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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1856211 times)

Offline yn27

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Re: Amex F/R Master Thread
« Reply #7120 on: July 18, 2016, 03:39:50 PM »
Quote from: Aaaron on July 18, 2016, 03:36:18 PM
Look literally 3 posts up.
I figured that guys point were already posted, mine were still pending
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Offline yn27

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Re: Amex F/R Master Thread
« Reply #7121 on: July 18, 2016, 03:40:13 PM »
Quote from: yochiek93 on July 18, 2016, 03:35:59 PM
How long ago were you shut down?
about a week ago
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7122 on: July 18, 2016, 04:52:22 PM »
Quote from: yn27 on July 18, 2016, 03:40:13 PM
about a week ago
They'll likely send you a letter in the mail, informing you that you have 90 days to transfer.
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Offline yn27

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Re: Amex F/R Master Thread
« Reply #7123 on: July 18, 2016, 07:40:29 PM »
Quote from: David Smith on July 18, 2016, 04:52:22 PM
They'll likely send you a letter in the mail, informing you that you have 90 days to transfer.
They did send me  a letter that sates what you said, but when I go into my MR account, it tells me that the system is unavailable and to try again later. Do my points exist somewhere??
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7124 on: July 18, 2016, 07:46:10 PM »
Quote from: yn27 on July 18, 2016, 07:40:29 PM
They did send me  a letter that sates what you said, but when I go into my MR account, it tells me that the system is unavailable and to try again later. Do my points exist somewhere??
You'll have to call to transfer.
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Offline yn27

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Re: Amex F/R Master Thread
« Reply #7125 on: July 18, 2016, 11:02:35 PM »
Quote from: David Smith on July 18, 2016, 07:46:10 PM
You'll have to call to transfer.
k thank you, ill try that.
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7126 on: July 19, 2016, 11:38:27 AM »
I just passed my FR. :)  I have 2 (mail) offers for plat & PRG that expire in 10 days. I'd like to use them. Also, I just had a round of apps before the FR. Is it a mistake to apply right after a FR?
Thanks.
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #7127 on: July 19, 2016, 12:36:14 PM »
Quote from: Iz on July 19, 2016, 11:38:27 AM
I just passed my FR. :)  I have 2 (mail) offers for plat & PRG that expire in 10 days. I'd like to use them. Also, I just had a round of apps before the FR. Is it a mistake to apply right after a FR?
Thanks.
Congrats! Any interesting data points to share or it was a standard by the book f/r?
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7128 on: July 19, 2016, 01:06:50 PM »
Quote from: Iz on July 19, 2016, 11:38:27 AM
I just passed my FR. :)  I have 2 (mail) offers for plat & PRG that expire in 10 days. I'd like to use them. Also, I just had a round of apps before the FR. Is it a mistake to apply right after a FR?
Thanks.
What's the worst that can happen? You just passed an F/R.
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Offline emjee

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Re: Amex F/R Master Thread
« Reply #7129 on: July 19, 2016, 01:08:59 PM »


Quote from: Iz on July 19, 2016, 11:38:27 AM
I just passed my FR. :)  I have 2 (mail) offers for plat & PRG that expire in 10 days. I'd like to use them. Also, I just had a round of apps before the FR. Is it a mistake to apply right after a FR?
Thanks.
Mazel tov ! If it were me in your situation ; I'd go wild . good luck on deciding

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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7130 on: July 19, 2016, 02:47:31 PM »
Quote from: yakrot on July 19, 2016, 12:36:14 PM
Congrats! Any interesting data points to share or it was a standard by the book f/r?
Yes. I plan to write a FRR  ;) ...
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7131 on: July 19, 2016, 02:48:00 PM »
Quote from: yochiek93 on July 19, 2016, 01:06:50 PM
What's the worst that can happen? You just passed an F/R.
Quote from: emjee on July 19, 2016, 01:08:59 PM
Mazel tov ! If it were me in your situation ; I'd go wild . good luck on deciding
Thanks. We'll see... :)
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Offline maxie m

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Re: Amex F/R Master Thread
« Reply #7132 on: July 19, 2016, 10:23:05 PM »
Quote from: Iz on July 19, 2016, 11:38:27 AM
I just passed my FR. :)  I have 2 (mail) offers for plat & PRG that expire in 10 days. I'd like to use them. Also, I just had a round of apps before the FR. Is it a mistake to apply right after a FR?
Thanks.
I applied for a biz plat within a week of passing an fr, had no issues. Might as well get your revenge  ;)
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Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7133 on: July 19, 2016, 10:25:27 PM »
Quote from: maxie m on July 19, 2016, 10:23:05 PM
I applied for a biz plat within a week of passing an fr, had no issues. Might as well get your revenge  ;)
;D
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Offline srf60

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Re: Amex F/R Master Thread
« Reply #7134 on: July 26, 2016, 12:46:16 PM »
For account under fr, I don't wanna speak to rep, can I just upload the 4506-t, and not call at all?
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Offline New Yorker

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Re: Amex F/R Master Thread
« Reply #7135 on: July 26, 2016, 01:07:57 PM »
does Amex F/R credit card only accounts (no charge cards) ?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #7136 on: July 26, 2016, 01:13:32 PM »
Quote from: New Yorker on July 26, 2016, 01:07:57 PM
does Amex F/R credit card only accounts (no charge cards) ?
The plats are charge
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7137 on: July 26, 2016, 01:37:47 PM »
Quote from: srf60 on July 26, 2016, 12:46:16 PM
For account under fr, I don't wanna speak to rep, can I just upload the 4506-t, and not call at all?
Yes. I would advice you to call a few days afterwards though, to make sure everything is fine with the form.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7138 on: July 26, 2016, 01:43:38 PM »
Quote from: srf60 on July 26, 2016, 12:46:16 PM
For account under fr, I don't wanna speak to rep, can I just upload the 4506-t, and not call at all?
Somebody got a nasty rep that never picked up, tried that, and got shut down for not submitting requested documents. Rep claimed the documents were never requested, so she refused to process them.
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Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7139 on: July 26, 2016, 03:17:23 PM »
Got F/R this morning.....I have 5 amex 3 biz and 2 personal. My biz opened in january so they said I should only send in only personal returns. total balance is about 90% of income on return  1. Is there a point to pay down balances before I send in 4506?  If yes should I pay down personal or biz?  2. Should I cancel a few of the cards? Any other tips?
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