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 1067995 times)

Offline knowitall

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Re: Amex F/R Master Thread
« Reply #6450 on: January 20, 2016, 05:37:48 PM »
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.
Update: after multiple HUCAs amex won't reinstate the accounts.
So beware of returned payments, even if they aren't from insufficient funds.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6451 on: January 20, 2016, 05:45:32 PM »
Update: after multiple HUCAs amex won't reinstate the accounts.
So beware of returned payments, even if they aren't from insufficient funds.
how long after the payment bounced did they close your accounts?
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #6452 on: January 20, 2016, 05:51:24 PM »
how long after the payment bounced did they close your accounts?
A week later and I made a payment from a dif account right after it bounced.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6453 on: January 20, 2016, 06:04:27 PM »
A week later and I made a payment from a dif account right after it bounced.
I had one bounce 2 weeks ago, PIA. There was money  - but amex could not process it for some reason. And that account was just fr/d...
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline GettingReady

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Re: Amex F/R Master Thread
« Reply #6454 on: January 20, 2016, 06:13:02 PM »
I had one bounce 2 weeks ago, PIA. There was money  - but amex could not process it for some reason. And that account was just fr/d...

A similar thing happened to me recently. A payment from UFB was returned due to insufficient funds and I was charged a $27 fee by Amex. Due to extended holds, checks had not cleared. I immediately sent out another payment and then a day or two later UFB automatically resent the check. Amex froze the accounts after the initial 'bounced' payment pending a FR. Sent them tax returns and accounts were reinstated. They also waived the $27 fee but made sure I knew it was a courtesy gesture.

Offline knowitall

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Re: Amex F/R Master Thread
« Reply #6455 on: January 20, 2016, 06:19:15 PM »
Idk if this is true or not but my FR rep said that if an account is under FR and there's a returned payment, the account is automatically marked for cancellation.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6456 on: January 20, 2016, 06:39:41 PM »
Idk if this is true or not but my FR rep said that if an account is under FR and there's a returned payment, the account is automatically marked for cancellation.
ah, so BH here it happened after fr was completed
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Re: Amex F/R Master Thread
« Reply #6457 on: January 20, 2016, 06:44:09 PM »

Idk if this is true or not but my FR rep said that if an account is under FR and there's a returned payment, the account is automatically marked for cancellation.
I had the same issue, it occurred on the day that they were suppose to remove the freeze...
Bofa has 2 routing #'s. I originally gave them the one i usually use, which i later found out was only for wire transfers. After explaining this they removed the freeze bh!

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Re: Amex F/R Master Thread
« Reply #6458 on: January 20, 2016, 06:45:24 PM »
I was under FR when i had a returned payment on 2 cards. It was the day my "case manager" had told me that the freeze would be removed

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Re: Amex F/R Master Thread
« Reply #6459 on: January 20, 2016, 06:50:30 PM »
Today i tried to apply for a new card but got a "declined".
After calling recon they said its because my returned payments...  Now its at the underwriting team for reconsideration. 5-7 days wait

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Re: Amex F/R Master Thread
« Reply #6460 on: January 20, 2016, 07:24:57 PM »
FR Rep called my wife back. She referenced the amount listed on her apps and asked whose income that was. My wife said its household income between her and husband. She then asked if we file jointly. My wife said yes. The FR Rep said that her W2 doesn't matter then and she will send her a form to be filled out that references both of our W2's.
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Re: Amex F/R Master Thread
« Reply #6461 on: January 20, 2016, 08:19:11 PM »
FR Rep called my wife back. She referenced the amount listed on her apps and asked whose income that was. My wife said its household income between her and husband. She then asked if we file jointly. My wife said yes. The FR Rep said that her W2 doesn't matter then and she will send her a form to be filled out that references both of our W2's.
welcome to the club ;) i'm in pending status

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Re: Amex F/R Master Thread
« Reply #6462 on: January 20, 2016, 08:36:56 PM »
Two mini FR's in one night. First time: super long hold (about an hour) the rep just verified the information. Now second time: on hold waiting to be connected... again.

The funny thing is that these are legit (albeit large) purchases. I'm booking two flights, that will be reimbursed by work and will coincidentally help me reach the 10K on my brand new business plat.

Who knew spending real money would be so hard with AMEX.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6463 on: January 20, 2016, 08:46:29 PM »
Two mini FR's in one night. First time: super long hold (about an hour) the rep just verified the information. Now second time: on hold waiting to be connected... again.

The funny thing is that these are legit (albeit large) purchases. I'm booking two flights, that will be reimbursed by work and will coincidentally help me reach the 10K on my brand new business plat.

Who knew spending real money would be so hard with AMEX.
How much are the flights?

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Re: Amex F/R Master Thread
« Reply #6464 on: January 20, 2016, 08:48:45 PM »
How much are the flights?

JFK-TLV-JFK, direct on DL for me was around $1100. It was weird I could make other small purchases (Amazon, Starbucks) before clearing this up.

Same as above, for DW, but different departure, $1700. I'd have done them in one purchase, but with different outbounds, they're diff reservations so multiple purchases.

Other purchases on my account are no more than $1500 in regular spend. Really, no MS. So odd.