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 971989 times)

Online mochjas

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Re: Amex F/R Master Thread
« Reply #8025 on: December 23, 2018, 11:34:42 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 ?
not once they are in your Marriott account

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8026 on: December 23, 2018, 09:07:09 PM »
not once they are in your Marriott account
correct
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8027 on: December 23, 2018, 09:08:39 PM »
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.
8 years

Offline Honest

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Re: Amex F/R Master Thread
« Reply #8028 on: December 31, 2018, 02:36:51 PM »
Hi

(Urgent )

Paying my Amex bill from someone's account via Billpay any different then sending a check from someone account ?

Do they know from which account its coming ?
« Last Edit: December 31, 2018, 04:36:02 PM by Honest »

Offline GettingReady

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Re: Amex F/R Master Thread
« Reply #8029 on: December 31, 2018, 04:53:13 PM »
Hi

(Urgent )

Paying my Amex bill from someone's account via Billpay any different then sending a check from someone account ?

Do they know from which account its coming ?

Amex doesn’t care where the payment comes from.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8030 on: December 31, 2018, 06:50:54 PM »
Amex doesn’t care where the payment comes from.
That's not true.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline GettingReady

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Re: Amex F/R Master Thread
« Reply #8031 on: December 31, 2018, 07:20:58 PM »
That's not true.

Then maybe I should add IME. :)

Offline shmielyosef

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Re: Amex F/R Master Thread
« Reply #8032 on: December 31, 2018, 08:19:09 PM »
Amex doesn’t care where the payment comes from.
When i got F/R'ed, one of the things they asked about was who's bank account other than mine i paid my bills from.

Offline GettingReady

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Re: Amex F/R Master Thread
« Reply #8033 on: December 31, 2018, 08:58:46 PM »
When i got F/R'ed, one of the things they asked about was who's bank account other than mine i paid my bills from.

I just got asked if I was buying GCs. That was a couple years ago before I learned to mask purchases for MSR.

Offline SamCan

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Re: Amex F/R Master Thread
« Reply #8034 on: January 03, 2019, 02:54:07 PM »
My wife was just selected for a canadian fr. They are asking for bank statements and tax returns. Being that I just bought a house there are a lot of cash in the bank accounts, but there were also significant withdralws. Should we mention that we bought a house or just send it in, without attaching anything?
Should we send in my paystuebs as well? or it will just trigger a fr on my cards?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8035 on: January 03, 2019, 03:14:13 PM »
My wife was just selected for a canadian fr. They are asking for bank statements and tax returns. Being that I just bought a house there are a lot of cash in the bank accounts, but there were also significant withdralws. Should we mention that we bought a house or just send it in, without attaching anything?
Should we send in my paystuebs as well? or it will just trigger a fr on my cards?
If it’s the same as American just send in exactly what they are asking for. No more no less.

Offline SamCan

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Re: Amex F/R Master Thread
« Reply #8036 on: January 03, 2019, 03:40:51 PM »
Do you have experience with a Canadian FR?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8037 on: January 03, 2019, 04:16:19 PM »
Do you have experience with a Canadian FR?
Did you read what I wrote?

Offline Z56

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Re: Amex F/R Master Thread
« Reply #8038 on: January 09, 2019, 10:00:33 AM »
asking for a friend, got  shut down no F/R just phone call and closed (due returned payments)

He claims he cant access his points in his accounts, anyway to get the points back or reopened ?

True friends are like diamonds, precious and rare. False friends are like leaves, found everywhere.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8039 on: January 09, 2019, 10:04:02 AM »
asking for a friend, got  shut down no F/R just phone call and closed (due returned payments)

He claims he cant access his points in his accounts, anyway to get the points back or reopened ?
call MR, if that doesnt work gotta go CFPB
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle