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 1874886 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7360 on: November 23, 2016, 03:02:08 PM »
Quote from: Iz on November 23, 2016, 03:00:55 PM
I used most of the CL on an SPG biz card this month twice (paying it twice), and then used it a third time. I'd rather pay it now (before the statement closes), for credit utilization reasons, but I'm worried about FR. Or, perhaps not paying it (and having a higher credit util.) is a bigger FR risk. What do you suggest? Thanks.
Biz card=not reported
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7361 on: November 23, 2016, 03:03:08 PM »
Quote from: mmgfarb on November 23, 2016, 03:02:08 PM
Biz card=not reported
Oh, right. Great point! But what do you think re the question (for a personal card)?
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7362 on: November 23, 2016, 03:05:06 PM »
Quote from: Iz on November 23, 2016, 03:03:08 PM
Oh, right. Great point! But what do you think re the question (for a personal card)?
I would say it shouldn't matter once you've used the CL but one of the FR gurus will have to chime in.
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Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #7363 on: November 29, 2016, 11:39:55 PM »
If a business plat card gets hit with a FR and amex close the card - does that show on the credit report?
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7364 on: November 29, 2016, 11:40:34 PM »
Quote from: Jkhein on November 29, 2016, 11:39:55 PM
If a business plat card gets hit with a FR and amex close the card - does that show on the credit report?
It was never reported in the first place so no.
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7365 on: November 29, 2016, 11:41:01 PM »
Quote from: Jkhein on November 29, 2016, 11:39:55 PM
If a business plat card gets hit with a FR and amex close the card - does that show on the credit report?
No.
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #7366 on: December 01, 2016, 03:34:24 PM »
i just got a call asking me to call back 8888005234 is that an fr signal ?
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7367 on: December 01, 2016, 03:35:05 PM »
Quote from: Mplace on December 01, 2016, 03:34:24 PM
i just got a call asking me to call back 8888005234 is that an fr signal ?
Check your account online, if it says charging is suspended then yes.
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Re: Amex F/R Master Thread
« Reply #7368 on: December 01, 2016, 03:36:36 PM »
Quote from: mmgfarb on December 01, 2016, 03:35:05 PM
Check your account online, if it says charging is suspended then yes.
it doesn't
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7369 on: December 01, 2016, 03:37:15 PM »
Quote from: Mplace on December 01, 2016, 03:36:36 PM
it doesn't
Then hopefully you're fine, good luck!
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7370 on: December 01, 2016, 03:43:22 PM »
Quote from: mmgfarb on December 01, 2016, 03:37:15 PM
Then hopefully you're fine, good luck!
It can take time to show up as frozen, but good luck indeed.
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #7371 on: December 01, 2016, 03:45:04 PM »
they just called my house, asking for me, gave the same number and said fraud
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Offline Tom Brady

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Re: Amex F/R Master Thread
« Reply #7372 on: December 01, 2016, 11:42:26 PM »
"We are writing to you because we need to speak with you regarding a security concern on your account.
 
For your security, new charges on the accounts listed above may be declined. If applicable, you should advise any Additional Card Member(s) on your account that their new charges may also be declined. If we do not hear from you within 30 days your account may be cancelled.
 
Please call us immediately at 1-888-800-5234, or international collect 336-393-1111. Our hours of operations are 8:00 am to 12:00 am (midnight) Eastern Standard Time seven days a week.
 
Your prompt response regarding this matter is appreciated.
 
Sincerely,
 
American Express Identity Protection Team"

I got this email from Amex. Does anyone know if it's an FR?
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Offline mmgfarb

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Amex F/R Master Thread
« Reply #7373 on: December 01, 2016, 11:44:15 PM »
Looks like it, does your account say "charging suspended"?
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #7374 on: December 01, 2016, 11:44:39 PM »
Quote from: Tom Brady on December 01, 2016, 11:42:26 PM
"We are writing to you because we need to speak with you regarding a security concern on your account.
 
For your security, new charges on the accounts listed above may be declined. If applicable, you should advise any Additional Card Member(s) on your account that their new charges may also be declined. If we do not hear from you within 30 days your account may be cancelled.
 
Please call us immediately at 1-888-800-5234, or international collect 336-393-1111. Our hours of operations are 8:00 am to 12:00 am (midnight) Eastern Standard Time seven days a week.
 
Your prompt response regarding this matter is appreciated.
 
Sincerely,
 
American Express Identity Protection Team"

I got this email from Amex. Does anyone know if it's an FR?
its a fraud issue not an fr
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #7375 on: December 01, 2016, 11:47:51 PM »
Quote from: Yhgfkj on December 01, 2016, 11:44:39 PM
its a fraud issue not an fr
you know that for a fact? (like experience) as I received a call telling me to call that number, but charges are still going through (just did close to 10k)
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Offline mmgfarb

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Amex F/R Master Thread
« Reply #7376 on: December 01, 2016, 11:48:47 PM »
Quote from: Mplace on December 01, 2016, 11:47:51 PM
you know that for a fact? (like experience) as I received a call telling me to call that number, but charges are still going through (just did close to 10k)
If charges are going through after you got that call then it it's probably not an FR.
« Last Edit: December 01, 2016, 11:52:18 PM by mmgfarb »
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Offline Mplace

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Re: Amex F/R Master Thread
« Reply #7377 on: December 01, 2016, 11:49:57 PM »
Quote from: mmgfarb on December 01, 2016, 11:48:47 PM
If charges are going through after you got that call then it it's probably not able FR.
that's what I'm hoping,
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7378 on: December 01, 2016, 11:51:49 PM »
Quote from: mmgfarb on December 01, 2016, 11:48:47 PM
If charges are going through after you got that call then it's not a FR.
FTFY
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #7379 on: December 01, 2016, 11:54:59 PM »
Quote from: Mplace on December 01, 2016, 11:47:51 PM
you know that for a fact? (like experience) as I received a call telling me to call that number, but charges are still going through (just did close to 10k)
1-888-800-5234 is the number of the amex fraud deportment, 
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