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 989018 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8070 on: February 16, 2019, 10:35:33 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!
You should have sent in new docs IMO.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8071 on: February 16, 2019, 10:44:36 PM »
You should have sent in new docs IMO.
was thinking the same after they closes it, any ideas what i can do?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8072 on: February 16, 2019, 11:20:50 PM »
was thinking the same after they closes it, any ideas what i can do?
You can call and ask them to try to reinstate, it most likely won't work but they have a system that will either approve or not.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8073 on: February 18, 2019, 02:17:13 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!
Although they did cancel my accounts, I just see that they refunded me the full $450 AF on the cc opened on DEC. 6th.
Does that make sense? is that standard procedure?

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8074 on: February 18, 2019, 02:39:48 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!
Great! now they're hounding my wife!
they said that they specifically need her business tax return, not personal.as they have those already from me
question: is around $4,000 business income (besides personal) enough to get her out of it?
they specifically said that they need business taxes, so im not counting on them to consider any personal income, or maybe they just want to confirm that I have a business? what do you think I should do?
 

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8075 on: February 18, 2019, 03:29:50 PM »
Great! now they're hounding my wife!
they said that they specifically need her business tax return, not personal.as they have those already from me
question: is around $4,000 business income (besides personal) enough to get her out of it?
they specifically said that they need business taxes, so im not counting on them to consider any personal income, or maybe they just want to confirm that I have a business? what do you think I should do?
Send in what you have.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8076 on: February 18, 2019, 03:54:50 PM »
Send in what you have.
not much else of a choice at this point
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8077 on: February 18, 2019, 04:53:56 PM »
not much else of a choice at this point
question is if I should close it myself, so shouldn't be reported as closed by bank

Offline as2

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Re: Amex F/R Master Thread
« Reply #8078 on: February 18, 2019, 05:50:52 PM »
question is if I should close it myself, so shouldn't be reported as closed by bank
Risk vs reward. If you value your Amex relationship enough, risk it, if not, close it and play it safe. If you are on the up and up, they shouldn't shut you down, but may slash CLs.
Memories last forever, make them while you can.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8079 on: February 18, 2019, 06:52:24 PM »
question is if I should close it myself, so shouldn't be reported as closed by bank
No
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8080 on: February 18, 2019, 06:58:28 PM »
Risk vs reward. If you value your Amex relationship enough, risk it, if not, close it and play it safe. If you are on the up and up, they shouldn't shut you down, but may slash CLs.
NO!!!! Do not do this, you most likely will pass, and even if you don't getting back in is as simple as reapplying and filling out the 4506-t. Some are careful to ask rep to call them before any adverse action is taken so they can deal with first, but in most peoples experience really doesn't make a difference.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8081 on: February 18, 2019, 07:09:52 PM »
but in most peoples experience really doesn't make a difference.
What dosnt make a difference?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8082 on: February 18, 2019, 07:22:28 PM »
What dosnt make a difference?
if the account holder closes them or amex does.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8083 on: February 18, 2019, 07:25:37 PM »
if the account holder closes them or amex does.
I see

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8084 on: February 18, 2019, 07:38:42 PM »
Great! now they're hounding my wife!
they said that they specifically need her business tax return, not personal.as they have those already from me
question: is around $4,000 business income (besides personal) enough to get her out of it?
they specifically said that they need business taxes, so im not counting on them to consider any personal income, or maybe they just want to confirm that I have a business? what do you think I should do?
another question, just going over the tax return and I relize under "name of proprietor", it only has my name not my wifes, even though i filed jointly
Is that a problem?