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 996024 times)

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5304
  • Total likes: 9
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #630 on: October 19, 2011, 03:27:45 PM »
I just got off the phone with the FR dept. and the rep told me to send in 3 months of bank statements (since I told her I'm a student and didn't file taxes she said statements would have to do) from the account I use to pay the bill with. I asked her what happens next she told me either nothing or the limits may be reduced I asked her if there is a chance I will be shut down, she said no. Is she telling the truth? What if my statements don't support my alleged income of $50,000? Is it better I preemptively shut down my accounts? I want to keep my accounts even if they reduce the limit, but on the other hand I don't want them shutting me down. What do I do?
Wait and see, they probably will not shut you down IF you hae any income to prove (or $$ in the bank).

Offline lybbtthl

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jul 2011
  • Posts: 696
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: TK Miles&Smiles Elite, Hertz #1 Club Gold President's Circle, National Emerald Club Executive, Starwood Gold
Re: Amex Financial Review
« Reply #631 on: October 23, 2011, 12:46:54 AM »
Wait and see, they probably will not shut you down IF you hae any income to prove (or $$ in the bank).
My average account balance (in the account I payed the bill from) for the last 3 months, is about $500.
The highest balance it hit is about $2100.

What do you think I should do? (considering I only have a $5K combined limit)

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5304
  • Total likes: 9
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #632 on: October 23, 2011, 02:03:13 AM »
I don't know... hopefully someone else can chime in.

Offline moshe80

  • Dansdeals Silver Elite
  • **
  • Join Date: Mar 2011
  • Posts: 58
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: nyc
help regarding 4506t request from american extress
« Reply #633 on: October 31, 2011, 12:02:28 PM »
hi i got a request from american express for my wife card that  i need to fill out souch a 4506t the promlem is that she does not have any income on her name now and if i dont fill it out they will close the account ? any help please 

also whats the reason they asking for this ?

Offline bubbles

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2011
  • Posts: 5051
  • Total likes: 14
  • DansDeals.com Hat Tips 67
    • View Profile
Re: help regarding 4506t request from american extress
« Reply #634 on: October 31, 2011, 12:04:37 PM »
try posting in this thread

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20565
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: help regarding 4506t request from american extress
« Reply #635 on: October 31, 2011, 12:10:32 PM »
hi i got a request from american express for my wife card that  i need to fill out souch a 4506t the promlem is that she does not have any income on her name now and if i dont fill it out they will close the account ? any help please 

also whats the reason they asking for this ?

If you've filed jointly and you have income, methinks she'll be fine. You should also ask about bank statements (if you have ones with decent balances/cashflow), they sometimes accept that.

It's hard to know what triggered it in your place, a lot of different triggers for this have been reported.

P.s. You should use a browser with spell-check, your spelling is appalling.
PGF24BMGS

Offline Side incomer

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 3509
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex Financial Review
« Reply #636 on: October 31, 2011, 02:26:15 PM »
This has bean well discussed. I was just FR'd together with my wife, same income, about the same amount / types of spending on the cards, I survived, she didn't. I called them up to ask, what's the difference, she told me that on my wife's card there is quite a few airline charges for different people, and that's called extending the credit from Amex to other people, so they couldn't keep her. So people be aware.
Side income is the most solid income... בדוק ומנוסה

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7411
  • Total likes: 1
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #637 on: October 31, 2011, 02:37:16 PM »
How do they know who the airline charges were for

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25139
  • Total likes: 274
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #638 on: October 31, 2011, 02:39:26 PM »
How do they know who the airline charges were for

Go look at your online statement and you'll figure it out real quick.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #639 on: October 31, 2011, 02:47:51 PM »
Go look at your online statement and you'll figure it out real quick.
I think he means who the airline charges were for, oneself vs others

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 54100
  • Total likes: 2592
  • DansDeals.com Hat Tips 16441
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: Amex Financial Review
« Reply #640 on: October 31, 2011, 02:48:49 PM »
I think he means who the airline charges were for, oneself vs others
I think AJK knew what he meant.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #641 on: October 31, 2011, 02:50:46 PM »
I think AJK knew what he meant.
NP

And he could use the love today  ;)

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25139
  • Total likes: 274
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #642 on: October 31, 2011, 02:54:19 PM »
I think AJK knew what he meant.

+1

And he could use the love today  ;)

I appreciate your sentiment, I'm just not sure I agree with it.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline PlatinumGuy

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 9915
  • Total likes: 58
  • DansDeals.com Hat Tips 8
    • View Profile
Re: Amex Financial Review
« Reply #643 on: October 31, 2011, 03:41:44 PM »
she told me that on my wife's card there is quite a few airline charges for different people, and that's called extending the credit from Amex to other people, so they couldn't keep her. So people be aware.
I'm surprised - I always thought they want you to use your card for other people. After all their business is about processing charges. Maybe this was with the PRG & they don't really want togive out 3X MR?
Purpose > Pleasure

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #644 on: October 31, 2011, 03:46:14 PM »
I'm surprised - I always thought they want you to use your card for other people. After all their business is about processing charges. Maybe this was with the PRG & they don't really want togive out 3X MR?
Not so sure your corect . They dont want you using it for cash advances. Just like you cant charge your own business with your card.