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 1818181 times)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6920 on: June 08, 2016, 03:13:02 PM »
I know many people that were hit with an FR in the past week, myself included.
It seems that it has to with the plats, as many emails state  that account number. Just my theory.

A lot of people signing up for new cards+a lot of people doing spending for bonuses=a lot of FRs. This happens around December-January time too, when people sign up for plats to double dip and cancel. I also got hit yesterday 

Another possibility is that this is their way of shutting people down and not awarding points. I think that's unlikely, though.
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

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Re: Amex F/R Master Thread
« Reply #6921 on: June 09, 2016, 02:49:16 PM »
Will I be able to keep my spg points if my card is closed down by amex?

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #6922 on: June 09, 2016, 02:50:27 PM »
Will I be able to keep my spg points if my card is closed down by amex?
yes once your dog points are in your spg account they cannot take them away

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Re: Amex F/R Master Thread
« Reply #6923 on: June 09, 2016, 02:52:14 PM »
yes once your dog points are in your spg account they cannot take them away
Thanks! What about pending mr points? Will that be lost?

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #6924 on: June 09, 2016, 02:58:37 PM »
Thanks! What about pending mr points? Will that be lost?
they should give it to you. They are not after your points.

Offline jiyeone60

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Re: Amex F/R Master Thread
« Reply #6925 on: June 13, 2016, 01:29:48 PM »
Received notice that I have a F/R too, though at this point I'm not sure I care very much since Amex's "one per lifetime" policy and I have already hit nearly every product they have and used/transferred the points already. I will send in the requested tax information but the rep was quite rude to me but I have to say I got a kick out of telling the rep, with Amex's practices shooing away every client its no wonder jetblue/costco/fidelity left Amex, I'll just use my Chase card while I'm under review but you should be careful of your employment prospects.

Offline sammy n

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Re: Amex F/R Master Thread
« Reply #6926 on: June 13, 2016, 01:33:48 PM »
Received notice that I have a F/R too, though at this point I'm not sure I care very much since Amex's "one per lifetime" policy and I have already hit nearly every product they have and used/transferred the points already. I will send in the requested tax information but the rep was quite rude to me but I have to say I got a kick out of telling the rep, with Amex's practices shooing away every client its no wonder jetblue/costco/fidelity left Amex, I'll just use my Chase card while I'm under review but you should be careful of your employment prospects.
Are you making money on the books? Any reason you shouldn't pass?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6927 on: June 13, 2016, 04:37:39 PM »


but you should be careful of your employment prospects.
Huh

Offline B.D.Da'ehu

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Re: Amex F/R Master Thread
« Reply #6928 on: June 13, 2016, 05:12:37 PM »
Huh
He's talking to the rep about amex going down...

Offline rng

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Re: Amex F/R Master Thread
« Reply #6929 on: June 14, 2016, 01:45:05 PM »
Just got F/R'ed can someone pm to help me?

I need serious help as the income amount on app differs tremendously from tax return as It was filed with dad dont have own return.

Am I screwed?

Have hundreds of thousands of points pending...:-(

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6930 on: June 14, 2016, 01:48:20 PM »
Just got F/R'ed can someone pm to help me?

I need serious help as the income amount on app differs tremendously from tax return as It was filed with dad dont have own return.

Am I screwed?

Have hundreds of thousands of points pending...:-(
the income you filed was joint with your father or there's no income in your name at all?

Offline rng

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Re: Amex F/R Master Thread
« Reply #6931 on: June 14, 2016, 01:50:22 PM »
no income in name on books,

on his return as a dependant

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6932 on: June 14, 2016, 01:59:33 PM »
no income in name on books,

on his return as a dependant
Ouch ! probably best scenario for you is 1) to chat to get your points expedited and then transfer them out .
2a) cancel cards and hope better for next time
2b) tell your FR rep the truth .

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6933 on: June 14, 2016, 02:03:39 PM »
Just got F/R'ed can someone pm to help me?

I need serious help as the income amount on app differs tremendously from tax return as It was filed with dad dont have own return.

Am I screwed?

Have hundreds of thousands of points pending...:-(
Don't claim to them that you filed taxes when you call. Pray that they'll let you get away with bank statements.
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 moisheyb

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Re: Amex F/R Master Thread
« Reply #6934 on: June 14, 2016, 02:17:14 PM »
Ok i have a problem, It seems like my points are frozen. Is it possible to confirm that or get it taken off?

Offline Ydad

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Re: Amex F/R Master Thread
« Reply #6935 on: June 14, 2016, 02:19:54 PM »
Did you use the 100k platinum link?

Offline moisheyb

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Re: Amex F/R Master Thread
« Reply #6936 on: June 14, 2016, 02:21:18 PM »
One of them I think so. But those points didn't post yet. It's the amex Mercedes Benz points that posted and I'm under FR

Offline rng

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Re: Amex F/R Master Thread
« Reply #6937 on: June 15, 2016, 08:19:25 AM »
My statement on spg biz card closes on June 19th I just met the spending threshold.
Will the spg points post if I don't cancel the cards until after 19?
Also Im worried I won't pass the Fr with money in savings over 100k is it worth providing this instead of the 4506t form that they want me to fill out? Or better just close all the cards and suck it up?

Offline roberth

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Re: Amex F/R Master Thread
« Reply #6938 on: June 15, 2016, 11:43:28 AM »
My statement on spg biz card closes on June 19th I just met the spending threshold.
Will the spg points post if I don't cancel the cards until after 19?
Also Im worried I won't pass the Fr with money in savings over 100k is it worth providing this instead of the 4506t form that they want me to fill out? Or better just close all the cards and suck it up?
curious to know I just had something simillar with a FR not sure if statements will help or not

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #6939 on: June 15, 2016, 02:01:35 PM »
just got fr'd. opened account 2 months ago. 150k points pending. i foolishly made a large purchase. i spoke to someone but they said theyre mailing me a letter as i didnt have time to speak then, does that mean that the 14 days didnt start yet? also shud i send in dads tax returns as i still live at home, or claim no returns and hope for bank statements. (even though my bank statements wont show nearly what ive spent) and how soon do i have to call them back? should i call them to find out if its a mini, or there is no way of doing that without a good story? thanx to anyone that can help. plz pm any advice
« Last Edit: June 15, 2016, 02:42:00 PM by shulem92 »