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 980793 times)

Offline Afight4ever

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Re: Amex Financial Review
« Reply #720 on: November 11, 2011, 07:07:05 AM »
How often after a FR would Amex do another one?

Offline AJK

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Re: Amex Financial Review
« Reply #721 on: November 11, 2011, 10:02:46 AM »
How often after a FR would Amex do another one?

No one here would be able to answer that question.

(Unless, of course, there is AMEX FR employee masquerading around here with a DDF hat on.)
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Offline AsherO

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Re: Amex Financial Review
« Reply #722 on: November 11, 2011, 11:34:33 AM »
No one here would be able to answer that question.

(Unless, of course, there is AMEX FR employee masquerading around here with a DDF hat on.)

YMMV. One guy here told me he had two (maybe even three, can't remember for sure), in less than a year. YMMV.
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Offline yaakov s

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Re: Amex Financial Review
« Reply #723 on: November 11, 2011, 12:04:06 PM »
YMMV. One guy here told me he had two (maybe even three, can't remember for sure), in less than a year. YMMV.
Read through the thread  and people reported more then one per year.

 I read the entire thing yesterday and didnt see much on Biz cards being Fr . Did they care if there was a Business? Did they want to know how much it made? Did they care what you purchased with your business card?

Offline AsherO

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Re: Amex Financial Review
« Reply #724 on: November 11, 2011, 12:15:45 PM »
I read the entire thing yesterday and didnt see much on Biz cards being Fr . Did they care if there was a Business? Did they want to know how much it made? Did they care what you purchased with your business card?

I seem to remember the answers to all those questions being yes, but I don't remember where. Unfortunately not all the F/R discussion is in this thread.
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Offline yaakov s

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Re: Amex Financial Review
« Reply #725 on: November 11, 2011, 12:19:53 PM »
What do I lose by prempting them and closing my cards . If I pass the FR then I try reinstating them?

Offline AsherO

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Re: Amex Financial Review
« Reply #726 on: November 11, 2011, 12:24:08 PM »
What do I lose by prempting them and closing my cards . If I pass the FR then I try reinstating them?

Reinstating might be an uphill battle (or might not), YMMV.

But it could be if you close your accounts they drop the inquiry (i.e. don't they consider reopening your cards) but you remain under F/R and won't be able to reopen them.
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Re: Amex Financial Review
« Reply #727 on: November 11, 2011, 02:27:10 PM »
When most people talk about FRs, it's the call in the middle of the day, your accounts are frozen, give us your tax returns.

So, once they have your returns, doing another one before you file for the next year would be counter-productive from that point.

but, i don't doubt amex would give you a call if you triggered something and they wanted to talk to you.  be kinda pointless to ask for the same taxforms they've already received but stranger things have happened....

Offline AsherO

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Re: Amex Financial Review
« Reply #728 on: November 11, 2011, 02:29:01 PM »
When most people talk about FRs, it's the call in the middle of the day, your accounts are frozen, give us your tax returns.

So, once they have your returns, doing another one before you file for the next year would be counter-productive from that point.

but, i don't doubt amex would give you a call if you triggered something and they wanted to talk to you.  be kinda pointless to ask for the same taxforms they've already received but stranger things have happened....

Pointless or not, I've heard multiple reports of this happening.
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Re: Amex Financial Review
« Reply #729 on: November 11, 2011, 02:49:13 PM »
What do I lose by prempting them and closing my cards . If I pass the FR then I try reinstating them?
I tried that once on my brothers card. it didn't work, they claimed it couldn't be reinstated before they receive docs.
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Offline Spiffster

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Re: Amex Financial Review
« Reply #730 on: November 11, 2011, 03:32:45 PM »
Pointless or not, I've heard multiple reports of this happening.

well, if people have said it happens, then it obviously happens.  Business do pointless things all the time. 

I don't really worry about things like that.  I've amped up my activity since mt FR ended.  Setting 20-25K/month as the new norm...

Offline AJK

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Re: Amex Financial Review
« Reply #731 on: November 11, 2011, 04:29:28 PM »
I tried that once on my brothers card. it didn't work, they claimed it couldn't be reinstated before they receive docs.

+1

Read that as being the case a few times. No docs, no dice.
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Offline dans fan

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Re: Amex Financial Review
« Reply #732 on: November 13, 2011, 09:12:13 AM »
When most people talk about FRs, it's the call in the middle of the day, your accounts are frozen, give us your tax returns.

So, once they have your returns, doing another one before you file for the next year would be counter-productive from that point.

but, i don't doubt amex would give you a call if you triggered something and they wanted to talk to you.  be kinda pointless to ask for the same taxforms they've already received but stranger things have happened....
we know that fr has nothing to do with income its a procedure to close/ harass /put spending limits/ security ect.... therefore they will do it more than once a year .

Offline dans fan

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Re: Amex Financial Review
« Reply #733 on: November 13, 2011, 09:13:53 AM »
i got fried 3 months ago. they put spending limit. i just received a letter that they took it off (i never requested it)

Offline yaakov s

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Re: Amex Financial Review
« Reply #734 on: November 21, 2011, 07:43:36 PM »
How badly does a card closed by issuer affect your credit score .

 Im under FR http://forums.dansdeals.com/index.php?topic=9339.msg135204#msg135204  :) . My docs are in order . However I did some hanky panky spending . I dont want to preempt them and shut my cards and lose the MR and the $25 for each card if they werent going to.

The guy acted very very nice and kept on apologizing and telling me not to worry . Is that a ploy . Or is he really not concerned
I think I passed with flying colors!!! Just got an email saying that my limits were adjusted . Called up Amex FR , spoke to someone on duty who basically told me that yes your cards will be reopened it just takes 24-48 hours . You will hear for sure from the person you are dealing with. I asked was anything else about the card changed , like AUs , she said I dont see anything in the notes.

Now lets hope they dont go after my wife