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 1093667 times)

Offline as2

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Re: Amex F/R Master Thread
« Reply #8415 on: February 21, 2020, 12:17:32 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.

------------------------------------
Sure as hell sound like a FR. I don't remember the email, but got a call along the same lines. You can call them to discuss it, not much to lose at this point. Some say closing the accounts yourself is better, but it doesn't really make a difference as per several reports here on DDF. If you can, pay it off. Others may have a more experienced opinion, but as far as I know, you still have the same time frame to pay it off. Obviously if you are trying to get your accounts reinstated, you'll probably be better off pleading your case with no balances. Good luck!
Memories last forever, make them while you can.

Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8416 on: February 21, 2020, 02:00:23 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.

------------------------------------
Definitely an FR. Is it a Biz Card?

Offline 16guitar

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Re: Amex F/R Master Thread
« Reply #8417 on: February 21, 2020, 02:15:38 AM »
Definitely an FR. Is it a Biz Card?
biz and personal

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Re: Amex F/R Master Thread
« Reply #8418 on: February 21, 2020, 02:56:06 AM »
biz and personal
Both of them got the letter? And kind of Biz?

Offline 16guitar

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Re: Amex F/R Master Thread
« Reply #8419 on: February 21, 2020, 05:08:38 AM »
Both of them got the letter? And kind of Biz?
both got the letter. biz plat, and personal green.
(I have other cards that say suspended online, but I didn't receive any letter for those)

Offline nobiggy

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Re: Amex F/R Master Thread
« Reply #8420 on: February 21, 2020, 02:42:08 PM »
Scroll back.
Multiple reports of people being shut down even after submitting tax returns.

I can't find anything of that sort.

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Re: Amex F/R Master Thread
« Reply #8421 on: February 22, 2020, 11:32:33 PM »
I can't find anything of that sort.

Here you go.

No. I sent in docs. but was still shut down.

Amex closed all of my accounts, after submitting the required documents >:(

(actually i did not send in the form, I told them that i provided the doc. when i was  previously FR'd, 8 months ago, they told me they see the documents and they'll get back to me with the results. if it makes a difference)
Got that same message after submitting all forms. My tax return was in line with income stated at application... 9 accounts closed with no warning!!!

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Re: Amex F/R Master Thread
« Reply #8422 on: February 23, 2020, 08:30:32 PM »
trying to transfer MR got a request to call 18886540034 anyone know what this is? just verification?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8423 on: February 24, 2020, 10:50:27 AM »
trying to transfer MR got a request to call 18886540034 anyone know what this is? just verification?
Where are you transferring to? is the name on the account you're transferring to the same as the one on the account you're transferring from?
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8424 on: February 24, 2020, 10:56:53 AM »
Where are you transferring to? is the name on the account you're transferring to the same as the one on the account you're transferring from?
Yes same name. called them earlier was just verification.

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Re: Amex F/R Master Thread
« Reply #8425 on: February 24, 2020, 11:00:55 AM »
Yes same name. called them earlier was just verification.
Bh. I remember some reports of something like this, but it was a result of transferring to non matching names.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8426 on: February 24, 2020, 08:00:16 PM »
Sure as hell sound like a FR. I don't remember the email, but got a call along the same lines.
LOL! Amex saw I was forgetting, so they gave me a refresher call and email today! Thanks Amex!
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8427 on: February 25, 2020, 12:22:29 AM »
LOL! Amex saw I was forgetting, so they gave me a refresher call and email today! Thanks Amex!
Good luck...

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Re: Amex F/R Master Thread
« Reply #8428 on: February 25, 2020, 09:16:07 AM »
Good luck...
Hopes aren't too high. May just call it a day.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8429 on: February 25, 2020, 10:18:33 AM »
Hopes aren't too high. May just call it a day.
same, I'm at least glad that I was able to expedite my pending points (took a few tries)