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 1082709 times)

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6615 on: March 15, 2016, 03:57:54 PM »
It depends a lot on what you told them on the phone, but in either case you can pass

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6616 on: March 15, 2016, 04:04:04 PM »
It depends a lot on what you told them on the phone, but in either case you can pass
Told them was a year old..
Another question it seems that if you pass i need to pay the full balance to be reinstated , how long do they let me pay up I owe a lot of money on the card and won't have the money until the due date which is in like 50 days from now could I just hold off paying until I got the money and get reinstated then

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6617 on: March 15, 2016, 04:05:14 PM »

Told them was a year old..
Another question it seems that if you pass i need to pay the full balance to be reinstated , how long do they let me pay up I owe a lot of money on the card and won't have the money until the due date which is in like 50 days from now could I just hold off paying until I got the money and get reinstated then
incorrect, at least IME

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6618 on: March 15, 2016, 04:05:51 PM »

Told them was a year old..
Another question it seems that if you pass i need to pay the full balance to be reinstated , how long do they let me pay up I owe a lot of money on the card and won't have the money until the due date which is in like 50 days from now could I just hold off paying until I got the money and get reinstated then
I didn't have to pay off

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6619 on: March 15, 2016, 04:06:41 PM »
incorrect, at least IME
Incorrect meaning I don't need to pay off balance to be reinstated

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6620 on: March 15, 2016, 05:11:29 PM »

Incorrect meaning I don't need to pay off balance to be reinstated
Correct (you dont have to pay if off)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6621 on: March 16, 2016, 12:52:06 AM »
Correct (you dont have to pay if off)
Some do, and some don't. I think most don't.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6622 on: March 16, 2016, 11:53:42 AM »
Strange, received a call to call the F/R team, called, and they had no clue why, couldn't find anything in their system.

Online sammy n

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Re: Amex F/R Master Thread
« Reply #6623 on: March 16, 2016, 11:57:00 AM »

Strange, received a call to call the F/R team, called, and they had no clue why, couldn't find anything in their system.
Good for you!

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6624 on: March 16, 2016, 12:01:08 PM »
Good for you!
I passed an F/R two months ago and didn't do much spend with amex since, so didn't expect a full F/R anyway, But yeah, not complaining..

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6625 on: March 16, 2016, 08:21:14 PM »
Strange, received a call to call the F/R team, called, and they had no clue why, couldn't find anything in their system.
I was once automatically routed to F/R. I heard that it sounded somehow differently, so I said "Oh, which dep't did I reach?"
"FR."
"Oh, I must have pressed the wrong button."
"Yeah, right. I don't see any reason why you should've been transferred here. Sorry, let me transfer you back to CS."

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6626 on: March 17, 2016, 12:55:24 PM »
Got F/Red in Jan, I closed all my cards I applied and got approved now for a new card.
But - I tried using it and it got denied.
But -  there's no message online that charging has been suspended.

What's going on?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6627 on: March 17, 2016, 12:57:26 PM »

Got F/Red in Jan, I closed all my cards I applied and got approved now for a new card.
But - I tried using it and it got denied.
But -  there's no message online that charging has been suspended.

What's going on?
call

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #6628 on: March 17, 2016, 02:42:21 PM »
Got F/Red in Jan, I closed all my cards I applied and got approved now for a new card.
But - I tried using it and it got denied.
But -  there's no message online that charging has been suspended.

What's going on?
did they let you activate it?

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6629 on: March 18, 2016, 09:24:05 AM »
i tried a few times and got denied . saw if showed $0 available so activated it but nothing changed. tried to check spending ability for $1 but gave an error to try again later. didnt want to call cuz always scared of the  f/r department but if no choice guess i will have to call
Same thing going on by me. What happened in the end with your cc?