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 980059 times)

Offline HelpMe

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Re: Amex Financial Review
« Reply #885 on: December 28, 2011, 03:43:41 PM »
Excuse me?
Ok you are excused. Now you want to answer my question?
"Elvis Has Left The Building"

Offline AsherO

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Re: Amex Financial Review
« Reply #886 on: December 28, 2011, 04:22:55 PM »
Battle of the  ::) s
PGF24BMGS

Offline AsherO

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Re: Amex Financial Review
« Reply #887 on: December 28, 2011, 04:37:12 PM »
For the record, my (negative) MR balance doesn't show on my 'Accounts Summary' page, and when I go to MR and log in I get the following message:

Quote
WE'RE SORRY
We apologize for the inconvenience, the system is currently unavailable. Please try your request again by refreshing the page.

If you require further assistance please call Membership Rewardsģ Customer Service at 1-800-AXP-EARN (297-3276).
CODE: LA01-101
Would you like to...

It looks like my MR account might be gone, I'm glad I cashed out when I did.
PGF24BMGS

Offline AJK

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Re: Amex Financial Review
« Reply #888 on: December 28, 2011, 05:11:03 PM »
Ok you are excused. Now you want to answer my question?

You embody and exemplify the quote: "Do not argue with an idiot, they will bring you down to their level and beat you with experience."

For the record, my (negative) MR balance doesn't show on my 'Accounts Summary' page, and when I go to MR and log in I get the following message:

It looks like my MR account might be gone, I'm glad I cashed out when I did.

It's not gone, it's just not accessible online.

To xfer any points, you'd have to call (says so in the F/R letter).
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline HelpMe

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Re: Amex Financial Review
« Reply #889 on: December 28, 2011, 05:28:01 PM »
You embody and exemplify the quote: "Do not argue with an idiot, they will bring you down to their level and beat you with experience."
Out of your 2906 posts how many did you actually provide any useful information and how many exemplify your childish behavior?

If you donít want to be called out on your silly posts I would suggest you just ignore me!
"Elvis Has Left The Building"

Offline myb821

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Re: Amex Financial Review
« Reply #890 on: December 28, 2011, 05:29:41 PM »
everyone chill

Offline AJK

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Re: Amex Financial Review
« Reply #891 on: December 28, 2011, 05:36:00 PM »
Out of your 2906 posts how many did you actually provide any useful information and how many exemplify your childish behavior?

If you donít want to be called out on your silly posts I would suggest you just ignore me!

You and your 300 posts have a lot of gall throwing your weight around DDF like it means something.

I have helped countless people on DDF, just as they have me.

However, in your case, just like when a mentally disabled child rants and raves obscenities and insults, I will choose to ignore you from this point forward.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline HelpMe

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Re: Amex Financial Review
« Reply #892 on: December 28, 2011, 05:54:06 PM »
You and your 300 posts have a lot of gall throwing your weight around DDF like it means something.

I have helped countless people on DDF, just as they have me.

However, in your case, just like when a mentally disabled child rants and raves obscenities and insults, I will choose to ignore you from this point forward.
You make the classic noob mistake of equating post count with knowledge of a subject.

Even making a reference to a disabled child shows what a sick person you really are!!!

Oh and have a nice day.  ;D

ETA: Should not expect any more PMís from you asking for info? ROFLMAO
« Last Edit: December 28, 2011, 05:57:43 PM by HelpMe »
"Elvis Has Left The Building"

Offline AsherO

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Re: Amex Financial Review
« Reply #893 on: December 28, 2011, 06:02:03 PM »
everyone chill

And grow up. IMHO neither AJK nor HelpMe are in the right, and I don't have a post count of 300 :P
PGF24BMGS

Offline BAHayman

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Re: Re: Amex Financial Review
« Reply #894 on: December 28, 2011, 06:22:34 PM »
Prepaying or churning your CL does not look normal. If I have a CL of 5k and prepay 50k for the month I can charge 55k for the month. How much can I now do chargebacks for? If I prepay 50k and the card gets stolen 55k again of unauthorized charges can be put on the card. Amex is at a greater risk.

Something you also need to remember is the prepay trick does not work with all FI’s.
But even if you did a chargeback, AMEX already has your money so I still don't see how it has more risk on there end.

Offline compddd

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Re: Amex Financial Review
« Reply #895 on: December 28, 2011, 06:48:09 PM »
Dan seems to be the most knowledgeable of all of us here, so if he says they don't like pre-paying, I'm going to trust him.

Offline bubbles

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Re: Re: Amex Financial Review
« Reply #896 on: December 28, 2011, 07:20:25 PM »
But even if you did a chargeback, AMEX already has your money so I still don't see how it has more risk on there end.

but if you win the chargeback and they refund the charge what does having your money help?

Offline Dan

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Re: Amex Financial Review
« Reply #897 on: December 28, 2011, 08:49:25 PM »
but if you win the chargeback and they refund the charge what does having your money help?
If you win a chargeback they take back the money from the merchant.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline bubbles

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Re: Amex Financial Review
« Reply #898 on: December 28, 2011, 08:53:06 PM »
If you win a chargeback they take back the money from the merchant.

I thought AMEX doesn't always but I guess on a large enough amount they won't refund you unless they can actually get the money back from the merchant?

Offline Dan

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Re: Amex Financial Review
« Reply #899 on: December 28, 2011, 09:03:57 PM »
I thought AMEX doesn't always but I guess on a large enough amount they won't refund you unless they can actually get the money back from the merchant?
If it's $20 they just credit you right away as it will cost them more to investigate.
For larger amounts there's an investigation and a case manager.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.