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 996099 times)

Offline yelped

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Re: Amex F/R Master Thread
« Reply #7725 on: June 26, 2017, 07:10:21 PM »
Yes depends when your rep is in to call you that you passed then the hold will be removed.
Thank you.

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7726 on: July 07, 2017, 12:36:57 PM »
I got fr'd around 10 months ago and preemtivly closed my accounts down though after a few months I applied and they requested  4506t form from me so basically how much time is suggested to wait before reapplying and also would the time to wait depend on the last time I tried to reapply which was over 3 months ago?

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7727 on: July 07, 2017, 12:41:45 PM »
I got fr'd around 10 months ago and preemtivly closed my accounts down though after a few months I applied and they requested  4506t form from me so basically how much time is suggested to wait before reapplying and also would the time to wait depend on the last time I tried to reapply which was over 3 months ago?
You didn't file taxes?

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7728 on: July 07, 2017, 12:43:58 PM »
Nope not working..but I told them that I put household income

Offline yoshapiro

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Re: Amex F/R Master Thread
« Reply #7729 on: July 07, 2017, 12:47:50 PM »
I got fr'd around 10 months ago and preemtivly closed my accounts down though after a few months I applied and they requested  4506t form from me so basically how much time is suggested to wait before reapplying and also would the time to wait depend on the last time I tried to reapply which was over 3 months ago?

YMMV.
 I was F/Rd March time and closed all 4 of my accounts. I then applied in June for the delta gold - after 2 weeks of waiting I got an email of approval. I had no issues with the card in terms of spending. I then applied for the other delta card a week after the first approval and was instantly approved. Just shows you that YMMV, no methodical answer to your question.

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7730 on: July 07, 2017, 12:50:07 PM »
Every time I reapplied it was for a biz card because i don't want to mess up my 5/24 is it better to apply for a personal card than a biz one

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7731 on: July 10, 2017, 02:42:52 PM »
Got this line
Charging privileges are suspended. Please call 1-800-678-0738 if we haven't already spoken with you.
How would i know if its a FR or just wants me to make a payment?

Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #7732 on: July 11, 2017, 07:17:12 PM »
Got this line
Charging privileges are suspended. Please call 1-800-678-0738 if we haven't already spoken with you.
How would i know if its a FR or just wants me to make a payment?
Its FR
"Here at DansDeals we donít do buses." -Dan

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7733 on: July 13, 2017, 03:08:03 PM »
Its FR
Update: made payment, brought all accounts to $0 balance. and msg disappeared!!

Offline yoshapiro

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Re: Amex F/R Master Thread
« Reply #7734 on: July 30, 2017, 02:45:25 PM »
Is there a way to do large spending on amex without getting f/r. I have a delta card i wana rack up points on and I have a lot of large purchases to make but I don't want the f/r.

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7735 on: July 30, 2017, 02:48:21 PM »
Is there a way to do large spending on amex without getting f/r. I have a delta card i wana rack up points on and I have a lot of large purchases to make but I don't want the f/r.
If you increase your spending slowly you shouldn't get hit with an FR.
But why spend on delta card?

Offline shulemw

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Re: Amex F/R Master Thread
« Reply #7736 on: August 10, 2017, 02:19:26 PM »
If i need to call this number 800-921-6490 before i can make any charge. Is this a financial review or stam fraud team?

Offline shulemw

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Re: Amex F/R Master Thread
« Reply #7737 on: August 10, 2017, 02:35:20 PM »
thanks anyway was nothing

Online TimT

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Re: Amex F/R Master Thread
« Reply #7738 on: August 10, 2017, 02:49:14 PM »
thanks anyway was nothing
Which department is it ?

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7739 on: August 18, 2017, 12:40:34 AM »
I got fr/d around 10 months ago after an aor and just a few days ago amex sends me a letter saying that they credited the sign up bonus to my account even though I haven't spent a penny now if I would reapply would they prob request 4506t form from me as it looks like they were scrutinizing my account or it's like they're saying they want me back?
Would you apply now after this if you had an fr..