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 1082820 times)

Offline Menachemfrombp

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Re: Amex F/R Master Thread
« Reply #6375 on: January 17, 2016, 01:55:22 AM »
I got F/R on my business card, the income for 2014 for the business was below 10k, i wrote and told rep when she called me, business is open for more than 2 years (really its 1 year 3 months ) and that i made 50-100k, now she wants me to send in 2014 tax return,

Should i send in tax return and see what happens, or should i just be on the safe side and close the accounts myself?

Offline ydf

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Re: Amex F/R Master Thread
« Reply #6376 on: January 17, 2016, 04:00:42 PM »
a friend of mine mistakenly gave a wrong bank account number to pay his balance on a new amex card, he got a email now saying that because its a returned payment and first payment on his account they CLOSED his account, when he logs in now he sees the message of charging suspended, anyone with experience on that? is this really closed for good or he can still fight it?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6377 on: January 17, 2016, 04:18:46 PM »
a friend of mine mistakenly gave a wrong bank account number to pay his balance on a new amex card, he got a email now saying that because its a returned payment and first payment on his account they CLOSED his account, when he logs in now he sees the message of charging suspended, anyone with experience on that? is this really closed for good or he can still fight it?
Have him call

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6378 on: January 17, 2016, 04:27:55 PM »
is amex charging you for your copy of the tax return?
Do u have any different idea for a signature?

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6379 on: January 18, 2016, 12:07:04 AM »
is amex charging you for your copy of the tax return?
Not during F/R, think if you close and apply again you have to pay if they request it.

Offline knowitall

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Re: Amex F/R Master Thread
« Reply #6380 on: January 18, 2016, 05:15:18 AM »
a friend of mine mistakenly gave a wrong bank account number to pay his balance on a new amex card, he got a email now saying that because its a returned payment and first payment on his account they CLOSED his account, when he logs in now he sees the message of charging suspended, anyone with experience on that? is this really closed for good or he can still fight it?
The same exact thing just happened to a family member of mine yesterday. They cancelled all the personal accounts without giving me any option to pay. There was no F/R process. I'm gunna call to see if I can get them reinstated but I highly doubt it.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #6381 on: January 18, 2016, 11:36:33 AM »
and..... it happened >:( 

its on my wifes business account. we filed jointly and the tax return was about $38k  should i be concerned?

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6382 on: January 18, 2016, 11:38:06 AM »
and..... it happened >:( 

its on my wifes business account. we filed jointly and the tax return was about $38k  should i be concerned?
Not really, expect spending caps.

Although, as always, ymmv.

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6383 on: January 18, 2016, 11:38:23 AM »
and..... it happened >:( 

its on my wifes business account. we filed jointly and the tax return was about $38k  should i be concerned?
Whats the business name that you put?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #6384 on: January 18, 2016, 11:39:17 AM »
and..... it happened >:( 

its on my wifes business account. we filed jointly and the tax return was about $38k  should i be concerned?
Biz plat ?

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #6385 on: January 18, 2016, 11:40:31 AM »
Whats the business name that you put?
her name basically
Biz plat ?
just closed one biz plat. but they blocked all her accounts

Offline TimT

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Re: Amex F/R Master Thread
« Reply #6386 on: January 18, 2016, 11:41:16 AM »
her name basicallyjust closed one biz plat. but they blocked all her accounts
Which card do you think triggered it ?

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #6387 on: January 18, 2016, 11:43:18 AM »
Which card do you think triggered it ?
i had some large charges. which can "technically" be office renovation. sofas furniture etc...  i told the rep on the phone thats what the charges are for. i hope she buys it

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6388 on: January 18, 2016, 12:14:21 PM »

i had some large charges. which can "technically" be office renovation. sofas furniture etc...  i told the rep on the phone thats what the charges are for. i hope she buys it
what amount is large?

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #6389 on: January 18, 2016, 12:19:36 PM »
what amount is large?
between $8-$10k each charge. had like 3 or 4 of them. but it can all be real