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 1857676 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5740 on: November 25, 2015, 02:57:31 PM »
Quote from: David Smith on November 25, 2015, 02:53:35 PM
Call up your account manager and ask to have it removed.
+1 or if you rather not speak to them leave it a few days and should open up
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5741 on: November 25, 2015, 02:58:46 PM »
Quote from: pixi on November 25, 2015, 02:56:48 PM
She's out for vacation.
  How do these account managers get away with their schedules?
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #5742 on: November 25, 2015, 03:27:32 PM »
Quote from: David Smith on November 25, 2015, 02:58:46 PM
  How do these account managers get away with their schedules?
Time to look for a new job? :)
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5743 on: November 25, 2015, 03:33:26 PM »
Quote from: etech0 on November 25, 2015, 03:27:32 PM
Time to look for a new job? :)
Yup. Ddf needs an insider or two there...
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5744 on: November 25, 2015, 03:33:44 PM »
Quote from: etech0 on November 25, 2015, 03:27:32 PM
Time to look for a new job? :)
I'll Gladly take a part time job as an F/R rep
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #5745 on: November 25, 2015, 04:55:28 PM »
Quote from: yochiek93 on November 25, 2015, 03:33:44 PM
I'll Gladly take a part time job as an F/R rep
It's a great job for DDFers. You can work 6 hours a week and go on vacation twice a month...
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5746 on: November 25, 2015, 05:36:34 PM »
does anyone have experience with receiving this letter every time they apply for an amex card:


is there any confirmed amount of time that I have to wait before they stop sending my app to this department?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5747 on: November 25, 2015, 06:00:18 PM »
Quote from: zer0k1 on November 25, 2015, 05:36:34 PM
does anyone have experience with receiving this letter every time they apply for an amex card:


is there any confirmed amount of time that I have to wait before they stop sending my app to this department?
I assume you had a FR before and you or amex  closed your cards.  Right?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5748 on: November 25, 2015, 06:02:26 PM »
Quote from: David Smith on November 25, 2015, 03:33:26 PM
Yup. Ddf needs an insider or two there...
If all (elite)  members would give just $1 a week for someone who's ready to  work for amex or chase,  then you'll find someone.
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5749 on: November 25, 2015, 06:18:14 PM »
Quote from: pixi on November 25, 2015, 06:00:18 PM
I assume you had a FR before and you or amex  closed your cards.  Right?

Yeah I closed then. Ever seen this before?
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Offline miller123

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Re: Amex F/R Master Thread
« Reply #5750 on: November 25, 2015, 06:19:39 PM »
Quote from: zer0k1 on November 25, 2015, 05:36:34 PM
does anyone have experience with receiving this letter every time they apply for an amex card:


is there any confirmed amount of time that I have to wait before they stop sending my app to this department?
When applying xhange a number of the first 5 of the ss
Your application will be routed to the security and fraud guys after you pass it will go back to regular department
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5751 on: November 25, 2015, 06:29:06 PM »
Quote from: miller123 on November 25, 2015, 06:19:39 PM
When applying xhange a number of the first 5 of the ss
Your application will be routed to the security and fraud guys after you pass it will go back to regular department

Haha are you serious? You've done that?
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Offline miller123

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Re: Amex F/R Master Thread
« Reply #5752 on: November 25, 2015, 06:32:05 PM »
Quote from: zer0k1 on November 25, 2015, 06:29:06 PM
Haha are you serious? You've done that?

It worked for 2 guys already
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5753 on: November 25, 2015, 06:39:08 PM »
Quote from: miller123 on November 25, 2015, 06:19:39 PM
When applying xhange a number of the first 5 of the ss
Your application will be routed to the security and fraud guys after you pass it will go back to regular department
Wow,  that's amazing.  Sounds to good to be true.
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5754 on: November 25, 2015, 06:39:18 PM »
Quote from: miller123 on November 25, 2015, 06:32:05 PM
It worked for 2 guys already

I'll give that a try. Thank!
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5755 on: November 25, 2015, 06:39:32 PM »
Quote from: miller123 on November 25, 2015, 06:32:05 PM
It worked for 2 guys already
Where did you see that?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5756 on: November 25, 2015, 06:39:36 PM »
Quote from: zer0k1 on November 25, 2015, 06:39:18 PM
I'll give that a try. Thank!
Please report back.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5757 on: November 25, 2015, 06:41:28 PM »
Quote from: miller123 on November 25, 2015, 06:19:39 PM
When applying xhange a number of the first 5 of the ss
Your application will be routed to the security and fraud guys after you pass it will go back to regular department
Why of the first five only?
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Offline miller123

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Re: Amex F/R Master Thread
« Reply #5758 on: November 25, 2015, 07:15:36 PM »
Quote from: pixi on November 25, 2015, 06:41:28 PM
Why of the first five only?
So that it will go to your profile
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5759 on: November 25, 2015, 07:34:20 PM »
I tried it but the app was declined for cb reasons.. They didn't even bother transferring me to fraud I guess. I'll have to try this again later.
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