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 1217099 times)

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #7040 on: July 03, 2016, 09:32:20 AM »
Had the same when I called in and the "suspended" message only appeared on the account like 1-2 hours later.
Work hard, Play harder!

Offline rng

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Re: Amex F/R Master Thread
« Reply #7041 on: July 03, 2016, 09:33:25 AM »
Uh oh, I'm prepared for the worst...any tips here?

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #7042 on: July 03, 2016, 09:35:39 AM »
Uh oh, I'm prepared for the worst...any tips here?

Read.

Don't tell them something you can't support via documents.
Work hard, Play harder!

Offline Elite1

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Re: Amex F/R Master Thread
« Reply #7043 on: July 03, 2016, 09:36:45 AM »
Uh oh, I'm prepared for the worst...any tips here?

Just go through the fr.... It's not so scary :-)

Offline joeberg

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Re: Amex F/R Master Thread
« Reply #7044 on: July 03, 2016, 10:57:32 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.
I didn't pay my balances, some quite large, and they reopened me.

Online Iz

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Re: Amex F/R Master Thread
« Reply #7045 on: July 03, 2016, 11:24:12 AM »
I didn't pay my balances, some quite large, and they reopened me.
My brother was recently fr'ed, reopened without requiring to pay
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...
Thanks!
That was what it sounded like from the rep as well. Maybe the wiki should be corrected to reflect this.

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7046 on: July 03, 2016, 11:34:07 AM »
Thanks!
That was what it sounded like from the rep as well. Maybe the wiki should be corrected to reflect this.
So go ahead

Online Iz

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Re: Amex F/R Master Thread
« Reply #7047 on: July 03, 2016, 11:39:11 AM »
So go ahead
Now I can. ;)  And I did. :)

Offline srf60

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Re: Amex F/R Master Thread
« Reply #7048 on: July 03, 2016, 12:21:41 PM »
My brother was recently fr'ed, reopened without requiring to pay
Same here.

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7049 on: July 03, 2016, 12:57:59 PM »
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.
it can just be a mini fr

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #7050 on: July 03, 2016, 01:50:12 PM »
it can just be a mini fr
It also can be a reg one...prepare for the worst hope for the best

Offline nsastamps

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Re: Amex F/R Master Thread
« Reply #7051 on: July 04, 2016, 08:46:26 AM »
I just applied for Delta Business Platinum and the Gold. On both i was told the application is pending review and that i should call for final decision. Does anyone know what they would want? Did i just trigger FR?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7052 on: July 04, 2016, 08:50:16 AM »
I just applied for Delta Business Platinum and the Gold. On both i was told the application is pending review and that i should call for final decision. Does anyone know what they would want? Did i just trigger FR?
Um, no. That means the application is pending.

Just call, it's a dead easy phone call.
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 benjie1305

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Re: Amex F/R Master Thread
« Reply #7053 on: July 04, 2016, 08:50:31 AM »
I just applied for Delta Business Platinum and the Gold. On both i was told the application is pending review and that i should call for final decision. Does anyone know what they would want? Did i just trigger FR?

It means its pending. Just like the page says. Call and find out your decision on if you were approved or not.
Work hard, Play harder!

Offline yn27

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Re: Amex F/R Master Thread
« Reply #7054 on: July 07, 2016, 02:17:10 PM »
I got FRed, I have a decent tax return, but for some reason they called me and told me they cancelled my account, but when i went online ,only one card is cancelled, and i got an email only about a cancellation of that card, does that mean my other cards are off the hook??

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7055 on: July 07, 2016, 03:40:01 PM »
I got FRed, I have a decent tax return, but for some reason they called me and told me they cancelled my account, but when i went online ,only one card is cancelled, and i got an email only about a cancellation of that card, does that mean my other cards are off the hook??
Should be . in 24 hrs charge a card

Offline yn27

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Re: Amex F/R Master Thread
« Reply #7056 on: July 07, 2016, 04:46:41 PM »
Should be . in 24 hrs charge a card
ok thanks. Just noticed that only my personal card got cancelled, not the business cards. anyone else with such an experience?

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #7057 on: July 07, 2016, 05:27:18 PM »
got FRed a few months ago and closed; applied now and there asking for my tax papers, could they still change my accounts to say closed by creditor?

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Re: Amex F/R Master Thread
« Reply #7058 on: July 07, 2016, 07:24:55 PM »
got FRed a few months ago and closed; applied now and there asking for my tax papers, could they still change my accounts to say closed by creditor?
Why would they?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7059 on: July 08, 2016, 12:58:19 AM »
I got FRed, I have a decent tax return, but for some reason they called me and told me they cancelled my account, but when i went online ,only one card is cancelled, and i got an email only about a cancellation of that card, does that mean my other cards are off the hook??

Why did they cancel