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 974168 times)

Offline drone

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Re: Amex F/R Master Thread
« Reply #8055 on: January 16, 2019, 07:13:33 PM »
Does anyone have any recent experience with an F/R that they took Bank Statements instead of tax return?
Yes, just got the call... The rep told me that if I will swipe again this large amounts of money at this place/congregation they will close it completely, but they will reopen it, but I need to send in my bank statements from the last 2 months, I went ahead and provided 6 months, which has much more money, I'm a bit nervous because money comes and goes, nothing really stays, but I think it might not be a difference, and my second problem is, that I'm paying with someone else's account via the routing numbers, and I can't provide this statements, but I'll hope your there best, fire someone have experience with this situation?

Offline shmielyosef

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Re: Amex F/R Master Thread
« Reply #8056 on: January 16, 2019, 07:15:41 PM »
Yes, just got the call... The rep told me that if I will swipe again this large amounts of money at this place/congregation they will close it completely, but they will reopen it, but I need to send in my bank statements from the last 2 months, I went ahead and provided 6 months, which has much more money, I'm a bit nervous because money comes and goes, nothing really stays, but I think it might not be a difference, and my second problem is, that I'm paying with someone else's account via the routing numbers, and I can't provide this statements, but I'll hope your there best, fire someone have experience with this situation?
I had some payments from someone elseís account, they made me send in my bank statements and that personís as well. (In addition to a tax return that i was listed as a dependant)

Offline shmielyosef

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Re: Amex F/R Master Thread
« Reply #8057 on: January 16, 2019, 07:17:30 PM »

Offline drone

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Re: Amex F/R Master Thread
« Reply #8058 on: January 17, 2019, 09:27:29 PM »
BH I passed the FR now... In just one day, and I didn't have too much money in my account, plus all the money were withdrawd each month anyway, but passed with no issues

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8059 on: February 16, 2019, 08:09:54 PM »
PLZ HELP!

Amex closed all of my accounts, after submitting the required documents >:(

(actually i did not send in the form, I told them that i provided the doc. when i was  previously FR'd, 8 months ago, they told me they see the documents and they'll get back to me with the results. if it makes a difference)

Is there anything I can do, anybody I can talk to to get my accounts reinstated?

any help is greatly appreciated, tnx!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8060 on: February 16, 2019, 08:19:58 PM »
I have a friend who called and emailed corporate a few times till they eventually (took a few months) reinstated his accounts and points
can you plz provide more info on this? who did he contact? tnx!

Offline as2

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Re: Amex F/R Master Thread
« Reply #8061 on: February 16, 2019, 08:42:01 PM »
PLZ HELP!

Amex closed all of my accounts, after submitting the required documents >:(

(actually i did not send in the form, I told them that i provided the doc. when i was  previously FR'd, 8 months ago, they told me they see the documents and they'll get back to me with the results. if it makes a difference)

Is there anything I can do, anybody I can talk to to get my accounts reinstated?

any help is greatly appreciated, tnx!
What the hell are you doing that would cause a FR just months after the previous one?
Memories last forever, make them while you can.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8062 on: February 16, 2019, 08:43:57 PM »
What the hell are you doing that would cause a FR just months after the previous one?
out of the blue! average monthly balance $2,000, always paid in full

I did apply for three cards back in dec. blue business, hilton business and personal gold

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8063 on: February 16, 2019, 08:48:28 PM »
out of the blue! average monthly balance $2,000, always paid in full

I did apply for three cards back in dec. blue business, hilton business and personal gold
Wow, I do not see anything extraordinary that you did.
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Re: Amex F/R Master Thread
« Reply #8064 on: February 16, 2019, 08:53:46 PM »
out of the blue! average monthly balance $2,000, always paid in full

I did apply for three cards back in dec. blue business, hilton business and personal gold
Wow, I do not see anything extraordinary that you did.
Very odd. And that's how it's always been? You didn't do anything prior to your first FR? That's a bit abusive, as if the whole FR thing isn't to begin with...
Memories last forever, make them while you can.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8065 on: February 16, 2019, 08:57:36 PM »
Very odd. And that's how it's always been? You didn't do anything prior to your first FR? That's a bit abusive, as if the whole FR thing isn't to begin with...
when i was first FR'd, it was after trying to swipe 10k, I B'H passd it, at the time i had the every day, and bus. plat., only the plat. was capped at $5000, i did recycle the cl a couple of times after the FR, but that was like 7 months ago,

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8066 on: February 16, 2019, 09:03:49 PM »
That's a bit abusive, as if the whole FR thing isn't to begin with...
am not following, what do u mean?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8067 on: February 16, 2019, 09:11:50 PM »
am not following, what do u mean?
I'm saying the FR process is abusive as it is, but to go through 2...
Memories last forever, make them while you can.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8068 on: February 16, 2019, 09:13:37 PM »
I'm saying the FR process is abusive as it is, but to go through 2...
yea! nuts am really pissed, especially since this my oldest cc and will hurt credit history

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8069 on: February 16, 2019, 09:20:11 PM »
I did apply for three cards back in dec. blue business, hilton business and personal gold
it was self referred though, think they are trying to get back?