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 1068019 times)

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6600 on: March 09, 2016, 02:09:06 PM »
There is always risk in anything you do. Telling someone that's trying to reach 15k to keep spending $200 at a time at regular stores is obviously not going to work... The key usually is to start slow, and build your way up. That being said hersheldeals was simply saying that those transactions won't be a trigger automatically.
Fair enough.
I like vanilla but my name is Venilla.

Offline theblakdavid

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Re: Amex F/R Master Thread
« Reply #6601 on: March 09, 2016, 02:19:11 PM »
According to your logic, sneezing is a trigger.

Just because my sneezing didn't cause a FR doesn't mean it's not a trigger.
I was neither agreeing nor disagreeing if spending 2.5k is a trigger. I was merely pointing out that lack of FR is not proof that spending 2.5k isn't a trigger. I was definitely not saying that lack of FR is proof that what you are doing 'is' a trigger! There are certain acts that will trigger an instant FR, and some that will raise a red flag. When you get enough red flags, that will trigger a FR. Yehuda25 was saying that spending 2.5k is in the latter category, as supposed to buying a bottle of milk, which isn't a trigger at all.
I wasn't talking about his opinion on that at all. I was merely pointing out the flaws in your logic.
« Last Edit: March 09, 2016, 02:24:09 PM by theblakdavid »

Offline theblakdavid

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Re: Amex F/R Master Thread
« Reply #6602 on: March 09, 2016, 02:21:55 PM »
There is always risk in anything you do. Telling someone that's trying to reach 15k to keep spending $200 at a time at regular stores is obviously not going to work... The key usually is to start slow, and build your way up. That being said hersheldeals was simply saying that those transactions won't be a trigger automatically.
+1. You always must look for the right balance of convenience and risky behavior. But not everything is risky. And there are different levels of risk.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6603 on: March 09, 2016, 07:02:03 PM »
+1. You always must look for the right balance of convenience and risky behavior. But not everything is risky. And there are different levels of risk.
Correct.


“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline joeberg

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Re: Amex F/R Master Thread
« Reply #6604 on: March 10, 2016, 11:40:54 AM »
Just passed B"H! Limits put on Business and personal.
Can I use my cards right away or do I have to wait till it doesn't say "charging suspended" online?

Offline youkay

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Amex F/R Master Thread
« Reply #6605 on: March 10, 2016, 11:41:21 AM »
Just passed B"H! Limits put on Business and personal.
Can I use my cards right away or do I have to wait till it doesn't say "charging suspended" online?
Mazel tov!
have to wait

Offline joeberg

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Re: Amex F/R Master Thread
« Reply #6606 on: March 10, 2016, 11:45:23 AM »
Mazel tov!
have to wait
Is there a way to expedite?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6607 on: March 10, 2016, 11:53:29 AM »
Is there a way to expedite?
Ask your F/R Rep

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6608 on: March 10, 2016, 12:57:54 PM »
Just passed B"H! Limits put on Business and personal.
Can I use my cards right away or do I have to wait till it doesn't say "charging suspended" online?
Mazel tov!
Is there a way to expedite?
IME , gotta wait till limits kick in and the "charging suspended" falls off to start spending again

Offline joeberg

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Re: Amex F/R Master Thread
« Reply #6609 on: March 14, 2016, 02:11:57 PM »
How long does it usually take from when the email about the caps till "charging suspended" is lifted?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6610 on: March 14, 2016, 02:40:37 PM »

How long does it usually take from when the email about the caps till "charging suspended" is lifted?
took me till next day

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6611 on: March 15, 2016, 03:25:05 PM »

Got hit with a FR on a business card , have personal tax return that I file with my spouse ( she makes the money ) does that usually work to send in to pass review?

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6612 on: March 15, 2016, 03:28:16 PM »
Got hit with a FR on a business card , have personal tax return that I file with my spouse ( she makes the money ) does that usually work to send in to pass review?
Yes

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6613 on: March 15, 2016, 03:50:28 PM »
Yes
According to the wiki a FR on a business account needs tax documents for the business.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6614 on: March 15, 2016, 03:53:37 PM »
According to the wiki a FR on a business account needs tax documents for the business.
If it's not a new business, yes.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle