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 1875049 times)

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7240 on: September 20, 2016, 12:36:09 PM »
Quote from: LoLo on September 19, 2016, 05:08:47 PM
Friend of mine received a letter from amex to provide more info about his business, nothing showing online, and charging not suspended, is there any issue with ignoring it?
TARB :)
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Offline tov hashem

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Re: Amex F/R Master Thread
« Reply #7241 on: September 21, 2016, 08:43:39 PM »
Quote from: Welder on September 12, 2016, 11:51:48 AM
I'm currently under F/R and I'm not able to transfer any points online.Is that normal?
same thing happened to me. Any updates?
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7242 on: September 21, 2016, 09:03:26 PM »
Quote from: tov hashem on September 21, 2016, 08:43:39 PM
same thing happened to me. Any updates?
Usually shudnt be related. Cud be an effect from the same cause, but its 2 separate investigations
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Offline Welder

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Re: Amex F/R Master Thread
« Reply #7243 on: September 21, 2016, 09:20:12 PM »
Quote from: tov hashem on September 21, 2016, 08:43:39 PM
same thing happened to me. Any updates?

Quote from: shulem92 on September 21, 2016, 09:03:26 PM
Usually shudnt be related. Cud be an effect from the same cause, but its 2 separate investigations

+1

I figured that out a few days ago, after speaking to MR rep.

My F/R was triggered by a very large charge, whereas the MR freeze was caused by a shared 100k plat link.

Was pretty overwhelming at first, with both happening simultaneously, but no relation.
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"We need more welders and less philosophers" — Marco Rubio

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7244 on: September 21, 2016, 10:57:55 PM »
Quote from: Welder on September 21, 2016, 09:20:12 PM
+1

I figured that out a few days ago, after speaking to MR rep.

My F/R was triggered by a very large charge, whereas the MR freeze was caused by a shared 100k plat link.

Was pretty overwhelming at first, with both happening simultaneously, but no relation.
+1 BH I survived both
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Offline doovid d

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Re: Amex F/R Master Thread
« Reply #7245 on: September 23, 2016, 05:35:05 PM »
I was on the phone with amex and  they told me that im under f/r as i opened too many new accounts and the problem  is that  i havent filed any taxes and my bank statement wouldnt suffice though my household income is  more than what i told them any idea of what i should do
« Last Edit: September 23, 2016, 06:00:50 PM by doovid d »
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7246 on: September 23, 2016, 05:55:30 PM »
Quote from: doovid d on September 23, 2016, 05:35:05 PM
I was on the phone with amex and them they told me that im under f/r as i opened too many new accounts and the problem  is that  i havent filed any taxes and my bank statement wouldnt suffice any ideas of what to do
What did u tell them so far? How much do u make?
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7247 on: September 24, 2016, 08:35:46 PM »
If someone canceled all his cards during FR, can he apply/be approved for new cards in the future? Any DP on how long afterwards? Thanks.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #7248 on: September 24, 2016, 08:50:21 PM »
Quote from: Iz on September 24, 2016, 08:35:46 PM
If someone canceled all his cards during FR, can he apply/be approved for new cards in the future? Any DP on how long afterwards? Thanks.
You can definitely be approved.
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7249 on: September 24, 2016, 08:55:18 PM »
Quote from: TimT on September 24, 2016, 08:50:21 PM
You can definitely be approved.
No need to wait any period of time? No increased risk of (immediate) FR?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #7250 on: September 24, 2016, 09:01:37 PM »
Quote from: Iz on September 24, 2016, 08:55:18 PM
No increased risk of (immediate) FR?
That's possible
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7251 on: September 24, 2016, 09:06:23 PM »
Quote from: TimT on September 24, 2016, 09:01:37 PM
That's possible
Thanks.
If anyone else has data points on this, please weigh in (PMs welcome). Thanks.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #7252 on: September 24, 2016, 09:09:53 PM »
Quote from: Iz on September 24, 2016, 09:06:23 PM
Thanks.
If anyone else has data points on this, please weigh in (PMs welcome). Thanks.
Search through the thread. Its been discussed many times.
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7253 on: September 24, 2016, 09:13:23 PM »
Quote from: TimT on September 24, 2016, 09:09:53 PM
Search through the thread. Its been discussed many times.
484 pages ::)  Not everyone has your talents...
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #7254 on: September 24, 2016, 09:35:09 PM »
Quote from: Iz on September 24, 2016, 09:13:23 PM
484 pages ::)  Not everyone has your talents...
Search "approved" or "closed cards approved"
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7255 on: September 24, 2016, 09:57:43 PM »
Quote from: TimT on September 24, 2016, 09:35:09 PM
Search "approved" or "closed cards approved"
Done. Thanks! :)
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Offline doovid d

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Re: Amex F/R Master Thread
« Reply #7256 on: September 24, 2016, 10:53:09 PM »
Would amex accept tax return of people in household
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7257 on: September 24, 2016, 11:36:52 PM »
Quote from: doovid d on September 24, 2016, 10:53:09 PM
Would amex accept tax return of people in household
Doubtful, but u can try. Its all what the rep agrees to, so...get ur talking game up
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Offline doovid d

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Re: Amex F/R Master Thread
« Reply #7258 on: September 25, 2016, 07:56:06 PM »
Just in case preparing to close my card and the amex rep said that i have over 5000 points(delta) that wont get transfered if i close down the account is there a way to have it expedited
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7259 on: September 25, 2016, 09:19:22 PM »
Quote from: doovid d on September 25, 2016, 07:56:06 PM
Just in case preparing to close my card and the amex rep said that i have over 5000 points(delta) that wont get transfered if i close down the account is there a way to have it expedited
Chat
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