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 1068611 times)

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8310 on: December 12, 2019, 11:43:38 AM »
and now they are asking for business returns. I don't have any since its a sole prop and i never had business income. I am doing business spend now, but haven't filed returns yet!!
This is ridiculous! 13 years with them, never missed a payment, even with new high spending i alway pay everything and they are threatening to shut all my accounts! 
Anything i can do?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8311 on: December 12, 2019, 11:48:05 AM »
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
Here we go... Got a F/R again, and this time asked for the business return, and after failure to provide it got shut down again..
If it benefits even just one fellow DDFer, its worth posting it.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8312 on: December 12, 2019, 12:33:17 PM »
Here we go... Got a F/R again, and this time asked for the business return, and after failure to provide it got shut down again..
Are you planning on filing business returns for 2019?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline moe8555

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Re: Amex F/R Master Thread
« Reply #8313 on: December 12, 2019, 01:05:15 PM »
Wow, as someone who is starting to become firmly rooted in the Amex ecosystem, this is highly unnerving.  Accounts being FR'd even with a year of no use??

I may have to reconsider!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8314 on: December 12, 2019, 01:54:40 PM »
Are you planning on filing business returns for 2019?
The crazy part is, they wouldn't accept a Schedule C! only 1120,
which is insane! Even if you legitimately filed taxes for your small business using schedule c, they wouldn't accept it!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8315 on: December 12, 2019, 01:56:13 PM »
Here we go... Got a F/R again, and this time asked for the business return, and after failure to provide it got shut down again..
Did she even apply for a business card?

Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8316 on: December 12, 2019, 01:59:48 PM »
Did she even apply for a business card?
Yes
If it benefits even just one fellow DDFer, its worth posting it.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8317 on: December 12, 2019, 02:03:22 PM »
The crazy part is, they wouldn't accept a Schedule C! only 1120,
which is insane! Even if you legitimately filed taxes for your small business using schedule c, they wouldn't accept it!
You had a schedule c filed?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8318 on: December 12, 2019, 02:20:52 PM »
You had a schedule c filed?
yes.
I told the representative, I did not file 1120, only scedule c together with 1040 (which is what a sole proprietor does)
But she wouldn't budge and told me I have to send in 1120 which I never filed (and never had to)!

I should've just sent the schedule C (don't even know what to write on the 4506T, 1040 or schedule c?) and see what happens,
But I didn't send in anything, and obviously got shut down.

Offline Danlover111

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Re: Amex F/R Master Thread
« Reply #8319 on: December 13, 2019, 02:13:53 AM »
this message is on my account for a while

"Please click here to update your income and financial asset information so that we may service you better."

does this mean a FR is on the way?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8320 on: December 13, 2019, 03:17:24 AM »
this message is on my account for a while

"Please click here to update your income and financial asset information so that we may service you better."

does this mean a FR is on the way?
No
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Danlover111

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Re: Amex F/R Master Thread
« Reply #8321 on: December 13, 2019, 04:23:43 AM »

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8322 on: December 15, 2019, 02:14:31 PM »
yes.
I told the representative, I did not file 1120, only scedule c together with 1040 (which is what a sole proprietor does)
But she wouldn't budge and told me I have to send in 1120 which I never filed (and never had to)!

I should've just sent the schedule C (don't even know what to write on the 4506T, 1040 or schedule c?) and see what happens,
But I didn't send in anything, and obviously got shut down.
Supervisor i spoke with said that schedule C would be fine. I filed a c-ez for my wife's 1099 she got and he said its not good because had her ssn not mine and no TIN so no way to verify business. Hopefully next year i will file a schedule C and it will work out.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8323 on: December 15, 2019, 02:29:39 PM »
Supervisor i spoke with said that schedule C would be fine. I filed a c-ez for my wife's 1099 she got and he said its not good because had her ssn not mine and no TIN so no way to verify business. Hopefully next year i will file a schedule C and it will work out.
Good to know,
But what to write on 4506-T?

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8324 on: December 15, 2019, 02:35:53 PM »
Good to know,
But what to write on 4506-T?
It's inclued as part of 1040. I wrote 1040 and he was able to pull it up
Originally he said not good enough but I said you can't tell me that becuase there are no seperate sole prop taxes. By definition it is part of personal. So he 9ut me on hold and then came back and said the above.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!