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 980292 times)

Offline AJK

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Re: Amex Financial Review
« Reply #765 on: December 21, 2011, 12:02:29 AM »
Just got a call from AMEX for FR after doing a 3BM.

I've gone though most of the pages in this thread and have a question I haven't seen addressed.

 I barely had any legal income (under 5k on the books ) last year when I filed. Since then I have some decent income, but still short of what I told AMEX I make a year. Problem is, the guy at AMEX I spoke to told me they are only interested in my tax returns, and it won't help to send in other docs like bank statements etc. Does anybody have any experience with a small amount of income earned with a FR?
 And should I send in the bank docs anyway?

This seems to (at least partially) answer your question:

...My 2010 income is 20% stated income BC I only worked oct-dec. I can show pay stubbs for 2011 showing significant increase. Do I call Amex prior to sending in 4506T? And do I also explain other assets?
Thx!

Yes and yes.

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Offline josh nyc

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Re: Amex Financial Review
« Reply #766 on: December 21, 2011, 02:33:23 AM »
Just got a call from AMEX for FR after doing a 3BM.

I've gone though most of the pages in this thread and have a question I haven't seen addressed.

 I barely had any legal income (under 5k on the books ) last year when I filed. Since then I have some decent income, but still short of what I told AMEX I make a year. Problem is, the guy at AMEX I spoke to told me they are only interested in my tax returns, and it won't help to send in other docs like bank statements etc. Does anybody have any experience with a small amount of income earned with a FR?
 And should I send in the bank docs anyway?

Your rep has zero authority to agree to accept bank statements, it MUST go through a supervisor. There is a supervisor named Drew who seems to be pretty helpful - ask for supervisor drew and plead your case - explain your tax return does not reflect your current state of income etc.

I dont know how I will do on my FR but at least they were willing to accept my statements. GOOD LUCK!

Offline AsherO

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Re: Amex Financial Review
« Reply #767 on: December 21, 2011, 02:42:04 AM »
Just got a call from AMEX for FR after doing a 3BM.

I've gone though most of the pages in this thread and have a question I haven't seen addressed.

 I barely had any legal income (under 5k on the books ) last year when I filed. Since then I have some decent income, but still short of what I told AMEX I make a year. Problem is, the guy at AMEX I spoke to told me they are only interested in my tax returns, and it won't help to send in other docs like bank statements etc. Does anybody have any experience with a small amount of income earned with a FR?
 And should I send in the bank docs anyway?

If you're able to file your 2011 taxes on 1/1/2012 they might go (as in, agree to wait) for that...

(though it'd probably take a few weeks until the IRS processed your return)
PGF24BMGS

Offline dans fan

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Re: Amex Financial Review
« Reply #768 on: December 21, 2011, 09:24:09 AM »
But that's what I pointed out, you have nothing to lose by working separately, I didn't say it's guaranteed, but definitely better changes to survive, at least one. At least, based on my experience.
I still didn't get an explanation from you, what you "benefit" from working together. You just explained why you wouldn't benefit for sure not working together.
should i rewrite what i wrote or do you want to reread  what i wrote

Offline Side incomer

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Re: Amex Financial Review
« Reply #769 on: December 21, 2011, 09:35:12 AM »
should i rewrite what i wrote or do you want to reread  what i wrote
Let's put it this way:
A person gets FR'd together with his wife, he has now 2 options:
1. tell his / her manager that the info was sent in already for my spouse, and take it from there. that means that if only 1 of the managers are tough cookies, both will end up with closed cards. 100% sure. do you disagree with this part?
2. send his income to his manager, she should send her income to her manager. there are chances that: 1. both will survive. 2. s/o will have a kind manager, the o/w a nasty manager. and they won't be notified of each other (which was exactly my case). 3. that they will be notified and they will ask for an explanation like you pointed out.
So because of such a chance, you are telling people to do option 1, and be 100% in trouble? I really don't get it.
Side income is the most solid income... בדוק ומנוסה

Offline AsherO

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Re: Amex Financial Review
« Reply #770 on: December 22, 2011, 06:37:35 PM »
So, I'm under F/R and my reviewer is on vacation, so I called and picked the brain of another F/R rep who told me as follows:

Amex has my personal tax info (2010), but there's no schedule C for my business. If they cannot verify my business they'll sever the entire relationship (meaning both my consumer and business cards). She did ask if the business was new, saying that that might explain why there's no income listed. I don't have a schedule C in 2010, but I do have one in 2009 with very little business income. The way I see things, my options are as follows:

1. Tell them to pull my 2009 and see a schedule C was filed, but with low income (but I have no way to explain why there's no schedule C for 2010... I could try saying it's an error, but they won't buy that, will they?)

2. Tell them it's a business that only recently became mine, though I'll have a hard time proving that if they ask (the LLC has been in my name since it was formed in '07/08).

3. Try to get by with sending them paypal records showing some ~$20k income.

4. Close my business accounts and plead with them to let me keep my personal accounts.

Or some combination of the above? What do y'all think? Are there any other options I should consider?

Thanks for your advice.
PGF24BMGS

Offline compddd

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Re: Amex Financial Review
« Reply #771 on: December 22, 2011, 06:51:13 PM »
You got FRed too AsherO?

Offline AsherO

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Re: Amex Financial Review
« Reply #772 on: December 22, 2011, 06:56:40 PM »
You got FRed too AsherO?

Yes, for the second time (last time was 2007 or so).
PGF24BMGS

Offline PlatinumGuy

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Re: Amex Financial Review
« Reply #773 on: December 22, 2011, 07:04:38 PM »
Maybe statements from the business bank acct can do something
Purpose > Pleasure

Offline AsherO

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Re: Amex Financial Review
« Reply #774 on: December 22, 2011, 07:11:34 PM »
Maybe statements from the business bank acct can do something

I don't have anything substantial in that department.
PGF24BMGS

Offline compddd

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Re: Amex Financial Review
« Reply #775 on: December 22, 2011, 07:16:45 PM »
What do you think you did to trigger it this time?

Offline AsherO

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Re: Amex Financial Review
« Reply #776 on: December 22, 2011, 07:19:07 PM »
What do you think you did to trigger it this time?

Lets just say it's one of the usual suspects.
PGF24BMGS

Offline elikay

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Re: Amex Financial Review
« Reply #777 on: December 22, 2011, 07:47:06 PM »
Would filing a sched C for 2011 be an option?

Offline AsherO

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Re: Amex Financial Review
« Reply #778 on: December 22, 2011, 07:51:35 PM »
Would filing a sched C for 2011 be an option?

For me, or for Amex?

I can probably report a schedule C with $20k business income in 2011 to Amex, but I'll either have to pay income tax on it, or report close to that amount in expenses which would be hard to prove in an audit. So I guess the answer is that even if that's an option, it isn't one I prefer.

Does that make sense to you?
PGF24BMGS

Offline elikay

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Re: Amex Financial Review
« Reply #779 on: December 22, 2011, 07:59:39 PM »
:'(