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 1108015 times)

Offline afro

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Re: Amex F/R Master Thread
« Reply #6270 on: January 06, 2016, 06:04:34 PM »
So far the past 4 years I've been getting FR every year at the beginning of December.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6271 on: January 06, 2016, 06:05:36 PM »
So far the past 4 years I've been getting FR every year at the beginning of December.
Do you spend more at years end?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6272 on: January 06, 2016, 06:05:52 PM »
So far the past 4 years I've been getting FR every year at the beginning of December.
Biz or personal?
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 youkay

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Re: Amex F/R Master Thread
« Reply #6273 on: January 06, 2016, 06:34:43 PM »

So far the past 4 years I've been getting FR every year at the beginning of December.
interesting... You should be able to have some data points what triggers it

Offline Yeki89

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Re: Amex F/R Master Thread
« Reply #6274 on: January 06, 2016, 06:41:29 PM »
So far the past 4 years I've been getting FR every year at the beginning of December.
From Nov Holiday Spending?

Offline afro

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Re: Amex F/R Master Thread
« Reply #6275 on: January 06, 2016, 10:08:32 PM »
Biz or personal?
All biz spending on biz cards
From Nov Holiday Spending?

I stock up on inventory before the holiday season starting in October, I guess that raised red flags.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6276 on: January 06, 2016, 10:13:04 PM »
All biz spending on biz cardsI stock up on inventory before the holiday season starting in October, I guess that raised red flags.
I've heard of business cards getting annual FRs, never personal.
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 afro

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Re: Amex F/R Master Thread
« Reply #6277 on: January 06, 2016, 10:42:56 PM »
I've heard of business cards getting annual FRs, never personal.

The spending is on my biz cards but i'm a sole proprietorship so my biz cards have personal liability
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline mendy613

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Re: Amex F/R Master Thread
« Reply #6278 on: January 07, 2016, 12:50:08 AM »
So i have the message that Charging is suspended and to call, but couldn't get through to a person after waiting over 30 min today..

Here's the background:

I have two platinum biz cards (One upgraded from Gold and one 150k signup - From a  friend) that i charged a large amount and just had the return placed back on cards (After bonus points posted) And did 4 PGGM's in the last month.
I know i know.. I never do this, was a mistake
I don't need the plat cards anyway..
(Have two other biz cards with a few AU's in same name and one personal SPG that i would like to keep)

Question:


Would closing the plat cards on my own before calling to find out what they want not look good?
We only have 9k on 2014's tax returns.
2015 will have 25k but will be in a few months..
« Last Edit: January 07, 2016, 12:54:24 AM by mendy613 »

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6279 on: January 07, 2016, 12:52:50 AM »


So i have the message that Charging is suspended and to call, but couldn't get through to a person after waiting over 30 min today..

I don't know why; i can't get through to anybody either these days. I hate amex.
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 afro

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Re: Amex F/R Master Thread
« Reply #6280 on: January 07, 2016, 08:48:45 AM »
The reason why you can't get thru is that you have to speak only to your rep and they schedule there calls. Only way to get thru is if you get lucky and catch them in between calls.  The best way is to leave a message and they'll call you back.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6281 on: January 07, 2016, 09:22:29 AM »
The reason why you can't get thru is that you have to speak only to your rep and they schedule there calls. Only way to get thru is if you get lucky and catch them in between calls.  The best way is to leave a message and they'll call you back.
FR reps are always impossible. I can't get through to the fraud department either.
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 @Yehuda

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Re: Amex F/R Master Thread
« Reply #6282 on: January 07, 2016, 09:51:12 AM »
Welcome to the club, @Yehuda. :'(

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #6283 on: January 07, 2016, 09:54:09 AM »
Welcome to the club, @Yehuda. :'(
but I'm sure your rabbi was very specific about what you can put on your application and you will be fine

Offline lunatic

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Re: Amex F/R Master Thread
« Reply #6284 on: January 07, 2016, 09:54:45 AM »
Welcome to the club, @Yehuda. :'(
What did you do spend a lot in the first few weeks