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 1872309 times)

Offline solls108

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Re: Amex F/R Master Thread
« Reply #5920 on: December 07, 2015, 07:32:28 PM »
What would be a reason to get a F/R a 2nd and 3rd time? Why would you not pass a second or third time if you already passed your first?

Offline D93

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Re: Amex F/R Master Thread
« Reply #5921 on: December 08, 2015, 12:26:57 AM »
What would be a reason to get a F/R a 2nd and 3rd time?


Your name is Yehuda25 ;)

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Re: Amex F/R Master Thread
« Reply #5922 on: December 08, 2015, 12:35:49 AM »


Your name is Yehuda25 ;)
I'm starting to shvitz thinking about what yehuda57 is getting for his name!

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5923 on: December 08, 2015, 12:40:39 AM »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

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Re: Amex F/R Master Thread
« Reply #5924 on: December 08, 2015, 12:42:25 AM »
:'( :'(
The suicide photo doesn't look too well either  :)

Offline youkay

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Re: Amex F/R Master Thread
« Reply #5925 on: December 08, 2015, 03:53:04 PM »
Is this a F/R?

Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #5926 on: December 08, 2015, 04:03:59 PM »
Hey there! I am using DansDeals Forums.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5927 on: December 08, 2015, 04:09:39 PM »
Is this a F/R?
Yup. Sorry to hear. Good luck! If you have the income you reported and can prove it, you should be fine.
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 ydf

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Re: Amex F/R Master Thread
« Reply #5928 on: December 08, 2015, 04:49:02 PM »
im crazy nervous........ just called in regurler cs and i was transferred to fr, she was very nice just said she has to update financial info, asked me my income- employer- position at work- phone numbers, and said everything is fine, and if she will need additional info she will let me know, was this a fr a mini fr or what? is this coming before a fr?

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5929 on: December 08, 2015, 04:55:29 PM »
im crazy nervous........ just called in regurler cs and i was transferred to fr, she was very nice just said she has to update financial info, asked me my income- employer- position at work- phone numbers, and said everything is fine, and if she will need additional info she will let me know, was this a fr a mini fr or what? is this coming before a fr?
its my first time dealing with the fr deportment and im very nervous can someone tell me if thats a fr or if that can trigger one? TIA

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5930 on: December 08, 2015, 06:04:03 PM »
im crazy nervous........ just called in regurler cs and i was transferred to fr, she was very nice just said she has to update financial info, asked me my income- employer- position at work- phone numbers, and said everything is fine, and if she will need additional info she will let me know, was this a fr a mini fr or what? is this coming before a fr?
bump, anyone here can help? TIA

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5931 on: December 08, 2015, 06:04:36 PM »
its my first time dealing with the fr deportment and im very nervous can someone tell me if thats a fr or if that can trigger one? TIA
It's a mini FR,  I had the same story.
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5932 on: December 08, 2015, 06:15:47 PM »
It's a mini FR,  I had the same story.
+1, if they reactivated your accounts with having to send in docs its a mini. Minis don't necessarily cause full blown ones, I had a mini and a full a few months apart.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5933 on: December 08, 2015, 06:45:50 PM »
+1, if they reactivated your accounts with having to send in docs its a mini. Minis don't necessarily cause full blown ones, I had a mini and a full a few months apart.
my accounts where never suspended,it was just when I called in the number I was transferred to them, also is that caused by anything? Cause I cant see I should do anything out of order this should happen, no big spend or anything, and btw my wife had the same today
« Last Edit: December 08, 2015, 06:52:10 PM by ydf »

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5934 on: December 08, 2015, 06:50:44 PM »
and should I be worried now I will get a full fr? And also when I'm calling now the cs number I'm getting automatically bounced around between departments and they have to transfer me to cs whats that?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5935 on: December 08, 2015, 07:21:50 PM »
and should I be worried now I will get a full fr? And also when I'm calling now the cs number I'm getting automatically bounced around between departments and they have to transfer me to cs whats that?
happened to me als, some confusion, but if you don't comply they can without notice shut down some of your accounts.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5936 on: December 08, 2015, 07:26:35 PM »
happened to me als, some confusion, but if you don't comply they can without notice shut down some of your accounts.
the fr rep told me that everything is fine and info is updated , but when I call cs since then everytime I'm transferred aoutomatiic to the account serviced dep or credit dep  why is that? Will that be fixed or I'm not done yet?

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5937 on: December 08, 2015, 07:28:15 PM »
happened to me als, some confusion, but if you don't comply they can without notice shut down some of your accounts.
andwat do I need to comply ? They just needed my phone numbers and employment info

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5938 on: December 08, 2015, 10:01:02 PM »
still not getting to the regular cs when I call them, now I get always to the credit dep, any thoughts?

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5939 on: December 08, 2015, 10:15:37 PM »
still not getting to the regular cs when I call them, now I get always to the credit dep, any thoughts?
Ask them to transfer you to cs