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 1874626 times)

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 #5580 on: November 12, 2015, 10:28:09 PM »
Yes. Can you even spend 1M on a personal card ?
Technically you can

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8134
  • Total likes: 212
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #5581 on: November 12, 2015, 10:44:38 PM »
Yes. Can you even spend 1M on a personal card ?
What difference does it make business or personal, if you've got the money? If Bill Gates wanted to charge a billion dollar yacht to his card, ain't no one gonna stop him.
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 samfeldm

  • DansDeals Copper Elite
  • *
  • Join Date: Jan 2013
  • Posts: 6
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: Amex F/R Master Thread
« Reply #5582 on: November 13, 2015, 12:27:05 AM »
What difference does it make business or personal, if you've got the money? If Bill Gates wanted to charge a billion dollar yacht to his card, ain't no one gonna stop him.
Big difference. If I spend 20M a year on my personal CC means I`m very wealthy, and will probably be asked to prove that . Spending 20M on a business card does not mean I`m very wealthy. As a matter of fact I don`t even own a business.

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 #5583 on: November 13, 2015, 12:31:07 AM »
Big difference. If I spend 20M a year on my personal CC means I`m very wealthy, and will probably be asked to prove that . Spending 20M on a business card does not mean I`m very wealthy. As a matter of fact I don`t even own a business.
@davidsmith is not arguing with you he is just saying how technically you can on a personal card also (if you have proof).
They never asked you for proof on your business?

Offline samfeldm

  • DansDeals Copper Elite
  • *
  • Join Date: Jan 2013
  • Posts: 6
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: Amex F/R Master Thread
« Reply #5584 on: November 13, 2015, 12:40:35 AM »
They have asked after I slowly built up to over 500k spending . I just ignore it........ they may cap me at like 100k but then slowly you break the barrier and keep on going till next time

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 #5585 on: November 13, 2015, 12:42:14 AM »
They have asked after I slowly built up to over 500k spending . I just ignore it........ they may cap me at like 100k but then slowly you break the barrier and keep on going till next time
You're not afraid they will shut you down?

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 #5586 on: November 13, 2015, 12:44:22 AM »
They have asked after I slowly built up to over 500k spending . I just ignore it........ they may cap me at like 100k but then slowly you break the barrier and keep on going till next time
They asked you for proof and you ignored them? Please enlighten us as to how your accounts are still open after they asked you for proof and you ignored them.
#neverhappened

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8134
  • Total likes: 212
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #5587 on: November 13, 2015, 01:37:52 AM »
Big difference. If I spend 20M a year on my personal CC means I`m very wealthy, and will probably be asked to prove that . Spending 20M on a business card does not mean I`m very wealthy. As a matter of fact I don`t even own a business.
So you're MSing over 500k a month on this card?
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

  • 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 #5588 on: November 13, 2015, 09:35:13 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?
Update: It was a glitch in the system.
It didn't recognize a certain payment.

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6091
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #5589 on: November 13, 2015, 09:36:43 AM »
Update: It was a glitch in the system.
It didn't recognize a certain payment.
Wow! Nice!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2012
  • Posts: 5634
  • Total likes: 240
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #5590 on: November 13, 2015, 10:01:09 AM »
Update: It was a glitch in the system.
It didn't recognize a certain payment.
Thanks for updating. Good luck.

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 #5591 on: November 13, 2015, 10:12:09 AM »
Thanks for updating. Good luck.
But now a relative of mine got F/Red.

(Which automatically becomes my headache..., as it does with all DDFers)

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 #5592 on: November 13, 2015, 10:20:03 AM »
But now a relative of mine got F/Red.

(Which automatically becomes my headache..., as it does with all DDFers)
Good luck keep us posted

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6091
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #5593 on: November 13, 2015, 10:32:24 AM »
But now a relative of mine got F/Red.

(Which automatically becomes my headache..., as it does with all DDFers)
+1  ;D ;D ::) ::)
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8134
  • Total likes: 212
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #5594 on: November 13, 2015, 10:36:22 AM »
But now a relative of mine got F/Red.

(Which automatically becomes my headache..., as it does with all DDFers)
But they only call you after they call the FR  department and screw up the phone call. Then you have to do damage control. "I thought that if i told them i make a hundred grand a year on the books, they would definitely see I'm trustworthy and drop the FR. I didn't know they would make me submit tax returns proving that." Sigh.
« Last Edit: November 13, 2015, 10:40:45 AM by David Smith »
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 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 #5595 on: November 13, 2015, 10:46:23 AM »
But they only call you after they call the FR  department and screw up the phone call. Then you have to do damage control. "I thought that if i told them i make a hundred grand a year on the books, they would definitely see I'm trustworthy and drop the FR. I didn't know they would make me submit tax returns proving that." Sigh.

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 #5596 on: November 13, 2015, 12:21:11 PM »
Is there any benefit of getting  a FR and passing it then not getting one at all?
« Last Edit: November 13, 2015, 12:26:20 PM by pixi »
money doesn't talk......      it SCREAMS !

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22692
  • Total likes: 7191
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Amex F/R Master Thread
« Reply #5597 on: November 13, 2015, 12:22:17 PM »
Is there any benefit of getting  a FR and passing it?
You get to keep your cards open.

Offline Dr Moose

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2013
  • Posts: 4220
  • Total likes: 181
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex F/R Master Thread
« Reply #5598 on: November 13, 2015, 12:23:07 PM »
Hey there! I am using DansDeals Forums.

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 #5599 on: November 13, 2015, 12:29:37 PM »
money doesn't talk......      it SCREAMS !