 25k and everyday 35k.
They added the cards online upon approval.
The Gold and Green have messages stating:

Charging privileges are suspended. Please call 1-800-678-0738 if we haven't already spoken with you.

But the everyday doesn't have that message.

Is this an F/R?