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 974523 times)

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8010 on: December 13, 2018, 09:39:56 AM »
i was FR'd due to a large charge that my friend did.  i did not get to submit my docs in time. now amex shut down only my personal cards and the business is still active.  does this make sense or should i expect them to shut down the business cards as well?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #8011 on: December 13, 2018, 04:09:40 PM »
i was FR'd due to a large charge that my friend did.  i did not get to submit my docs in time. now amex shut down only my personal cards and the business is still active.  does this make sense or should i expect them to shut down the business cards as well?
If you didnt send docs in at all then it doesnt make sense .

Offline dealtastic

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Re: Amex F/R Master Thread
« Reply #8012 on: December 16, 2018, 03:06:25 AM »
i was FR'd due to a large charge
How large is large? 4, 5, 6 figures charge?

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Re: Amex F/R Master Thread
« Reply #8013 on: December 20, 2018, 02:24:45 AM »
If you didnt send docs in at all then it doesnt make sense .
Correct, it's all or nothing.
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Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8014 on: December 21, 2018, 12:06:17 AM »
Correct, it's all or nothing.
Turned into all >:(

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8015 on: December 21, 2018, 12:06:53 AM »
How large is large? 4, 5, 6 figures charge?
Not really large. Was over $10k. I have done over $30k charges.   This time they were picky

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8016 on: December 21, 2018, 12:14:32 AM »
Not really large. Was over $10k. I have done over $30k charges.   This time they were picky
How long have you been an Amex card holder? The reason I am asking is to see if it makes any difference whether the number of years matter.
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Offline as2

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Re: Amex F/R Master Thread
« Reply #8017 on: December 21, 2018, 02:07:03 AM »
Not really large. Was over $10k. I have done over $30k charges.   This time they were picky
I am under FR now, for this. Never really did larger than $20k, but swiped $110k in a matter of hours in increments of $15k, $10k and $5k. Only had the card for a couple years.
Memories last forever, make them while you can.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8018 on: December 21, 2018, 02:09:05 AM »
How long have you been an Amex card holder? The reason I am asking is to see if it makes any difference whether the number of years matter.
Doesn't make a difference but once you do pass an FR you're usually good for around 2 years.
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Offline oldguy

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Re: Amex F/R Master Thread
« Reply #8019 on: December 21, 2018, 01:45:50 PM »
Doesn't make a difference but once you do pass an FR you're usually good for around 2 years.
I got 2 FR's in 1 year, When I called them up that they already have my 4506t from 2017, they checked and removed the hold on my accounts
But typically I get a FR right after my limits come off and I start spending again.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8020 on: December 21, 2018, 01:46:41 PM »
I got 2 FR's in 1 year, When I called them up that they already have my 4506t from 2017, they checked and removed the hold on my accounts
But typically I get a FR right after my limits come off and I start spending again.
Interesting, most people, including myself, are good for a while after passing FR.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8021 on: December 21, 2018, 01:55:39 PM »
All depends on the usage pattern and cardholder history for the most part.
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #8022 on: December 21, 2018, 02:16:14 PM »
I am under FR now, for this. Never really did larger than $20k, but swiped $110k in a matter of hours in increments of $15k, $10k and $5k. Only had the card for a couple years.
Can you pass a FR?
For those that can't pass a FR you should ramp up slowly. It might hurt a little now but you will thank me when you are swiping 400-500k/mo without issue.
I just found a new supply of forks!

Offline as2

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Re: Amex F/R Master Thread
« Reply #8023 on: December 21, 2018, 02:20:38 PM »
Can you pass a FR?
For those that can't pass a FR you should ramp up slowly. It might hurt a little now but you will thank me when you are swiping 400-500k/mo without issue.
Yup, not particularly worried. I'm confident I will pass, but who knows with Amex...
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8024 on: December 23, 2018, 11:12:01 AM »
Can you loose your marriot points if an Amex SPG card gets shut down/ or u shut it down due to an f/R ?