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 1068016 times)

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6465 on: January 20, 2016, 08:56:26 PM »
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.
To amex, these could look like refundables. like the farmers used to do.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6466 on: January 20, 2016, 09:05:03 PM »
To amex, these could look like refundables. like the farmers used to do.
They stopped?

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6467 on: January 20, 2016, 09:05:36 PM »
They stopped?
Dunno, didn't their ads around lately.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6468 on: January 20, 2016, 09:08:59 PM »
Dunno, didn't their ads around lately.
Yea, I guess it also got harder once they couldn't reuse the same targeted offer a million times...

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6469 on: January 20, 2016, 09:10:04 PM »
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.
That's really not a lot. Interesting.

Offline yuguy

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Re: Amex F/R Master Thread
« Reply #6470 on: January 20, 2016, 09:12:50 PM »
That's really not a lot. Interesting.

Still on the phone trying to resolve the 2nd purchase... Rep said that i hit my hidden CL with the charge card. I've never been late or utilized alot with amex, but have used my charge card regularly each month. I dont heavy MS in general, and small amounts with amex for sign-ups, as their personal cards tend to be lower.

I prepaid $1,750 so I could free up credit for the 2nd purchase and alert again. *sigh*

As much as I need/would like this to go towards my hurdle, it's not worth the hassle.

Update: There were issues with their systems earlier today and with only two people working in the FR department tonight, they said they removed the holds, but i should wait 24 hours to make a next purchase. Is that SOP?
« Last Edit: January 20, 2016, 09:43:10 PM by yuguy »

Offline aro123

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Re: Amex F/R Master Thread
« Reply #6471 on: January 26, 2016, 09:14:54 AM »
do bonus points come in while under fr ? i have been waiting a very long time and they have not come

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6472 on: January 26, 2016, 09:16:15 AM »
do bonus points come in while under fr ? i have been waiting a very long time and they have not come

They do.
Work hard, Play harder!

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6473 on: January 26, 2016, 09:21:53 AM »
do bonus points come in while under fr ? i have been waiting a very long time and they have not come
How long? It's taking about 2 weeks.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline TimT

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Re: Amex F/R Master Thread
« Reply #6474 on: January 26, 2016, 10:02:40 AM »
do bonus points come in while under fr ? i have been waiting a very long time and they have not come
When did you complete the spend ?

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6475 on: January 27, 2016, 11:51:04 AM »
update: just got emails i passed my f/r b"h, credit limit slashed from $7000 on all cards to $3100 and also on charge cards they gave a limit of $3100

anyway now or in the future to get my cl back up? Can I ask them in a few weeks for a cli?
« Last Edit: January 27, 2016, 12:00:08 PM by Marko Rubio »
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6476 on: January 27, 2016, 12:34:44 PM »


update: just got emails i passed my f/r b"h, credit limit slashed from $7000 on all cards to $3100 and also on charge cards they gave a limit of $3100
BH



anyway now or in the future to get my cl back up? Can I ask them in a few weeks for a cli?
Yes
I'd wait a bit

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6477 on: January 27, 2016, 12:41:56 PM »
just a data point for people so scared what they say for there f/r rep, i told for my f/r rep that my income is 45k and my tax returns was only showing 14k....
i said first i didnt file yet my tax return (was hoping he will let me get away with bank statements) and when it didnt work i suddenly said i double checked and i did file.... YMMV that was my experience though
Do u have any different idea for a signature?

Offline sruli1234

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Re: Amex F/R Master Thread
« Reply #6478 on: January 27, 2016, 12:44:24 PM »
just a data point for people so scared what they say for there f/r rep, i told for my f/r rep that my income is 45k and my tax returns was only showing 14k....
i said first i didnt file yet my tax return (was hoping he will let me get away with bank) and when it didnt work i suddenly said i double checked and i did file....

You sound a bit like Marco Rubio.

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6479 on: January 27, 2016, 12:45:15 PM »
You sound a bit like TED CRUZ
FTFY  ;)
Do u have any different idea for a signature?