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 ectÖ

Letís 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 donít 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 1017113 times)

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8205 on: April 03, 2019, 03:16:25 PM »
@Yehuda25 and @mmgfarb seem to have knowledge in these matters.  Would be nice if someone knowledgeable can update the wiki!

"If you cannot provide the required information, shut down your account right away"

"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"

"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."

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8206 on: April 18, 2019, 01:03:36 PM »
I'm assuming this is good news and it means I passed the f/r but just now have a spending limit on my charge card?

"We are writing to you today because we have assigned a Preset Limit of $5,000.00 to your account and we wanted you to be aware of this change as quickly as possible. You will also receive a communication under separate cover regarding the specific reason(s) for your Preset Limit assignment."

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8207 on: April 18, 2019, 01:59:57 PM »
I'm assuming this is good news and it means I passed the f/r but just now have a spending limit on my charge card?

"We are writing to you today because we have assigned a Preset Limit of $5,000.00 to your account and we wanted you to be aware of this change as quickly as possible. You will also receive a communication under separate cover regarding the specific reason(s) for your Preset Limit assignment."
congrats! you passed!

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8208 on: April 28, 2019, 02:13:46 PM »
how long after being shut down can i apply again?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8209 on: April 28, 2019, 02:20:37 PM »
how long after being shut down can i apply again?
Right away IINM.
Memories last forever, make them while you can.

Offline yoshi

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Re: Amex F/R Master Thread
« Reply #8210 on: May 09, 2019, 06:02:42 AM »
@Yehuda25 and @mmgfarb seem to have knowledge in these matters.  Would be nice if someone knowledgeable can update the wiki!

"If you cannot provide the required information, shut down your account right away"

"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"

"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."

Is this different if you closed your account when f/r'd?

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8211 on: May 09, 2019, 09:37:34 AM »
Is this different if you closed your account when f/r'd?
see these previous posts👇

good to know.

So what is true?
 if I cancel the account myself, I will still need a form when applying later on?

Yes, your app will get canceled automatically after a few days and you'll have to send in the 4506-T to get approved.
correct


Offline william.strab

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Re: Amex F/R Master Thread
« Reply #8212 on: May 27, 2019, 01:56:26 PM »
Got a phone call and then email on last Saturday (May 25) for an FR on my account :-[  I called back and the csp was not working during the break. I purchased 4000 VGC last week. I split purchases over five days from three different stores and only purchase 500 each time. I have some questions, and really appreciate any suggestions from you.

1. Will I need to provide tax information for 2018 or 2017? I filed a joint tax return with my spouse on March 10th this year.

2. Do they consider the household income, or single person's income?

Thank you very much. I really appreciate your suggestions.


Offline BP16

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Re: Amex F/R Master Thread
« Reply #8213 on: May 28, 2019, 03:57:39 PM »
Got a phone call and then email on last Saturday (May 25) for an FR on my account :-[  I called back and the csp was not working during the break. I purchased 4000 VGC last week. I split purchases over five days from three different stores and only purchase 500 each time. I have some questions, and really appreciate any suggestions from you.

1. Will I need to provide tax information for 2018 or 2017? I filed a joint tax return with my spouse on March 10th this year.

2. Do they consider the household income, or single person's income?

Thank you very much. I really appreciate your suggestions.
How will anyone here know if they will ask you for your Tax info? so first call and see what they want.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8214 on: May 28, 2019, 04:14:34 PM »
Got a phone call and then email on last Saturday (May 25) for an FR on my account :-[  I called back and the csp was not working during the break. I purchased 4000 VGC last week. I split purchases over five days from three different stores and only purchase 500 each time. I have some questions, and really appreciate any suggestions from you.

1. Will I need to provide tax information for 2018 or 2017? I filed a joint tax return with my spouse on March 10th this year.

2. Do they consider the household income, or single person's income?

Thank you very much. I really appreciate your suggestions.
IME they will ask for previous years only, they consider household.

Offline peace123

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Re: Amex F/R Master Thread
« Reply #8215 on: May 28, 2019, 04:25:51 PM »
IME they will ask for previous years only, they consider household.
Someone said 1 giftcard purchase with Amex card of just $500 at any store will ruin the chance of bonus offer or have points removed after they are posted after meeting spend req because it is mentioned in the card terms.

This means it is a PIA to meet $4k spend in 3 months.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8216 on: May 28, 2019, 04:36:38 PM »
Someone said 1 giftcard purchase with Amex card of just $500 at any store will ruin the chance of bonus offer or have points removed after they are posted after meeting spend req because it is mentioned in the card terms.

This means it is a PIA to meet $4k spend in 3 months.
Ok.
A) Don't believe everything you hear.
B) How is this in any way related to what I said?

Offline lakewood34

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Re: Amex F/R Master Thread
« Reply #8217 on: May 28, 2019, 08:21:05 PM »
Ok.
A) Don't believe everything you hear.
B) How is this in any way related to what I said?

how can they know what your purchasing and if you are buying gift cards?

Offline peace123

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Re: Amex F/R Master Thread
« Reply #8218 on: May 28, 2019, 08:49:58 PM »
how can they know what your purchasing and if you are buying gift cards?

looks like amex knows otherwise they wouldn't  say purchase of giftcards or any transactions that looks like cash advances such as rent won't qualify  to earn bonus points offer  for meeting spend req. they call you right away  in most casewhen they see any gift card purchase or just deny the bonus. the horror stories you can read online says the same thing.

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Re: Amex F/R Master Thread
« Reply #8219 on: May 29, 2019, 07:02:59 AM »
how can they know what your purchasing and if you are buying gift cards?
They get level 3 data from some merchants.
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