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 1194326 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8490 on: December 01, 2020, 11:59:01 PM »
Seems 8 or 60 day suspensions are all the rage now.
For what?
ďTo avoid criticism say nothing, do nothing, be nothing.Ē


― Aristotle

Offline BP16

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Re: Amex F/R Master Thread
« Reply #8491 on: December 02, 2020, 12:20:55 PM »
you were right CL slashed but still open
You could probably apply again and get cards without CL now.

Offline troner100

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Re: Amex F/R Master Thread
« Reply #8492 on: December 13, 2020, 12:23:06 AM »
I opened a Hilton Aspire card a few months ago with a 150k sign up offer and never received the points, when i called Amex they said that "due to the history of misusing the sign up bonus terms the promotion has been removed from my account and the points will not post", They wouldn't give me an explanation to what exactly i did wrong.
Anyone with more details about this? Is there anything i can do?

Offline compddd

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Re: Amex F/R Master Thread
« Reply #8493 on: December 13, 2020, 01:48:49 PM »
Do they retroactively decide to remove bonuses from people now even when they don't get the popup? Wouldn't surprise me.

Offline troner100

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Re: Amex F/R Master Thread
« Reply #8494 on: December 13, 2020, 07:21:15 PM »
Do they retroactively decide to remove bonuses from people now even when they don't get the popup? Wouldn't surprise me.

I didnít get the pop up but they still refuse to give me the bonus without giving a reason

Offline AmexNYC

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Re: Amex F/R Master Thread
« Reply #8495 on: December 26, 2020, 06:36:55 PM »
Hi all new user - AMEX member for 31 years - spent 1.5m on persoanl and same on business - was gearing up spending to get my centurion card - just got F/R - reason they said was more credits showing that payments for last month or so due to refunds for transactions from vendors not shipping due to covid - always on time with payments - issue is my income on return last year is a far cry from whats stated - plenty of money in bank and stock accounts - say $2m each - whats my plan of action? send 4506t showing low income maybe 100k after deductions or dont send and hope they will take bank statements etc? call just came in this morning (Merry Christmas huh?) Appreciate any advice - like my cards and dont want to lose my accounts Thanks again

Offline Triple Canopy

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Re: Amex F/R Master Thread
« Reply #8496 on: March 17, 2021, 10:32:24 AM »
Is there an issue/risk paying a personal Platinum with a business checking account?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #8497 on: March 17, 2021, 07:25:58 PM »
Hi all new user - AMEX member for 31 years - spent 1.5m on persoanl and same on business - was gearing up spending to get my centurion card - just got F/R - reason they said was more credits showing that payments for last month or so due to refunds for transactions from vendors not shipping due to covid - always on time with payments - issue is my income on return last year is a far cry from whats stated - plenty of money in bank and stock accounts - say $2m each - whats my plan of action? send 4506t showing low income maybe 100k after deductions or dont send and hope they will take bank statements etc? call just came in this morning (Merry Christmas huh?) Appreciate any advice - like my cards and dont want to lose my accounts Thanks again

@AmexNYC just saw this. Welcome to the forums!

What did you end up doing and what ended up happening to your accounts?

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #8498 on: April 05, 2021, 12:28:17 PM »
if my younger brother applied for a delta amex gold and they are asking for a 4506-t does it suffice for him to send amex the tax that my dada filed listing him as a dependent? thank you in advance

Offline oldguy

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Re: Amex F/R Master Thread
« Reply #8499 on: April 05, 2021, 12:42:20 PM »
Just got another FR (get 1 almost every year..) they're requesting a 4506-c, Is that the same as a 4506-t?