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 981345 times)

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7965 on: July 24, 2018, 04:28:52 PM »
Have you spoken to one? All I know is that the Amex FR department is probably one of the weirdest customer facing departments in any major bank, I wouldn't be too sure that they have a direct superior that they will put on the phone with you.
yes I have spoken to one, you have to request it.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7966 on: July 24, 2018, 08:01:52 PM »
yes I have spoken to one, you have to request it.
correct.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #7967 on: July 25, 2018, 04:34:32 PM »
Rep insists that she need tax returns. Total credit limits are 5k ED 1k SPG. Asked for supervisor calllback and she says they will tell me the same thing, that they need tax returns to check off the box on their F/R checklist. If supervisor doesnt pan out do any chance they allow me to close ED and leave SPG? I will close before they do if not.
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Offline pointer

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Re: Amex F/R Master Thread
« Reply #7968 on: July 26, 2018, 11:55:26 PM »
has anyone been shut down after sending in tax return with much, much, lower income then stated on application?
« Last Edit: July 27, 2018, 12:12:12 AM by pointer »

Offline pointer

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Re: Amex F/R Master Thread
« Reply #7969 on: July 27, 2018, 12:51:26 AM »
checked my spending power for approx. 11,000 (business platinum opened around a month ago) was approved, ordered online,  got an email  card was declined, chatted online, was told due to a security/fraud prevention I should call 888-800-5234 to "verify the charges" I called that number she asked me a couple of questions abt my "business", put me on hold then tells me your account came in for FINANCIAL REVIEW! funny part is before i called my account was still open and not in F/R, seems to me that she herself opened this F/R

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7970 on: July 27, 2018, 11:06:18 AM »
checked my spending power for approx. 11,000 (business platinum opened around a month ago) was approved, ordered online,  got an email  card was declined, chatted online, was told due to a security/fraud prevention I should call 888-800-5234 to "verify the charges" I called that number she asked me a couple of questions abt my "business", put me on hold then tells me your account came in for FINANCIAL REVIEW! funny part is before i called my account was still open and not in F/R, seems to me that she herself opened this F/R
Using the check spending power is a known FR trigger.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline S123

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Re: Amex F/R Master Thread
« Reply #7971 on: July 27, 2018, 11:23:41 AM »
Using the check spending power is a known FR trigger.
really? I thought the opposite

Offline BB

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Re: Amex F/R Master Thread
« Reply #7972 on: August 03, 2018, 04:16:47 PM »
Does anyone have any recent experience with an F/R that they took Bank Statements instead of tax return?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7973 on: August 04, 2018, 11:23:19 PM »
Does anyone have any recent experience with an F/R that they took Bank Statements instead of tax return?
depends on the rep.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7974 on: August 04, 2018, 11:23:53 PM »
what's the timeline for reapplying after shutdown? 6 months from closure of the cards?
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline BP16

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Re: Amex F/R Master Thread
« Reply #7975 on: August 04, 2018, 11:53:21 PM »
what's the timeline for reapplying after shutdown? 6 months from closure of the cards?
no time line they may still ask for a 4506-T form when you apply, just make sure you put in the income what it says on your tax return.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7976 on: August 05, 2018, 12:04:08 AM »
no time line they may still ask for a 4506-T form when you apply, just make sure you put in the income what it says on your tax return.
there is a time after where they sometimes dont ask for it, thanks.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline BP16

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Re: Amex F/R Master Thread
« Reply #7977 on: August 05, 2018, 11:51:28 AM »
there is a time after where they sometimes dont ask for it, thanks.
Nop sometimes 3 months some times never, so there is no time.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7978 on: August 05, 2018, 12:50:21 PM »
Nop sometimes 3 months some times never, so there is no time.
got it, thanks.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline pointer

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Re: Amex F/R Master Thread
« Reply #7979 on: August 06, 2018, 11:52:18 PM »
 sent the requested form (obviously my income was way way less than i had stated on app.) a week later i got a call that they just lowered my cl to $5k.
seems like all the hype about F/R is if you don't cooperate with them