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 1080223 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6345 on: January 13, 2016, 09:36:56 PM »
ymmv for which part? Are there really ppl that can never open again a amex card after being shut down after f/r?
Are you saying you will never be able to show a tax return?
I would wait around 6 months to a year then apply again

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6346 on: January 13, 2016, 09:43:26 PM »
Are you saying you will never be able to show a tax return?
I would wait around 6 months to a year then apply again
and after 6 months or a year they usually ask for tax return or not?
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6347 on: January 13, 2016, 09:43:52 PM »
and after 6 months or a year they usually ask for tax return or not?
Ymmv

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6348 on: January 13, 2016, 09:46:05 PM »
ymmv for which part? Are there really ppl that can never open again a amex card after being shut down after f/r?
YMMV on time frame.
I like vanilla but my name is Venilla.

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6349 on: January 13, 2016, 09:52:10 PM »
YMMV on time frame.
oh thanks, I understand that you are saying that by everybody at some point you are good to go as you never had the f/r and can get approved without a return? Its just ymmv on time frame, correct?
Do u have any different idea for a signature?

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6350 on: January 13, 2016, 10:25:09 PM »
oh thanks, I understand that you are saying that by everybody at some point you are good to go as you never had the f/r and can get approved without a return? Its just ymmv on time frame, correct?
Correct.
I like vanilla but my name is Venilla.

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Re: Amex F/R Master Thread
« Reply #6351 on: January 14, 2016, 05:03:31 PM »
A family member at my address just got f/r,so i checked my account and I see that when I call amex I'm getting transferred to the f/r dep, but charging is not suspended on my account, and they didnt call me and didnt get any email, did my 2 weeks start already,can they start the 14 days before letting me know? TIA

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6352 on: January 14, 2016, 05:20:43 PM »
A family member at my address just got f/r,so i checked my account and I see that when I call amex I'm getting transferred to the f/r dep, but charging is not suspended on my account, and they didnt call me and didnt get any email, did my 2 weeks start already,can they start the 14 days before letting me know? TIA
No they have to call you

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6353 on: January 14, 2016, 05:26:40 PM »

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6354 on: January 14, 2016, 06:40:35 PM »
just wan give a update i just spoke to my f/r rep, i told him that my tax return is much less then my income i told him and i hope they wont shut me for this, he replied that as long im giving them the documents i need they will not shut me no matter what my return shows, i asked him are u sure? he said yes i never saw in my experiance anyone should be shut after giving everything we asked him! 

btw he is telling me that he is not the one revewing the tax return and making decisions he said that they have a back team doing that he is just the one dealing with me, is that always?
Do u have any different idea for a signature?

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6355 on: January 14, 2016, 07:17:32 PM »

just wan give a update i just spoke to my f/r rep, i told him that my tax return is much less then my income i told him and i hope they wont shut me for this, he replied that as long im giving them the documents i need they will not shut me no matter what my return shows, i asked him are u sure? he said yes i never saw in my experiance anyone should be shut after giving everything we asked him! 

btw he is telling me that he is not the one revewing the tax return and making decisions he said that they have a back team doing that he is just the one dealing with me, is that always?
this is very similar to what I was told months ago but others seem to have had different experiences

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6356 on: January 14, 2016, 07:18:40 PM »
this is very similar to what I was told months ago but others seem to have had different experiences
Which aspect?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6357 on: January 14, 2016, 07:19:21 PM »
just wan give a update i just spoke to my f/r rep, i told him that my tax return is much less then my income i told him and i hope they wont shut me for this, he replied that as long i'm giving them the documents i need they will not shut me no matter what my return shows, i asked him are u sure? he said yes i never saw in my experience anyone should be shut after giving everything we asked him! 

btw he is telling me that he is not the one reviewing the tax return and making decisions he said that they have a back team doing that he is just the one dealing with me, is that always?
Would not shock me.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6358 on: January 14, 2016, 07:31:10 PM »
just wan give a update i just spoke to my f/r rep, i told him that my tax return is much less then my income i told him and i hope they wont shut me for this, he replied that as long im giving them the documents i need they will not shut me no matter what my return shows, i asked him are u sure? he said yes i never saw in my experiance anyone should be shut after giving everything we asked him! 

btw he is telling me that he is not the one revewing the tax return and making decisions he said that they have a back team doing that he is just the one dealing with me, is that always?
-1000
DROPR, even from the FR team..

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6359 on: January 14, 2016, 07:38:56 PM »

Which aspect?
i was told as long as I get in the papers they are requesting I will not get shut down ( I was sending bank statements and they were extremely small) but at most slashed. Also she referred to a back team as well it did not seem as if she was the one doing the actual review