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 980735 times)

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8250 on: June 27, 2019, 02:44:25 PM »
You will be asked to send in 4506-T
he already gave those before his shutdown, will he need again?
Also how many months aafter being shut can I try applying?

Offline yaakovely

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Re: Amex F/R Master Thread
« Reply #8251 on: July 05, 2019, 05:59:29 PM »
Here is my 2 cents from a recent financial review and account closure. A Financial review was opened in my opinion from maxing out my available credit limit (which is pretty high) on my 0% apr Business Blue Cash Preferred Credit Card. The form 4506T that they requested was filled out for 2018 which I have filed an extension. I sent in the form for 2017 and then my account was closed. I called up and the financial review case manager and she said that she closed my accounts because there was a box that was mistakenly unchecked on the Form 4506T and therefore they could not pull my tax records. Very harsh in my opinion. I then proceeded to call both the financial review and credit departments and asked for a supervisor. The supervisors in both departments tried to open my accounts and said I would receive a letter in the mail in 7-10 days. I received the letter in the mail and it stated that due to unpaid balances on my account they could not reinstate my account. for the record I have no unpaid balances and contrarily I have never made a late payment or done anything to cause an account closure. I called them up again stating that the reason they provided is inaccurate as I have no unpaid balance on my account. In the end of the day there was no one that was able to help me. I filed a complaint with the CFPB explaining the scenario. I was charged $1,800 in annual card membership fees this year plus I had a lot of Membership Reward points.. And Its effecting my credit score.. I guess I will wait and see what happens. However I do plan on taking them to court, as it is very feasible being that they closed an attorneys account ;) and I have a valid grievance of course. If anyone wants to see the complaint that I have penned to the CFPB, either to help submitting a complaint or just for reference can PM me.

Offline ROYA

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Re: Amex F/R Master Thread
« Reply #8252 on: July 16, 2019, 05:30:43 PM »
Hi to all,

I included household income on my application. Is there a reason to not send in the form 4506-T that Amex has requested? There is a substantial income on my tax return. About 70k was included as household... Any advice would be greatly appreciated!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8253 on: July 16, 2019, 05:35:23 PM »
Hi to all,

I included household income on my application. Is there a reason to not send in the form 4506-T that Amex has requested? There is a substantial income on my tax return. About 70k was included as household... Any advice would be greatly appreciated!
Definitely send in

If you don't send in its a deff. shut down

Offline ROYA

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Re: Amex F/R Master Thread
« Reply #8254 on: July 16, 2019, 05:49:46 PM »
Definitely send in

If you don't send in its a deff. shut down
Its an application.. WIll tfhey approve even if income doesnt match? Can i get in trouble if they decide i lied to them?

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8255 on: July 16, 2019, 06:56:09 PM »
I'd send it in.

Haven't heard anyone who's gotten into trouble, could be many legitimate reasons why it doesn't match.

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Re: Amex F/R Master Thread
« Reply #8256 on: July 16, 2019, 06:56:43 PM »
Its an application.. WIll tfhey approve even if income doesnt match? Can i get in trouble if they decide i lied to them?
If it’s a credit card application the worst they’ll do is decline it.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8257 on: July 16, 2019, 07:52:46 PM »
Can i get in trouble if they decide i lied to them?
Technically speaking, lying on a cc app. is total Bank fraud.

Just don't run as a republican, otherwise you're good.

Online TimT

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Re: Amex F/R Master Thread
« Reply #8258 on: July 16, 2019, 08:08:31 PM »
Technically speaking, lying on a cc app. is total Bank fraud.

Just don't run as a republican, otherwise you're good.
Income changes. He could be making more now than from the last time filed.

Offline ROYA

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Re: Amex F/R Master Thread
« Reply #8259 on: July 27, 2019, 10:01:27 PM »
Thanks guys! I sent it in. Will update when I hear from Amex.

Offline israel11219

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Re: Amex F/R Master Thread
« Reply #8260 on: September 12, 2019, 09:09:28 PM »
Hi! i got shut down by AMEX due to a F/R.. my Accounts got closed on the 3rd of this month and my statement closed on the 6th with a bal. of $15000.. but i didn't receive the points.. is it any possibility i should get those points?   

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8261 on: September 13, 2019, 01:39:03 PM »
Hi! i got shut down by AMEX due to a F/R.. my Accounts got closed on the 3rd of this month and my statement closed on the 6th with a bal. of $15000.. but i didn't receive the points.. is it any possibility i should get those points?
Call MR @800-297-3276 Press 0 until you get to a Rep in the MR dept (if you enter your card # you might be routed to a reg CSR). they should be able to tell you the status of the points.
If it benefits even just one fellow DDFer, its worth posting it.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8262 on: September 13, 2019, 03:18:01 PM »
Hi! i got shut down by AMEX due to a F/R.. my Accounts got closed on the 3rd of this month and my statement closed on the 6th with a bal. of $15000.. but i didn't receive the points.. is it any possibility i should get those points?
Highly unlikely.
"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 #8263 on: September 19, 2019, 09:08:27 PM »
Does anybody have experience with Amex asking for address verification, what can be given? They ask for a letter from my bank, but Chase said they don't give letters.
having huge issues with the same, paying well if anyone knows how to get around this.
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Offline yelped

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Re: Amex F/R Master Thread
« Reply #8264 on: September 19, 2019, 09:27:28 PM »
having huge issues with the same, paying well if anyone knows how to get around this.
Open an account with a local bank and ask them for a letter?