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 1068986 times)

Offline bermo

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Re: Amex F/R Master Thread
« Reply #8100 on: March 01, 2019, 01:06:22 AM »
I'll give you 3 guesses
Starting with a 1 or a 0

Offline Z56

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Re: Amex F/R Master Thread
« Reply #8101 on: March 01, 2019, 02:16:03 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..

Nothing with zip codes...

If you have transaction from merchants _______,______. You got FR and closed
“I have nothing in common with lazy people who blame others for their lack of success. Great things come from hard work

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8102 on: March 05, 2019, 02:05:00 AM »
Nothing with zip codes...

If you have transaction from merchants _______,______. You got FR and closed
Can you talk a bit more? Source?
I might of had a swipe with one of those merchants but a Kong time ago and not recurring, should I be worried? I'm under FR now.

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8103 on: March 05, 2019, 02:09:06 AM »
Can you talk a bit more? Source?
I might of had a swipe with one of those merchants but a Kong time ago and not recurring, should I be worried? I'm under FR now.
No one knows for sure especially with all this mess .
I was the Best,still the Best, and will always be the Best.
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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8104 on: March 05, 2019, 02:11:08 AM »
No one knows for sure especially with all this mess .
My question was if he's speculating, guessing, or actually knows a few people with common denominator.

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8105 on: March 05, 2019, 02:32:48 AM »
My question was if he's speculating, guessing, or actually knows a few people with common denominator.
Got it, thanks.
I was the Best,still the Best, and will always be the Best.
Pele Good,Maradona Better, George Best.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8106 on: March 05, 2019, 02:33:29 AM »
Got it, thanks.
Well, thanks to you.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8107 on: March 07, 2019, 09:39:32 PM »
Friend of mind was told that a specific zip code was a trigger for FR's this round.

Take it for whatever you want..
same with chase shutdowns. Time to rent a PO Box in Alaska:)
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Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8108 on: March 15, 2019, 06:50:53 AM »
is it a ok to have someone else bill pay my business CC or thats a trigger

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Re: Amex F/R Master Thread
« Reply #8109 on: March 15, 2019, 10:17:56 AM »
is it a ok to have someone else bill pay my business CC or thats a trigger
Def not a good thing to do

Offline tmendy226

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Re: Amex F/R Master Thread
« Reply #8110 on: March 15, 2019, 01:38:20 PM »
Is there another thread for Amex shudowns?

I just got the following message from Amex, is there anything I can do?

We want to let you know that after a recent review of your American Express® account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #8111 on: March 15, 2019, 02:04:44 PM »
Is there another thread for Amex shudowns?

I just got the following message from Amex, is there anything I can do?

We want to let you know that after a recent review of your American Express® account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.
Unfortunately this is the right thread

Offline chbochur

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Re: Amex F/R Master Thread
« Reply #8112 on: March 15, 2019, 02:20:29 PM »
Is there another thread for Amex shudowns?

I just got the following message from Amex, is there anything I can do?

We want to let you know that after a recent review of your American Express account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.
We'll be hearing allot of this in the next little while

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8113 on: March 15, 2019, 02:25:40 PM »
Is there another thread for Amex shudowns?

I just got the following message from Amex, is there anything I can do?

We want to let you know that after a recent review of your American Express® account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.
Just for some DP, was your cc swiped by any of these companies?

Offline bortunkm

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Re: Amex F/R Master Thread
« Reply #8114 on: March 15, 2019, 03:34:25 PM »
Amex shut down all accounts after repeatedly calling to tell us that they needed to do a financial review, seemingly because of high spending in general. The financial review was never done as documents (tax returns, bank statements) were never sent in. Now all accounts have been cancelled. What is protocol now? What are the next steps to take? We have all required legitimate documents (tax returns, bank statements) and everything will match, we just never sent them in.

Below is exact email from Amex:

"We want to let you know that after a recent review of your American Express® account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.
 
Important steps to take for your cancelled accounts
For next steps, please complete the following:
 
Ensure that any Additional Card Members are also advised of the cancellation(s).
Cut your Cards in half or, in the case of titanium Cards, please return them to us and we'll destroy them for you.
Cancel any standing orders, subscriptions, and automatic billing directly with the merchants.
 
You’ll still be responsible for charges approved after cancellation
Cancellation of Cards may not prevent standing orders from being accepted, so it is very important they are cancelled immediately. You will still be responsible for any charges approved after your Cards are cancelled."
 
Any assistance is greatly appreciated.

Thank you.