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 980276 times)

Offline compddd

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Re: Amex Financial Review
« Reply #810 on: December 27, 2011, 01:18:20 PM »
Seems Amex doesn't care about it's customers anymore. They just let their robots and algorithms do all deciding for them.

Offline ZCN

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Re: Amex Financial Review
« Reply #811 on: December 27, 2011, 01:19:32 PM »
They will accept them if there is no tax information for one reason or another.


Yeah, but I do have tax info, just very little,  under 5k in 2010.

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Re: Re: Amex Financial Review
« Reply #812 on: December 27, 2011, 01:20:24 PM »

Quick update, along with some confusing and possibily new info.

   I finally got to speak to a supervisor today about sending in bank docs as supprting docs. She told me that they will not accecpt anything else besides the IRS form ( and yes, I was speaking with a supervisor).

 When I told her about my situation she said that no matter what income they see from my 2010 taxes they will NOT close any of my accounts (currently have 4 ). She said the whole purpose of the FR is to determine reasonable credit limits for each account holder.
 She even said something to the effect that they don't have the ability to close accounts based on income, all they can do is readjust credit limits.

  For me, what she's saying makes some sense, but I'm still a little nervous. The last thing I need right now is AMEX to shut down 4 accounts with the resulting plunge in our credit score.

 What do you guys think about what she said? Makes sense, or BS?
be very careful, would be a good idea to double check with a lawyer , if claiming false income, isn't a legal problem, since uv probably stated on the application more income then the irs/bank documents show that you do (we have a famous fellow in Iowa that is behind bars because of that
) not intended to frighten you just make sure
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Offline AsherO

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Re: Amex Financial Review
« Reply #813 on: December 27, 2011, 01:22:25 PM »
Seems Amex doesn't care about it's customers anymore. They just let their robots and algorithms do all deciding for them.

Yup, she did say some telling things, like "we do this to hundreds and hundreds of customers a week", which in the scheme of things for Amex, isn't even that much. She also told me that if I had just kept my one old account and not opened 5 new ones, I'd probably fly under the radar (she used those words).

be very careful, would be a good idea to double check with a lawyer , if claiming false income, isn't a legal problem, since uv probably stated on the application more income then the irs/bank documents show that you do (we have a famous fellow in Iowa that is behind bars because of that
) not intended to frighten you just make sure
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Amex won't give you legal problems, they'll just shut you down if they don't like the story you've told them.
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Offline ZCN

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Re: Amex Financial Review
« Reply #814 on: December 27, 2011, 01:23:48 PM »
Not i my case...

 :'( :'( :'(

My F/R rep advised me that all my accounts (consumer and biz) are going to be closed because I don't have a biz return for 2010. At the last moment she agreed to let me plead my case with a supervisor, so at least I had a chance to call CS and close my cards  :'(

I closed six of my cards, and left the last one open hoping to plead with the supervisor to at least let me keep that one, anyone think I should close the last one as well? (since I was pretty much told they are shutting me down, and if they close the accounts it'll be reported as "closed by issuer")


How did you get the rep to tell you they intend to close your accounts before they actually did so?

Offline AsherO

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Re: Amex Financial Review
« Reply #815 on: December 27, 2011, 01:24:35 PM »

How did you get the rep to tell you they intend to close your accounts before they actually did so?

Same way you got your rep to tell you they won't close your accounts if you show even a little bit of income.
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Offline ZCN

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Re: Amex Financial Review
« Reply #816 on: December 27, 2011, 01:26:20 PM »
Not i my case...

 :'( :'( :'(

My F/R rep advised me that all my accounts (consumer and biz) are going to be closed because I don't have a biz return for 2010. At the last moment she agreed to let me plead my case with a supervisor, so at least I had a chance to call CS and close my cards  :'(

I closed six of my cards, and left the last one open hoping to plead with the supervisor to at least let me keep that one, anyone think I should close the last one as well? (since I was pretty much told they are shutting me down, and if they close the accounts it'll be reported as "closed by issuer")


Did they tell you why they were shutting down the personal accounts as well?

Offline AsherO

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Re: Amex Financial Review
« Reply #817 on: December 27, 2011, 01:28:27 PM »
Did they tell you why they were shutting down the personal accounts as well?

It's all or nothing, she said. I tried pleading with her to leave me with one card and a slashed credit line, no go.
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Re: Re: Amex Financial Review
« Reply #818 on: December 27, 2011, 01:31:27 PM »


Amex won't give you legal problems, they'll just shut you down if they don't like the story you've told them.
thats not called being sure, besides IM talking when they dint shut the acct, just leaving it open and still they might consider reporting sucha issue, amex is a lender the same way a bank lends, giving a lender false info thus getting more credit, could be a problem
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Offline ZCN

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Re: Re: Amex Financial Review
« Reply #819 on: December 27, 2011, 01:35:06 PM »
thats not called being sure, besides IM talking when they dint shut the acct, just leaving it open and still they might consider reporting sucha issue, amex is a lender the same way a bank lends, giving a lender false info thus getting more credit, could be a problem
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You may be correct in general, in my case though I'm not worried. I have proof of most of the income I claimed to AMEX we make. The problem is it's not on my tax return (didn't have to report that income) so AMEX doesn't see it....

Offline AsherO

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Re: Amex Financial Review
« Reply #820 on: December 27, 2011, 01:36:23 PM »
thats not called being sure, besides IM talking when they dint shut the acct, just leaving it open and still they might consider reporting sucha issue, amex is a lender the same way a bank lends, giving a lender false info thus getting more credit, could be a problem
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I don't agree, Amex isn't in that business, especially if you don't admit you lied, you just say you were claiming X as income, just that it isn't on your IRS documents.
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Re: Amex Financial Review
« Reply #821 on: December 27, 2011, 01:39:37 PM »
It's all or nothing, she said. I tried pleading with her to leave me with one card and a slashed credit line, no go.


 This is what's so confusing for me. If I have your rep/manager I'll most likely get shut down, but my account manager told me I'll be ok. It's the differences of what we are told is going to happen that's driving me crazy. Seems like every one at AMEX has a different way of doing things.

Offline AsherO

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Re: Amex Financial Review
« Reply #822 on: December 27, 2011, 01:40:34 PM »

 This is what's so confusing for me. If I have your rep/manager I'll most likely get shut down, but my account manager told me I'll be ok. It's the differences of what we are told is going to happen that's driving me crazy. Seems like every one at AMEX has a different way of doing things.

But you don't have a business that isn't on your 2010 return, I do.
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Re: Amex Financial Review
« Reply #823 on: December 27, 2011, 01:44:54 PM »
But you don't have a business that isn't on your 2010 return, I do.


True, but what connection is there between your biz and consumer accts? The fact they shut down both seems to me to be over the top. And if they act over the top with you, they can act that way towards me or anyone else.

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Re: Amex Financial Review
« Reply #824 on: December 27, 2011, 01:59:13 PM »
True, but what connection is there between your biz and consumer accts? The fact they shut down both seems to me to be over the top. And if they act over the top with you, they can act that way towards me or anyone else.

They told me it's all or nothing, if they have reason to shut down the biz accounts, personal accounts gotta go as well.
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