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 1289635 times)

Offline MOSES

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Re: Financial Review
« Reply #80 on: December 20, 2009, 11:31:08 AM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Avi
pray!

Offline steve2

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Re: Financial Review
« Reply #81 on: December 20, 2009, 12:28:41 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Avi

 well if you made everything up then Pray very Hard! especially if you are young

 If all the info you put down was legit then worse comes to worse they will simply ask you to send in copies of whatever it is that is bothering them so they will know all is OK. eg you put down you make $125.000 they will want you to send in copies of your pay stubs, you dont work then most likely they will Close your accts

Offline steve2

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Re: Financial Review
« Reply #82 on: December 20, 2009, 12:31:18 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?


 its not a good idea to post the samething in more then 1 Forum.

Offline SuperFlyer

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Re: Financial Review
« Reply #83 on: December 20, 2009, 05:06:07 PM »
its not a good idea to post the samething in more then 1 Forum.

The guy is in trouble and stressed, give him a break.

Please send me all the details in PM and I'll try to check it out.
I know of a pro...

Offline Dan

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Re: Financial Review
« Reply #84 on: December 20, 2009, 06:25:21 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Do you guys make money/pay taxes or not?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline steve2

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Re: Financial Review
« Reply #85 on: December 20, 2009, 07:05:17 PM »
The guy is in trouble and stressed, give him a break.

Please send me all the details in PM and I'll try to check it out.
I know of a pro...

 what are you talking about? Worse case whatever Institution they are dealing with will Close up their CCs. Its happened to numerous people. I suggested to a friend to simply open up a Savings and Checking acct at a Bank and get their CC and sit tight and things will be OK. They did that ayr ago and are back to getting CC apps in the mail once again

 The cops arent gonna be stopping by the guys house and hauling them off. It just means having to earn different type of Rewards for a while if that institution does Close them down.

 I applied for a special DL CC and Amex hit me with wanting me to provide them with certain proof of some things. I didnt send anything in and didnt get the CC and still get email about applying for a DL CC a different 1 and other Amex CCs

Offline SuperFlyer

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Re: Financial Review
« Reply #86 on: December 20, 2009, 07:47:56 PM »
good for you,

I know people who have been stripped completely, and others worse.....

Offline steve2

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Re: Financial Review
« Reply #87 on: December 20, 2009, 08:36:46 PM »
good for you,

I know people who have been stripped completely, and others worse.....

 remind me to send you a Medal

 I guess those that you know had problems werent on the up & up to begin with, otherwise if everything was true they either would have been OK or that Institution would simply have closed their accts with them but wouldnt have been gunning after them

Offline Charles The Govenor

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Re: Financial Review
« Reply #88 on: December 21, 2009, 01:51:45 AM »
good for you,

I know people who have been stripped completely, and others worse.....
What worse?
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Offline SuperFlyer

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Re: Financial Review
« Reply #89 on: December 21, 2009, 01:14:28 PM »
One travel agent was selling tickets to those "organ laundering or whatever" guys.

this travel agent was all legit, but because they (feds) decided to connect them both in the meantime, he has almost a year 600k frozen (thats al he has got), all his personal accounts frozen, and if he wouldnt have an excellent lawyer, he'd been in jail as preventive measure or so....

Offline Charles The Govenor

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Re: Financial Review
« Reply #90 on: December 21, 2009, 01:33:31 PM »
Wow that is insane!
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Offline steve2

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Re: Financial Review
« Reply #91 on: December 21, 2009, 01:47:14 PM »
One travel agent was selling tickets to those "organ laundering or whatever" guys.

this travel agent was all legit, but because they (feds) decided to connect them both in the meantime, he has almost a year 600k frozen (thats al he has got), all his personal accounts frozen, and if he wouldnt have an excellent lawyer, he'd been in jail as preventive measure or so....

 Id imagine they would do the same had that TA been involved with people selling drugs or washing $$$.

Its a criminal investigation and not what  I assume the OP ran into. Unless the OPs real name popped up on some CIA or FBI list, not that they were involved but other people with the same name were
« Last Edit: December 21, 2009, 01:53:30 PM by steve2 »

Offline jack

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Re: Financial Review
« Reply #92 on: December 21, 2009, 01:51:58 PM »
had a financial review and told them I'm too busy too send in paperwork.  They cut my credit from 35,000 to 25,000 the next month I used my chase and only charged about 1000 to my amex end of the month I noticed my credit limit was back to 36,000.

I got a review after I ordered a charge card which I ended up canceling so that can be a reason.

Offline steve2

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Re: Financial Review
« Reply #93 on: December 21, 2009, 01:52:46 PM »
Wow that is insane!

 why if the guy was involved I dont blame them for doing it. And it does take time for them to sort it all out

 Lets assume the TA had no idea what so ever what was going on, I agree they got the very short end of it all, but I understand the Feds for doing what they did. There just should be a way for them to either clear the person and remove all the closures or charge him. But in such an investagation they are looking to pull in all they think are involved.

Again not an everyday FR but any means
« Last Edit: December 21, 2009, 01:55:59 PM by steve2 »

Offline SuperFlyer

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Re: Financial Review
« Reply #94 on: December 21, 2009, 01:59:42 PM »
The Ta was not involved I know him personally.

Once cases go way above the regular judges pay grade, anything can happen...

At those levels they do exactly as it pleases them.

Offline steve2

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Re: Financial Review
« Reply #95 on: December 21, 2009, 02:21:40 PM »
The Ta was not involved I know him personally.

Once cases go way above the regular judges pay grade, anything can happen...

At those levels they do exactly as it pleases them.

 I didnt say the TA was Guilty I dont even know his/her name. Reread my post before yours.
I said I understood why the Feds would do what they did thinking that the TA might have been involved and were simply trying to cover their you know what and prevent the person from being able to skip town if in fact they were a part of it.

 that said I still cant believe that the guy who ratted out The Spinker in LA did so. I know who he is and that taught me that anyone is very capable of doing anything to save themselves or make a buck. Its just when it comes to having to sit most people will do whatever in order not to do the Time. RK was a pillar of the LA community and people there till this day still cant believe he did what he did. No different then people still cant believe how Dweck took down The Rabbis of his Community (SY). or that guy who had the butcher store in Monsey that was selling everyone Tiraf for all those yrs but the guy was an hoest and Respectable person in the Monsey Community

 again I dont know the TA but plenty of people knew the 3 I mentioned above and would have sworn the news and Feds were 1000% wrong, they werent in those cases.I dont know if they are or not in this case

Offline SuperFlyer

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Re: Financial Review
« Reply #96 on: December 21, 2009, 02:39:15 PM »
try to write shorter, your posts take too long to read for the info they contain.

the weird part is the member name, and the fact that what seem so important, he didnt bother to reply to it...

maybe a trap?

for me this discussion topic is closed.

Offline steve2

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Re: Financial Review
« Reply #97 on: December 21, 2009, 02:57:27 PM »
try to write shorter, your posts take too long to read for the info they contain.

the weird part is the member name, and the fact that what seem so important, he didnt bother to reply to it...

maybe a trap?

for me this discussion topic is closed.

 Do 1 better, simply skip and dont read whatever it is I post

Offline al613

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Re: Financial Review
« Reply #98 on: December 21, 2009, 03:51:43 PM »
I've been there (and seen it few times)

1. Transfer all points you might have with Amex
2. Call Amex (or better email) and close ALL accounts with them (should state: closed by customer)
3. 60-90 days later apply for whatever Amex cards you want - if your credit/ income are fine you will get it without any extra verification
4. Enjoy your new bounses  ;D

Offline daganster

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Re: Financial Review
« Reply #99 on: December 21, 2009, 09:18:37 PM »
Sorry for posting it in two different places. I am new to this Forum and was not sure were to post it.