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 1864393 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5840 on: November 26, 2015, 01:04:39 PM »
1888 800 5234 reps name was sharon thats all  i know
thanks!!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5841 on: November 26, 2015, 01:20:23 PM »

all clear!!!! was just a fraud alert thanx for all your help( in appreciation first one to pm me gets a free metallic moshi iphone 6 plus case :P)
i already have more cases for my phone than I have phones

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5842 on: November 26, 2015, 01:32:02 PM »
i already have more cases for my phone than I have phones
+4

Offline cashasap

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Re: Amex F/R Master Thread
« Reply #5843 on: November 26, 2015, 02:03:06 PM »
How about a box of SAMs club diapers size 1? :P
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Re: Amex F/R Master Thread
« Reply #5844 on: November 27, 2015, 02:59:58 PM »
Update, I was Fr'd last Friday before shabbos, told the rep I'll call back next week. I've been running after him since, called over a dozen times, left a few messages . Name is bran (or brad) he is never avail. Should I try to go above, or will it wake up the bear?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5845 on: November 27, 2015, 03:03:26 PM »
Update, I was Fr'd last Friday before shabbos, told the rep I'll call back next week. I've been running after him since, called over a dozen times, left a few messages . Name is bran (or brad) he is never avail. Should I try to go above, or will it wake up the bear?
he is supposed to be nice. Going above probably won't help. See what his office hours are when you dial an extension and get his voice mail. Only go to supervisor if you are running out of your 2 weeks and you have no choice. if he is really out of the office for an extended period of time he would have assigned someone to take him over
« Last Edit: November 27, 2015, 03:25:39 PM by Yehuda25 »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

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Re: Amex F/R Master Thread
« Reply #5846 on: November 27, 2015, 03:10:58 PM »
He works on Sat and not on Mon, which takes off half a week. I'll  try calling again.
Thanks

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5847 on: November 27, 2015, 03:29:06 PM »
I received an email (after i was FR'd)  that limits where set in my account,  assuming that I've past my FR I tried calling my account manager to take the hold on my account off,  but she's out of the office till next to week Monday,  I spoke to a different account manager he told me that even though I received an email that doesn't mean that I've past the FR and my account can still be shut down.
Does it make any sense?
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5848 on: November 27, 2015, 03:36:19 PM »
I received an email (after i was FR'd)  that limits where set in my account,  assuming that I've past my FR I tried calling my account manager to take the hold on my account off,  but she's out of the office till next to week Monday,  I spoke to a different account manager he told me that even though I received an email that doesn't mean that I've past the FR and my account can still be shut down.
Does it make any sense?
Not really. Getting the email with the limits should signal the end of the FR, though it could take a few days for the limits to be removed if you don't speak to your account manager. My cards actually still did not work even after that. They had to do a "complete reset" on my cards, which took a while.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline emjee

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Re: Amex F/R Master Thread
« Reply #5849 on: November 28, 2015, 04:47:23 PM »
I received an email (after i was FR'd)  that limits where set in my account,  assuming that I've past my FR I tried calling my account manager to take the hold on my account off,  but she's out of the office till next to week Monday,  I spoke to a different account manager he told me that even though I received an email that doesn't mean that I've past the FR and my account can still be shut down.
Does it make any sense?
Same thing happened to me when I was Fr'd . After receiving an email of my new limits , I called up and the case manager told me that although I got the email of my new limits I would have to wait an additional 24 hours for my cards to be ready to use.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5850 on: November 29, 2015, 10:51:06 AM »
One thing here that no one seems to be sure about, is what happens if you don't transfer the points out right away? Do you have a certain amount of days to transfer?

Also, if you initiate a transfer with an airline that is not instant, does it cancel if the card gets cancelled?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline D93

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Re: Amex F/R Master Thread
« Reply #5851 on: November 29, 2015, 11:00:11 AM »
Also, if you initiate a transfer with an airline that is not instant, does it cancel if the card gets cancelled?

No

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5852 on: November 29, 2015, 11:02:35 AM »
One thing here that no one seems to be sure about, is what happens if you don't transfer the points out right away? Do you have a certain amount of days to transfer?

Also, if you initiate a transfer with an airline that is not instant, does it cancel if the card gets cancelled?
There is this post but I can't verify if its true though can someone please verify this
Also, even after account is closed you still have some time to transfer out

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5853 on: November 29, 2015, 11:10:16 AM »
No
Good to know, thanks!  Any info on the other question?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5854 on: November 29, 2015, 11:10:51 AM »
Good to know, thanks!  Any info on the other question?
Are you about to close your accounts?
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5855 on: November 29, 2015, 11:13:18 AM »
Are you about to close your accounts?
Nope, BH. Just one thing that i'm curious about.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline aro123

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Re: Amex F/R Master Thread
« Reply #5856 on: November 29, 2015, 04:07:29 PM »
i got approaved for an amex business platinum card . however when i tried to use the card it got denied so i checked the website and its shows by my available credit $0 . not no preset spending limit that most charge cards show. however it does not say charging suspended or anything else. anyone know what this means?
« Last Edit: November 29, 2015, 04:26:03 PM by aro123 »

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Re: Amex F/R Master Thread
« Reply #5857 on: November 29, 2015, 04:48:39 PM »
i got approaved for an amex business platinum card . however when i tried to use the card it got denied so i checked the website and its shows by my available credit $0 . not no preset spending limit that most charge cards show. however it does not say charging suspended or anything else. anyone know what this means?
Call

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5858 on: November 29, 2015, 07:03:26 PM »
i got approaved for an amex business platinum card . however when i tried to use the card it got denied so i checked the website and its shows by my available credit $0 . not no preset spending limit that most charge cards show. however it does not say charging suspended or anything else. anyone know what this means?
How long after activating the card did you try it?
money doesn't talk......      it SCREAMS !

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5859 on: November 29, 2015, 07:04:08 PM »
How long after activating the card did you try it?
why should that make a difference?