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 1069178 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8145 on: March 31, 2019, 12:38:03 PM »
it's not manually, it just gets "swept" into another MR account where it's held.
You can't access it though so you need someone to manually transfer the points.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8146 on: March 31, 2019, 01:18:32 PM »
You can't access it though so you need someone to manually transfer the points.
Correct. Also they only xfer to currently linked or can link a new on in AH's name.
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8147 on: March 31, 2019, 01:19:55 PM »
Correct. Also they only xfer to currently linked or can link a new on in AH's name.
Correct, can't add AU
"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 #8148 on: March 31, 2019, 02:01:23 PM »
Correct, can't add AU
though if linked before its upto the reps discretion I think
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8149 on: March 31, 2019, 02:32:57 PM »
Just got my points out, first rep said that can't transfer to airline because the last card they closed was a card without Mr rewards, so I can choose a gift card... Asked for supervisor which was able to get the transfer, but I didn't receive the life miles 15% bonus.

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8150 on: April 02, 2019, 09:53:12 PM »
Was F/R on my BIZ accounts,
any way to survive? declared income on app was pretty close to my tax return but I don't have any real BIZ income.

another few questions if i end up closing accounts:
1. How to save my MR points? any way to transfer them to spouse? (which is also an AU) or gotta transfer to a partner?
2. Will Amex refund part of the $450 AF if my card is only 2 months old?

TIA. any tips greatly appreciated.
Common sense is not common enough

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8151 on: April 02, 2019, 10:22:22 PM »
Was F/R on my BIZ accounts,
any way to survive? declared income on app was pretty close to my tax return but I don't have any real BIZ income.

another few questions if i end up closing accounts:
1. How to save my MR points? any way to transfer them to spouse? (which is also an AU) or gotta transfer to a partner?
2. Will Amex refund part of the $450 AF if my card is only 2 months old?

TIA. any tips greatly appreciated.
Are you sure they need form 1120? many times 1040 is fine,

You do not lose points when closing account, you have IIRC 90 days to transfer them, you can't transfer points to an AU, (you could transfer to the AU FF account)

Just downgrade right before closing for guaranteed refund, just make sure the points are transferred out to avoid claw-back


 

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8152 on: April 02, 2019, 10:51:43 PM »
Are you sure they need form 1120? many times 1040 is fine,

You do not lose points when closing account, you have IIRC 90 days to transfer them, you can't transfer points to an AU, (you could transfer to the AU FF account)

Just downgrade right before closing for guaranteed refund, just make sure the points are transferred out to avoid claw-back
thanks for your response.

I just spoke with them they do want only the 1040 from 2017 which will show about 45k . I dont remember how much income I put on my application. I usually put between 45-60k as income on application. (Is there a way to find out what I put on my application? )

Is it worth going through the review?

Will the likely outcome be a lower spending threshold or is it too risky that they'll shut me down.
« Last Edit: April 02, 2019, 11:14:46 PM by Mo2 »
Common sense is not common enough

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8153 on: April 02, 2019, 11:03:32 PM »
thanks for your response.

I just spoke with them they do want only the 1040 from 2017 which will show about 45k . I dont remember how much income I put on my application. I usually put between 45-60k. (Is there a way to find out what I put on my application? )

Is it worth going through the review?

Will the likely outcome be a lower spending threshold or is it too risky that they'll shut me down.
I don't think you can find out the amount you put on app.

its really not hard going through a review, just fax the doc, and pray :)

until recently " the likely outcome will be a lower spending threshold" but times have changed so "it is too risky that they'll shut me down" and you might be risking not getting the prorated refund

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8154 on: April 02, 2019, 11:05:21 PM »
Was F/R on my BIZ accounts,

2. Will Amex refund part of the $450 AF if my card is only 2 months old?
I actually did get a prorated refund on an account they shut down also approx. 2 months after opening

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8155 on: April 02, 2019, 11:12:16 PM »
thanks for your response.

I just spoke with them they do want only the 1040 from 2017 which will show about 45k . I dont remember how much income I put on my application. I usually put between 45-60k. (Is there a way to find out what I put on my application? )

Is it worth going through the review?

Will the likely outcome be a lower spending threshold or is it too risky that they'll shut me down.

Average spend?

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8156 on: April 02, 2019, 11:17:19 PM »
Average spend?
I usually spend about 1k a month.
But now I was MS with buying groups about 7k a month to reach 20k spend for signup bonus.
Common sense is not common enough

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8157 on: April 02, 2019, 11:18:47 PM »
A friend of mine passed a few weeks ago with similar numbers.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8158 on: April 02, 2019, 11:21:49 PM »
A friend of mine passed a few weeks ago with similar numbers.
look up-thread, very ymmv,

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8159 on: April 02, 2019, 11:22:21 PM »
As always. Just providing a recent DP.