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 1876841 times)

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5720 on: November 24, 2015, 09:30:36 AM »
When you were FR'ed, did you close the cards yourself or did Amex close them?

I did

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5721 on: November 24, 2015, 03:43:26 PM »
Has anyone dealt with an amex F/R rep, daryll?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5722 on: November 24, 2015, 04:04:33 PM »
Has anyone dealt with an amex F/R rep, daryll?
Your under FR again?
money doesn't talk......      it SCREAMS !

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5723 on: November 24, 2015, 04:15:05 PM »
Has anyone dealt with an amex F/R rep, daryll?
Hope this not for you

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5724 on: November 24, 2015, 06:13:00 PM »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5725 on: November 24, 2015, 06:14:48 PM »
not a joke :'( :'(
Is that the second time? Third?
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5726 on: November 24, 2015, 06:15:36 PM »
Hope this not for you
it is, but BH the accounts seem to be ok. I think that may have been because they had put limits on my cards, then recently I had gone over those limits (not sure why that is even possible, I do though have a lot of pending charges, meaning that technically going by posted transactions I did not go over my limit) so i quickly just paid off the entire card, hopefully that will IYH prevent any issue.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5727 on: November 24, 2015, 06:17:17 PM »
it is, but BH the accounts seem to be ok. I think that may have been because they had put limits on my cards, then recently I had gone over those limits (not sure why that is even possible, I do though have a lot of pending charges, meaning that technically going by posted transactions I did not go over my limit) so i quickly just paid off the entire card, hopefully that will IYH prevent any issue.
I go over my limits every month on my cards with no issue.
money doesn't talk......      it SCREAMS !

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5728 on: November 24, 2015, 06:19:04 PM »
not a joke :'( :'(
You really got FRd twice in three months??!!!
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

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Re: Amex F/R Master Thread
« Reply #5729 on: November 24, 2015, 06:50:51 PM »
it is, but BH the accounts seem to be ok. I think that may have been because they had put limits on my cards, then recently I had gone over those limits (not sure why that is even possible, I do though have a lot of pending charges, meaning that technically going by posted transactions I did not go over my limit) so i quickly just paid off the entire card, hopefully that will IYH prevent any issue.
Wow good luck hope this is over quick

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5730 on: November 24, 2015, 07:56:36 PM »
Wow good luck hope this is over quick
Thanks!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5731 on: November 25, 2015, 02:44:23 PM »
i got a FR  , i just received an email saying  that they have put limits on my cards ( the email didn't refer to the RF ) , does that mean  that i have passed ?
money doesn't talk......      it SCREAMS !

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5732 on: November 25, 2015, 02:45:27 PM »
i got a FR  , i just received an email saying  that they have put limits on my cards ( the email didn't refer to the RF ) , does that mean  that i have passed ?
yes

Offline solls108

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Re: Amex F/R Master Thread
« Reply #5733 on: November 25, 2015, 02:46:13 PM »
Also, what you make now and what your 2014 income shows is two different things
doesnt matter. As long as 2014 has a balance that can support your spending, you're fine.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5734 on: November 25, 2015, 02:46:21 PM »
i got a FR  , i just received an email saying  that they have put limits on my cards ( the email didn't refer to the RF ) , does that mean  that i have passed ?
Yup, mazel tov.
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

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Re: Amex F/R Master Thread
« Reply #5735 on: November 25, 2015, 02:47:55 PM »
i got a FR  , i just received an email saying  that they have put limits on my cards ( the email didn't refer to the RF ) , does that mean  that i have passed ?
Good to hear

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5736 on: November 25, 2015, 02:52:24 PM »
yes

Yup, mazel tov.
Good to hear
but online my account is still suspended , does it take some time to get removed ?
money doesn't talk......      it SCREAMS !

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5737 on: November 25, 2015, 02:52:57 PM »
but online my account is still suspended , does it take some time to get removed ?
yes

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5738 on: November 25, 2015, 02:53:35 PM »
but online my account is still suspended , does it take some time to get removed ?
Call up your account manager and ask to have it removed.
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 pixi

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Re: Amex F/R Master Thread
« Reply #5739 on: November 25, 2015, 02:56:48 PM »
Call up your account manager and ask to have it removed.
She's out for vacation.
money doesn't talk......      it SCREAMS !