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 1049230 times)

Offline SamCan

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Re: Amex F/R Master Thread
« Reply #8400 on: January 29, 2020, 11:15:18 AM »
After sending in all requested documents was told that I should pay the full balance on all my charge cards, but the credit cards I don't have to pay up for now. What does that mean? I should be good to go after that, or they are going to shut me down.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8401 on: February 11, 2020, 10:48:44 PM »
Long story short, wife got f/R in early Jan. Sent in docs and heard nothing till I got emails yesterday that accounts were all cancelled. (the f/R lady was a real piece of work) no call to tell me outcome just an email.
Figured what the heck. Applied for blue cash preferred and was approved with no hard pull and no request for 4506t. Shutdowns were yesterday.
Surpriaed they didn't ask for 4506t again.
So either this card will be shutdown when I get it or will get another 4506t or f/R when I start using it.
READ THE DARN WIKI!!!!

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

Offline Yehudaa

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Re: Amex F/R Master Thread
« Reply #8402 on: February 11, 2020, 11:33:54 PM »
(the f/R lady was a real piece of work)
Well I imagine the call got off to a rough start so I can't really blame her:

F/R Lady: Before we begin I need to ask you a few questions to verify your account. Please confirm the full name on the account

@noturbizniss: It's noturbizniss

F/R Lady: Um. Can you please repeat that?

@noturbizniss: Yes, it's noturbizniss

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8403 on: February 11, 2020, 11:36:39 PM »
Well I imagine the call got off to a rough start so I can't really blame her:

F/R Lady: Before we begin I need to ask you a few questions to verify your account. Please confirm the full name on the account

@noturbizniss: It's noturbizniss

F/R Lady: Um. Can you please repeat that?

@noturbizniss: Yes, it's noturbizniss
Mrs. Noturbizniss!
+rimshot*
READ THE DARN WIKI!!!!

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

Offline Yehudaa

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Re: Amex F/R Master Thread
« Reply #8404 on: February 12, 2020, 11:23:17 AM »

Offline RebTuvia

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Re: Amex F/R Master Thread
« Reply #8405 on: February 12, 2020, 07:07:40 PM »
After afew big unusual swipes today, I received the following email.. can this trigger a F/R?

"We have noticed purchase activity on your account referenced above that is higher than your usual spending levels. The balance on your account is approaching a level where we may not be able to approve additional spending on your account.
 
Want to spend more?
Call Us & Pay Now
OR
Increase your spending power
"

Offline as2

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Re: Amex F/R Master Thread
« Reply #8406 on: February 17, 2020, 12:31:58 PM »
After afew big unusual swipes today, I received the following email.. can this trigger a F/R?

"We have noticed purchase activity on your account referenced above that is higher than your usual spending levels. The balance on your account is approaching a level where we may not be able to approve additional spending on your account.
 
Want to spend more?
Call Us & Pay Now
OR
Increase your spending power
"
Can it trigger a FR? Yes. Will it? Probably not. Just means you're close to maxing your CL. Have gotten that multiple times.
Memories last forever, make them while you can.

Offline RebTuvia

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Re: Amex F/R Master Thread
« Reply #8407 on: February 17, 2020, 02:11:08 PM »
Can it trigger a FR? Yes. Will it? Probably not. Just means you're close to maxing your CL. Have gotten that multiple times.
Certainly much calmer now, thanks!

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8408 on: February 17, 2020, 05:54:43 PM »
After afew big unusual swipes today, I received the following email.. can this trigger a F/R?

"We have noticed purchase activity on your account referenced above that is higher than your usual spending levels. The balance on your account is approaching a level where we may not be able to approve additional spending on your account.
 
Want to spend more?
Call Us & Pay Now
OR
Increase your spending power
"
Is it a business card?
READ THE DARN WIKI!!!!

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

Offline RebTuvia

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Re: Amex F/R Master Thread
« Reply #8409 on: February 17, 2020, 09:06:10 PM »

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8410 on: February 17, 2020, 09:08:24 PM »
Yeah
I would avoid calling to spend more S that triggered requests for financial documents in order to evaluate my needs. I later got an f/R and not sure it's connected at all but any time you get eyes on is no good. Especially if you do m/s or don't have true business income.
READ THE DARN WIKI!!!!

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

Offline RebTuvia

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Re: Amex F/R Master Thread
« Reply #8411 on: February 17, 2020, 09:14:30 PM »
I would avoid calling to spend more S that triggered requests for financial documents in order to evaluate my needs. I later got an f/R and not sure it's connected at all but any time you get eyes on is no good. Especially if you do m/s or don't have true business income.
I wasnít gonna call anyway, I just hope that the eMail in itself wonít trigger a F/R.

Offline mb1

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Re: Amex F/R Master Thread
« Reply #8412 on: February 19, 2020, 05:21:54 PM »
I have heard that amex been f/r very hard lately? Every other person I know got a f/r. Is this true? Should I be transferring out my points in anticipation?
Even if you can't pass, you have about 10 business days to get the form filled out and then a week to a month for them get the returns and process it all
Is there a way to transfer points once the process starts?
I thought they freeze your points.

Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8413 on: February 19, 2020, 05:38:39 PM »
Is there a way to transfer points once the process starts?
I thought they freeze your points.
most DPs were able to get it out

Offline 16guitar

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Re: Amex F/R Master Thread
« Reply #8414 on: February 20, 2020, 12:37:16 AM »
I might be in a sticky situation, would appreciate any help.

1. Is the following officially a financial review?
2. Assuming it is and I can't pass, is it true that it's better to close the account myself (within 14 days) before they do?
3. If I close the accounts myself, should I make sure to pay everything off before or can I close and still pay whenever it is due?


------------------------------------
Dear ***,

We are writing regarding your American Express account(s) referenced above because we have been unable to reach you by telephone.

We are conducting a financial review of your account(s) and we have determined there are financial documents we need from you in order to complete our review. It is important that you call us at the number on the back of your card as soon as possible so that we can discuss what documents are required.

If you fail to provide the documents required within 14 days of the date of this letter, we may take additional credit actions up to and including cancellation of your account(s).

We have placed a restriction on your account(s) and no further charges will be allowed until this matter is resolved.

We look forward to hearing from you soon.

------------------------------------