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 981796 times)

Offline gingyguy

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Re: Amex F/R Master Thread
« Reply #8235 on: June 11, 2019, 12:31:40 PM »
Just got my first FR (mini) they asked me a couple questions about my spending basically if I buy/sell currency , money orders , western unions or store GC ...  Answered no to all seems like I'm done.
May you slide down the banister of happiness & get many splinters of success up your career.

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8236 on: June 11, 2019, 01:11:23 PM »
That's not a mini FR. It's a standard annual phone call.

Offline gingyguy

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Re: Amex F/R Master Thread
« Reply #8237 on: June 11, 2019, 01:23:15 PM »
Had this card for 8 years 1st phone call.
May you slide down the banister of happiness & get many splinters of success up your career.

Offline yitzgar

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Re: Amex F/R Master Thread
« Reply #8238 on: June 11, 2019, 01:25:28 PM »
I've never gotten a call for any amex. Is it common to get these? Maybe depends how much spending is done?

Offline gingyguy

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Re: Amex F/R Master Thread
« Reply #8239 on: June 11, 2019, 01:29:24 PM »
I've never gotten a call for any amex. Is it common to get these? Maybe depends how much spending is done?
was definitely spending a lot last 3 or 4 months
May you slide down the banister of happiness & get many splinters of success up your career.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #8240 on: June 11, 2019, 01:34:52 PM »
It's a standard annual phone call.
Never got one of those. What is it ?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8241 on: June 11, 2019, 01:58:18 PM »
Probably just a rat sniffing for some cheese.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8242 on: June 11, 2019, 02:02:26 PM »
Is it common to get these?
Yes, happens all the time
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Offline unclesam

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Re: Amex F/R Master Thread
« Reply #8243 on: June 11, 2019, 02:33:16 PM »
would like more info if possible.

Did they ask you for your personal, or business taxes?
Got the letter for a personal card so i assume personal, dont remember

Did you provide the requested doc.
No

How long after getting shut down did you reapply?
I think like 16 months.
Tried once before was asked for docs, this time i tried also a biz green, after a week or 2 got the card in the mail

Online mmgfarb

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Re: Amex F/R Master Thread
« Reply #8244 on: June 11, 2019, 02:46:58 PM »

Have you gotten approved for a personal card since then without sending in docs?
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8245 on: June 12, 2019, 02:47:07 AM »
Have you gotten approved for a personal card since then without sending in docs?
didnt try yet

Offline elimmm

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Re: Amex F/R Master Thread
« Reply #8246 on: June 25, 2019, 02:02:13 AM »
does anyone know if going negative on MR points has any negative side effects?
(neg balance since points were already transferred out and then got clawback of upgrade bonus since card was downgraded w/in 12 mon )

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Re: Amex F/R Master Thread
« Reply #8247 on: June 25, 2019, 05:27:43 AM »
does anyone know if going negative on MR points has any negative side effects?
(neg balance since points were already transferred out and then got clawback of upgrade bonus since card was downgraded w/in 12 mon )
Shouldn’t
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8248 on: June 27, 2019, 01:54:16 PM »
Was shut down a couple of months back, after submitting personal Taxes

Just applied for 2 business cards, got a pending message.

well see what happens........

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Re: Amex F/R Master Thread
« Reply #8249 on: June 27, 2019, 02:40:28 PM »
Was shut down a couple of months back, after submitting personal Taxes

Just applied for 2 business cards, got a pending message.

well see what happens........
You will be asked to send in 4506-T
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy