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 997862 times)

Offline joeb1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 2909
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
  • Programs: SPG Platinum, Hyatt Diamond, Hilton Diamond, CPA, Travel Agent
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #990 on: February 17, 2012, 01:40:10 PM »
what? thats crazy? this is the first time ive ever heard of that!!!!!!!!!!!!!!!!!!!!!!!!!! ;)

Offline joeb1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 2909
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
  • Programs: SPG Platinum, Hyatt Diamond, Hilton Diamond, CPA, Travel Agent
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #991 on: February 17, 2012, 01:43:48 PM »
excuse my sarcasm search "financial review" it will help you a drop

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7524
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #992 on: February 17, 2012, 01:44:15 PM »
Hi everyone.

I have been using amazon to accumulate points.
I got a call from amex that I have been using amazon for free cash advances which is against the rules. Now they want my tax returns and bank statements...\

has anyone dealt with this before...any info with how they work..what they are looking for....how it worked for you...

thanks

Welcome to the club! Its called a financial review.
http://forums.dansdeals.com/index.php?topic=8.0

what? thats crazy? this is the first time ive ever heard of that!!!!!!!!!!!!!!!!!!!!!!!!!! ;)

Be nice.  The poor n00b has no idea what he's in for.

Offline bubbles

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2011
  • Posts: 5051
  • Total likes: 14
  • DansDeals.com Hat Tips 67
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #993 on: February 17, 2012, 01:51:46 PM »
Hi everyone.

I have been using amazon to accumulate points.
I got a call from amex that I have been using amazon for free cash advances which is against the rules. Now they want my tax returns and bank statements...\

has anyone dealt with this before...any info with how they work..what they are looking for....how it worked for you...

thanks

how badly were you abusing it? how many accounts did you have and were you just making $1000 payments?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20565
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #994 on: February 17, 2012, 01:54:39 PM »
how badly were you abusing it? how many accounts did you have and were you just making $1000 payments?

He's referring to an Amex F/R, not an Amazon one. Ostensibly he was doing $1k/month.

My guess is something else triggered the F/R and when the noticed the regular $1k AP purchases they figured he was advancing cash.
PGF24BMGS

Offline bubbles

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2011
  • Posts: 5051
  • Total likes: 14
  • DansDeals.com Hat Tips 67
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #995 on: February 17, 2012, 01:58:19 PM »
He's referring to an Amex F/R, not an Amazon one. Ostensibly he was doing $1k/month.

I understand that. I wouldn't mind knowing though why he got singled out for the honor when I'm sure there are tons of people maxing out their $1000 AP every month. Perhaps he has multiple accounts all doing large payments and AMEX keyed in on the fact that there were numerous $1000 charges to AP each month

Edit:
My guess is something else triggered the F/R and when the noticed the regular $1k AP purchases they figured he was advancing cash.

Definitely a possibility but can't hurt to ask

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20565
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #996 on: February 17, 2012, 02:01:47 PM »
Edit:
Definitely a possibility but can't hurt to ask

I don't think Shkop would know what the triggers were. If $1k/monthly via AP was a trigger, you'd see many more reports of this (Ch"V).
PGF24BMGS

Offline bubbles

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2011
  • Posts: 5051
  • Total likes: 14
  • DansDeals.com Hat Tips 67
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #997 on: February 17, 2012, 02:02:40 PM »
If $1k/monthly via AP was a trigger, you'd see many more reports of this (Ch"V).

Which is why I wanted to know if he was doing more than the norm

Offline Shkop

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2011
  • Posts: 374
  • Total likes: 9
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #998 on: February 17, 2012, 02:04:25 PM »
If i send them in tax returns and bank statements which have me and my husbands name will they then f/r my husband too?

Does it pay to cancel my cards before they close mine?

Will I lose my points?  will my husband lose his starwoods points?
A democracy is a form of government, not an intrinsic truth

Offline Shkop

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2011
  • Posts: 374
  • Total likes: 9
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #999 on: February 17, 2012, 02:05:08 PM »
I usually dont do more than 1k but I recently did more than that. Dumb move.
A democracy is a form of government, not an intrinsic truth

Offline stever

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Oct 2011
  • Posts: 481
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Los Angeles
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #1000 on: February 17, 2012, 02:07:20 PM »
what do u mean more than 1k, on a few accounts?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20565
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #1001 on: February 17, 2012, 02:07:43 PM »
Which is why I wanted to know if he was doing more than the norm

Fair enough.

If i send them in tax returns and bank statements which have me and my husbands name will they then f/r my husband too?

Does it pay to cancel my cards before they close mine?

Will I lose my points?  will my husband lose his starwoods points?

They might F/R your spouse regardless, or not...

If you know they'll close your cards it pays to cancel them, but it's hard to know for sure (when they know 100% they'll close, they don't typically give you a heads up).

You will have 90 days from account closure to redeem MR points. You might lose points that didn't post yet. Any points already transferred to a partner (e.g. SPG, DL, Hilton etc.) won't be lost.
PGF24BMGS

Offline Shkop

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jul 2011
  • Posts: 374
  • Total likes: 9
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #1002 on: February 17, 2012, 02:10:09 PM »
What do I gain by closing first? Either way it goes on the record, no?
A democracy is a form of government, not an intrinsic truth

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20565
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #1003 on: February 17, 2012, 02:14:32 PM »
What do I gain by closing first? Either way it goes on the record, no?

It'll go on the record as closed by consumer's request, as opposed to closed by issuer which may be a red flag later on.

I have two 'closed by issuer' accounts, IIRC, but haven't applied since those got onto my report. Anyone have any experience with this?
PGF24BMGS

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7524
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Re: Earn miles/points with Amazon payments using a credit card
« Reply #1004 on: February 17, 2012, 02:33:31 PM »
Mods, pleade fork over the last few posts to the FR thread.

AsherO and bubbles,  do mind continuing your conversation in the fr thread? Thanx