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 ectÖ

Letís 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 donít 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 974491 times)

Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7935 on: July 01, 2018, 04:18:36 PM »
What does your question have to do with FR?

Doesn't really, but it's the closest one I could find. Thanks for your help.

Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7936 on: July 03, 2018, 05:07:14 AM »
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?

Update: I tried transferring again, and now this message pops up:
"This action will not be completed at this time because your account is currently being reviewed to make sure all eligible purchases meet qualifying criteria."

Is it now officially an FR?

Offline JACKBLUE

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Re: Amex F/R Master Thread
« Reply #7937 on: July 03, 2018, 07:17:47 AM »
Update: I tried transferring again, and now this message pops up:
"This action will not be completed at this time because your account is currently being reviewed to make sure all eligible purchases meet qualifying criteria."

Is it now officially an FR?
no this is a MR review

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7938 on: July 05, 2018, 03:47:25 PM »
Update: I tried transferring again, and now this message pops up:
"This action will not be completed at this time because your account is currently being reviewed to make sure all eligible purchases meet qualifying criteria."

Is it now officially an FR?
First you wont be able to transfer to another ANA account once you transferred to an ANA account.
Second dont try again as it will restart the 2 week period.

Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7939 on: July 06, 2018, 03:04:32 AM »
First you wont be able to transfer to another ANA account once you transferred to an ANA account.
Second dont try again as it will restart the 2 week period.

There's no way to get it unlocked?

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7940 on: July 18, 2018, 11:49:57 AM »
Does anyone know how I can get back onto amex after being f/red a few years ago and I just reapplied and they still want my tax return and I don't have..and they won't take bank statements would me getting put on as an author with somebody else help and also would that trigger an f/r for him?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7941 on: July 18, 2018, 01:11:39 PM »
Does anyone know how I can get back onto amex after being f/red a few years ago and I just reapplied and they still want my tax return and I don't have..and they won't take bank statements would me getting put on as an author with somebody else help and also would that trigger an f/r for him?
Wait 6 months and try again, although it's unlikely that they'll ever let you back in without tax returns.
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Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7942 on: July 18, 2018, 01:55:20 PM »
Would being added as an au help me avoid that and also I waited almost a year from my previous application with them

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7943 on: July 18, 2018, 02:14:44 PM »
Would being added as an au help me avoid that and also I waited almost a year from my previous application with them
No, and I'm not sure what waiting a year has anything to do with it. If they're still asking for tax returns, wait 6 months and try again but don't count on it.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline shapsam

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Re: Amex F/R Master Thread
« Reply #7944 on: July 18, 2018, 02:35:45 PM »
Would being added as an au help me avoid that and also I waited almost a year from my previous application with them
Just curious, why don't you file taxes even if your only doing it for Amex?

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #7945 on: July 20, 2018, 12:17:33 AM »
Tried to pay down almost 95% of Amex EDC balance yesterday. Available credit usually posts immediately. It didnt so I cancelled payment. Got a call from FR Dept today. Dont have much credit witb Amex 1k SPG and 5k ED with no points really at risk. Is paying down balance a trigger? Is cancelling payment a trigger?
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Offline ludmila

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Re: Amex F/R Master Thread
« Reply #7946 on: July 20, 2018, 12:59:11 AM »
Tried to pay down almost 95% of Amex EDC balance yesterday. Available credit usually posts immediately. It didnt so I cancelled payment. Got a call from FR Dept today. Dont have much credit witb Amex 1k SPG and 5k ED with no points really at risk. Is paying down balance a trigger? Is cancelling payment a trigger?
No, I pay down balances all the time, never cancelled a payment .
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #7947 on: July 20, 2018, 01:06:05 AM »
No, I pay down balances all the time, never cancelled a payment .
Well called them and waiting for return call. I cant see that they would be worried about it. I always pay. Probably just looked suspicious because it was larger than nkrmal paydown and then cancellation.
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7948 on: July 20, 2018, 11:26:43 AM »
Well called them and waiting for return call. I cant see that they would be worried about it. I always pay. Probably just looked suspicious because it was larger than nkrmal paydown and then cancellation.
Are your accounts suspended or can you still charge?
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #7949 on: July 20, 2018, 11:35:04 AM »
Are your accounts suspended or can you still charge?
Suspended and they want 2016 returns. Dead. Gonna cancel.
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