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 1817685 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6640 on: March 20, 2016, 04:34:46 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
In the same year that's an exception

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6641 on: March 20, 2016, 04:42:50 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
You sent in tax returns or tried to do bank statements both times

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6642 on: March 20, 2016, 04:43:11 PM »

-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
interesting... first time this has been reported... 

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6643 on: March 20, 2016, 04:48:09 PM »
In the same year that's an exception
wasn't same year first was in  feb` 2014  last was in aug` 2015
but same income/info,

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6644 on: March 20, 2016, 04:50:01 PM »
You sent in tax returns or tried to do bank statements both times
tax returns both times

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6645 on: March 20, 2016, 04:52:15 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info

wasn't same year first was in  feb` 2014  last was in aug` 2015
but same income/info,
Wow! you're saying -1 on two different years
Firstly I meant in one year
Second there are many factors as to why you got shut down

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6646 on: March 20, 2016, 04:54:53 PM »

-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
Maybe they expect you to earn more the next year...

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6647 on: March 20, 2016, 05:57:16 PM »
Wow! you're saying -1 on two different years
Firstly I meant in one year
what's the time frame of a year ? what changes if its  1.5 year's ?
Second there are many factors as to why you got shut down
right, and that factors applies even its only 3 months apart
 
so saying
If you passed last time you can pass again
isn't as simple
« Last Edit: March 20, 2016, 06:06:14 PM by Yhgfkj »

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6648 on: March 20, 2016, 06:11:55 PM »
what's the time frame of a year ? what changes if its  1.5 year's ?right, and that factors applies even its only 3 months apart
 
so saying isn't as simple
As I said before your case is an exception there are many cases of getting FRd in one year and passing both when it's two calendar years it's different

Offline yitzyul

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Re: Amex F/R Master Thread
« Reply #6649 on: March 23, 2016, 11:23:12 PM »
Ugg Here I thought I was immune……

I just got my FR request via email. I have 2 personal cards for a while without any problems and heavy usage however always zero balance by closing.
2BM last month got approved for 25K each. I did minimum spending right away (20K on platinum and 5K on SPG) sure enough after doing a swipe for 8K today, I got a FR. I have to call them tomorrow and have no problem sending personal tax returns and bank statements and the financials  are not a problem, just concerned that I have no "business " paperwork to send them.  As per the application my business is new and less then a year, so technically  there is no tax return yet. Can I say I commingled the business with personal account until my accountant sets it up?


Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6650 on: March 23, 2016, 11:33:03 PM »
Ugg Here I thought I was immune……

I just got my FR request via email. I have 2 personal cards for a while without any problems and heavy usage however always zero balance by closing.
2BM last month got approved for 25K each. I did minimum spending right away (20K on platinum and 5K on SPG) sure enough after doing a swipe for 8K today, I got a FR. I have to call them tomorrow and have no problem sending personal tax returns and bank statements and the financials  are not a problem, just concerned that I have no "business " paperwork to send them.  As per the application my business is new and less then a year, so technically  there is no tax return yet. Can I say I commingled the business with personal account until my accountant sets it up?
According to what people are writing here you should be fine . I'm in the same situation as you I got FRd on business card I sent in personal forms , still waiting for a response .

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6651 on: March 23, 2016, 11:39:08 PM »
Ugg Here I thought I was immune……

I just got my FR request via email. I have 2 personal cards for a while without any problems and heavy usage however always zero balance by closing.
2BM last month got approved for 25K each. I did minimum spending right away (20K on platinum and 5K on SPG) sure enough after doing a swipe for 8K today, I got a FR. I have to call them tomorrow and have no problem sending personal tax returns and bank statements and the financials  are not a problem, just concerned that I have no "business " paperwork to send them.  As per the application my business is new and less then a year, so technically  there is no tax return yet. Can I say I commingled the business with personal account until my accountant sets it up?
The 8k swipe was real spend or MS?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6652 on: March 23, 2016, 11:44:09 PM »
Ugg Here I thought I was immune……

I just got my FR request via email. I have 2 personal cards for a while without any problems and heavy usage however always zero balance by closing.
2BM last month got approved for 25K each. I did minimum spending right away (20K on platinum and 5K on SPG) sure enough after doing a swipe for 8K today, I got a FR. I have to call them tomorrow and have no problem sending personal tax returns and bank statements and the financials  are not a problem, just concerned that I have no "business " paperwork to send them.  As per the application my business is new and less then a year, so technically  there is no tax return yet. Can I say I commingled the business with personal account until my accountant sets it up?
I've been FRd with biz cards (as SP) and was never asked for biz returns
« Last Edit: March 23, 2016, 11:50:09 PM by David Smith »
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 yitzyul

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Re: Amex F/R Master Thread
« Reply #6653 on: March 24, 2016, 12:21:13 AM »
The 8k swipe was real spend or MS?

Real. There was two 8K swipes in a week at same place..(kids tuition)

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6654 on: March 24, 2016, 12:25:33 AM »

Real. There was two 8K swipes in a week at same place..(kids tuition)
maybe they had too many disputes from that merchant....
Happy Purim! Good luck on your FR!

Offline YOSSI170

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Re: Amex F/R Master Thread
« Reply #6655 on: March 25, 2016, 01:10:23 PM »
Can I apply for a new card while on financial review? I wanna get the SPG card with the 35k signup bonus but I'm afraid I won't be over with it until 3/30

Offline GettingReady

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Re: Amex F/R Master Thread
« Reply #6656 on: March 25, 2016, 07:05:09 PM »
Can I apply for a new card while on financial review? I wanna get the SPG card with the 35k signup bonus but I'm afraid I won't be over with it until 3/30

Okay, I'll bite. I've been on this forum long enough to know the answer to your question is yes, you can apply for a new card while on FR. That doesn't mean you'll get it.

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6657 on: March 26, 2016, 08:46:26 PM »
Okay, I'll bite. I've been on this forum long enough to know the answer to your question is yes, you can apply for a new card while on FR. That doesn't mean you'll get it.
But once you pass you can recon and get the higher signup bonus

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6658 on: March 26, 2016, 10:31:37 PM »
Passed FR ! I got an email that my accounts are back open without saying a limit on my accounts but when I called customer service it seemed like I have a $3k limit , I'll find out exactly on Tuesday when my rep gets back into the office .

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6659 on: March 26, 2016, 11:27:17 PM »
Passed FR ! I got an email that my accounts are back open without saying a limit on my accounts but when I called customer service it seemed like I have a $3k limit , I'll find out exactly on Tuesday when my rep gets back into the office .
Yes, 3k limit is very common.
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