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 1069524 times)

Offline gingyguy

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Re: Amex F/R Master Thread
« Reply #8445 on: March 17, 2020, 10:32:56 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?
Shut down or frozen? As per DDMS they are giving the courtesy but card is temporarily frozen until paid
May you slide down the banister of happiness & get many splinters of success up your career.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8446 on: March 17, 2020, 11:07:22 PM »
Shut down or frozen? As per DDMS they are giving the courtesy but card is temporarily frozen until paid
online says account is cancelled

Offline BP16

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Re: Amex F/R Master Thread
« Reply #8447 on: March 19, 2020, 02:26:58 PM »
online says account is cancelled
He called about the offer and they just shut him down?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8448 on: March 19, 2020, 09:47:57 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?
Wow. Hope there's a miscommunication/misunderstanding here, otherwise this is an all new low.
Memories last forever, make them while you can.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8449 on: March 20, 2020, 01:03:02 AM »
Wow. Hope there's a miscommunication/misunderstanding here, otherwise this is an all new low.
Waiting for updates.  But info he has right now is as follows, he called for the 60 days. They shut him. He called to ask why they shut him and after speaking to managers manager he was told he "abused" the system. He did nothing wrong ever.  And it was coincidentally right after he requested the corona courtesy

Offline ilherman

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Re: Amex F/R Master Thread
« Reply #8450 on: March 20, 2020, 01:40:09 AM »
Waiting for updates.  But info he has right now is as follows, he called for the 60 days. They shut him. He called to ask why they shut him and after speaking to managers manager he was told he "abused" the system. He did nothing wrong ever.  And it was coincidentally right after he requested the corona courtesy
He EVER sold any points?
You can say what you think when you think what you say.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8451 on: March 20, 2020, 01:01:25 PM »
He EVER sold any points?
Yes many times.  Any way to salvage points if the account is fully shut down?
« Last Edit: March 20, 2020, 01:09:42 PM by Mordyk »

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8452 on: March 22, 2020, 01:44:49 AM »
Yes many times.  Any way to salvage points if the account is fully shut down?
as posted above, call in MR within 30 (90) days, and transfer to an account in cardholders name.
HUCA till you get it done.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8453 on: March 22, 2020, 11:39:10 AM »
as posted above, call in MR within 30 (90) days, and transfer to an account in cardholders name.
HUCA till you get it done.
Thanks!

Where is the best value?
If i fly delta is delta worth it? Ir its never worth it?

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8454 on: March 22, 2020, 12:54:07 PM »
Thanks!

Where is the best value?
If i fly delta is delta worth it? Ir its never worth it?
almost never worth it. Some specials winter, that might be good.
you can transfer to anywhere, and sell that account.
look in the points value thread for the value.

Offline ltttc

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Re: Amex F/R Master Thread
« Reply #8455 on: March 22, 2020, 07:44:22 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?
Crazy times. My local grocery stopped accepting checks today- Only tking cash! Guess they're afraid of bounced checks...

Offline tcc4shiz@yahoo.com

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Re: Amex F/R Master Thread
« Reply #8456 on: March 30, 2020, 09:15:20 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?

This happened to me today. Have you had any luck with Amex??
 When we spoke to the manager they wouldn't tell us anything expect we can write a letter.
Canceled card and lost 1 million points.
The reason in the email was because we weren't using card for intended purposes which isn't true. All business transactions and they are the saying the reason we lost the points is because we intended to use or obtain points that is not appropriate. We have never sold any points and only transferred to marriot.

Offline Mordyk

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Re: Amex F/R Master Thread
« Reply #8457 on: March 30, 2020, 09:17:18 PM »
This happened to me today. Have you had any luck with Amex??
 When we spoke to the manager they wouldn't tell us anything expect we can write a letter.
Canceled card and lost 1 million points.
The reason in the email was because we weren't using card for intended purposes which isn't true. All business transactions and they are the saying the reason we lost the points is because we intended to use or obtain points that is not appropriate. We have never sold any points and only transferred to marriot.
exactly the same.  and no luck reopening nor getting the points.

Online dealtastic

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Re: Amex F/R Master Thread
« Reply #8458 on: March 31, 2020, 04:53:16 PM »
lost 1 million points.
The reason in the email was because we weren't using card for intended purposes
How long did it take you to earn 1 million points?
Did you cycle credit, that is paying the card off prior to closing?

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Re: Amex F/R Master Thread
« Reply #8459 on: March 31, 2020, 04:56:18 PM »
Amex has started to toughen their approval standards for small businesses, avoid getting eyes on the account.