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 1233966 times)

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #8500 on: May 14, 2021, 03:01:10 PM »
Anything to do if fr/d and account holder is a dependant on tax return? Sent in parents return and they said not acceptable....Should he close the accounts?

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Re: Amex F/R Master Thread
« Reply #8501 on: May 14, 2021, 03:24:43 PM »
Is there an issue/risk paying a personal Platinum with a business checking account?
You could pay Amex with marbles and it wouldn't be a problem. They have to be the most abused CC company out there.
Now if you get a FR they might ask where the funds are coming from. I had this.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Online Redbull3

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Re: Amex F/R Master Thread
« Reply #8502 on: May 28, 2021, 02:46:39 PM »
Is it risky to close new gold card and get $250 AF back? Already got bonus and within window I believe

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8503 on: May 28, 2021, 04:05:44 PM »
Is it risky to close new gold card and get $250 AF back? Already got bonus and within window I believe
No, it is not risky.
It's a guaranteed claw back.

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Re: Amex F/R Master Thread
« Reply #8504 on: May 30, 2021, 01:27:37 PM »
No, it is not risky.
It's a guaranteed claw back.
Woah. Glad I asked. Thanks

Offline President St.

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Re: Amex F/R Master Thread
« Reply #8505 on: June 01, 2021, 02:17:14 PM »
Recently downgraded my EDP after upgrading in April of '20.
Account is now again targeted with an upgrade (40K after 2K spend).

Thinking of passing as Amex seems to be averse to upgrading downgrading upgrading.

Thoughts?

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Re: Amex F/R Master Thread
« Reply #8506 on: July 15, 2021, 02:17:12 PM »
DW had a FR on her accounts, She had a Walmart backorder placed when the card was active, and was shipped (and charged - according to Walmart) while the card was suspended.
However the charge never showed up on Amex.

Any idea?
If it benefits even just one fellow DDFer, its worth posting it.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8507 on: July 15, 2021, 07:21:36 PM »
DW had a FR on her accounts, She had a Walmart backorder placed when the card was active, and was shipped (and charged - according to Walmart) while the card was suspended.
However the charge never showed up on Amex.

Any idea?
I belive that since a charge was authorized, they can put the charge on the card even the card is later closed.If they didn't charge you, you might be able to keep the credit, but make sure to keep checking your amex card account if the charge does, because it can slash your credit score if it goes unpaid, without  you even noticing.

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Re: Amex F/R Master Thread
« Reply #8508 on: July 16, 2021, 09:26:57 AM »
I belive that since a charge was authorized, they can put the charge on the card even the card is later closed.If they didn't charge you, you might be able to keep the credit, but make sure to keep checking your amex card account if the charge does, because it can slash your credit score if it goes unpaid, without  you even noticing.

+1

This scenario happened to SO and it almost ended up damaging her credit (we caught it before it did major damage)

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Re: Amex F/R Master Thread
« Reply #8509 on: July 16, 2021, 01:56:06 PM »
+1

This scenario happened to SO and it almost ended up damaging her credit (we caught it before it did major damage)
I guess that I will receive a bill when its charged. correct?

Also, could they charge interest if they didn't bill it?
If it benefits even just one fellow DDFer, its worth posting it.

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Re: Amex F/R Master Thread
« Reply #8510 on: July 16, 2021, 04:03:52 PM »
I guess that I will receive a bill when its charged. correct?

Also, could they charge interest if they didn't bill it?

You SHOULD receive a bill, but the problem is things don't always work the way they should. For example, lets say you had paperless statements enabled on your account, is the Amex computer system going to continue delivering your statements via paperless or will it switch to mailing you a paper statement. The point is there's just random things that can go wrong, so make sure you're staying on top of it.

Offline dealtastic

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Re: Amex F/R Master Thread
« Reply #8511 on: July 28, 2021, 03:44:41 AM »
You SHOULD receive a bill, but the problem is things don't always work the way they should. For example, lets say you had paperless statements enabled on your account, is the Amex computer system going to continue delivering your statements via paperless or will it switch to mailing you a paper statement. The point is there's just random things that can go wrong, so make sure you're staying on top of it.
If the account is closed they'll mail the statements.