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 1816809 times)

Offline unavailable

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Re: Amex F/R Master Thread
« Reply #6060 on: December 15, 2015, 11:00:43 PM »
ye! it has been awhile back!

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6061 on: December 15, 2015, 11:40:40 PM »
Bonus.
If you pay up your bill you can ask for your spend points to be expedited and then the bonus will come along with it. They usually wont expedite spend points until you pay the bill.

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6062 on: December 16, 2015, 09:10:11 AM »
i see in the wiki that prepaying triggers a fr, what exactly means prepaying? I have now a credit by amex cause a merchant credit me a purchase after i paid my whole balance is that also included in prepaying and is not ideal?
Do u have any different idea for a signature?

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6063 on: December 16, 2015, 09:12:28 AM »
i see in the wiki that prepaying triggers a fr, what exactly means prepaying? I have now a credit by amex cause a merchant credit me a purchase after i paid my whole balance is that also included in prepaying and is not ideal?
that's not 'pre paying' pre paying means, if you have a 5k limit and want to spend 6k so you send in a payment of 1k in order to have more spending
What's your plan for yud shvat?

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Re: Amex F/R Master Thread
« Reply #6064 on: December 16, 2015, 09:16:47 AM »
i see in the wiki that prepaying triggers a fr, what exactly means prepaying? I have now a credit by amex cause a merchant credit me a purchase after i paid my whole balance is that also included in prepaying and is not ideal?
That's a refund

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6065 on: December 16, 2015, 09:18:47 AM »
thanhs, will they send me a check for it or wait i should spend this?
Do u have any different idea for a signature?

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Re: Amex F/R Master Thread
« Reply #6066 on: December 16, 2015, 09:20:16 AM »
thanhs, will they send me a check for it or wait i should spend this?
you can ask for a check, they won't just send you one
What's your plan for yud shvat?

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6067 on: December 16, 2015, 09:23:07 AM »
just to confirm, that isent a problem or trigger for a fr even i have a credit on account?
Do u have any different idea for a signature?

Online TimT

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Re: Amex F/R Master Thread
« Reply #6068 on: December 16, 2015, 09:26:38 AM »
just to confirm, that isent a problem or trigger for a fr even i have a credit on account?
Back during the amex checkout promotion all my accounts had credits.

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6069 on: December 16, 2015, 09:28:18 AM »
Back during the amex checkout promotion all my accounts had credits.
tnx
Do u have any different idea for a signature?

Online TimT

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Re: Amex F/R Master Thread
« Reply #6070 on: December 16, 2015, 09:29:57 AM »
tnx
Just curious, was this a massive refund or not ?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6071 on: December 16, 2015, 10:04:25 AM »
you can ask for a check, they won't just send you one
-1 they randomly sometimes do
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6072 on: December 16, 2015, 01:17:28 PM »
If I was only asked to provide a 4506T, is it possible they still want to verify business income?

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6073 on: December 16, 2015, 01:19:40 PM »
My nephew called from his friend's cell for his Amex under F/R.
Today his friend called Amex, and he's under F/R.
Did the cell phone trigger the F/R?

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6074 on: December 16, 2015, 01:26:21 PM »

My nephew called from his friend's cell for his Amex under F/R.
Today his friend called Amex, and he's under F/R.
Did the cell phone trigger the F/R?
wow I hope not that would be really bad keep us posted

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6075 on: December 16, 2015, 01:27:13 PM »
-1 they randomly sometimes do
It's not random. It's after a certain amount of time has passed (I think ~3 months)

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Re: Amex F/R Master Thread
« Reply #6076 on: December 16, 2015, 01:49:37 PM »
It's not random. It's after a certain amount of time has passed (I think ~3 months)
I have a $35 credit on a card since August. I just didn't get to make that phone call.
I like vanilla but my name is Venilla.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6077 on: December 16, 2015, 01:51:16 PM »
I have a $35 credit on a card since August. I just didn't get to make that phone call.
Dunno I have always ignored the small credits and eventually got checks. Maybe it was closer to 4-5 months I honestly never really kept track.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6078 on: December 16, 2015, 01:53:32 PM »
My nephew called from his friend's cell for his Amex under F/R.
Today his friend called Amex, and he's under F/R.
Did the cell phone trigger the F/R?
would not shock me
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6079 on: December 16, 2015, 04:41:43 PM »
Just curious, was this a massive refund or not ?
not at all, why do you ask? Is it a difference?
Do u have any different idea for a signature?