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 1046920 times)

Offline grodnoking

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Re: Amex F/R Master Thread
« Reply #8340 on: December 18, 2019, 11:21:15 PM »
Sorry to hear that. What was your thinking in closing personal and not business cards?
If Amex would close his personal cards it would show up as closed by Amex on his credit score. It's better to be closed by customer.
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8341 on: December 18, 2019, 11:42:22 PM »
If Amex would close his personal cards it would show up as closed by Amex on his credit score. It's better to be closed by customer.
Good point.
I closed my business first since I assumed those were 100% toast as they were asking for business returns which I couldn't provide.
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Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8342 on: December 18, 2019, 11:52:36 PM »
I closed all my personal cards proactively, my business cards were shut down by Amex,
unfortunately did not try any of your great suggestions.

Yes, was closed for not providing business taxes,
was like 8 months later that I applied again for personal CC, went into pending and got a letter in the mail (no email like by FR) with the 4506-T
I actually caled the FR team once to see the status and she had like no idea what I was talking about, so looks like it was a different team working on this.
Was your FR only on the Business cards or personal as well?

I got 2 letters, one 2 different cards. 1 Biz and 1 Personal.

Also do you gain Anything from paying off the bill?

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8343 on: December 19, 2019, 12:37:35 AM »
Sorry to hear that. What was your thinking in closing personal and not business cards?
Didn't want to say on report closed by issuer (or whatever it says)
A friend of mine was told by chase was one of the reasons they shut him down because he had too many accounts closed by the bank.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8344 on: December 19, 2019, 12:39:51 AM »
Was your FR only on the Business cards or personal as well?
only requested business taxes, but all my accounts were restricted.
Also do you gain Anything from paying off the bill?
Come again?

Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8345 on: December 19, 2019, 02:08:45 AM »
only requested business taxes, but all my accounts were restricted. Come again?
1. All my accounts are restricted,I just got the FR letter to 2 accounts. Seems like they are the reason for the FR.

2. Is there any benefit in paying off the balance on the CC before I call them?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8346 on: December 19, 2019, 02:12:45 AM »


2. Is there any benefit in paying off the balance on the CC before I call them?
I've heard that sometimes after paying off the cards completely, the restrictions can be lifted automatically. Haven't heard a DP about it in years but it definitely can't hurt to pay them off first.

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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8347 on: December 19, 2019, 06:02:09 AM »
1. All my accounts are restricted,I just got the FR letter to 2 accounts. Seems like they are the reason for the FR.

2. Is there any benefit in paying off the balance on the CC before I call them?
Any idea what the trigger was?
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Offline moe8555

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Re: Amex F/R Master Thread
« Reply #8348 on: December 19, 2019, 06:34:43 AM »
Would it be wise to proactively close business cards if no business return could ever be provided if an FR was ever initiated?  Seems like lots of random FRs lately...

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Re: Amex F/R Master Thread
« Reply #8349 on: December 19, 2019, 09:02:57 AM »
Would it be wise to proactively close business cards if no business return could ever be provided if an FR was ever initiated?  Seems like lots of random FRs lately...
Firstly, a personal return can work, and second, why do it before you have to? If they FR you, then you can close them.
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Re: Amex F/R Master Thread
« Reply #8350 on: December 19, 2019, 11:10:41 AM »
Any idea what the trigger was?
Higher then usual spending is my theory.
Firstly, a personal return can work, and second, why do it before you have to? If they FR you, then you can close them.
Seems like they are requesting 1120s or at least schedule C's

Offline YED

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Re: Amex F/R Master Thread
« Reply #8351 on: December 19, 2019, 01:17:29 PM »
RF'ed 2 weeks ago, They gave me 20 days to submit personal return, after working around this seems like my accountant did not file for 2018 yet, and by now I understand he will not be able to file on time for the 20 day deadline they gave me, any way to get them to accept Bank statements etc. instead?

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8352 on: December 19, 2019, 01:44:57 PM »
RF'ed 2 weeks ago, They gave me 20 days to submit personal return, after working around this seems like my accountant did not file for 2018 yet, and by now I understand he will not be able to file on time for the 20 day deadline they gave me, any way to get them to accept Bank statements etc. instead?
Ask them. Tell them it wasn't filed. Offer them 2017
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Offline pointer

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Re: Amex F/R Master Thread
« Reply #8353 on: December 19, 2019, 02:05:01 PM »
second, why do it before you have to? If they FR you, then you can close them.
cuz if you dont provide documents, they'll shut dosn personal as well,
He's hoping that by closing the business cc he wont get fr'd to begin with.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8354 on: December 19, 2019, 02:46:00 PM »
Would it be wise to proactively close business cards if no business return could ever be provided if an FR was ever initiated?  Seems like lots of random FRs lately...
Depends on how valuable your business cards are. If you don't use them much, then close them. If you do use them, but aren't doing any funny business then i see no reason to worry.
READ THE DARN WIKI!!!!

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