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
[/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 997855 times)

Offline TC610

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2010
  • Posts: 783
  • Total likes: 1
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #585 on: August 30, 2011, 10:56:40 AM »
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}


Nothing about "charging is suspended" is there.  She didn't mention anything about calling back, following up, e-mails, or filling out forms...just wished me a good day.

Whew!  I guess I'm a good BS'er.  Mom always said I should've been a lawyer...

Thanks for the follow-up, Spiffster.

Offline Spiffster

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 320
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NEPA, USA
Re: Amex Financial Review
« Reply #586 on: August 30, 2011, 06:10:47 PM »
Nothing about "charging is suspended" is there.  She didn't mention anything about calling back, following up, e-mails, or filling out forms...just wished me a good day.

Whew!  I guess I'm a good BS'er.  Mom always said I should've been a lawyer...

Thanks for the follow-up, Spiffster.

Cool, you should be good.   :-)

My FR ended today.  The phone call was 30 seconds long.  The guy didn't even take a breath or pause, just a "i'm happy to advise you i've completed your review and we're satisfied with your information there are no changes to your accounts they've been unfrozen both personal and business have a nice day" <click>  seemed kinda bummed he couldn't screw with me...  {lol}

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #587 on: August 30, 2011, 06:48:47 PM »
Cool, you should be good.   :-)

My FR ended today.  The phone call was 30 seconds long.  The guy didn't even take a breath or pause, just a "i'm happy to advise you i've completed your review and we're satisfied with your information there are no changes to your accounts they've been unfrozen both personal and business have a nice day" <click>  seemed kinda bummed he couldn't screw with me...  {lol}
:) :)

Offline Avid Reader

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 4016
  • Total likes: 6
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NYC
  • Programs: Starwood Gold, Accor Gold, Hilton Gold, Hertz Five Star Gold, Marriott Silver, National Executive
Re: Amex Financial Review
« Reply #588 on: August 30, 2011, 08:33:35 PM »
Cool, you should be good.   :-)

My FR ended today.  The phone call was 30 seconds long.  The guy didn't even take a breath or pause, just a "i'm happy to advise you i've completed your review and we're satisfied with your information there are no changes to your accounts they've been unfrozen both personal and business have a nice day" <click>  seemed kinda bummed he couldn't screw with me...  {lol}


Congrats!

Offline Nitantnel

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 2999
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex Financial Review
« Reply #589 on: August 31, 2011, 02:24:44 PM »
Cool, you should be good.   :-)

My FR ended today.  The phone call was 30 seconds long.  The guy didn't even take a breath or pause, just a "i'm happy to advise you i've completed your review and we're satisfied with your information there are no changes to your accounts they've been unfrozen both personal and business have a nice day" <click>  seemed kinda bummed he couldn't screw with me...  {lol}

Good news!

Did the info you sent in match up with what you wrote when you applied?

Offline ye

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jan 2010
  • Posts: 121
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #590 on: August 31, 2011, 03:21:32 PM »
Got FR'ed about a year ago and closed the accounts immediately. Just applied and got approved for the Plat and PRG, but it says "charging suspended".  I called in and they said there is a hold because of a question about a different account, but they will remove it. Tried making a charge, was declined, called again and they say it's fine now. What's going on? Am I really ok now?

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5304
  • Total likes: 9
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #591 on: August 31, 2011, 03:43:48 PM »
Got FR'ed about a year ago and closed the accounts immediately. Just applied and got approved for the Plat and PRG, but it says "charging suspended".  I called in and they said there is a hold because of a question about a different account, but they will remove it. Tried making a charge, was declined, called again and they say it's fine now. What's going on? Am I really ok now?
How would we know?

Offline ye

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jan 2010
  • Posts: 121
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #592 on: August 31, 2011, 03:45:46 PM »
How would we know?
My question was whether anyone had a similar experience

Offline easy48

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Oct 2010
  • Posts: 281
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Los Angeles
Re: Amex Financial Review
« Reply #593 on: August 31, 2011, 07:21:17 PM »
I just got a letter in the mail from Amex on 2 of my card accounts asking me to call them as they have an important matter to discuss with me.  Hhmmm.  Is this an FR?  Advice?


Offline aryeh1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2011
  • Posts: 4168
  • Total likes: 7
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: DDF
Re: Amex Financial Review
« Reply #594 on: August 31, 2011, 10:18:15 PM »
Just got frd 2nd time this yr, he asked me why im using amazon payments and charged 1000 x 2, so I said that I bought something from some1. He said that they will review my account to see what actions they need to take. Also he said that Im trying to beat the system as I have a credit on my acct and am trying to spend over my limit.

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25146
  • Total likes: 276
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #595 on: September 01, 2011, 01:00:16 AM »
Whew!  I guess I'm a good BS'er.  Mom always said I should've been a lawyer...

Speaking from experience, no, you shouldn't have.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Spiffster

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 320
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NEPA, USA
Re: Amex Financial Review
« Reply #596 on: September 01, 2011, 03:18:16 AM »
Good news!

Did the info you sent in match up with what you wrote when you applied?

Yes.  In fact, my app amounts were actually lower than my gross income.

Offline Spiffster

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 320
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NEPA, USA
Re: Amex Financial Review
« Reply #597 on: September 01, 2011, 03:20:25 AM »
My question was whether anyone had a similar experience

Got FR'ed about a year ago and closed the accounts immediately. Just applied and got approved for the Plat and PRG, but it says "charging suspended".  I called in and they said there is a hold because of a question about a different account, but they will remove it. Tried making a charge, was declined, called again and they say it's fine now. What's going on? Am I really ok now?

Login online and see if it says your charging is suspended?  Or call them and ask?  Or try making a new charge?

Offline Yos

  • Dansdeals Bronze Elite
  • *
  • Join Date: Apr 2009
  • Posts: 31
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #598 on: September 02, 2011, 08:11:52 PM »
Bottom line: I got a FR notice after opening a few cards, and my tax last year (and my income) is much lower than this year. Should I send in the form? Is there another way around this? Would be a real shame to lose the 180k points pending...

Offline Spiffster

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2011
  • Posts: 320
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NEPA, USA
Re: Amex Financial Review
« Reply #599 on: September 03, 2011, 02:48:36 AM »
Bottom line: I got a FR notice after opening a few cards, and my tax last year (and my income) is much lower than this year. Should I send in the form? Is there another way around this? Would be a real shame to lose the 180k points pending...

Well, there is one way you can cheat.  If last year was an anomaly and previous years were higher, you can put down multiple years on the IRS form.  If the amex person doesn't kick it back to you (it's kind of scammy how they make you sign the form and then add their info to the form after you sign it and without letting you see it, etc...), they'll get all the years you specified and you have the ammo to argue that last year was an anomaly.  During the phone interview, my reviewer asked me about this years income, which is higher than previous years.