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 1082474 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8220 on: May 29, 2019, 07:03:20 AM »
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.
Generally it's been fine on cobranded cards.
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Offline peace123

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Re: Amex F/R Master Thread
« Reply #8221 on: May 29, 2019, 08:52:44 AM »
They get level 3 data from some merchants.
I have the Aspire card  & have to meet $2k in spend req. Just  yesterday I bought a $500 GC with other purchases. In last 2 months it has been organic regular purchases.  Do I risk not getting the bonus?  Maybe just one or two times of $500 in 3 months  is safe?

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8222 on: May 29, 2019, 10:37:16 AM »
They get level 3 data from some merchants.
Interesting.
Do you know which merchants provide level 3?

Offline peace123

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Re: Amex F/R Master Thread
« Reply #8223 on: May 29, 2019, 05:38:17 PM »
Interesting.
Do you know which merchants provide level 3?
I think it is any merchants be it any grocery stores or office supply stores.  They take action after you purchase any GC with the amex card to meet spend req to earn bonus.  They contact you that the bonus is denied cos the GC purchase don't qualify to meet spend req and sometimes they just take back the bonus already earned. So it looks like they get a siren alert the moment you try to meet spend req by buying any GC.  I wish i didn't upgrade my card to Aspire. PIA to meet the spend with Amex card.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8224 on: May 29, 2019, 07:09:11 PM »
Interesting.
Do you know which merchants provide level 3?
I believe DOC has a write up on this. (what doesn't he have a writeup on?)
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8225 on: May 29, 2019, 07:17:17 PM »
I think it is any merchants be it any grocery stores or office supply stores.  They take action after you purchase any GC with the amex card to meet spend req to earn bonus.  They contact you that the bonus is denied cos the GC purchase don't qualify to meet spend req and sometimes they just take back the bonus already earned. So it looks like they get a siren alert the moment you try to meet spend req by buying any GC.  I wish i didn't upgrade my card to Aspire. PIA to meet the spend with Amex card.
That's not true
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8226 on: May 29, 2019, 07:18:12 PM »
I have the Aspire card  & have to meet $2k in spend req. Just  yesterday I bought a $500 GC with other purchases. In last 2 months it has been organic regular purchases.  Do I risk not getting the bonus?  Maybe just one or two times of $500 in 3 months  is safe?
I would say you're fine, just don't buy the GC from Simon mall and throw in some other item to throw the transaction amount off.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #8227 on: June 04, 2019, 08:51:26 PM »
I am reapplying after waiting a few years since my last f/r,  does it make a difference if I apply for a charge card or credit line card? Is there a higher chance in getting approved for a charge card? Any insight would be appreciated.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8228 on: June 04, 2019, 11:46:44 PM »
I am reapplying after waiting a few years since my last f/r,  does it make a difference if I apply for a charge card or credit line card? Is there a higher chance in getting approved for a charge card? Any insight would be appreciated.
prob no difference, in theory credit card drop safer
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Offline unclesam

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Re: Amex F/R Master Thread
« Reply #8229 on: June 05, 2019, 07:41:53 AM »
I am reapplying after waiting a few years since my last f/r,  does it make a difference if I apply for a charge card or credit line card? Is there a higher chance in getting approved for a charge card? Any insight would be appreciated.
i applied for a personal credit and a biz charge. Got the letter to fill out tax form for personal card and the biz charge was pending for about a week and got approved without sending in anything.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8230 on: June 06, 2019, 12:13:03 AM »
i applied for a personal credit and a biz charge. Got the letter to fill out tax form for personal card and the biz charge was pending for about a week and got approved without sending in anything.
and stayed  open? Interesting.
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Offline unclesam

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Re: Amex F/R Master Thread
« Reply #8231 on: June 06, 2019, 12:02:19 PM »
and stayed  open? Interesting.
yes bh was in December. Was approved for a regular biz cc about a month ago

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8232 on: June 06, 2019, 01:03:49 PM »
i applied for a personal credit and a biz charge. Got the letter to fill out tax form for personal card and the biz charge was pending for about a week and got approved without sending in anything.
would like more info if possible.

Did they ask you for your personal, or business taxes?

Did you provide the requested doc.?

How long after getting shut down did you reapply?

Offline unicorn_cactus

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Re: Amex F/R Master Thread
« Reply #8233 on: June 06, 2019, 11:19:14 PM »
I know for certain that Staples provides Level 3 data. I just read something interesting about Level 3 data about which I didn't know - When a merchant provides Level 3 data, they typically pay 1% less in processing fees. Of course that makes sense. I just never realized why some merchants provide it.

Offline SamCan

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Re: Amex F/R Master Thread
« Reply #8234 on: June 07, 2019, 08:23:41 AM »
Level 3 data lowers processing rates for corporate and government cards. However many merchants provide incorrect data.