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 1092400 times)

Offline aro123

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Re: Amex F/R Master Thread
« Reply #6315 on: January 10, 2016, 01:49:01 PM »
I was able to transfer after closure.
me too.
also iirc i was told i have 30 days

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6316 on: January 10, 2016, 01:50:27 PM »
me too.
also iirc i was told i have 30 days


How long after did you transfer?

Not what you were told

Offline aro123

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Re: Amex F/R Master Thread
« Reply #6317 on: January 10, 2016, 02:33:18 PM »

Not what you were told
i did it a few days after closure. what is the point in waiting ?

Offline D93

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Re: Amex F/R Master Thread
« Reply #6318 on: January 10, 2016, 02:34:08 PM »
i did it a few days after closure. what is the point in waiting ?

Transfered online or on phone?

Offline aro123

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Re: Amex F/R Master Thread
« Reply #6319 on: January 10, 2016, 02:43:02 PM »
over the phone. dont think it is possible online

Online mochjas

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Re: Amex F/R Master Thread
« Reply #6320 on: January 10, 2016, 03:04:03 PM »
my wife got f/r ed she is on my tax return which shows more than enough income but less than what she stated when she applied will she be ok or should i close the account?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6321 on: January 10, 2016, 03:05:20 PM »

my wife got f/r ed she is on my tax return which shows more than enough income but less than what she stated when she applied will she be ok or should i close the account?
she should be ok

Offline jd399

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Re: Amex F/R Master Thread
« Reply #6322 on: January 10, 2016, 03:18:21 PM »
I was curious for people that have SPG business CC for each spouse. After you get your bonuses for both of them do you cancel or downgrade one of them because of the new rule of not getting the bonus till a year later. TIA Hope I am clear in my question

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6323 on: January 10, 2016, 03:19:31 PM »
my wife got f/r ed she is on my tax return which shows more than enough income but less than what she stated when she applied will she be ok or should i close the account?
She should be fine but she should tell the fr rep what's on the return not what she wrote during the application

Offline afro

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Re: Amex F/R Master Thread
« Reply #6324 on: January 10, 2016, 04:31:20 PM »
Amex doesn't even look at what you write in the application after the application is processed. One Amex rep mentioned to me she doesn't even know if she can access that info.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6325 on: January 10, 2016, 05:08:11 PM »


One Amex rep mentioned to me she doesn't even know if she can access that info.
dropr


Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6326 on: January 10, 2016, 07:53:22 PM »
I like vanilla but my name is Venilla.

Offline Police!

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Re: Amex F/R Master Thread
« Reply #6327 on: January 10, 2016, 07:58:49 PM »
I was curious for people that have SPG business CC for each spouse. After you get your bonuses for both of them do you cancel or downgrade one of them because of the new rule of not getting the bonus till a year later. TIA Hope I am clear in my question
First of all, this question doesn't belong in this thread. And please don't cross post.

Your effort to keep this forum neat and clean is greatly appreciated. Thanks.
I'm on active duty!                 Watch out!~The self appointed DDF cop~

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6328 on: January 10, 2016, 08:17:06 PM »
First of all, this question doesn't belong in this thread. And please don't cross post.

Your effort to keep this forum neat and clean is greatly appreciated. Thanks.
Mods, who is this guy?

It's against forum rules to have two usernames.

#Exposethisguy

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6329 on: January 13, 2016, 05:00:50 PM »
ouch just got hit with a F/r I'm lost, funny thing is that my card is still working charging is not suspended, I just called in regular CS and I was tranferred to the F/r dep and they are requesting my tax return is that normal?
Do u have any different idea for a signature?