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 1817970 times)

Offline cholent

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Re: Amex F/R Master Thread
« Reply #6880 on: May 31, 2016, 09:10:30 PM »
If he passed it should be a easier now
Hopefully. We didn't file taxes yet for 2015, I hope that doesn't become an issue
ETA: I see the last one was passed 12.9.15, less than 6 months ago
Don't ask stupid questions and you won't get stupid answers

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6881 on: May 31, 2016, 09:22:05 PM »
Hopefully. We didn't file taxes yet for 2015, I hope that doesn't become an issue
ETA: I see the last one was passed 12.9.15, less than 6 months ago
Make sure to mention to the rep that he recently passed an FR.

Offline cholent

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Re: Amex F/R Master Thread
« Reply #6882 on: May 31, 2016, 09:22:39 PM »
Make sure to mention to the rep that he recently passed an FR.
You can bet that will be the first thing I'll tell him to say to them
Don't ask stupid questions and you won't get stupid answers

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6883 on: June 01, 2016, 03:48:39 PM »
And... F/R hit. didn't know you can now upload the docs online.

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6884 on: June 01, 2016, 08:46:44 PM »
And... F/R hit. didn't know you can now upload the docs online.
How? Where?

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6885 on: June 01, 2016, 10:33:49 PM »
And... F/R hit. didn't know you can now upload the docs online.

How? Where?
Found it here;
Americanexpress.com/financialreview

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #6886 on: June 01, 2016, 11:04:30 PM »
Weird... My cousin got her Amex cards frozen until she goes to the bank and has them notarize a form saying that it was she who applied for card x.

Anybody get something like this?

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6887 on: June 02, 2016, 12:04:57 AM »
Weird... My cousin got her Amex cards frozen until she goes to the bank and has them notarize a form saying that it was she who applied for card x.

Anybody get something like this?
Never heard of this before, but sounds like a security/verification kind of thing, not FR.

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6888 on: June 02, 2016, 01:00:11 AM »
Never heard of this before, but sounds like a security/verification kind of thing, not FR.
Barclaycard fraud dep. had me do a similar thing once.

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6889 on: June 02, 2016, 02:20:42 AM »
Weird... My cousin got her Amex cards frozen until she goes to the bank and has them notarize a form saying that it was she who applied for card x.

Anybody get something like this?
back in the day when we used CS's biz plat offer,i myself and a few others went through the same process
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline sammy n

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Re: Amex F/R Master Thread
« Reply #6890 on: June 02, 2016, 02:32:01 AM »
Hopefully. We didn't file taxes yet for 2015, I hope that doesn't become an issue
DW had a issue with that. In the end of 2015 she told them she didn't file yet for 2014 but she can send in her bank statements and 2013 taxes but they said no they want only 2014. So she closed all her cards waited 6 months and started over again.

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #6891 on: June 02, 2016, 06:43:36 AM »
back in the day when we used CS's biz plat offer,i myself and a few others went through the same process
was it a quick process to get the cards unfrozen or it took a while?

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6892 on: June 02, 2016, 08:26:37 AM »
was it a quick process to get the cards unfrozen or it took a while?
iirc it was cleared that afternoon that I faxed the docs or the following morning
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6893 on: June 02, 2016, 11:44:03 PM »
I am under F/R I asked my rep what it caused it he said he doesn't know , I told him that I don't think I was just randomly  picked from a list he just kept on saying he doesn't know what triggered it . however what was interesting to me is that he told me that the decision to keep the account open or shut it down is systematic he just need to actually close it if the system tells him to do so . (my representatives  name  is Luis  he seems to be pretty nice )
money doesn't talk......      it SCREAMS !

Offline moisheyb

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Re: Amex F/R Master Thread
« Reply #6894 on: June 07, 2016, 01:49:47 PM »
Just got f/r don't have any income on the books What's my best way to go?

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #6895 on: June 07, 2016, 01:51:33 PM »
Just got f/r don't have any income on the books What's my best way to go?
cancel your cards within 14 days

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #6896 on: June 07, 2016, 01:51:38 PM »
Just got f/r don't have any income on the books What's my best way to go?
can you provide bank statements?

Offline moisheyb

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Re: Amex F/R Master Thread
« Reply #6897 on: June 07, 2016, 01:51:55 PM »
To what amount?

Offline moisheyb

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Re: Amex F/R Master Thread
« Reply #6898 on: June 07, 2016, 02:06:52 PM »
Does sending in one's father's tax return help?

Offline srf60

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Re: Amex F/R Master Thread
« Reply #6899 on: June 07, 2016, 02:40:29 PM »
To what amount?
A friend of mine recently passed a fr with 2 months of bank statements, with little activity, and under $10k.
They did limit his spending to $10,300 though.