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 1108464 times)

Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8430 on: February 25, 2020, 10:22:43 AM »
Hopes aren't too high. May just call it a day.
Sole Proprietorship without a schedule C?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8431 on: February 25, 2020, 10:34:41 AM »
same, I'm at least glad that I was able to expedite my pending points (took a few tries)
The pending points?


Sole Proprietorship without a schedule C?
Yes, but that's not the issue. All they want are bank statements, but I really would rather they don't see them, to the extent that I may just close up shop and move on.
Memories last forever, make them while you can.

Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8432 on: February 25, 2020, 10:45:31 AM »
The pending points?

Yes, but that's not the issue. All they want are bank statements, but I really would rather they don't see them, to the extent that I may just close up shop and move on.
Why? They will simply lower the CL and eventually it'll go up again.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8433 on: February 25, 2020, 10:49:53 AM »
Why? They will simply lower the CL and eventually it'll go up again.
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.
Memories last forever, make them while you can.

Offline Joel2

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Re: Amex F/R Master Thread
« Reply #8434 on: February 25, 2020, 11:37:16 AM »
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.
Open a new account? or send a different bank statement?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8435 on: February 25, 2020, 11:42:45 AM »
Open a new account? or send a different bank statement?
Statements need to be from one of my "pay from" accounts.
Memories last forever, make them while you can.

Offline mb1

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Re: Amex F/R Master Thread
« Reply #8436 on: February 27, 2020, 11:38:39 AM »
What is the procedure if you want to close your accounts?
Make the request to the FR representative who is managing your review?

Offline unclesam

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Re: Amex F/R Master Thread
« Reply #8437 on: February 27, 2020, 01:22:30 PM »
What is the procedure if you want to close your accounts?
Make the request to the FR representative who is managing your review?
you can call or chat

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Re: Amex F/R Master Thread
« Reply #8438 on: March 01, 2020, 02:48:25 AM »
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.

What trigger the initial FR to verify income

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Re: Amex F/R Master Thread
« Reply #8439 on: March 01, 2020, 08:10:58 PM »
What trigger the initial FR to verify income
Irregularly high spending in a short time frame.
Memories last forever, make them while you can.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8440 on: March 10, 2020, 12:41:19 AM »
Data point
My wife got FR. Submitted docs but didn't have enough supporting biz income and nasty b****h said even if personal income supports personal cards if biz isn't sufficient they'd shut down.
I said ok let's see what happens. 35 days later I get an email that all accounts are shut. No phone call for heads up or email. Just shut.
I thought it is better to close myself but most indications I read are That it raally doesn't matter.

Not 48 hours (may have been 24)after the email came I figured what the hell and applied for a bcp for my wife, and son of a bitch, she got approved within minutes. (I accidentally entered my ssn and not hers, so I got message to call, have correct ssn d she was approved). No hard pull and card came in 4 days and I was off to the races.
I then applied for her for EDP and got pending app and then approval email 10 minutes later.

Me, otoh, I preemptively shut down my cards and when I applied they requested 4506t and then also did hp but I think thays cuz it was over 30 days since I had closed my cards.
The moral? Send in 4506t and if you get shut due to business income you should be good to immediately get new personal card after closure.
READ THE DARN WIKI!!!!

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

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Re: Amex F/R Master Thread
« Reply #8441 on: March 16, 2020, 11:23:43 AM »
LOL! Amex saw I was forgetting, so they gave me a refresher call and email today! Thanks Amex!
Got the call today that I passed. Some good news in these interesting times.
Memories last forever, make them while you can.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8442 on: March 17, 2020, 01:18:12 AM »
Got the call today that I passed. Some good news in these interesting times.
You. Are. lucky.

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Re: Amex F/R Master Thread
« Reply #8443 on: March 17, 2020, 07:55:23 PM »
You. Are. lucky.
You don't know the half of it. They proved to me how stupid they are. They FRd me because of a concern they had, and the bank statements I provided essentially proved their concern correct (as far as they were concerned) yet they still kept my accounts open. I don't get it.
Memories last forever, make them while you can.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8444 on: March 17, 2020, 10:08:23 PM »
My client had a $200k balance but always paid on time.  He called in today to ask for the 60 days coronovirus courtesy and they shut him down instantly.  He has a great record with them.   Is there anything to do?