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:
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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
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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 1082880 times)

Offline Mareh

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Re: Amex F/R Master Thread
« Reply #8280 on: October 30, 2019, 12:51:17 PM »
Although your spending ability is frozen, Being that your outstanding balance is at a 0% promo, does the closure cause your balance to be due and payable in full, or will the balance continue to be carried at 0% until the promo end date (meaning all you need to pay is the min. due every month)?


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.
« Last Edit: October 30, 2019, 12:58:55 PM by Mareh »

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8281 on: November 05, 2019, 01:09:27 PM »
I have a F/R on mine and on my DW account, We filed a joint return, is there any DP if the 4506t could clash? (i.e. the IRS will not release the return twice in the same time period)
Ok so we sent in the 4506t for my DW account, and they got back to us that unfortunately they are closing all of her accounts due to that the amount on the return is insufficient for the amount of credit that she has. She tried to ask why they can't just lower the credit line, but they said that the decision is already made and there is nothing they could do.
However they said that she is always welcome to apply for a new card, so we did so the next morning (yesterday), and she got Approved!
If it benefits even just one fellow DDFer, its worth posting it.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8282 on: November 05, 2019, 01:30:23 PM »
Ok so we sent in the 4506t for my DW account, and they got back to us that unfortunately they are closing all of her accounts due to that the amount on the return is insufficient for the amount of credit that she has. She tried to ask why they can't just lower the credit line, but they said that the decision is already made and there is nothing they could do.
However they said that she is always welcome to apply for a new card, so we did so the next morning (yesterday), and she got Approved!
I got the same answer from them, but read that I won't get approved until 6 months after being shut.
will def try now.
anybody else has been approved after a closure?

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8283 on: November 05, 2019, 01:57:50 PM »

However they said that she is always welcome to apply for a new card, so we did so the next morning (yesterday), and she got Approved!
Thank for the DP, This is very interesting.

was she approved instantly?

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8284 on: November 05, 2019, 02:03:45 PM »
Thank for the DP, This is very interesting.

was she approved instantly?
It was pending, She called and they said that its being reviewed by a back office, a few hours later she got the email "Congratulations! You've been approved"
If it benefits even just one fellow DDFer, its worth posting it.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8285 on: November 05, 2019, 02:38:15 PM »
It was pending, She called and they said that its being reviewed by a back office, a few hours later she got the email "Congratulations! You've been approved"
I applied yesterday after being shut down approx. 6 months ago, and its still pending. will see what happens.

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8286 on: November 05, 2019, 02:48:40 PM »
I applied yesterday after being shut down approx. 6 months ago, and its still pending. will see what happens.
Shut down for what? it may make a difference the reason of the closure.
If it benefits even just one fellow DDFer, its worth posting it.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8287 on: November 05, 2019, 02:50:52 PM »
Shut down for what? it may make a difference the reason of the closure.
For not submitting *Business taxes* (they had my personal taxes from a previous FR)

Applied for a consumer CC.

Offline ungar17@yahoo.com

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Re: Amex F/R Master Thread
« Reply #8288 on: November 05, 2019, 03:47:10 PM »
Are there any data points on downgrading amex cards right after receiving the bonus points from an upgrade (not a new application)?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8289 on: November 05, 2019, 03:58:17 PM »
Are there any data points on downgrading amex cards right after receiving the bonus points from an upgrade (not a new application)?
Yes, there have been clawbacks.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline MosheD

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Re: Amex F/R Master Thread
« Reply #8290 on: November 05, 2019, 03:59:27 PM »
It was pending, She called and they said that its being reviewed by a back office, a few hours later she got the email "Congratulations! You've been approved"
Please report back if you have no issues within the next month.
There have been reports of ppl getting back in and subsequently shut again.

Sorry to burst bubble

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8291 on: November 06, 2019, 03:54:57 PM »
I got the refund on a few cards after being shut down.
Same here.
My DW called on one card, the Rep said nothing doing, She asked for a supervisor who manually issued a refund, Today i noticed that the AF is credited twice..
On a second card the AF is prorated without asking anything.
My DW also asked if she could redeem the cash back that was still pending, the supervisor said that it is already forfeited, However we noticed today that the cash back is posted as a credit on the account...
If it benefits even just one fellow DDFer, its worth posting it.

Offline ari2955

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Re: Amex F/R Master Thread
« Reply #8292 on: November 07, 2019, 08:09:57 PM »
Although your spending ability is frozen, Being that your outstanding balance is at a 0% promo, does the closure cause your balance to be due and payable in full, or will the balance continue to be carried at 0% until the promo end date (meaning all you need to pay is the min. due every month)?

Zero APR continues until end of promo, nothing changes.

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8293 on: November 08, 2019, 01:34:16 AM »
Zero APR continues until end of promo, nothing changes.
Even if they lower the CL? (on the cards that the 0% is only on the amount in the CL)
If it benefits even just one fellow DDFer, its worth posting it.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8294 on: November 08, 2019, 01:13:13 PM »
after AMEX closes all accounts,due to insufficient income, what happens to MR?
you need to call MR and transfer the points out. till 90 days.
(no bonuses as it requires acct in good standing).