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 »

« previous next »
Pages: 1 ... 272 273 274 275 276 277 [278] 279 280 281 282 283 284 ... 431   Go Down

Author Topic: Amex F/R Master Thread  (Read 1874494 times)

Offline eliraps

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2010
  • Posts: 891
  • Total likes: 16
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: ORD
Re: Amex F/R Master Thread
« Reply #5540 on: November 12, 2015, 03:39:36 AM »
Quote from: meme on November 11, 2015, 04:32:28 PM
Not sure why he transferred points out first


Because he didn't realize his boss would fabricate pay slips for him - he thought he would have to close his account. Am I missing something?
Logged

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 8793
  • Total likes: 21
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #5541 on: November 12, 2015, 03:48:30 AM »
Quote from: eliraps on November 12, 2015, 03:39:36 AM


Because he didn't realize his boss would fabricate pay slips for him - he thought he would have to close his account. Am I missing something?

Yes. You have 14 days to transfer out the points, no need to do it the second you get Fr'ed.
Logged

Offline meme

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jul 2015
  • Posts: 854
  • Total likes: 88
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #5542 on: November 12, 2015, 07:09:53 AM »

Quote from: D93 on November 12, 2015, 03:48:30 AM
Yes. You have 14 days to transfer out the points, no need to do it the second you get Fr'ed.
Also, even after account is closed you still have some time to transfer out
Logged

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 8793
  • Total likes: 21
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #5543 on: November 12, 2015, 08:11:59 AM »
Quote from: meme on November 12, 2015, 07:09:53 AM
Also, even after account is closed you still have some time to transfer out

Personal experience?
Logged

Offline eliraps

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2010
  • Posts: 891
  • Total likes: 16
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: ORD
Re: Amex F/R Master Thread
« Reply #5544 on: November 12, 2015, 08:15:00 AM »
Quote from: D93 on November 12, 2015, 03:48:30 AM
Yes. You have 14 days to transfer out the points, no need to do it the second you get Fr'ed.

This was when the 14 days were almost up and he the points posted and he did not think he would pass....
Logged

Offline meme

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jul 2015
  • Posts: 854
  • Total likes: 88
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #5545 on: November 12, 2015, 08:20:58 AM »

Quote from: D93 on November 12, 2015, 08:11:59 AM
Personal experience?
Brother in law
Logged

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4482
  • Total likes: 92
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #5546 on: November 12, 2015, 08:21:59 AM »
Quote from: meme on November 12, 2015, 08:20:58 AM
Brother in law
How much time did he wait?
Logged

Offline meme

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jul 2015
  • Posts: 854
  • Total likes: 88
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #5547 on: November 12, 2015, 08:24:50 AM »

Quote from: yochiek93 on November 12, 2015, 08:21:59 AM
How much time did he wait?
Think couple of weeks. Ppl have said earlier in this thread 30-90 days, but would verify
Logged

Offline pixi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1945
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #5548 on: November 12, 2015, 08:32:47 AM »
Is it a normal thing to ask  the rep that if for some reason I won't pass the FR she showed let me know first I should be able to one my account me self?
Logged
money doesn't talk......      it SCREAMS !

Offline meme

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jul 2015
  • Posts: 854
  • Total likes: 88
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #5549 on: November 12, 2015, 08:36:13 AM »

Quote from: pixi on November 12, 2015, 08:32:47 AM
Is it a normal thing to ask  the rep that if for some reason I won't pass the FR she showed let me know first I should be able to one my account me self?
People have reported doing that successfully earlier in this thread.
Logged

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 8793
  • Total likes: 21
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #5550 on: November 12, 2015, 08:59:35 AM »
Quote from: pixi on November 12, 2015, 08:32:47 AM
Is it a normal thing to ask  the rep that if for some reason I won't pass the FR she showed let me know first I should be able to one my account me self?

Yes
Logged

Offline yakrot

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1715
  • Total likes: 25
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #5551 on: November 12, 2015, 09:10:31 AM »
Quote from: pixi on November 12, 2015, 08:32:47 AM
Is it a normal thing to ask  the rep that if for some reason I won't pass the FR she showed let me know first I should be able to one my account me self?
I dealt with a rep that told me I can do this np.  The problem is she told me if I were to miss the call from her informing me that I'm being closed (and letting me close instead)  she would have no choice but to shut me down.
Logged

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 8793
  • Total likes: 21
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #5552 on: November 12, 2015, 09:11:39 AM »
Quote from: yakrot on November 12, 2015, 09:10:31 AM
I dealt with a rep that told me I can do this np.  The problem is she told me if I were to miss the call from her informing me that I'm being closed (and letting me close instead)  she would have no choice but to shut me down.

My rep told me that if I missed the call, she would give me 24 hours to call her back and let her know or else she'll close it herself.
Logged

Offline Jm1248

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2014
  • Posts: 2419
  • Total likes: 15
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: Amex F/R Master Thread
« Reply #5553 on: November 12, 2015, 12:03:29 PM »
Quote from: D93 on November 12, 2015, 09:11:39 AM
My rep told me that if I missed the call, she would give me 24 hours to call her back and let her know or else she'll close it herself.
+1
Logged

Offline pixi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1945
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #5554 on: November 12, 2015, 06:17:29 PM »
Can I receive a credit during a FR?
Logged
money doesn't talk......      it SCREAMS !

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 8793
  • Total likes: 21
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #5555 on: November 12, 2015, 06:24:15 PM »
Quote from: pixi on November 12, 2015, 06:17:29 PM
Can I receive a credit during a FR?

Yes.
Logged

Offline Baruch

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2013
  • Posts: 2615
  • Total likes: 336
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #5556 on: November 12, 2015, 07:49:10 PM »
1. Has there been a recent spike in F/Rs

2. Is applying for a personal 3bm a trigger for F/R?
Logged

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4482
  • Total likes: 92
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #5557 on: November 12, 2015, 07:55:12 PM »
Quote from: Baruch on November 12, 2015, 07:49:10 PM
1. Has there been a recent spike in F/Rs

2. Is applying for a personal 3bm a trigger for F/R?
Yes
Anything could be
Logged

Offline meme

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jul 2015
  • Posts: 854
  • Total likes: 88
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #5558 on: November 12, 2015, 07:58:50 PM »

Quote from: Baruch on November 12, 2015, 07:49:10 PM
1. Has there been a recent spike in F/Rs

2. Is applying for a personal 3bm a trigger for F/R?

Apparently

Gotta be careful
Logged

Offline pixi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1945
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #5559 on: November 12, 2015, 08:08:01 PM »
Quote from: meme on November 12, 2015, 07:58:50 PM
Gotta be careful
Not so sure it helps
Logged
money doesn't talk......      it SCREAMS !
Pages: 1 ... 272 273 274 275 276 277 [278] 279 280 281 282 283 284 ... 431   Go Up
« previous next »