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 980734 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5400 on: November 01, 2015, 12:20:52 AM »
I showed her to look at my wife's history as well as mine, which is the same spending. Meaning we are partners in the company we own so she was satisfied with that info.
So it sounds like it was legit spending, not MS?

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #5401 on: November 01, 2015, 12:39:11 AM »
So it sounds like it was legit spending, not MS?
Correct

Offline chulent613

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Re: Amex F/R Master Thread
« Reply #5402 on: November 02, 2015, 03:51:24 PM »
passed f/r!!
She said that the IRS rejected the form because they read the date 10/22 as 12/22 but after reviewing my account she passed me w/o my tax returns. BH!
now hopefully my family members will pass too.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5403 on: November 02, 2015, 03:55:08 PM »
passed f/r!!
She said that the IRS rejected the form because they read the date 10/22 as 12/22 but after reviewing my account she passed me w/o my tax returns. BH!
now hopefully my family members will pass too.
Nice! On which part of the form was the date mistake?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline chulent613

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Re: Amex F/R Master Thread
« Reply #5404 on: November 02, 2015, 03:57:48 PM »
Nice! On which part of the form was the date mistake?
Signature.
I actually looked it over and it does say 12/22. so this might be an idea for s/o that cant pass a f/r to do.

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5405 on: November 02, 2015, 03:58:27 PM »
passed f/r!!
She said that the IRS rejected the form because they read the date 10/22 as 12/22 but after reviewing my account she passed me w/o my tax returns. BH!
now hopefully my family members will pass too.
Wow! Thats a first!

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5406 on: November 02, 2015, 04:03:29 PM »
Signature.
I actually looked it over and it does say 12/22. so this might be an idea for s/o that cant pass a f/r to do.
truth is no fax comes out clear ;D
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5407 on: November 03, 2015, 01:42:02 AM »
Does anyone think requesting a spending limit on charge cards will help avoid an FR? I'm about to do another app round (after passing an FR) and would like to avoid another one.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5408 on: November 03, 2015, 08:29:29 AM »
Does anyone think requesting a spending limit on charge cards will help avoid an FR? I'm about to do another app round (after passing an FR) and would like to avoid another one.
Would they even do that by request. I would guess not...

Offline shoobi

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Re: Amex F/R Master Thread
« Reply #5409 on: November 03, 2015, 01:46:47 PM »
Bad news for me: I got F/R'd, sent in the form, had legit income so wasn't worried about passing the F/R, they told me that parts of it aren't readable, so sent in a second time, this time filled it in on Adobe via typing, but used virtual signature, they rejected it again, said I need real signature.

Then, they said there's a maximum of 2 attempts at the form and since I used up both, I got shut down. No recourse. They said all I can do is get approved for a new Amex card and it'll continue my membership from previous date (in my case 2012). I had 7 open Amex cards, lost all of them.

I am PISSED!! what's with this stupid rule of 2 attempts?????

(side note: I called to transfer out my remaining MR to SQ, was told that won't work cuz some airlines require the Amex card to be open to allow transfers. I'm starting to hate Amex)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5410 on: November 03, 2015, 01:47:56 PM »
Bad news for me: I got F/R'd, sent in the form, had legit income so wasn't worried about passing the F/R, they told me that parts of it aren't readable, so sent in a second time, this time filled it in on Adobe via typing, but used virtual signature, they rejected it again, said I need real signature.

Then, they said there's a maximum of 2 attempts at the form and since I used up both, I got shut down. No recourse. They said all I can do is get approved for a new Amex card and it'll continue my membership from previous date (in my case 2012).

I am PISSED!! what's with this stupid rule of 2 attempts?????

(side note: I called to transfer out my remaining MR to SQ, was told that won't work cuz some airlines require the Amex card to be open to allow transfers. I'm starting to hate Amex)
Wow! That's really crazy

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5411 on: November 03, 2015, 01:55:40 PM »
Bad news for me: I got F/R'd, sent in the form, had legit income so wasn't worried about passing the F/R, they told me that parts of it aren't readable, so sent in a second time, this time filled it in on Adobe via typing, but used virtual signature, they rejected it again, said I need real signature.

Then, they said there's a maximum of 2 attempts at the form and since I used up both, I got shut down. No recourse. They said all I can do is get approved for a new Amex card and it'll continue my membership from previous date (in my case 2012). I had 7 open Amex cards, lost all of them.

I am PISSED!! what's with this stupid rule of 2 attempts?????

(side note: I called to transfer out my remaining MR to SQ, was told that won't work cuz some airlines require the Amex card to be open to allow transfers. I'm starting to hate Amex)
Did you try reinstating the cards?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5412 on: November 03, 2015, 02:13:37 PM »
Bad news for me: I got F/R'd, sent in the form, had legit income so wasn't worried about passing the F/R, they told me that parts of it aren't readable, so sent in a second time, this time filled it in on Adobe via typing, but used virtual signature, they rejected it again, said I need real signature.

Then, they said there's a maximum of 2 attempts at the form and since I used up both, I got shut down. No recourse. They said all I can do is get approved for a new Amex card and it'll continue my membership from previous date (in my case 2012). I had 7 open Amex cards, lost all of them.

I am PISSED!! what's with this stupid rule of 2 attempts?????

(side note: I called to transfer out my remaining MR to SQ, was told that won't work cuz some airlines require the Amex card to be open to allow transfers. I'm starting to hate Amex)
insane, I was worried about the faxes not being readable....
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline shoobi

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Re: Amex F/R Master Thread
« Reply #5413 on: November 03, 2015, 02:14:36 PM »
Did you try reinstating the cards?

Yes. Was told no such option, she repeated that I can just open a new card.

Offline D93

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Re: Amex F/R Master Thread
« Reply #5414 on: November 03, 2015, 02:16:21 PM »
Yes. Was told no such option, she repeated that I can just open a new card.
Did you try reinstating the cards with regular customer service?