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 1816287 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5500 on: November 11, 2015, 12:49:09 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?
Isn't the highest 30k?

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5501 on: November 11, 2015, 12:52:29 AM »
Isn't the highest 30k?
you're right.
Is this an F/R?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5502 on: November 11, 2015, 12:54:05 AM »
you're right.
Is this an F/R?
I'm guessing from the language of charging suspended that it might be.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5503 on: November 11, 2015, 12:55:07 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?
Call them up. It can't make it any worse than it is already.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5504 on: November 11, 2015, 12:56:10 AM »
Call them up. It can't make it any worse than it is already.
It's closed.
Amex chat told me it's not F/R. But what do they know?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5505 on: November 11, 2015, 12:57:11 AM »
It's closed.
Amex chat told me it's not F/R. But what do they know?
Hopefully it's just a security concern. (Although the language doesn't sound like that.)
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5506 on: November 11, 2015, 01:01:39 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?
Unfortunately charging suspended usually means one thing, and one thing only - FR. The fact that only his business cards are suspended is uncommon - but I would say that means that only they are under FR.
« Last Edit: November 11, 2015, 01:05:02 AM by Yehuda25 »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5507 on: November 11, 2015, 01:04:06 AM »
Unfortunately charging suspended usually means one thing, and one thing only - FR. The fact that only his business cards are suspended are rare - but I would say that means that only they are under FR.
Gold and green are personal, not business.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5508 on: November 11, 2015, 01:06:28 AM »
Gold and green are personal, not business.
Well there are business versions of those too...

I thought OP was referring to the biz versions.


if not - yes, that is certainly very odd.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5509 on: November 11, 2015, 01:06:43 AM »
you're right.
Is this an F/R?
Unfortunately a quick Google search of the number says it's the FR department.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5510 on: November 11, 2015, 01:08:18 AM »
Unfortunately a quick Google search of the number says it's the FR department.
that it most certainly is.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5511 on: November 11, 2015, 01:08:36 AM »
Well there are business versions of those too...

I thought OP was referring to the biz versions.


if not - yes, that is certainly very odd.
Yeah, but the 25k sounds personal. I also never heard of a partial suspension in the case of an FR, which may mean it's just a security concern.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5512 on: November 11, 2015, 01:12:48 AM »
Yeah, but the 25k sounds personal. I also never heard of a partial suspension in the case of an FR, which may mean it's just a security concern.
Doubt it. More like a glitch that his everyday was not affected.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5513 on: November 11, 2015, 01:13:39 AM »
Doubt it. More like a glitch that his everyday was not affected.
Probably true.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5514 on: November 11, 2015, 01:21:01 AM »
There were 3 personals. 2 charge cards are suspended. The credit card is good.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5515 on: November 11, 2015, 01:22:53 AM »
There were 3 personals. 2 charge cards are suspended. The credit card is good.
Where they opened with additional au's? Or just the primary card?

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5516 on: November 11, 2015, 01:23:45 AM »
Where they opened with additional au's? Or just the primary card?
no au's.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5517 on: November 11, 2015, 01:27:10 AM »
Brand new with Amex? Do they have existing Amex cards, that aren't suspended? Besides the EDP?

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5518 on: November 11, 2015, 01:30:42 AM »
Brand new with Amex? Do they have existing Amex cards, that aren't suspended? Besides the EDP?
Had cards with Amex. But no active cards.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5519 on: November 11, 2015, 01:32:25 AM »
Had cards with Amex. But no active cards.
Hmm.. The whole situation sounds quite strange... Keep us posted.