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 ect…

Let’s 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 don’t 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 1866347 times)

Offline zlt123

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Re: Amex F/R Master Thread
« Reply #4240 on: June 22, 2015, 09:11:15 AM »
Someone reported upthread even $1 was enough 

Offline Hellokitty64

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Re: Amex F/R Master Thread
« Reply #4241 on: June 24, 2015, 01:05:29 AM »
I am getting something that looks like F/r but can't be. I call up for CS at night and they tell me that I need to call the FR department when they open at 8am and mentioned I'll need to fax in some some docs, and when I asked if this is an FR they said yes it is. this has happened twice on 2 back to back days. But I tried 2 cards on my account and they're still working and there's nothing out of place in my online account . This is coming after significant spend Spread onto 5 new accounts (11k)

I guess I have a specific question in this case. I'm not so concerned about closing my accounts if they want me to. But I completed the spend on the 5 cards for bonuses. If I wait the appropriate time for them to come will they come in this safek FR state before I start with them, or should I give up on those and get it over with??
Thanks for those that can Offer help :)
« Last Edit: June 24, 2015, 01:12:47 AM by Hellokitty64 »

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4242 on: June 24, 2015, 01:11:23 AM »
I am getting something that looks like F/r but can't be. I call up for CS at night and they tell me that I need to call the FR department when they open at 8am and mentioned I'll need to fax in some some docs, and when I asked if this is an FR they said yes it is. this has happened twice on 2 back to back days. But I tried 2 cards on my account and they're still working and there's nothing out of place in my online account . This is coming after significant spend Spread onto 5 new accounts (11k)
Maybe it's a mini?  Keep us posted

Offline a mirrer

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Re: Amex F/R Master Thread
« Reply #4243 on: June 24, 2015, 01:12:46 AM »
I am getting something that looks like F/r but can't be. I call up for CS at night and they tell me that I need to call the FR department when they open at 8am and mentioned I'll need to fax in some some docs, and when I asked if this is an FR they said yes it is. this has happened twice on 2 back to back days. But I tried 2 cards on my account and they're still working and there's nothing out of place in my online account . This is coming after significant spend Spread onto 5 new accounts (11k)
i had  the same but it was more of a fraud alert on the biz plat which was frozen after spending too much in target

Offline Hellokitty64

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Re: Amex F/R Master Thread
« Reply #4244 on: June 24, 2015, 01:15:27 AM »
i had  the same but it was more of a fraud alert on the biz plat which was frozen after spending too much in target
That makes sense I'm this case, when I called tonight the rep noted how I sent in 5k in payments and said he was going to note the payments for the FR department to see during our future conversations. When I asked him why it's relevant that I payed he said he basically feels like noting it, and when I said I plan to pay all balances to 0 in the next day or two he wanted to write that too

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #4245 on: June 24, 2015, 02:20:18 AM »
Hi,

Just got the Starwood a few days ago. On my 3rd Serve load, I get: "We're sorry, your card issuer declined this transaction. Please call the number on the back of your American Express card for additional information"
In Amex I see this. <photo attached>
When I check spending ability, it won't approve even $1. On my other cards though, it will approve a few K.
There's no notice when I log in, so I guess it's not an F/R.
Anybody had this? Is it best to chat/call?

BTW, why is Serve a mail/phone order?

UPDATE:
Didn't have the patience to wait :)
Just got on chat with them. It was just a fraud alert because of the repetitive loads. (The rep asked me why I don't just do it in 1 load :) )
« Last Edit: June 24, 2015, 02:31:31 AM by eli.f »

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #4246 on: June 24, 2015, 01:59:47 PM »
That makes sense I'm this case, when I called tonight the rep noted how I sent in 5k in payments and said he was going to note the payments for the FR department to see during our future conversations. When I asked him why it's relevant that I payed he said he basically feels like noting it, and when I said I plan to pay all balances to 0 in the next day or two he wanted to write that too
What happened in the end?

Offline aryeh1

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Re: Amex F/R Master Thread
« Reply #4247 on: June 25, 2015, 11:01:19 AM »
Just got approved for 2, thinking of 3rd, any reports of a 3bm triggering a FR?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4248 on: June 25, 2015, 11:16:46 AM »
Just got approved for 2, thinking of 3rd, any reports of a 3bm triggering a FR?
Don't think so.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #4249 on: June 25, 2015, 02:20:21 PM »
Just got approved for 2, thinking of 3rd, any reports of a 3bm triggering a FR?
Which 2 ?

Offline aryeh1

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Re: Amex F/R Master Thread
« Reply #4250 on: June 25, 2015, 02:21:53 PM »
Which 2 ?
Regular and business platinum

Offline Hellokitty64

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Re: Amex F/R Master Thread
« Reply #4251 on: June 25, 2015, 03:50:05 PM »
I am getting something that looks like F/r but can't be. I call up for CS at night and they tell me that I need to call the FR department when they open at 8am and mentioned I'll need to fax in some some docs, and when I asked if this is an FR they said yes it is. this has happened twice on 2 back to back days. But I tried 2 cards on my account and they're still working and there's nothing out of place in my online account . This is coming after significant spend Spread onto 5 new accounts (11k)

I guess I have a specific question in this case. I'm not so concerned about closing my accounts if they want me to. But I completed the spend on the 5 cards for bonuses. If I wait the appropriate time for them to come will they come in this safek FR state before I start with them, or should I give up on those and get it over with??
Thanks for those that can Offer help :)
That makes sense I'm this case, when I called tonight the rep noted how I sent in 5k in payments and said he was going to note the payments for the FR department to see during our future conversations. When I asked him why it's relevant that I payed he said he basically feels like noting it, and when I said I plan to pay all balances to 0 in the next day or two he wanted to write that too
What happened in the end?

Update: I called them during FR department biz hours and asked a CS question the rep said sure I'll transfer you to them you reached the credit FR Department, I saw you had a case and it's not a problem anymore because you're an excellent customer with us -note this was after paying all cards down- and transfered me over no problem to CS...
Home free!  8)

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #4252 on: June 27, 2015, 10:45:03 PM »
Just received this email and all my card accounts are frozen:

Quote
Dear ****,

 

We are writing to you because we need to speak with you regarding a security concern on your account.

 

For your security, new charges on the accounts listed above may be declined. If applicable, you should advise any Additional Card Member(s) on your account that their new charges may also be declined. If we do not hear from you within 30 days your account may be cancelled.

 

Please call us immediately at 1-888-800-5234, or international collect 336-393-1111. Our hours of operations are 8:00 am to 12:00 am (midnight) Eastern Standard Time seven days a week.

 

Your prompt response regarding this matter is appreciated.

 

Sincerely,

 

American Express Identity Protection Team

I don't have a US passport, Drivers licence, or phone number.... Should I be worried?

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4253 on: June 27, 2015, 10:46:20 PM »
Just received this email and all my card accounts are frozen:

I don't have a US passport, Drivers licence, or phone number.... Should I be worried?
Get a phone number with Google voice... I'm assuming you have an address as well correct?

Offline Malachi

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Re: Amex F/R Master Thread
« Reply #4254 on: June 27, 2015, 11:04:54 PM »
Just received this email and all my card accounts are frozen:

I don't have a US passport, Drivers licence, or phone number.... Should I be worried?
No need to be worried. They will just verify your identity and call you back on the number you provided. This is not a f/r.
Denny Crane

Offline TimT

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Re: Amex F/R Master Thread
« Reply #4255 on: June 27, 2015, 11:11:18 PM »
No need to be worried. They will just verify your identity and call you back on the number you provided.
What triggers that ? A charge they deem suspicious ?

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #4256 on: June 28, 2015, 03:11:13 AM »
Just received this email and all my card accounts are frozen:

I don't have a US passport, Drivers licence, or phone number.... Should I be worried?
This email is a huge PITA.
I got that same email, they wouldn't talk with me when i called them, instead they said that they will be calling me with a reference number and i will then need to call them back with that reference number...
They left me a voice mail 3 days later with the reference number,  the voice mail was unclear so i needed to wait ANOTHER 3 days... by the time i got that second voice mail the statement with its cute AF closed without hitting required spend .
Idiotic. Reminds me of the DMV.

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #4257 on: June 28, 2015, 03:14:15 AM »
This email is a huge PITA.
I got that same email, they wouldn't talk with me when i called them, instead they said that they will be calling me with a reference number and i will then need to call them back with that reference number...
They left me a voice mail 3 days later with the reference number,  the voice mail was unclear so i needed to wait ANOTHER 3 days... by the time i got that second voice mail the statement with its cute AF closed without hitting required spend .
Idiotic. Reminds me of the DMV.

They told me the same thing with the reference number.... very annoyed

Offline eli.f

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Re: Amex F/R Master Thread
« Reply #4258 on: June 28, 2015, 10:18:28 AM »
They told me the same thing with the reference number.... very annoyed
Me too.
What ended up happening though is, they called a number that I removed from all my cards and credit reports about a year ago and gave the ref. to someone I barely know. Luckily, he called me with it and I was able to sort it out.
Security alright...

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Re: Amex F/R Master Thread
« Reply #4259 on: June 28, 2015, 04:09:17 PM »
Just applied for someone and got pending further review. I called new accounts. They said it has a fraud alert and the fraud team will call me. F/R?
Denny Crane