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 996308 times)

Offline moshe80

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Re: Amex Financial Review
« Reply #660 on: November 01, 2011, 01:15:03 PM »
American express is asking me for  AR I have 4 cards with them. is it a lost case and I should close all my account or I should send them back my tax return and wait till they r going to close it ?

Offline Side incomer

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Re: Amex Financial Review
« Reply #661 on: November 01, 2011, 01:25:34 PM »
I'd say they were quite generous with you, way to go :)

Was this regular MR department CSR? A supervisor there? Please explain.

No MR or any Supervisor wasn't about to help at all. I got this thru SM, after 3-4 heavy back and forth emails, I got this response:

Hello Side Incomer,

Thank you for your follow up email.

We do understand the matter and I have talked with my manager about this for a long time and got the maximum possible exception for you.

I see that 23,215 points are in outstanding points advance balance and if they are not satisfied before the account closes, you would be billed a fee, which would be close to $5,900.00.

Under a special exception that I was able to get for you, I have got a 40,000 points issued without investigation for you. This has removed all the points advance outstanding balance and now your reward account has a positive balance of 16,785 available points.

This has saved a fee of close to $5,900.00 being billed to your account.

We have never done this before; however, we understand the situation and with a special exception, I was able to get this processed.

I hope that what I was able to do for you has been of little help to you.
Sincerely,


Although she maid a huge mistake by writing $5,900.00, while it's actually only $590.00
Side income is the most solid income... בדוק ומנוסה

Offline Dan

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Re: Amex Financial Review
« Reply #662 on: November 01, 2011, 01:30:02 PM »
Lol...$5,900 for 23K points.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #663 on: November 01, 2011, 03:01:05 PM »
No MR or any Supervisor wasn't about to help at all. I got this thru SM, after 3-4 heavy back and forth emails, I got this response:

Hello Side Incomer,

Thank you for your follow up email.

We do understand the matter and I have talked with my manager about this for a long time and got the maximum possible exception for you.

I see that 23,215 points are in outstanding points advance balance and if they are not satisfied before the account closes, you would be billed a fee, which would be close to $5,900.00.

Under a special exception that I was able to get for you, I have got a 40,000 points issued without investigation for you. This has removed all the points advance outstanding balance and now your reward account has a positive balance of 16,785 available points.

This has saved a fee of close to $5,900.00 being billed to your account.

We have never done this before; however, we understand the situation and with a special exception, I was able to get this processed.

I hope that what I was able to do for you has been of little help to you.
Sincerely,


Although she maid a huge mistake by writing $5,900.00, while it's actually only $590.00


Sweet, thanks for sharing. Which department did you SM?
PGF24BMGS

Offline Side incomer

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Re: Amex Financial Review
« Reply #664 on: November 01, 2011, 03:03:16 PM »
Sweet, thanks for sharing. Which department did you SM?
I SM'd General inquiries. Actually from my experience, the same people answer all the SM's, regardless of which dep you send it. I get every-time the same round-up of indian / pakistan / taliban names. Lol
Side income is the most solid income... בדוק ומנוסה

Offline Dan

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Re: Amex Financial Review
« Reply #665 on: November 01, 2011, 03:06:15 PM »
I SM'd General inquiries. Actually from my experience, the same people answer all the SM's, regardless of which dep you send it. I get every-time the same round-up of indian / pakistan / taliban names. Lol
Not for social media.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #666 on: November 01, 2011, 03:08:50 PM »
Not for social media.

That's tested and true.
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Offline Side incomer

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Re: Amex Financial Review
« Reply #667 on: November 01, 2011, 03:09:55 PM »
Not for social media.
Correct. But thats only recently since they changed the option for twitter / FB. Before that I always got the same names via Social Media.
Side income is the most solid income... בדוק ומנוסה

Offline lybbtthl

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Re: Amex Financial Review
« Reply #668 on: November 09, 2011, 12:27:55 AM »
I just got off the phone with the FR dept. and the rep told me to send in 3 months of bank statements (since I told her I'm a student and didn't file taxes she said statements would have to do) from the account I use to pay the bill with. I asked her what happens next she told me either nothing or the limits may be reduced I asked her if there is a chance I will be shut down, she said no. Is she telling the truth? What if my statements don't support my alleged income of $50,000? Is it better I preemptively shut down my accounts? I want to keep my accounts even if they reduce the limit, but on the other hand I don't want them shutting me down. What do I do?

Decided to go ahead and send in my bank statements and not shut down the accounts myself, a day later I spoke with my account manager at AMEX and they told me decision is not yet final, most likely limits will be reduced. Today (5 days later) they released my accounts with no reductions!

Offline AJK

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Re: Amex Financial Review
« Reply #669 on: November 09, 2011, 12:31:07 AM »
Decided to go ahead and send in my bank statements and not shut down the accounts myself, a day later I spoke with my account manager at AMEX and they told me decision is not yet final, most likely limits will be reduced. Today (5 days later) they released my accounts with no reductions!

Tihiyeh Bari.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AsherO

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Re: Amex Financial Review
« Reply #670 on: November 09, 2011, 12:32:21 AM »
Decided to go ahead and send in my bank statements and not shut down the accounts myself, a day later I spoke with my account manager at AMEX and they told me decision is not yet final, most likely limits will be reduced. Today (5 days later) they released my accounts with no reductions!

BH, glad to hear.

Tihiyeh Bari.

??? (I understand the words, but I don't get your point)
PGF24BMGS

Offline AJK

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Re: Amex Financial Review
« Reply #671 on: November 09, 2011, 12:33:57 AM »
Just a wish that he should have continued successes.

No "point."
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline lybbtthl

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Re: Amex Financial Review
« Reply #672 on: November 09, 2011, 12:39:25 AM »
Just a wish that he should have continued successes.

No "point."

thanks for your brochos! :)

Offline AsherO

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Re: Amex Financial Review
« Reply #673 on: November 09, 2011, 12:40:05 AM »
Just a wish that he should have continued successes.

Amen.
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Offline lybbtthl

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Re: Amex Financial Review
« Reply #674 on: November 09, 2011, 12:42:25 AM »
BTW the cause of my FR was a $1300 purchase from Costco which I returned 2 days later.