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 924750 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6000 on: December 10, 2015, 06:22:48 PM »
So I just chatted with Amex, they told me it was them trying to contact me, they said I should call back, gave me a direct number 24/7
24/7 means not fr?!?
maybe, I think FR team is under the account protection team, which is technically open 24 hours.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6001 on: December 10, 2015, 06:27:07 PM »
8002301284
this is the number they told me to call
What's your plan for yud shvat?

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6002 on: December 10, 2015, 06:42:35 PM »
maybe, I think FR team is under the account protection team, which is technically open 24 hours.
you saying the FR department is open 24 hours?
What's your plan for yud shvat?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6003 on: December 10, 2015, 07:02:57 PM »
8002301284
this is the number they told me to call
could be wrong, but that number im pretty sure is FR.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6004 on: December 10, 2015, 07:04:22 PM »
you saying the FR department is open 24 hours?
No. My theory is that the fr team is under the umbrella of "account services" which itself is open 24 hours, but not all the different teams/depts associated with it E.G. FR.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6005 on: December 10, 2015, 08:26:08 PM »
So I just called cs, they couldn't find anything on my account as to why I was called...
I tried giving option (except FR)  and all came back clear, so I hope it was nothing
What's your plan for yud shvat?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6006 on: December 10, 2015, 08:55:41 PM »
Hello. I want to add my wife as an authorized user on my Platinum small business card. Problem she burned her Amx card few years ago. She owes Amx tens of thousands. There is a 3 years only bankruptcy on her credit report. Any chance she would be accepted? Would hurt me if I show Amx that I am her husband and partners in the same business ?
dont give any real info (i.e. ssn and dob)

Offline Pete1212

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Re: Amex F/R Master Thread
« Reply #6007 on: December 10, 2015, 09:43:32 PM »
dont give any real info (i.e. ssn and dob)

But how would they add her without a real ssn?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6008 on: December 10, 2015, 10:15:31 PM »
dont give any real info (i.e. ssn and dob)
-1 may not help, if address matches they may figure it out.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6009 on: December 10, 2015, 10:34:20 PM »
Why don't you just give her a card with your own name?
What's your plan for yud shvat?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6010 on: December 10, 2015, 11:04:49 PM »
-1 may not help, if address matches they may figure it out.
It's a business card.....

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6011 on: December 10, 2015, 11:10:42 PM »
It's a business card.....
I got fr/d because of a family member, not sure if they figured it out by address or au - but no au's had her dob or social.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6012 on: December 10, 2015, 11:12:45 PM »
I got fr/d because of a family member, not sure if they figured it out by address or au - but no au's had her dob or social.
From what people reported the FRs can come even from extended family meaning just name

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6013 on: December 10, 2015, 11:19:38 PM »
From what people reported the FRs can come even from extended family meaning just name
I know someone who's accounts got suspended, and called the FR department, and the rep said I just spoke to you.....
Basically what happened was, 2 ppl with the same name, one was under FR and the other ones account also got stopped.....
What's your plan for yud shvat?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6014 on: December 11, 2015, 03:12:33 AM »
8002301284
this is the number they told me to call
Fr Dept is 2301289