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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1854632 times)

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4860 on: September 24, 2015, 10:26:14 AM »
Quote from: rileywiles23 on September 24, 2015, 10:19:38 AM
How long after I get the email that my CL were lowered, does the suspension get lifted ? Amex website still says charging suspended.
I think you need to call in one last time and your f/r manager will lift the suspension
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Offline california

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Re: Amex F/R Master Thread
« Reply #4861 on: September 24, 2015, 11:22:24 AM »
My account is getting closed coz of to much spending, my wife just received the Amex gold 50k offer, should she apply?
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #4862 on: September 24, 2015, 11:24:49 AM »
Quote from: california on September 24, 2015, 11:22:24 AM
My account is getting closed coz of to much spending, my wife just received the Amex gold 50k offer, should she apply?
Think they may have a better offer.
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Quaerite et Invenietis.

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4863 on: September 24, 2015, 11:25:01 AM »
Quote from: california on September 24, 2015, 11:22:24 AM
My account is getting closed coz of to much spending, my wife just received the Amex gold 50k offer, should she apply?
Why would her account be affected by your fr?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4864 on: September 24, 2015, 11:32:17 AM »
Quote from: california on September 24, 2015, 11:22:24 AM
My account is getting closed coz of to much spending, my wife just received the Amex gold 50k offer, should she apply?
Closed because to much spending? Or didn't pass FR?
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Offline california

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Re: Amex F/R Master Thread
« Reply #4865 on: September 24, 2015, 11:33:03 AM »
Quote from: Marco Polo on September 24, 2015, 11:24:49 AM
Think they may have a better offer.
Like what?
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Offline california

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Re: Amex F/R Master Thread
« Reply #4866 on: September 24, 2015, 11:33:47 AM »
Quote from: DMYD on September 24, 2015, 11:32:17 AM
Closed because to much spending? Or didn't pass FR?
To much spending and payment didnt go through over rush hashunah, was no FR
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Offline california

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Re: Amex F/R Master Thread
« Reply #4867 on: September 24, 2015, 11:33:58 AM »
Quote from: Jm1248 on September 24, 2015, 11:25:01 AM
Why would her account be affected by your fr?
Same address
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Offline JT27MP

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Re: Amex F/R Master Thread
« Reply #4868 on: September 24, 2015, 11:54:36 AM »
Quote from: rileywiles23 on September 23, 2015, 11:03:18 PM
Update: I passed my FR, they just slashed all my credit lines, and placed a spending limit on the charge cards.
Baruch HaShem the first piece of good news after Y"K, B'ezras HaShem more to come.

B"H. Glad to hear you got through it.

How far back in the thread do I have to go to see where you told people what triggered the review?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4869 on: September 24, 2015, 11:59:15 AM »
Quote from: JT27MP on September 24, 2015, 11:54:36 AM
B"H. Glad to hear you got through it.

How far back in the thread do I have to go to see where you told people what triggered the review?
Couple pages
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Offline shoobi

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Re: Amex F/R Master Thread
« Reply #4870 on: September 24, 2015, 10:38:41 PM »
Help guys- what do I do??

Quote from: shoobi on September 24, 2015, 10:17:12 PM
Signed wife up for a couple Amex biz cards, started the MS, got denied and when called to say it's not fraud they started asking questions like what is your business (don't have one). So I hung up, was in stressed out spot as it is. Then, few weeks later, they closed all her Amex accounts and refunded AFs. I'm scared to call back cuz don't know what to tell them.

Quote from: shoobi on September 24, 2015, 10:28:18 PM
... and- I didn't finish the spending yet and am losing potentially ~200K MR

any ideas??

Quote from: shoobi on September 24, 2015, 10:36:28 PM
So it seems after reading the wiki in the Amex F/R thread here that even though I could pass a personal review because I do indeed have income on the books, the business one will kill me since it's not a legitimate business. Is this true?
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Offline shoobi

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Re: Amex F/R Master Thread
« Reply #4871 on: September 24, 2015, 10:39:25 PM »
But I thought that as sole proprietor you don't need to show business income on the books?
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Offline shoobi

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Re: Amex F/R Master Thread
« Reply #4872 on: September 24, 2015, 10:41:04 PM »
And will this kill her credit?
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4873 on: September 24, 2015, 10:41:45 PM »
Sounded like some people got away with saying there were mi returns because it was first year and submitting personal info.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4874 on: September 24, 2015, 11:03:44 PM »
Is the business name same as her name by any chance?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4875 on: September 24, 2015, 11:28:05 PM »
Can paying with 3rd party checks be a trigger?
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Offline yakrot

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Re: Amex F/R Master Thread
« Reply #4876 on: September 24, 2015, 11:59:02 PM »
Quote from: Yehuda25 on September 24, 2015, 11:28:05 PM
Can paying with 3rd party checks be a trigger?
I think the wiki says it is... I have not seen it specifically verified in this thread. I had the same dilemma with the iPhone orders ended up just getting them sent to me... I have three different checking accounts and I'll spread it out
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #4877 on: September 25, 2015, 12:06:44 AM »
Quote from: Yehuda25 on September 24, 2015, 11:28:05 PM
Can paying with 3rd party checks be a trigger?
i am not sure if it triggers , but its for sure not a good idea to pay with a third party check .
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Offline nochum18

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Re: Amex F/R Master Thread
« Reply #4878 on: September 25, 2015, 01:00:54 AM »
If it's not a trigger than y is it a bad idea?
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Offline shoobi

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Re: Amex F/R Master Thread
« Reply #4879 on: September 25, 2015, 10:17:43 AM »
Quote from: Jm1248 on September 24, 2015, 11:03:44 PM
Is the business name same as her name by any chance?

Yes. Why?
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