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 ectÖ

Letís 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 donít 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 1217127 times)

Offline teetle

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Re: Amex F/R Master Thread
« Reply #7020 on: June 28, 2016, 04:30:40 PM »

Who said?
ya sorry for that,  they asked and I had no idea what they ment, so I agreed, but I found out I shouldn't have. It's too late to tell her now.

Offline Zalc

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Re: Amex F/R Master Thread
« Reply #7021 on: June 28, 2016, 10:13:19 PM »
Does anyone have experience with sending in a tax return that reports a very large personal loss?
It is a Paper Loss, but I'm worried that Amex won't care.
PMs welcome.
« Last Edit: June 29, 2016, 12:23:26 AM by Zalc »

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7022 on: June 30, 2016, 06:06:24 PM »
The wiki says "If you cannot provide the required information, shut down your account right away.".
If you do that, what happens with the MR and cashback balance? Wouldn't it be forfeited?
Also, what is the reason to close the accounts?

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7023 on: June 30, 2016, 06:26:07 PM »
If I can back up the personal income, but not the biz income, should I close the biz cards, and leave the personal cards open (before I talk to them)? That would keep the MR alive. Would it make the FR easier to pass? Thanks.

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7024 on: June 30, 2016, 06:29:11 PM »
If I can back up the personal income, but not the biz income, should I close the biz cards, and leave the personal cards open (before I talk to them)? That would keep the MR alive. Would it make the FR easier to pass? Thanks.
what info do they want

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #7025 on: June 30, 2016, 06:32:16 PM »
Someone I know got FRed.
He was trying to get a hold of his caseworker, left her messages, but they never got in touch.
She closed his cards.
She asked for some info to reinstate the cards, but she says the reinstatement was declined.

Is there anything he can do?

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7026 on: June 30, 2016, 06:32:59 PM »
what info do they want
I haven't spoken to them yet. I just got a voice mail, and I see that charging is suspended. Any advice is welcome!

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7027 on: June 30, 2016, 06:36:35 PM »
I haven't spoken to them yet. I just got a voice mail, and I see that charging is suspended. Any advice is welcome!
if they just ask you to prove personal income then you dont have a problem. first call them and see what they want b4 shutting anything down

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7028 on: June 30, 2016, 06:45:07 PM »
if they just ask you to prove personal income then you dont have a problem. first call them and see what they want b4 shutting anything down
Is that a real possibility, that it's only personal?

Offline yakrot

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Amex F/R Master Thread
« Reply #7029 on: June 30, 2016, 07:09:13 PM »
« Last Edit: June 30, 2016, 08:23:21 PM by yakrot »

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7030 on: June 30, 2016, 09:08:09 PM »
I haven't spoken to them yet. I just got a voice mail, and I see that charging is suspended. Any advice is welcome!
If you ha e what to show the. There's nothing to worry about IME . As I'm sure you've read up thread , people have been successful with not showing much at all. IME all they want is personal essentially . Don't talk too much or flaunt to be convincing at all. Just give them what they want . Thankfully you have what to show as opposed to other members here in their reports.

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7031 on: June 30, 2016, 09:14:02 PM »
If you ha e what to show the. There's nothing to worry about IME . As I'm sure you've read up thread , people have been successful with not showing much at all. IME all they want is personal essentially . Don't talk too much or flaunt to be convincing at all. Just give them what they want . Thankfully you have what to show as opposed to other members here in their reports.
Thanks. That's what I'm hearing from others as well, via PM.
« Last Edit: June 30, 2016, 09:21:22 PM by Iz »

Offline jiyeone60

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Re: Amex F/R Master Thread
« Reply #7032 on: July 01, 2016, 02:39:56 PM »
Just passed mine and I reported double the income I personally made on my app all that happened was they lowered my credit limits but its still more than what I would use on an Amex for anyways but the whole process and the rudeness of the Service Rep really soured my thoughts on Amex, the whole time I was itching to curse out the lady, she was barking at me whenever she spoke and acted as if she was some big shot. Like no lady you're just a phone rep. Definitely prefer Chase and Citi over Amex going forward.

Offline Aaaron

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Re: Amex F/R Master Thread
« Reply #7033 on: July 01, 2016, 06:54:06 PM »
Just passed mine and I reported double the income I personally made on my app all that happened was they lowered my credit limits but its still more than what I would use on an Amex for anyways but the whole process and the rudeness of the Service Rep really soured my thoughts on Amex, the whole time I was itching to curse out the lady, she was barking at me whenever she spoke and acted as if she was some big shot. Like no lady you're just a phone rep. Definitely prefer Chase and Citi over Amex going forward.

Maybe don't lie on your application and you wouldn't have the feelings of a sour relationship. 

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7034 on: July 02, 2016, 10:21:13 PM »
Maybe don't lie on your application and you wouldn't have the feelings of a sour relationship.

What does nasty representatives have to do with income reported? Do you really think a nasty person becomes suddenly nice if your income matches 100%?

Nasty people are nasty people, and putting them in a position of any power over people vulnerable to them only beings out the worst.
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 Aaaron

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Re: Amex F/R Master Thread
« Reply #7035 on: July 02, 2016, 10:37:09 PM »
Fair enough.  However, I can't imagine them giving you much trouble if everything is above board.

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7036 on: July 03, 2016, 01:23:38 AM »
Wiki: Once they get all the information, and after reviewing it, they will require you to have all your account paid up in full before they reinstate them.

Is that accurate/current?
Thanks.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #7037 on: July 03, 2016, 01:55:48 AM »
Wiki: Once they get all the information, and after reviewing it, they will require you to have all your account paid up in full before they reinstate them.

Is that accurate/current?
Thanks.
It's always a good step in the right direction to pay off the balance ASAP after getting f/red. Especially bc many f/r's are triggered by a big balance.  That being said I have no clue what the answer to your question is...

Offline Elite1

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Re: Amex F/R Master Thread
« Reply #7038 on: July 03, 2016, 05:47:39 AM »
Wiki: Once they get all the information, and after reviewing it, they will require you to have all your account paid up in full before they reinstate them.

Is that accurate/current?
Thanks.

My brother was recently fr'ed, reopened without requiring to pay

Offline rng

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Re: Amex F/R Master Thread
« Reply #7039 on: July 03, 2016, 09:29:03 AM »
I just called Amex to see how many pending membership rewards points I had and they said that there is a contact number for Amex that I must get through to and that one of my accounts is under financial review.
What's weird is that none of the charges on my account have been suspended, anyone had something like this before they open at 11:00 and I want to be prepared.