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 1871454 times)

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6100 on: December 17, 2015, 09:17:59 PM »
Quote from: rivkao on December 16, 2015, 06:08:17 PM
No need for phone call. Do it yourself online at americanexpress.com/accountinquiry
Takes one minute
This is what I got.
Quote
Looking for something at American Express?
We're sorry. The web address (URL) you requested has either moved or no longer exists.

Please feel free to use our site map or choose your country.

Thank you for visiting American Express.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6101 on: December 17, 2015, 09:21:13 PM »
Quote from: Venilla on December 17, 2015, 09:17:59 PM
This is what I got.
Sorry my mistake it's americanexpress.com/inquirycenter

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Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6102 on: December 17, 2015, 09:23:21 PM »
Quote from: rivkao on December 17, 2015, 09:21:13 PM
Sorry my mistake it's americanexpress.com/inquirycenter
Thanks.
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Re: Amex F/R Master Thread
« Reply #6103 on: December 17, 2015, 09:33:33 PM »
I'm supposed to get results of FR today still no answer...

My rep told me if I would pay up 100k she would open my account and no need to send in tax docs- I paid and she wanted another 20k. I was put on hold and had she wanted docs  >:(
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6104 on: December 17, 2015, 09:58:54 PM »
Quote from: tzifanya54 on December 17, 2015, 08:07:23 PM
It's usually closer to 100 days from approval. At least IME. PUTPAC or chat to get exact day.
I find the chat reps just say 92 days from the card open day, though one seemingly clueless rep thought that the 92 days starts from the first purchase
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6105 on: December 17, 2015, 09:59:25 PM »
Quote from: afro on December 17, 2015, 09:33:33 PM
I'm supposed to get results of FR today still no answer...

My rep told me if I would pay up 100k she would open my account and no need to send in tax docs- I paid and she wanted another 20k. I was put on hold and had she wanted docs  >:(
woah, first time I have heard of that happening. So you sent in docs?
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Offline afro

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Re: Amex F/R Master Thread
« Reply #6106 on: December 17, 2015, 11:52:48 PM »
yeah- rep was supposed to call me today with the results. I can still login to my accounts so thats a good sign.

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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6107 on: December 17, 2015, 11:53:53 PM »
Quote from: afro on December 17, 2015, 11:52:48 PM
yeah- rep was supposed to call me today with the results. I can still login to my accounts so thats a good sign.
so this is not a full blown F/R?
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6108 on: December 18, 2015, 12:04:55 AM »
Quote from: Yehuda25 on December 17, 2015, 09:59:25 PM
woah, first time I have heard of that happening. So you sent in docs?
I've heard of this happening, of spending being frozen until balance is paid down, when you've hit an unofficial limit.

Quote from: afro on December 17, 2015, 09:33:33 PM
I'm supposed to get results of FR today still no answer...

My rep told me if I would pay up 100k she would open my account and no need to send in tax docs- I paid and she wanted another 20k. I was put on hold and had she wanted docs  >:(

Do you have an income or business that supports carrying such a balance?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #6109 on: December 18, 2015, 12:52:05 AM »
Quote from: afro on December 17, 2015, 11:52:48 PM
yeah- rep was supposed to call me today with the results. I can still login to my accounts so thats a good sign.

Why is that a good sign?
Logging in isn't suspended when you're under FR.
« Last Edit: December 18, 2015, 12:59:37 AM by D93 »
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Re: Amex F/R Master Thread
« Reply #6110 on: December 18, 2015, 12:57:22 AM »
Quote from: yochiek93 on December 17, 2015, 11:53:53 PM
so this is not a full blown F/R?
it is
Quote from: David Smith on December 18, 2015, 12:04:55 AM
I've heard of this happening, of spending being frozen until balance is paid down, when you've hit an unofficial limit.

Do you have an income or business that supports carrying such a balance?

I have nice amount of income on my tax returns but this spending is for sidebiz I started this year so I didn't file taxes on it yet.
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Offline emjee

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Re: Amex F/R Master Thread
« Reply #6111 on: December 18, 2015, 03:21:03 AM »


Quote from: afro on December 18, 2015, 12:57:22 AM
it isI have nice amount of income on my tax returns but this spending is for sidebiz I started this year so I didn't file taxes on it yet.

That's fine. I had the same thing. Not a problem
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Offline afro

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Re: Amex F/R Master Thread
« Reply #6112 on: December 18, 2015, 08:53:07 AM »
just got a call from a rep who tells me that they got my tax returns but my rep is out of the office and hopefully the'll finish by the end of next week. Is this normal?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6113 on: December 18, 2015, 10:55:29 AM »
Quote from: D93 on December 18, 2015, 12:52:05 AM
Why is that a good sign?
Logging in isn't suspended when you're under FR.
+1 this is not an Amazon shutdown where you can't login ;D
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6114 on: December 18, 2015, 10:55:44 AM »
Quote from: afro on December 18, 2015, 08:53:07 AM
just got a call from a rep who tells me that they got my tax returns but my rep is out of the office and hopefully the'll finish by the end of next week. Is this normal?
Yes
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Offline unavailable

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Re: Amex F/R Master Thread
« Reply #6115 on: December 18, 2015, 01:12:04 PM »
It's really crazy that you have to stay with 1 rep. What if they go on vac, or don't work regular business days, or have a huge workload.
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Re: Amex F/R Master Thread
« Reply #6116 on: December 18, 2015, 02:44:19 PM »
After going thru a FR and passing with credit lines reduced. How long afterwards can i apply for a new card?
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Re: Amex F/R Master Thread
« Reply #6117 on: December 19, 2015, 01:21:10 PM »
Quote from: unavailable on December 18, 2015, 01:12:04 PM
It's really crazy that you have to stay with 1 rep. What if they go on vac, or don't work regular business days, or have a huge workload.

Welcome to the FR team ;D
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Offline D93

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Re: Amex F/R Master Thread
« Reply #6118 on: December 19, 2015, 01:21:18 PM »
Quote from: youkay on December 18, 2015, 02:44:19 PM
After going thru a FR and passing with credit lines reduced. How long afterwards can i apply for a new card?

Next day :)
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Offline afro

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Re: Amex F/R Master Thread
« Reply #6119 on: December 19, 2015, 06:49:17 PM »
Quote from: unavailable on December 18, 2015, 01:12:04 PM
It's really crazy that you have to stay with 1 rep. What if they go on vac, or don't work regular business days, or have a huge workload.
I actually got a call from Raul because Amy is gonna be out of the office.
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