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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1874279 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6020 on: December 14, 2015, 03:41:51 AM »
Quote from: Mplace on December 14, 2015, 02:49:26 AM
so its been 3.5 days already,
Spoke to amex 2ws since they couldn't figure out why I received a call,
Can I forget about it yet?
What department did you speak to
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6021 on: December 14, 2015, 03:43:02 AM »
Quote from: yochiek93 on December 14, 2015, 03:41:51 AM
What department did you speak to
reg, online, international
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6022 on: December 14, 2015, 03:46:01 AM »
Quote from: Mplace on December 14, 2015, 03:43:02 AM
reg, online, international
Then I wouldn't worry as much
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6023 on: December 14, 2015, 04:19:24 AM »
Quote from: yochiek93 on December 14, 2015, 03:46:01 AM
Then I wouldn't worry as much
I'm more worried about the guy who called me....
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6024 on: December 14, 2015, 11:03:43 AM »
Quote from: Mplace on December 14, 2015, 04:19:24 AM
I'm more worried about the guy who called me....
huh?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6025 on: December 14, 2015, 11:34:14 AM »
Is it possible to be under F/R without getting a call or an email, just a message online that charging is suspended?
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Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #6026 on: December 14, 2015, 11:37:42 AM »
Quote from: Baruch on December 14, 2015, 11:34:14 AM
Is it possible to be under F/R without getting a call or an email, just a message online that charging is suspended?
Charging suspended doesn't necessarily mean FR. Does it tell you to call?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6027 on: December 14, 2015, 11:52:05 AM »
Quote from: coralsnake on December 14, 2015, 11:37:42 AM
Charging suspended doesn't necessarily mean FR. Does it tell you to call?
Yes
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6028 on: December 14, 2015, 12:02:20 PM »
Quote from: Baruch on December 14, 2015, 11:34:14 AM
Is it possible to be under F/R without getting a call or an email, just a message online that charging is suspended?
Yes.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6029 on: December 15, 2015, 03:22:42 PM »
dealing with an FR for 3 weeks now. Rep says they have received the docs, "it's in the final stage of processing with the back-end team". Any idea what that means? Anyone else ever hear that?


And yes for those curious, its a family member - PSA, for those who did not believe it  - AMEX will FR every single person at your address if one of you gets fr/d - the rep even said it pretty clearly.
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6030 on: December 15, 2015, 03:44:49 PM »
Quote from: Yehuda25 on December 15, 2015, 03:22:42 PM
dealing with an FR for 3 weeks now. Rep says they have received the docs, "it's in the final stage of processing with the back-end team". Any idea what that means? Anyone else ever hear that?


And yes for those curious, its a family member - PSA, for those who did not believe it  - AMEX will FR every single person at your address if one of you gets fr/d - the rep even said it pretty clearly.
Which part dont you understand?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6031 on: December 15, 2015, 03:50:58 PM »
Quote from: DMYD on December 15, 2015, 03:44:49 PM
Which part dont you understand?
"final stage of processing with the back end team"

Does that mean they plan on keeping the cards open?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6032 on: December 15, 2015, 04:01:05 PM »
I think I'm under F/R. I have the charging suspended call msg online. I never got an email or phone call.
Will they shut me down after 14 days?

I have pts pending, so I don't want to call and get the 14 days started.
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6033 on: December 15, 2015, 04:02:12 PM »
Quote from: Yehuda25 on December 15, 2015, 03:22:42 PM
And yes for those curious, its a family member - PSA, for those who did not believe it  - AMEX will FR every single person at your address if one of you gets fr/d - the rep even said it pretty clearly.
not every single person,  by me b"h only 3 out of 6 got fr"d
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6034 on: December 15, 2015, 04:23:02 PM »
Quote from: Baruch on December 15, 2015, 04:01:05 PM
I think I'm under F/R. I have the charging suspended call msg online. I never got an email or phone call.
Will they shut me down after 14 days?

I have pts pending, so I don't want to call and get the 14 days started.
Call  MR and get the points expedited
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6035 on: December 15, 2015, 04:23:37 PM »
Quote from: Baruch on December 15, 2015, 04:01:05 PM
I think I'm under F/R. I have the charging suspended call msg online. I never got an email or phone call.
Will they shut me down after 14 days?

I have pts pending, so I don't want to call and get the 14 days started.
Call CS now (from a different phone number) to get points expedited.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6036 on: December 15, 2015, 05:07:43 PM »
Quote from: David Smith on December 15, 2015, 04:23:37 PM
Call CS now (from a different phone number) to get points expedited.
Quote from: yochiek93 on December 15, 2015, 04:23:02 PM
Call  MR and get the points expedited
And don't put your account number into the automated system!
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Offline leeboy

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Re: Amex F/R Master Thread
« Reply #6037 on: December 15, 2015, 08:03:05 PM »
a bit off topic. We had one of my accounts closed by amex almost 6 months ago. There was a recurring subscription that some how was able to charged the closed card every month. The account accrued close to $300 in late fees and we just got a call from a collection agency. First of all how can the merchant charge a closed card? also, Whats the best way to make a payment and make sure they remove the late payment form the credit report?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6038 on: December 15, 2015, 08:11:08 PM »
I called MR to get the points expedited and (contrary to everyone's claims) was transferred to F/R.  :(
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6039 on: December 15, 2015, 08:12:40 PM »
Quote from: Baruch on December 15, 2015, 08:11:08 PM
I called MR to get the points expedited and (contrary to everyone's claims) was transferred to F/R.  :(
Did you put your account number into automated system? Did you call from your number listed on your account
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