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 980512 times)

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7875 on: March 20, 2018, 12:09:21 AM »
money doesn't talk......      it SCREAMS !

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7876 on: March 20, 2018, 11:26:15 AM »
Not at all.
where do you take it from?
never heard of Indian FR reps

Online mmgfarb

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Re: Amex F/R Master Thread
« Reply #7877 on: March 20, 2018, 11:58:24 AM »
where do you take it from?
never heard of Indian FR reps
They exist, IINM most people get the American reps but there are definitely Indian reps who do FR's also. If you got an Indian rep, consider yourself lucky, the American reps are way worse.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7878 on: March 21, 2018, 10:53:42 AM »
They exist, IINM most people get the American reps but there are definitely Indian reps who do FR's also. If you got an Indian rep, consider yourself lucky, the American reps are way worse.
Right, seems to be very not often. And the american ones are terrible.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7879 on: March 22, 2018, 01:15:46 AM »
If someone gets shutdown from F/R, then they get a new card by submitting docs, after that its smooth sailing with approvals?
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #7880 on: March 22, 2018, 09:26:19 AM »
If someone gets shutdown from F/R, then they get a new card by submitting docs, after that its smooth sailing with approvals?
yes and no
They'll still have a limit on the amount of credit they'll give you, (don't know for how long)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7881 on: March 22, 2018, 11:35:35 AM »
yes and no
They'll still have a limit on the amount of credit they'll give you, (don't know for how long)
thanks.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7882 on: March 28, 2018, 01:55:01 PM »
Does it make sense too have a missed call without a message from fr department but so far charges still going through.....should call in or ignore?

Online davidrotts63

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Re: Amex F/R Master Thread
« Reply #7883 on: March 28, 2018, 07:08:39 PM »
AFAF.
After shutting down my single Amex card a year ago when FRed I reapplied today, got a message to call, when I called they said I will hear back in 4-5 days. Online status checker says in progress still, anyone have any records of what this is?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Freecountry

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Re: Amex F/R Master Thread
« Reply #7884 on: March 28, 2018, 07:46:53 PM »
AFAF.
After shutting down my single Amex card a year ago when FRed I reapplied today, got a message to call, when I called they said I will hear back in 4-5 days. Online status checker says in progress still, anyone have any records of what this is?
why were you fr'ed?

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Re: Amex F/R Master Thread
« Reply #7885 on: March 28, 2018, 07:47:40 PM »
why were you fr'ed?
Probably too much spending, but is that relevant?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Jeremiah

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Re: Amex F/R Master Thread
« Reply #7886 on: March 29, 2018, 11:42:39 AM »
Does this letter have anything to do with an FR? Can I just ignore it?

Offline Freecountry

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Re: Amex F/R Master Thread
« Reply #7887 on: March 29, 2018, 06:39:29 PM »
Does this letter have anything to do with an FR? Can I just ignore it?
AFAIK if your cards aren't declining you aren't being FR'ed

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #7888 on: March 29, 2018, 09:44:33 PM »
AFAF.
After shutting down my single Amex card a year ago when FRed I reapplied today, got a message to call, when I called they said I will hear back in 4-5 days. Online status checker says in progress still, anyone have any records of what this is?
that means it's by the back[American] ‏team
 chances are they'll ask you to fill out an IRS form

Offline Jeremiah

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Re: Amex F/R Master Thread
« Reply #7889 on: March 29, 2018, 11:33:56 PM »
AFAIK if your cards aren't declining you aren't being FR'ed
It's not being declined. I just don't have a legit biz and don't want to speak to them