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 1868907 times)

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6040 on: December 15, 2015, 08:13:38 PM »
Quote from: rivkao on December 15, 2015, 08:12:40 PM
Did you put your account number into automated system? Did you call from your number listed on your account
None of the above. But I did tell them my account number once I spoke to them.

And now they're telling me I have 14 days to do it from now  :'(
« Last Edit: December 15, 2015, 08:19:04 PM by Baruch »
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6041 on: December 15, 2015, 08:15:49 PM »
Quote from: Baruch on December 15, 2015, 08:13:38 PM
None of the above. But I did tell them my account number once I spoke to them.
Try chat
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6042 on: December 15, 2015, 08:20:06 PM »
Quote from: Yehuda25 on December 15, 2015, 03:50:58 PM
"final stage of processing with the back end team"

Does that mean they plan on keeping the cards open?
That they are in the final stage of the review it can go either way, hopefully for the best.
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Offline youkay

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Re: Amex F/R Master Thread
« Reply #6043 on: December 15, 2015, 08:25:53 PM »
I had a mini F/R on friday, they asked me questions about my business, income etc. then i was told I'm good to go. 
Now when i try calling Amex i always get directed to the F/R dept. My accounts aren't suspended nor was i contacted. Anyone with this experience?
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6044 on: December 15, 2015, 08:27:04 PM »
Quote from: youkay on December 15, 2015, 08:25:53 PM
I had a mini F/R on friday, they asked me questions about my business, income etc. then i was told I'm good to go. 
Now when i try calling Amex i always get directed to the F/R dept. My accounts aren't suspended nor was i contacted. Anyone with this experience?
It's been reported ask to be transferred to cs or don't put in your cc info
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6045 on: December 15, 2015, 08:27:21 PM »
I chatted and spoke to MR, they won't expedite the pending pts. HUCA? or I'm wasting my time?
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6046 on: December 15, 2015, 08:28:47 PM »
Quote from: Baruch on December 15, 2015, 08:27:21 PM
I chatted and spoke to MR, they won't expedite the pending pts. HUCA? or I'm wasting my time?
Pending spend points or bonus points?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6047 on: December 15, 2015, 08:28:59 PM »
Quote from: youkay on December 15, 2015, 08:25:53 PM
I had a mini F/R on friday, they asked me questions about my business, income etc. then i was told I'm good to go. 
Now when i try calling Amex i always get directed to the F/R dept. My accounts aren't suspended nor was i contacted. Anyone with this experience?
I had something somewhat similar
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6048 on: December 15, 2015, 08:31:04 PM »
Quote from: David Smith on December 15, 2015, 08:28:47 PM
Pending spend points or bonus points?
Bonus points can't be expedited?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6049 on: December 15, 2015, 08:31:45 PM »
Quote from: yochiek93 on December 15, 2015, 08:31:04 PM
Bonus points can't be expedited?
no, but they don't go into pending either.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6050 on: December 15, 2015, 08:32:49 PM »
Quote from: yochiek93 on December 15, 2015, 08:31:04 PM
Bonus points can't be expedited?
If you spend points post, the bonus points post with it.
Quote from: Yehuda25 on December 15, 2015, 08:31:45 PM
no, but they don't go into pending either.
Sometimes they do.
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6051 on: December 15, 2015, 08:36:21 PM »
Quote from: David Smith on December 15, 2015, 08:28:47 PM
Pending spend points or bonus points?
Bonus.
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Offline youkay

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Re: Amex F/R Master Thread
« Reply #6052 on: December 15, 2015, 08:38:22 PM »

Quote from: yochiek93 on December 15, 2015, 08:27:04 PM
It's been reported ask to be transferred to cs or don't put in your cc info
Thats not my issue. Im trying to find out what i can/should do. Should i ignore it, will this turn into a full F/R? What should i expect...
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Offline unavailable

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Re: Amex F/R Master Thread
« Reply #6053 on: December 15, 2015, 09:43:02 PM »
B"H
my ordeal is over, took 25 days, all accounts open, cl slashed.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #6054 on: December 15, 2015, 09:45:50 PM »
Quote from: unavailable on December 15, 2015, 09:43:02 PM
B"H
my ordeal is over, took 25 days, all accounts open, cl slashed.
Mazel tov!
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6055 on: December 15, 2015, 09:47:01 PM »
Quote from: unavailable on December 15, 2015, 09:43:02 PM
B"H
my ordeal is over, took 25 days, all accounts open, cl slashed.
Good to hear its over. How bad is the cl slash?
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Offline unavailable

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Re: Amex F/R Master Thread
« Reply #6056 on: December 15, 2015, 09:48:57 PM »
personal to a third, business to 6k
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6057 on: December 15, 2015, 10:40:20 PM »
Quote from: unavailable on December 15, 2015, 09:43:02 PM
B"H
my ordeal is over, took 25 days, all accounts open, cl slashed.
WOah! that's a long time. Glad you passed. What took so long?
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Re: Amex F/R Master Thread
« Reply #6058 on: December 15, 2015, 10:51:38 PM »
couldn't get in touch with my rep, he never picked up the phone, doesn't work on Monday, it also took time amex to get the docs from irs.

thank you all for your support.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6059 on: December 15, 2015, 10:56:55 PM »
Quote from: unavailable on December 15, 2015, 10:51:38 PM
couldn't get in touch with my rep, he never picked up the phone, doesn't work on Monday, it also took time amex to get the docs from irs.

thank you all for your support.
oh, now I remember!
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