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 1682132 times)

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #8580 on: January 11, 2023, 11:38:44 PM »
Is it smarter to quickly close all my accounts? Issue is, that last time I closed myself quickly they took back the $695 retention offers.
You shut down your accounts before when they were going to close them? You were then able to open new accounts?
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Re: Amex F/R Master Thread
« Reply #8581 on: January 12, 2023, 12:00:25 AM »
1st of all, this isn't mine, its a family member's that I manage...

secondly, for some reason they only F/R some of the cards and subsequently shut those only. Now they FR'd the rest and after 2 months finally told me they shut them down....

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #8582 on: January 12, 2023, 12:03:02 AM »
Sorry, no help here as I have never been or heard of this situation.
Only on DDF does 24/6 mean 24/5/half/half

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Re: Amex F/R Master Thread
« Reply #8583 on: January 12, 2023, 11:34:26 AM »
I was told that they are closing my accounts.

Is it smarter to quickly close all my accounts? Issue is, that last time I closed myself quickly they took back the $695 retention offers.

If they shut down themselves, will I lose all the retention offers anyway?

How bad is it on my history if they shut it down?

If they shut down, will I be able to get my annual fees refunded? Otherwise, I was thinking that I will quickly call before officially closed and downgrade to green card so that I can get prorated Annual fee refunded....

Any help appreciated ASAP before its too late! Thanks

ANYONE have ANY insight?? Thanks!

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Re: Amex F/R Master Thread
« Reply #8584 on: August 14, 2023, 02:53:10 PM »

So my wife recently got FR by amex and all they want is 2 bank statements from 1 or both of the bank accounts linked to the account,
#1 is her bank account but doesn't have a lot of activity compared to spend on the cards
#2 is her fathers account (who makes all the large charges) and most payments get made from there,
So my question is it to risky to send in statements from #2 and just stick to #1 even tho they most likely will slash her CL to almost nothing? Or i should submit both and explain that its her dads account and he helps her pay for cc or something like that?
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Re: Amex F/R Master Thread
« Reply #8585 on: August 14, 2023, 03:28:37 PM »
Is she on bank account #2 or just in her dads name?
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Re: Amex F/R Master Thread
« Reply #8586 on: August 14, 2023, 03:37:38 PM »
Is she on bank account #2 or just in her dads name?
Just dads name
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Re: Amex F/R Master Thread
« Reply #8587 on: August 14, 2023, 06:57:05 PM »
Just dads name
I would probably just submit #1.
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Re: Amex F/R Master Thread
« Reply #8588 on: August 14, 2023, 07:04:51 PM »
Why donít you add her to that bank account now

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Re: Amex F/R Master Thread
« Reply #8589 on: August 15, 2023, 12:06:08 AM »
I would probably just submit #1.
Agree with that. Rather a small CL for a while (will go back up slowly), than risking account closure.

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Re: Amex F/R Master Thread
« Reply #8590 on: August 15, 2023, 11:32:48 AM »
I would probably just submit #1.
Submitted  :-X :-X
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Re: Amex F/R Master Thread
« Reply #8591 on: August 29, 2023, 04:40:42 PM »
Submitted  :-X :-X
BH got a 50 on my FR test overall CL was slashed in half, time to work it back up ;)
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Re: Amex Financial Review
« Reply #8592 on: September 05, 2023, 08:46:58 AM »
I know people that were able to get approved for new AMEX cards a few months after a F/R when they preemptively closed down their accounts.

The key thing to avoid AMEX F/R's is to keep each card under a 25K credit limit, and try to use under 33% of the credit line on each card.

Same question for Citi and Chase cardholders-have you been able to reopen cards after being shut down?
should one shut down their accounts even if it's less than 12 months on the card and received a SUB?

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Re: Amex Financial Review
« Reply #8593 on: September 05, 2023, 09:47:20 AM »
should one shut down their accounts even if it's less than 12 months on the card and received a SUB?
I believe things have changed since 2008.  ;)
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Re: Amex F/R Master Thread
« Reply #8594 on: November 18, 2023, 09:42:29 PM »
 :'( :'( :'(

A family member of mine just got a FR. They requested 2 most recent bank statements from the account paying the card. The bank account is mine and they're not officially on it.

1) Is there anyway to pass or just shut down all the cards now?

2) If I get my banker to write a letter that he is authorized to use my account and send it with the statements does anyone think that may work?

3) Should I transfer out my 440K points now or will I be able to do that in any case after? (seeing mixed reports, it it a YMMV?)

The account has 5 biz cards and 1 personal.
I would really like to keep the account open because I am in middle of reaching 3 SUB's but if they close it I will never be able to open it again.

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Re: Amex F/R Master Thread
« Reply #8595 on: November 19, 2023, 03:52:37 PM »
Anyone with personal experience? please

If I send in docs and they decide to shut my account down will I get a chance to close the cards myself at that point or if I want to close myself I have to do it preemptively?

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Re: Amex F/R Master Thread
« Reply #8596 on: November 20, 2023, 03:40:26 PM »
Add the person to the account now? Had someone with similar and this helped. Although statements werenít requested, they wanted verification from the bank that account is hisÖ