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 990993 times)

Offline HelpMe

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Re: Re: Amex Financial Review
« Reply #900 on: December 29, 2011, 12:24:27 AM »
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.
If you receive your charge back the risk now is for Amex to get the funds back from the merchant. What if the merchant is no longer in business? What if the merchant had no funds in reserve? What if it was a scam to begin with? The point being with prepaying or churning your CL it is an increase risk to Amex.
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Offline abetobee

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Re: Amex Financial Review
« Reply #901 on: December 29, 2011, 04:16:45 PM »
My wife and I Just got done with fr. I got through it ok, with limits placed on my consumer cards, while my wifes' cards were all canceled. They said they called one week ago, supposedly to discuss it and we were not home at the time so they just canceled her 5 accounts. Today she called them back and they said there's nothing to do to reinstate even some of the cards, being that the review is done! Can anyone give some advice as to how to proceed. I hope it's not a lost case.

p.s. Seems very strange that the 2 of us who file taxes jointly should have such different outcomes from AMEX. I'm thinking we got the wrong case manager at a bad time, since both of us have great credit scores and 100% payment history. any way to work this out?

Offline AsherO

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Re: Amex Financial Review
« Reply #902 on: December 29, 2011, 04:17:28 PM »
My wife and I Just got done with fr. I got through it ok, with limits placed on my consumer cards, while my wifes' cards were all canceled. They said they called one week ago, supposedly to discuss it and we were not home at the time so they just canceled her 5 accounts. Today she called them back and they said there's nothing to do to reinstate even some of the cards, being that the review is done! Can anyone give some advice as to how to proceed. I hope it's not a lost case.

p.s. Seems very strange that the 2 of us who file taxes jointly should have such different outcomes from AMEX. I'm thinking we got the wrong case manager at a bad time, since both of us have great credit scores and 100% payment history. any way to work this out?

Did you try speaking to a supervisor?
PGF24BMGS

Offline ZCN

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Re: Amex Financial Review
« Reply #903 on: December 29, 2011, 06:50:06 PM »

Quick update, along with some confusing and possibily new info.

   I finally got to speak to a supervisor today about sending in bank docs as supprting docs. She told me that they will not accecpt anything else besides the IRS form ( and yes, I was speaking with a supervisor).

 When I told her about my situation she said that no matter what income they see from my 2010 taxes they will NOT close any of my accounts (currently have 4 ). She said the whole purpose of the FR is to determine reasonable credit limits for each account holder.
 She even said something to the effect that they don't have the ability to close accounts based on income, all they can do is readjust credit limits.


  For me, what she's saying makes some sense, but I'm still a little nervous. The last thing I need right now is AMEX to shut down 4 accounts with the resulting plunge in our credit score.

 What do you guys think about what she said? Makes sense, or BS?



Update: B'H I got through FR with all my cards intact!!!
For the record I had income of under 5k on last year's tax return. They put a 3k CL on my PRG, 5k on my plat, 5k on my MB plat, and 2k on my DL gold. They told me it will take a few days to finish the process, whatever that means.
 Assuming everything holds, I think it's truly a miracle.

Offline Dan

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Re: Amex Financial Review
« Reply #904 on: December 29, 2011, 07:20:40 PM »
Assuming everything holds, I think it's truly a miracle.
+1
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 abetobee

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Re: Amex Financial Review
« Reply #905 on: December 29, 2011, 10:30:58 PM »
Did you try speaking to a supervisor?
I asked them to have a supervisor call back to discuss.
do they have any power to reinstate.?
any techniques to use to them?
p.s. to top it off after closing my accounts they went ahead and charged me more than $300 for MR points that I advanced and now cannot pay back because they closed me down. what chutpah.

Offline joeb1

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Re: Amex Financial Review
« Reply #906 on: December 30, 2011, 01:06:55 AM »
I asked them to have a supervisor call back to discuss.
do they have any power to reinstate.?
any techniques to use to them?
p.s. to top it off after closing my accounts they went ahead and charged me more than $300 for MR points that I advanced and now cannot pay back because they closed me down. what chutpah.

ppl have been successful in at least getting them to waive the negative points balance. try to state ur case to a supervisor and c what they can do

Offline Chaikel

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Re: Amex Financial Review
« Reply #907 on: December 30, 2011, 01:52:48 AM »
Is paying your bill with a check out of someone's account a trigger, or only ACH transfers?
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Offline AsherO

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Re: Amex Financial Review
« Reply #908 on: December 30, 2011, 01:54:33 AM »
Is paying your bill with a check out of someone's account a trigger, or only ACH transfers?

I think it is, especially large amounts. It'll at least by an issue if something else triggers an FR and then they notice that.
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Re: Amex Financial Review
« Reply #909 on: December 30, 2011, 02:02:04 AM »
Just navigated my own F/R. Mostly successful to my mind, anyway.

Expected trigger.

Had six accounts. Three charge, three credit.

Preemptively closed 4. (But not before getting a retention bonus.)

Sent in bank statements.

Result:

1) Capped Plat, and 2) slashed line for the credit card.
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 compddd

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Re: Amex Financial Review
« Reply #910 on: December 30, 2011, 02:12:17 AM »
what was your trigger?

Offline josh nyc

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Re: Amex Financial Review
« Reply #911 on: January 02, 2012, 11:26:01 AM »
Wife actually came away better from the F/R than I did and she doesnt work! She only had one CL slashed (from 18 to 12) they let her keep a 10CL and limited plat and gold to 5K each.

For each of us the stated reason for the slashes was "insufficient daily balances in bank account" -  the letter says call the # on back of cc (CSR) to discuss if I want. Should I try to get any of the CLs raised or am I supposed to move on and be happy that they allowed me to pass their FR? Giving me a 1K limit on cards is pretty worthless

Offline dans fan

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Re: Amex Financial Review
« Reply #912 on: January 02, 2012, 11:35:02 AM »
Wife actually came away better from the F/R than I did and she doesnt work! She only had one CL slashed (from 18 to 12) they let her keep a 10CL and limited plat and gold to 5K each.

For each of us the stated reason for the slashes was "insufficient daily balances in bank account" -  the letter says call the # on back of cc (CSR) to discuss if I want. Should I try to get any of the CLs raised or am I supposed to move on and be happy that they allowed me to pass their FR? Giving me a 1K limit on cards is pretty worthless
imho dont ask it can cause another fry and no  guarantee she will pass

Offline dans fan

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Re: Amex Financial Review
« Reply #913 on: January 02, 2012, 11:37:09 AM »
Wife actually came away better from the F/R than I did and she doesnt work! She only had one CL slashed (from 18 to 12) they let her keep a 10CL and limited plat and gold to 5K each.

For each of us the stated reason for the slashes was "insufficient daily balances in bank account" -  the letter says call the # on back of cc (CSR) to discuss if I want. Should I try to get any of the CLs raised or am I supposed to move on and be happy that they allowed me to pass their FR? Giving me a 1K limit on cards is pretty worthless
did you two do it together or had separate rep?

Offline SPLP

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Re: Amex Financial Review
« Reply #914 on: January 02, 2012, 11:40:51 AM »
did you two do it together or had separate rep?


ref:
"For each of us the stated reason for the slashes was "insufficient daily balances in bank account"

did you send them your bank statements?