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 1816460 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6860 on: May 25, 2016, 10:59:08 AM »
But in this case the rep might have been right.
All day the online account page looked fine, only there was just a message on top of the page that "account is canceled."
But the next day the part where it lists your MR points was also blank.
It's good for 30 days over the phone IIRC

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #6861 on: May 27, 2016, 01:41:15 PM »
This is getting frustrating, I cannot for the life of me get a hold of my designated F/R gal, it's been 11 days since I sent in the 4506T and I've tried reaching her since then to confirm she received the form, but every time I call I'm being sent to her voicemail, I've never had this, has anybody?

Offline ari2955

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Re: Amex F/R Master Thread
« Reply #6862 on: May 27, 2016, 03:33:23 PM »
This is getting frustrating, I cannot for the life of me get a hold of my designated F/R gal, it's been 11 days since I sent in the 4506T and I've tried reaching her since then to confirm she received the form, but every time I call I'm being sent to her voicemail, I've never had this, has anybody?

She's probably on the phone, or out of office whenerve you call..

Instead of putting in her ext #, wait for on the line for an agent, and explain your situation.

Worked for me once, phone rep put me on hold, and then found 'my rep' and connected me to her..

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #6863 on: May 27, 2016, 04:34:15 PM »
She's probably on the phone, or out of office whenerve you call..
Weird 12 time coincidence...

Instead of putting in her ext #, wait for on the line for an agent, and explain your situation.
Done that, had to hang up after 20 minutes of "the next available rep will be right with you" almost blew up my brain.

Worked for me once, phone rep put me on hold, and then found 'my rep' and connected me to her..
Guess I'll try again, thanks!

Offline youkay

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Amex F/R Master Thread
« Reply #6864 on: May 27, 2016, 04:38:58 PM »
Before the rep transfers you to your 'account manager', ask them to check if they're on the phone.
If they are then don't even bother getting transferred, it'll take you to the VM
« Last Edit: May 27, 2016, 04:42:15 PM by youkay »

Offline ari2955

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Re: Amex F/R Master Thread
« Reply #6865 on: May 27, 2016, 07:10:07 PM »
Weird 12 time coincidence...

lol sorry

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6866 on: May 29, 2016, 06:55:40 PM »
This is getting frustrating, I cannot for the life of me get a hold of my designated F/R gal, it's been 11 days since I sent in the 4506T and I've tried reaching her since then to confirm she received the form, but every time I call I'm being sent to her voicemail, I've never had this, has anybody?
why not leave her a voicemail with your number to call u back? this has been the only way i could get to my rep when i had a f/r
Do u have any different idea for a signature?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6867 on: May 29, 2016, 07:06:39 PM »
why not leave her a voicemail with your number to call u back? this has been the only way i could get to my rep when i had a f/r
Didnt help for me

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #6868 on: May 29, 2016, 07:15:01 PM »
why not leave her a voicemail with your number to call u back? this has been the only way i could get to my rep when i had a f/r
I left her 2 voicemails and she never returned, until today, when somebody else called me back apologising that my designated rep is out of the office for a few days and that she'll finish my FR as soon as she returns.

Longest FR by far I've ever had, but at least I know she's chilling somewhere in Hawaii or in the Caribbean and not just ignoring my calls and voicemails.

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6869 on: May 31, 2016, 02:46:08 PM »
I just called amex regular number, a guy picks up that he's from the FR dept, and is transferring me to his manager who is in charge of my account.
What should I expect? Never had fr before.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6870 on: May 31, 2016, 02:48:36 PM »
I just called amex regular number, a guy picks up that he's from the FR dept, and is transferring me to his manager who is in charge of my account.
What should I expect? Never had fr before.
Provide the docs they ask for, and be completely honest.

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6871 on: May 31, 2016, 03:09:24 PM »
Provide the docs they ask for, and be completely honest.
OK thx.
My issue is not the docs , I have no problem giving it to them, but the spending OTOH.........

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6872 on: May 31, 2016, 03:46:09 PM »
OK thx.
My issue is not the docs , I have no problem giving it to them, but the spending OTOH.........
usually they don't ask about the spending. sometimes they do.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6873 on: May 31, 2016, 05:27:44 PM »
usually they don't ask about the spending. sometimes they do.
Even on business cards?

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6874 on: May 31, 2016, 05:29:24 PM »
Wiki states for business cards you need to have "business" income.
For sole p. is personal income OK?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6875 on: May 31, 2016, 05:41:27 PM »
Wiki states for business cards you need to have "business" income.
For sole p. is personal income OK?
Yes

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6876 on: May 31, 2016, 06:40:34 PM »

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6877 on: May 31, 2016, 06:41:46 PM »

Offline cholent

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Re: Amex F/R Master Thread
« Reply #6878 on: May 31, 2016, 09:09:09 PM »
Just got the call for my husband's cards... He actually just passed FR a few months ago, hopefully they need to just ask ask a few questions, but charging is already suspended
Don't ask stupid questions and you won't get stupid answers

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6879 on: May 31, 2016, 09:10:00 PM »
Just got the call for my husband's cards... He actually just passed FR a few months ago, hopefully they need to just ask ask a few questions, but charging is already suspended
If he passed it should be a easier now