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 973689 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8085 on: February 18, 2019, 10:14:27 PM »
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?
im not sure..
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #8086 on: February 27, 2019, 12:21:44 PM »
seems there is a wave from fr`s now ?
I know from 3,

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8087 on: February 28, 2019, 08:31:44 PM »
seems there is a wave from fr`s now ?
I know from 3,
I know of 6, including me.
plus another few here on DDF

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8088 on: February 28, 2019, 08:43:52 PM »
I know of 6, including me.
plus another few here on DDF
Were you or others you know of swiping for others in large amounts? Doing buying groups in heavy quantities?  Any very large spend or unusual activity? Thanks
I was the Best,still the Best, and will always be the Best.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8089 on: February 28, 2019, 09:07:04 PM »
Supposedly all the guys involved in one of those swiping scams were fr/d
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline pointer

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Re: Amex F/R Master Thread
« Reply #8090 on: February 28, 2019, 09:08:23 PM »
Supposedly all the guys involved in one of those swiping scams were fr/d
but not all guys fr/d were involved in one of those swiping scams..........

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8091 on: February 28, 2019, 10:27:46 PM »
but not all guys fr/d were involved in one of those swiping scams..........
oh I'm sure not
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline as2

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Re: Amex F/R Master Thread
« Reply #8092 on: February 28, 2019, 10:52:45 PM »
Were you or others you know of swiping for others in large amounts? Doing buying groups in heavy quantities?  Any very large spend or unusual activity? Thanks
I just completed my FR in Jan, and I assume what triggered it was swiping $120k in one night, when I usually put $10-30k a month on my amex cards.
Memories last forever, make them while you can.

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8093 on: March 01, 2019, 12:02:09 AM »
Friend of mind was told that a specific zip code was a trigger for FR's this round.

Take it for whatever you want..
Life is as good as you make it...

Offline yitzgar

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Re: Amex F/R Master Thread
« Reply #8094 on: March 01, 2019, 12:08:47 AM »
Friend of mind was told that a specific zip code was a trigger for FR's this round.

Take it for whatever you want..
Which zip?

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8095 on: March 01, 2019, 12:11:21 AM »
Life is as good as you make it...

Offline yitzgar

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Re: Amex F/R Master Thread
« Reply #8096 on: March 01, 2019, 12:13:28 AM »
I'll give you 3 guesses
Obviously not the only trigger, though

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8097 on: March 01, 2019, 12:15:24 AM »
Friend of mind was told that a specific zip code was a trigger for FR's this round.

Take it for whatever you want..
*some specific zip codes* FTFY

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8098 on: March 01, 2019, 12:16:29 AM »
*some specific zip codes* FTFY
Should I tell that to the amex rep as well?
Life is as good as you make it...

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8099 on: March 01, 2019, 12:17:53 AM »
Should I tell that to the amex rep as well?
Well you'll need to tell your friend to tell them