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.

Author Topic: Amex F/R Master Thread  (Read 982402 times)

Offline Nitantnel

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Re: Amex Financial Review
« Reply #735 on: December 06, 2011, 12:54:42 PM »
Is paying an account with s/o else's check a trigger, or any if it's directly from his bank account?

Offline miles

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Re: Amex Financial Review
« Reply #736 on: December 06, 2011, 12:58:42 PM »
Is paying an account with s/o else's check a trigger, or any if it's directly from his bank account?
WIKI

Offline Nitantnel

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Re: Amex Financial Review
« Reply #737 on: December 06, 2011, 01:09:12 PM »
WIKI

It does not much in it. Do we say michlal Hen Atah Shomeah lav?!

And it also doesn't mention paying with s/o else's bank account which definitely is a risk.

Offline miles

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Re: Amex Financial Review
« Reply #738 on: December 06, 2011, 03:24:06 PM »
so we need to update the wiki

Offline dans fan

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Re: Amex Financial Review
« Reply #739 on: December 06, 2011, 05:24:38 PM »
not sure about triggerbut if you do get fried this will make it much worse

Offline dealvr

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Re: Amex Financial Review
« Reply #740 on: December 06, 2011, 05:43:28 PM »
not sure about triggerbut if you do get fried this will make it much worse
Does it get much worse then getting fried?
 :P
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Offline clownaparte

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Re: Amex Financial Review
« Reply #741 on: December 07, 2011, 07:16:36 PM »
I should really be thankful for my mazel. I've done most of the things on the list of potential FR triggers and have not been FRed...

Offline dealvr

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Re: Amex Financial Review
« Reply #742 on: December 07, 2011, 07:34:24 PM »
I should really be thankful for my mazel. I've done most of the things on the list of potential FR triggers and have not been FRed...
... Yet (cv)
« Last Edit: December 07, 2011, 08:12:39 PM by dealvr »
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Offline clownaparte

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Re: Amex Financial Review
« Reply #743 on: December 07, 2011, 08:06:50 PM »

Offline clownaparte

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Re: Questions for Dan
« Reply #744 on: December 07, 2011, 08:15:06 PM »
Apparently (from good source), logging in online very often to check your statement/balance with amex isn't a good thing, as they keep track of it (no the customer support don't know about it), but it shows to them that you are nervous about it.

I read this article when it was first published. I'm sure people here will find it very interesting. One little quote from the middle:
Quote
Most of the major credit-card companies have set up systems to comb through cardholders’ data for signs that someone is going to stop making payments. Are cardholders suddenly logging in at 1 in the morning? It might signal sleeplessness due to anxiety. Are they using their cards for groceries? It might mean they are trying to conserve their cash. Have they started using their cards for therapy sessions? Do they call the card company in the middle of the day, when they should be at work? What do they say when a customer-service representative asks how they’re feeling? Are their sighs long or short? Do they respond better to a comforting or bullying tone?

Offline myb821

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Re: Amex Financial Review
« Reply #745 on: December 07, 2011, 08:18:04 PM »
im sorry that sounds like a load of crap

Offline Nitantnel

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Re: Amex Financial Review
« Reply #746 on: December 07, 2011, 08:18:13 PM »
Hey Superflyer, Why don't you just quote the whole article and give us another one of your signature super long posts.. ;)

Offline elikay

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Re: Amex Financial Review
« Reply #747 on: December 07, 2011, 09:02:09 PM »
im sorry that sounds like a load of crap
+1

Offline Avid Reader

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Re: Amex Financial Review
« Reply #748 on: December 07, 2011, 10:25:35 PM »
im sorry that sounds like a load of crap
+2

ien ledavar sof.

Offline AJK

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Re: Amex Financial Review
« Reply #749 on: December 09, 2011, 12:26:49 PM »
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

Were your limits ever adjusted? From what to what?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper