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 982442 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #7830 on: February 20, 2018, 01:54:44 PM »
yes, why? Did that as soon as fr hit...
Because you showed them you can pay, really weird that they did that to you....
« Last Edit: February 20, 2018, 02:23:04 PM by tzifanya54 »

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #7831 on: February 20, 2018, 01:59:10 PM »
Because you showed them you can pay, really weird that they did the that to you....
+100
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7832 on: February 20, 2018, 02:06:17 PM »
crazy yup. Payed every cent that was owed.

I wonder if CFPB will be any help...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #7833 on: February 20, 2018, 02:25:52 PM »
crazy yup. Payed every cent that was owed.

I wonder if CFPB will be any help...
Did you used that as your argument as well? When they said income doesn't justify the spend, did you point out that it's obviously affordable to you since you paid? Just trying to figure out the Amex logic here...

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7834 on: February 20, 2018, 02:31:42 PM »
Did you used that as your argument as well? When they said income doesn't justify the spend, did you point out that it's obviously affordable to you since you paid? Just trying to figure out the Amex logic here...
They didnt care, just kept parrotting that the income shown on the return wasn't enough to meet the financial obligations. It wasnt an intelligent argument, which was pointed out not too subtly once things were clearly going south.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #7835 on: February 20, 2018, 02:38:23 PM »
They didnt care, just kept parrotting that the income shown on the return wasn't enough to meet the financial obligations. It wasnt an intelligent argument, which was pointed out not too subtly once things were clearly going south.
That's a shame, they used to keep somewhat intelligent reps in that department. Oh well, my condolences on your Amex accounts.

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #7836 on: February 21, 2018, 02:40:20 PM »
if you get to many canceled orders that dont even get a chance to post they go into pending and cancellation on the same day is that a trigger? the wiki said only returned payments after posting you got a refund. also, if you met the qualifications for cc spending for a free night at you card anniversary and you get f/r and your accounts closed a month pr 2 before your annual year. do you lose the certificate?

Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7837 on: February 22, 2018, 10:39:17 PM »
They didnt care, just kept parrotting that the income shown on the return wasn't enough to meet the financial obligations. It wasnt an intelligent argument, which was pointed out not too subtly once things were clearly going south.

In this case I would try to contact executive office or something of the like with a well written letter explaining the situation and you surprise at the closure considering all factors. I would probably do this before CFPB

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #7838 on: February 23, 2018, 12:00:52 AM »
In this case I would try to contact executive office or something of the like with a well written letter explaining the situation and you surprise at the closure considering all factors. I would probably do this before CFPB
+1
Give them a chance to fix it themselves.

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #7839 on: February 23, 2018, 08:18:50 AM »
Just trying to figure out the Amex logic here...
I don't remember anyone thinking so highly of them

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #7840 on: February 23, 2018, 08:22:29 AM »
I don't remember anyone thinking so highly of them
These guys are not standard reps. At least it used to be the gay way.

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #7841 on: February 23, 2018, 09:42:39 AM »
I don't remember anyone thinking so highly of them
They used to be rude, but not completely incompetent.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #7842 on: February 23, 2018, 10:29:40 AM »
These guys are not standard reps. At least it used to be the gay way.
merp?
READ THE DARN WIKI!!!!

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

Offline husky007

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Re: Amex F/R Master Thread
« Reply #7843 on: February 23, 2018, 11:35:50 AM »
Did you used that as your argument as well? When they said income doesn't justify the spend, did you point out that it's obviously affordable to you since you paid? Just trying to figure out the Amex logic here...

Well, being able to pay one time doesn't sufficiently mean long term financial stability in the future.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7844 on: February 25, 2018, 04:43:58 PM »
+1
Give them a chance to fix it themselves.
got a call from corp the other day, kinda scared to talk to them, but will follow up.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle