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 997987 times)

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8130 on: March 16, 2019, 10:28:18 PM »
What does it look like when you login if your accounts are closed?
Just says account is cancelled
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8131 on: March 16, 2019, 10:29:17 PM »
Won't help at this point. You can hope to get reopened in a few years
Can get back into amex in less then a year
Life is as good as you make it...

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Re: Amex F/R Master Thread
« Reply #8132 on: March 17, 2019, 01:30:37 AM »
This is the message I got:
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.

Is there anything that can be done to get back the points as people wrote above? how about getting cards reopened? any way to get back to Amex at some point?

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8133 on: March 17, 2019, 08:40:08 AM »
This is the message I got:
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.

Is there anything that can be done to get back the points as people wrote above? how about getting cards reopened? any way to get back to Amex at some point?

Just for some DP, was your cc swiped by any of these companies?

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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8134 on: March 28, 2019, 12:24:13 AM »
Nope.
This is the message I got when amex closed my accounts



"We are contacting you to be sure you do not have any surprises when you try to use your card. We wanted to let you know we have had to make the decision to close your account listed above.

 

Please tell any Additional Card Members on this account of this change so they do not have an unexpected inconvenience when attempting to use the Card.
You should also destroy the card(s) and any convenience checks you may have for the account(s).
If you have any recurring charges on these accounts such as cell phone charges, please contact that company immediately to ensure your other bills do not go unpaid.
You will also receive this information by letter, but we wanted to be sure you were aware of this change as soon as possible.

 

Sincerely,

 

American Express Account Services"
Got that same message after submitting all forms. My tax return was in line with income stated at application... 9 accounts closed with no warning!!!
If anybody saw me mad today, now you know why...
Can anything be done at all? No annual fees were reimbursed even though I was on the frame on a new plat.
Lost Mr points.
Forfeited 2 Marriott free nights that I kept open just for this....
If anybody has any information on this, I'd really appreciate.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8135 on: March 28, 2019, 12:28:11 AM »
As a side note, does anybody think there's any legal action to be taken against them?
Like why not discuss my options and close a couple of accounts, but not all.
And also why not give some notice?.
Is it really in their sole discretion to close all accounts for no real reason? I know the terms read so...
I have done no gaming, I was very very cautious, had no ms'ing. No upgrade downgrade stuff.
Had a good payment record since my first card opened 2013.

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8136 on: March 28, 2019, 02:23:01 AM »
Got that same message after submitting all forms. My tax return was in line with income stated at application... 9 accounts closed with no warning!!!
If anybody saw me mad today, now you know why...
Can anything be done at all? No annual fees were reimbursed even though I was on the frame on a new plat.
Lost Mr points.
Forfeited 2 Marriott free nights that I kept open just for this....
If anybody has any information on this, I'd really appreciate.
You can get your MR points by reporting them to CFPB , a friend of mine who was shut down had over 1.5 million MR and he reported to CFPB and got his points back.
You say you lost 2 Marriott free nights, should,nt these already be in your Marriott account? Or you mean you did not receive them yet?
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 #8137 on: March 28, 2019, 08:25:11 AM »
You can get your MR points by reporting them to CFPB , a friend of mine who was shut down had over 1.5 million MR and he reported to CFPB and got his points back.
You say you lost 2 Marriott free nights, should,nt these already be in your Marriott account? Or you mean you did not receive them yet?
Thanks for the Mr part
And yes, the Marriott nights I didn't receive yet.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8138 on: March 28, 2019, 02:21:48 PM »
BTW in what form did he get back the points since the account is closed?

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8139 on: March 28, 2019, 02:30:39 PM »
BTW in what form did he get back the points since the account is closed?
are you sure you lost your points? did you call MR depot.?

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8140 on: March 29, 2019, 02:41:12 AM »
BTW in what form did he get back the points since the account is closed?
Transferred to Aeroplan and LM manually by Amex MR dept. They gave him the option to choose where he wants to transfer to.
I was the Best,still the Best, and will always be the Best.
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8141 on: March 29, 2019, 06:43:54 PM »
Got that same message after submitting all forms. My tax return was in line with income stated at application... 9 accounts closed with no warning!!!
If anybody saw me mad today, now you know why...
Can anything be done at all? No annual fees were reimbursed even though I was on the frame on a new plat.
Lost Mr points.
Forfeited 2 Marriott free nights that I kept open just for this....
If anybody has any information on this, I'd really appreciate.
Did you ever swipe by any of the defaulting merchants?
« Last Edit: March 29, 2019, 06:47:12 PM by rileywiles23 »
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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8142 on: March 31, 2019, 03:09:31 AM »
Did you ever swipe by any of the defaulting merchants?
Not what I know of, buy if yes it was a long long time ago

Offline User6669

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Re: Amex F/R Master Thread
« Reply #8143 on: March 31, 2019, 05:16:42 AM »
Not what I know of, buy if yes it was a long long time ago
Doesn't matter.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8144 on: March 31, 2019, 12:25:57 PM »
Transferred to Aeroplan and LM manually by Amex MR dept. They gave him the option to choose where he wants to transfer to.
it's not manually, it just gets "swept" into another MR account where it's held.
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