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 981996 times)

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 6781
  • Total likes: 710
  • DansDeals.com Hat Tips 25
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Amex F/R Master Thread
« Reply #7815 on: February 18, 2018, 01:19:04 AM »
As of last statement, it posted as expected. If it's a goner, I suppose the card will also be a goner  ;D
IINM, it has previously died before.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 7749
  • Total likes: 664
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #7816 on: February 18, 2018, 01:19:14 AM »
As of last statement, it posted as expected. If it's a goner, I suppose the card will also be a goner  ;D
Changed as of last week, we'll see what happens.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline moe8555

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2014
  • Posts: 772
  • Total likes: 25
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Location: Israel
  • Programs: Aegean Silver, IHG Platinum, Hilton Diamond, Marriott Gold
Re: Amex F/R Master Thread
« Reply #7817 on: February 18, 2018, 01:48:07 AM »
Changed as of last week, we'll see what happens.

How did you find out?

Offline moe8555

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2014
  • Posts: 772
  • Total likes: 25
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Location: Israel
  • Programs: Aegean Silver, IHG Platinum, Hilton Diamond, Marriott Gold
Re: Amex F/R Master Thread
« Reply #7818 on: February 18, 2018, 01:49:38 AM »
IINM, it has previously died before.

Yes, it definitely has.  I may have also seen a report of transactions being updated to 5X retroactively, but the memory is a little fuzzy.

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7819 on: February 19, 2018, 04:56:44 PM »
Ok, so Amex closed all DW's cards :'(

Reason that income is not enough to support financial obligations blah blah.

Supervisor just spouted the same thing the original rep did.


Few Questions/Thoughts:

1) Has anyone ever heard of this? where one had tax returns and Amex could not care less (and decent returns too b"h...)

2)The supervisor closed the cards, I requested a callback from his supervisor any shot they can be reopened?

3) For those that want to know  - the trigger was 71k in business purchases in a 2 month span (on a charge card, cl not churned).

4) I'm going to file a complaint with the CPFB, for the unused airline credits and 2 new cards that had signup bonuses - any shot at getting paid for those?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 6781
  • Total likes: 710
  • DansDeals.com Hat Tips 25
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Amex F/R Master Thread
« Reply #7820 on: February 19, 2018, 05:29:57 PM »
Ok, so Amex closed all DW's cards :'(

Reason that income is not enough to support financial obligations blah blah.

Supervisor just spouted the same thing the original rep did.


Few Questions/Thoughts:

1) Has anyone ever heard of this? where one had tax returns and Amex could not care less (and decent returns too b"h...)

2)The supervisor closed the cards, I requested a callback from his supervisor any shot they can be reopened?

3) For those that want to know  - the trigger was 71k in business purchases in a 2 month span (on a charge card, cl not churned).

4) I'm going to file a complaint with the CPFB, for the unused airline credits and 2 new cards that had signup bonuses - any shot at getting paid for those?
You should have closed them before Amex did, and when you file with the CFPB aim for them to reopen it, not just credits...
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7821 on: February 19, 2018, 06:41:11 PM »
You should have closed them before Amex did, and when you file with the CFPB aim for them to reopen it, not just credits...
Mostly biz cards, and Amex did not notify me they were going to close, in fact they said they were not going to close before speaking to me which was a lie.

When the CPFB is filed, itll ask for the points or reopening the account, Has anyone ever had success with amex and the CPFB?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2012
  • Posts: 5368
  • Total likes: 107
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #7822 on: February 19, 2018, 07:12:48 PM »
Ok, so Amex closed all DW's cards :'(

Reason that income is not enough to support financial obligations blah blah.

Supervisor just spouted the same thing the original rep did.


Few Questions/Thoughts:

1) Has anyone ever heard of this? where one had tax returns and Amex could not care less (and decent returns too b"h...)

2)The supervisor closed the cards, I requested a callback from his supervisor any shot they can be reopened?

3) For those that want to know  - the trigger was 71k in business purchases in a 2 month span (on a charge card, cl not churned).

4) I'm going to file a complaint with the CPFB, for the unused airline credits and 2 new cards that had signup bonuses - any shot at getting paid for those?
Balance had been paid in full on these cards in discussion?

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7823 on: February 19, 2018, 08:08:56 PM »
Balance had been paid in full on these cards in discussion?
yes, why? Did that as soon as fr hit...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline MasterAmex

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2015
  • Posts: 300
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7824 on: February 20, 2018, 11:45:47 AM »
Ok, so Amex closed all DW's cards :'(

Reason that income is not enough to support financial obligations blah blah.

Supervisor just spouted the same thing the original rep did.


Few Questions/Thoughts:

1) Has anyone ever heard of this? where one had tax returns and Amex could not care less (and decent returns too b"h...)

2)The supervisor closed the cards, I requested a callback from his supervisor any shot they can be reopened?

3) For those that want to know  - the trigger was 71k in business purchases in a 2 month span (on a charge card, cl not churned).

4) I'm going to file a complaint with the CPFB, for the unused airline credits and 2 new cards that had signup bonuses - any shot at getting paid for those?

its very weird.. the 2016 returns you sent them was your business or personal?

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7203
  • Total likes: 107
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Amex F/R Master Thread
« Reply #7825 on: February 20, 2018, 12:03:14 PM »
Ok, so Amex closed all DW's cards :'(

Reason that income is not enough to support financial obligations blah blah.

Supervisor just spouted the same thing the original rep did.


Few Questions/Thoughts:

1) Has anyone ever heard of this? where one had tax returns and Amex could not care less (and decent returns too b"h...)

2)The supervisor closed the cards, I requested a callback from his supervisor any shot they can be reopened?

3) For those that want to know  - the trigger was 71k in business purchases in a 2 month span (on a charge card, cl not churned).

4) I'm going to file a complaint with the CPFB, for the unused airline credits and 2 new cards that had signup bonuses - any shot at getting paid for those?
new cards or old cards (the spend)
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7826 on: February 20, 2018, 01:36:49 PM »
its very weird.. the 2016 returns you sent them was your business or personal?
biz is an LLC, so was on the tax return as well.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7827 on: February 20, 2018, 01:37:04 PM »
new cards or old cards (the spend)
Old (1 year or so)
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline MasterAmex

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2015
  • Posts: 300
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7828 on: February 20, 2018, 01:38:53 PM »
biz is an LLC, so was on the tax return as well.
doesn't make sense....
whats the name of the rep?

Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 5791
  • Total likes: 42
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #7829 on: February 20, 2018, 01:41:32 PM »
doesn't make sense....
whats the name of the rep?
not sure if I should post publicly... Should I post or PM?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle