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 ectÖ

Letís 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 donít 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
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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 1000101 times)

Offline Dan

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Re: Amex Financial Review
« Reply #570 on: August 19, 2011, 01:26:32 PM »
You have to request for the spending limit to be removed or apply for an increase I believe.

I don't think you can get 2 F/Rs in the same year.  After all they already have that tax return.
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.

Offline joeb1

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Re: Amex Financial Review
« Reply #571 on: August 26, 2011, 12:20:03 AM »
i thought like you dan, until i got hit for my second time... and yes it was for the biz gold..
stay away like fire if you have other cards. for some reason the biz gold is a strong part of the equation for an fr

Offline smart brit

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Re: Amex Financial Review
« Reply #572 on: August 26, 2011, 03:11:25 PM »
just got this dreadfull phone call that my accounts are on hold and got approved this morning for my spg business card i guess that was the trigger

Offline smart brit

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Re: Amex Financial Review
« Reply #573 on: August 26, 2011, 03:32:40 PM »
so now they are going to check out my business tax forms and what next? Why should they close all my accounts with them? And what i really don't get if they are reviewing my business acc. Why put a hold on my personal acc??? And does anyone have expirance with this type of fr?? I don't know why i'm so nervous about it??

Offline Dan

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Re: Amex Financial Review
« Reply #574 on: August 26, 2011, 03:44:25 PM »
If you made any reported income last year you have nothing to worry about.  Just give 'em what they want.
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.

Offline smart brit

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Re: Amex Financial Review
« Reply #575 on: August 26, 2011, 03:51:55 PM »
thx dan actually i reported a loss last year but its the first year in the business and i told him that over the phone and he told me the worst secnario would be to lower my limit on the cards so i hope thats the case but whats bothering me that i was just about going to spend on this card 3,500 for a flight ticket and with that i would have gotten my 30000 spg points

Offline smart brit

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Re: Amex Financial Review
« Reply #576 on: August 26, 2011, 03:55:03 PM »
and just now ups rang my bell and i got another spg business cc i guess by mistake i pressed submit on the application twice and therfore got 2spg cards but my question is should i activate it now or wait???? Wow my head is spinning now

Offline DovidR

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Re: Amex Financial Review
« Reply #577 on: August 26, 2011, 04:54:18 PM »
Sorry, Noob here.

I just received my first Business card - it's a starwood.
Question: Will I get somehow flagged if I use the card as a consumer card? How cautious do I have to be regarding the type of spending I put on this card?

Thanks,
Dovid

Offline clownaparte

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Re: Amex Financial Review
« Reply #578 on: August 27, 2011, 10:43:47 PM »
Just out of curiosity for those that got hit with an FR after applying for any type of business card: did you enter an EIN or did you use your SSN?

Offline joeb1

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Re: Amex Financial Review
« Reply #579 on: August 27, 2011, 10:50:13 PM »
social but a legit business

Offline smart brit

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Re: Amex Financial Review
« Reply #580 on: August 27, 2011, 11:19:23 PM »
i put in mu tax id and got hit with a fr but i think i got the fr because i got two spg business cards in the mail

Offline joeb1

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Re: Amex Financial Review
« Reply #581 on: August 28, 2011, 02:30:11 AM »
if ur legit just send in all the required info and ull b ok... even if u overstated incom

Offline Spiffster

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Re: Amex Financial Review
« Reply #582 on: August 29, 2011, 07:06:45 PM »
Sorry, Noob here.

I just received my first Business card - it's a starwood.
Question: Will I get somehow flagged if I use the card as a consumer card? How cautious do I have to be regarding the type of spending I put on this card?

Thanks,
Dovid


not at all.  spend away....

Offline TC610

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Re: Amex Financial Review
« Reply #583 on: August 29, 2011, 10:04:11 PM »
I received a dreadful call from the F/R department this morning.  I got the SPG Business Amex about a month ago and on Thursday sent $650 with Amazon Payments to that card and another $350 to the Amex Plat to help with the spending minimums, which IMO was the trigger.  The F/R agent wanted to ask me about my spending habits, what I made per year, why I needed the business card, what my business is all about, what I bought with Amazon Payments, my future spending habits, etc.

The agent never said anything about freezing my accounts, changing my limits, or asking me to submit documentation.  Does this mean I'm in the clear?  If anyone has gone through this part before, did you have any other dealings with the F/R department in the future based off that conversation?  I planned on sending more Amazon payments (in odd increments) next calendar month to reach the SPG Business spending minimum.  Bad idea?


Offline Spiffster

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Re: Amex Financial Review
« Reply #584 on: August 30, 2011, 02:40:10 AM »
I received a dreadful call from the F/R department this morning.  I got the SPG Business Amex about a month ago and on Thursday sent $650 with Amazon Payments to that card and another $350 to the Amex Plat to help with the spending minimums, which IMO was the trigger.  The F/R agent wanted to ask me about my spending habits, what I made per year, why I needed the business card, what my business is all about, what I bought with Amazon Payments, my future spending habits, etc.

The agent never said anything about freezing my accounts, changing my limits, or asking me to submit documentation.  Does this mean I'm in the clear?  If anyone has gone through this part before, did you have any other dealings with the F/R department in the future based off that conversation?  I planned on sending more Amazon payments (in odd increments) next calendar month to reach the SPG Business spending minimum.  Bad idea?


When you login to your account online, do you see a "charging is suspended" message on your accounts.  What was the last thing the guy said to you on the phone: Did he say your use of the cards was suspended?  Did he say he'd be calling back?  Have you gotten an email from them with instructions on filling out the irs form?

If none of those, I'd guess you're in the clear. 

I put AP on my amex cards but 1K a month in 10K+/month of spend rated a single question during my 20 minute "FR inductee interview"...   {chuckle}