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 980116 times)

Offline Dovdovmoneytree

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Re: Amex F/R Master Thread
« Reply #7920 on: May 08, 2018, 02:44:50 PM »
Why dont you just update it?

You can probably answer that for me?  ;)

Because the stated amount on app was way too high but person in question doesn't necessarily want them lowering credit limits?

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #7921 on: May 08, 2018, 02:52:48 PM »
You can probably answer that for me?  ;)

Because the stated amount on app was way too high but person in question doesn't necessarily want them lowering credit limits?
If you lied on the app you shouldnt have a problem lying again

Offline JACKBLUE

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Re: Amex F/R Master Thread
« Reply #7922 on: May 08, 2018, 02:54:41 PM »
If you lied on the app you shouldnt have a problem lying again
LOL!!

Offline Dovdovmoneytree

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Re: Amex F/R Master Thread
« Reply #7923 on: May 08, 2018, 02:59:43 PM »
If you lied on the app you shouldnt have a problem lying again

So sweet of you to (not) answer my question.

Offline yelped

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Re: Amex F/R Master Thread
« Reply #7924 on: May 08, 2018, 03:19:29 PM »
So sweet of you to (not) answer my question.
He just did.

Offline Dovdovmoneytree

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Re: Amex F/R Master Thread
« Reply #7925 on: May 08, 2018, 03:35:06 PM »
He just did.

Well to make it clearer- my income was 60% higher when I applied (or just about then). Was also employed vs now SE, income varies greatly.

Offline shie123

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Re: Amex F/R Master Thread
« Reply #7926 on: May 08, 2018, 09:34:32 PM »
Got this from Amex:

Account Ending: *****

 

Dear ******,

We’re writing to inform you that American Express makes periodic assessments of our commercial clients’ financial resources to make sure we are managing your needs and our financial exposure appropriately. We request your assistance to ensure we make a thorough and accurate assessment of the spending capacity on your commercial card account.

In order to conduct our review, please provide us with your company’s financial statements for the past two years, preferably audited, or reviewed by an external auditor and prepared by an accountant. These financial statements should include:

Balance Sheets
Income Statements
Cash Flow Statements
Notes to Financial Statements
Interim Financial Statements through the most recent quarter
If these financial statements are not available, you may submit company prepared financial statements AND Business Federal Tax Returns from the most recent two years.

This information is important because it will help us understand more about your business and spending needs. If we do not receive the requested information within 14 days from the date of this letter, we will give no further consideration to your application if you have requested an increase in spending capacity.

You can return these documents along with the cover sheet to us in any of the following ways:

 

·         Upload your documents online at americanexpress.com/docupload

·         Email us your documents as an attachment at commercialunderwriting@aexp.com

Ø  When emailing documents, please ensure your files are not password protected

·         Fax to us at 1-866-759-8980 (utilize the attached fax cover sheet)

·         Mail to us at the address indicated on the cover sheet

 


To expedite the process and to give you a timely response, we recommend that you use the online upload tool to send us your documents.

Once we receive all of the requested information, we will generally complete our review within 14 business days. Any information you provide will be treated as strictly confidential and will only be used to establish spending levels on your account.
* Please note that alimony, child support or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.

This is a time sensitive matter that could impact your existing spending capacity. We look forward to hearing from you soon.

If you have any questions, please call us at 888-290-6418. We are available to assist you Monday – Friday 8:30 a.m. to 6:30 p.m. ET.


Is this a FR?
Do I have to respond?

BUMP

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #7927 on: May 08, 2018, 09:44:17 PM »
Well to make it clearer- my income was 60% higher when I applied (or just about then). Was also employed vs now SE, income varies greatly.
you should have said that to begin with. If you don't say that your income went down I have no way of knowing that.

Either way they just like to have updated info and if you ignore it you are fine.

Offline runnergirl

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Re: Amex F/R Master Thread
« Reply #7928 on: May 09, 2018, 01:18:26 PM »
Just received a call from Amex F/R. B'kitzur they want me to send them 2 months of bank account statements to see balance amounts. Has anyone had this experience, forward bank statements and then got cards restored again? Any advise on the best way to how to handle this would be appreciated.
Thanks

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #7929 on: May 09, 2018, 01:33:10 PM »
Just received a call from Amex F/R. B'kitzur they want me to send them 2 months of bank account statements to see balance amounts. Has anyone had this experience, forward bank statements and then got cards restored again? Any advise on the best way to how to handle this would be appreciated.
Thanks
Send them in and you should be fine.  Assuming you can show balances.   This is the easy version.

Offline runnergirl

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Re: Amex F/R Master Thread
« Reply #7930 on: May 09, 2018, 01:53:39 PM »
ok, BH, thanks so much!

Offline dealtastic

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Re: Amex F/R Master Thread
« Reply #7931 on: May 10, 2018, 11:06:09 PM »
Got this from Amex:

We’re writing to inform you that American Express makes periodic assessments of our commercial clients’ financial resources
Is this for a regular business card?
Did you spike your spending or get close to the credit line?

Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7932 on: July 01, 2018, 01:35:02 PM »
Last week I linked my first transfer account ever - my mr account to my ANA account and made a transfer just fine. Today, I unlinked my account, and linked to my wife's ANA account - she's been an au for years - since the opening of the card. When I tried to transfer points to her account I get an error saying selling points is not allowed etc. and transfer didn't go through. I caller MR, and they say I can't contact the review team, and they will contact me within 2 weeks. Obviously I need the transfer asap, because 4 biz tickets ain't gonna be available forever. Anything I can do/number to call to get this cleared asap?

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #7933 on: July 01, 2018, 02:27:43 PM »
Last week I linked my first transfer account ever - my mr account to my ANA account and made a transfer just fine. Today, I unlinked my account, and linked to my wife's ANA account - she's been an au for years - since the opening of the card. When I tried to transfer points to her account I get an error saying selling points is not allowed etc. and transfer didn't go through. I caller MR, and they say I can't contact the review team, and they will contact me within 2 weeks. Obviously I need the transfer asap, because 4 biz tickets ain't gonna be available forever. Anything I can do/number to call to get this cleared asap?
you can only transfer to 1 ANA account from an MR account

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7934 on: July 01, 2018, 03:52:59 PM »
Last week I linked my first transfer account ever - my mr account to my ANA account and made a transfer just fine. Today, I unlinked my account, and linked to my wife's ANA account - she's been an au for years - since the opening of the card. When I tried to transfer points to her account I get an error saying selling points is not allowed etc. and transfer didn't go through. I caller MR, and they say I can't contact the review team, and they will contact me within 2 weeks. Obviously I need the transfer asap, because 4 biz tickets ain't gonna be available forever. Anything I can do/number to call to get this cleared asap?
What does your question have to do with FR?