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 837508 times)

Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7860 on: March 14, 2018, 12:30:28 AM »
Wow. Great letter. Unfortunately still very applicable today....
yup.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline JoeCC

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Re: Amex F/R Master Thread
« Reply #7861 on: March 17, 2018, 11:29:33 AM »
Wife just got FR notice. She uses personal platinum card for business. Spend ranges from $40k-$80k/month (depending on season) for merchandise.
She got a call from India, they requested 4506-t for 2016.
Personal tax return will no way come close justifying this spend (wish I was able to file a tax return of over $1mil/year). Is there a number she can call to explain this? Would prefer also to send bank statements rather than tax returns. Would like to comply as she likes her Amex and doesn't want to cancel.

The only number I have is a random rep from India and generic email that 4506-t email came from (financial review team@amex)

Any thoughts on how to approach this would be greatly appreciated.

Thank you

Offline vhz

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Re: Amex F/R Master Thread
« Reply #7862 on: March 17, 2018, 11:39:00 PM »
Wife Got FR today from AMEX.
I opened AMEX BP 1 m ago, and already did the Minimum spend .

I referred my wife to SPG Business AMex for current deal! We got the card 10 days ago, and we both have been using the card exclusively, and some MS.  She has ~30k CL, and used like 16k (but only 7k was approved, all other charges were not approved).
Today we got the dreaded call from amex on her SPG Business AMEX, and they asked her what are the purchases for, and we said some for the business for reselling some gadgets.
In reality we don't have an established business, we only put sole proprietorship with SS# to apply for the SPG Business amex.
They are now asking her to submit 4506.
Should we go ahead and fill out the 4506 application, and submit the review, or cancel the card immediately.
I'm worried if we close her card, would they then come after me which has 90k SPG points, and 150 pending MR points from BP amex.

So worried, and don't know what to do?




Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7863 on: March 18, 2018, 12:03:19 AM »
Wife just got FR notice. She uses personal platinum card for business. Spend ranges from $40k-$80k/month (depending on season) for merchandise.
She got a call from India, they requested 4506-t for 2016.
Personal tax return will no way come close justifying this spend (wish I was able to file a tax return of over $1mil/year). Is there a number she can call to explain this? Would prefer also to send bank statements rather than tax returns. Would like to comply as she likes her Amex and doesn't want to cancel.

The only number I have is a random rep from India and generic email that 4506-t email came from (financial review team@amex)

Any thoughts on how to approach this would be greatly appreciated.

Thank you
cant imagine it's a real FR if the rep is from india... is charging suspended?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7864 on: March 18, 2018, 12:06:53 AM »
Wife Got FR today from AMEX.
I opened AMEX BP 1 m ago, and already did the Minimum spend .

I referred my wife to SPG Business AMex for current deal! We got the card 10 days ago, and we both have been using the card exclusively, and some MS.  She has ~30k CL, and used like 16k (but only 7k was approved, all other charges were not approved).
Today we got the dreaded call from amex on her SPG Business AMEX, and they asked her what are the purchases for, and we said some for the business for reselling some gadgets.
In reality we don't have an established business, we only put sole proprietorship with SS# to apply for the SPG Business amex.
They are now asking her to submit 4506.
Should we go ahead and fill out the 4506 application, and submit the review, or cancel the card immediately.
I'm worried if we close her card, would they then come after me which has 90k SPG points, and 150 pending MR points from BP amex.

So worried, and don't know what to do?
of course submit the 4506-t, though if the pending points are supposed to post soon then maybe wait a few days... (assuming your 14 days to sumbit the 4506t isnt up)
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Freecountry

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Re: Amex F/R Master Thread
« Reply #7865 on: March 18, 2018, 12:16:12 AM »
Wife just got FR notice. She uses personal platinum card for business. Spend ranges from $40k-$80k/month (depending on season) for merchandise.
She got a call from India, they requested 4506-t for 2016.
Personal tax return will no way come close justifying this spend (wish I was able to file a tax return of over $1mil/year). Is there a number she can call to explain this? Would prefer also to send bank statements rather than tax returns. Would like to comply as she likes her Amex and doesn't want to cancel.

The only number I have is a random rep from India and generic email that 4506-t email came from (financial review team@amex)

Any thoughts on how to approach this would be greatly appreciated.

Thank you
Check the from email address closely there recently have been lots of scammers sending out emails looking like they are from amex and they try to get your information.

Offline vhz

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Re: Amex F/R Master Thread
« Reply #7866 on: March 18, 2018, 12:36:13 AM »
of course submit the 4506-t, though if the pending points are supposed to post soon then maybe wait a few days... (assuming your 14 days to sumbit the 4506t isnt up)

The FR is for wife's AMEX SPG Business card, the pending 150k MR for AMEX BP is for my account.
I am an AU for wifes Amesx SPG Business.

Since this is a FR on a SPG business amex, the 4506T will be for personal tax return correct? (i don't have business Tax returns)

Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7867 on: March 18, 2018, 12:57:06 AM »
The FR is for wife's AMEX SPG Business card, the pending 150k MR for AMEX BP is for my account.
I am an AU for wifes Amesx SPG Business.

Since this is a FR on a SPG business amex, the 4506T will be for personal tax return correct? (i don't have business Tax returns)
sole prop/many llc's would be on a schedule c, but regardless they are looking fro your personal tax return.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7868 on: March 19, 2018, 12:25:16 AM »
PSA: 30 days nothing. If they close the accounts the points are gone.  :'(

Trying CFPB.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Online Yehuda25

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Re: Amex F/R Master Thread
« Reply #7869 on: March 19, 2018, 01:02:37 AM »
has anyone had success with amex and the CFPB?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Online davidrotts63

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Re: Amex F/R Master Thread
« Reply #7870 on: March 19, 2018, 01:04:12 AM »
has anyone had success with amex and the CFPB?
Side note: most people get to close their cards before Amex does, so many FRed would have never attempted it. But good luck, make sure to report back.
I'll tell you later

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Re: Amex F/R Master Thread
« Reply #7871 on: March 19, 2018, 01:12:26 AM »
Side note: most people get to close their cards before Amex does, so many FRed would have never attempted it. But good luck, make sure to report back.
that forsure. but here the mamzer rep closed the cards before calling as had had originally promised.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

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Re: Amex F/R Master Thread
« Reply #7872 on: March 20, 2018, 12:04:11 AM »
cant imagine it's a real FR if the rep is from india... is charging suspended?
-1. FR has 2 departments, 1 department is  located in India.
money doesn't talk......      it SCREAMS !

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Re: Amex F/R Master Thread
« Reply #7873 on: March 20, 2018, 12:04:57 AM »
Wife just got FR notice. She uses personal platinum card for business. Spend ranges from $40k-$80k/month (depending on season) for merchandise.
She got a call from India, they requested 4506-t for 2016.
Personal tax return will no way come close justifying this spend (wish I was able to file a tax return of over $1mil/year). Is there a number she can call to explain this? Would prefer also to send bank statements rather than tax returns. Would like to comply as she likes her Amex and doesn't want to cancel.

The only number I have is a random rep from India and generic email that 4506-t email came from (financial review team@amex)

Any thoughts on how to approach this would be greatly appreciated.

Thank you
Send in the requested forms. They'll just slash your credit line.
money doesn't talk......      it SCREAMS !

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Re: Amex F/R Master Thread
« Reply #7874 on: March 20, 2018, 12:08:06 AM »
-1. FR has 2 departments, 1 department is  located in India.
is this new?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle