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 ectÖ

Letís 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 donít 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 996729 times)

Offline AsherO

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Re: Amex Financial Review
« Reply #645 on: October 31, 2011, 03:52:56 PM »
I appreciate your sentiment, I'm just not sure I agree with it.

+100 :P
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Offline moshe80

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Re: Amex Financial Review
« Reply #646 on: October 31, 2011, 04:02:22 PM »
I also charged my wife card to buy 2 airline tickets one for me and one for my friend maybe thatís why they are targeting my wife card. Good to know but now itís too late.

Offline AsherO

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Re: Amex Financial Review
« Reply #647 on: October 31, 2011, 04:05:51 PM »
I also charged my wife card to buy 2 airline tickets one for me and one for my friend maybe thatís why they are targeting my wife card. Good to know but now itís too late.

Heads up to anyone under F/R with Amex MR points in your MR account. Be sure to clear out (redeem) your MR account if you're expecting they'll shut you down, otherwise you're risking your points. The Excise Tax for MR transfers to US airlines can reportedly be paid with an F/R-blocked card.
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Offline Side incomer

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Re: Amex Financial Review
« Reply #648 on: October 31, 2011, 07:20:39 PM »
Heads up to anyone under F/R with Amex MR points in your MR account. Be sure to clear out (redeem) your MR account if you're expecting they'll shut you down, otherwise you're risking your points. The Excise Tax for MR transfers to US airlines can reportedly be paid with an F/R-blocked card.
Why say that?. you still have 30 days after closing to transfer (on their document they say 90 days). I was able to clear out even the pending bonus points on my brothers account.
On my wife's card I had a negative balance with MR, and I flighted out to not have to pay them. it worked B"h.
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Offline yaakov s

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Re: Amex Financial Review
« Reply #649 on: October 31, 2011, 07:21:49 PM »
Why say that?. you still have 30 days after closing to transfer (on their document they say 90 days). I was able to clear out even the pending bonus points on my brothers account.
On my wife's card I had a negative balance with MR, and I flighted out to not have to pay them. it worked B"h.
Are you sure you wont have to end up paying?

Offline AsherO

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Re: Amex Financial Review
« Reply #650 on: October 31, 2011, 07:38:12 PM »
Are you sure you wont have to end up paying?

+1
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Offline Side incomer

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Re: Amex Financial Review
« Reply #651 on: November 01, 2011, 08:25:42 AM »
Are you sure you wont have to end up paying?
They removed the whole negative balance, and even credited an additional 15,000 MR points for the aggravation, and I had them moved to my account, since they let this for canceled cards, to transfer to spouses. After all I saw already my statement, where it says that they added 40,000 points to my MR.
So, yes I'm sure I'll not end up paying this.
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Offline Mocha

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Re: Amex Financial Review
« Reply #652 on: November 01, 2011, 08:40:35 AM »
I'm surprised - I always thought they want you to use your card for other people. After all their business is about processing charges.
I don't think that this has anything to do with using it for cash advances. It would make more sense to me that it was a decision based on risk assessment. Let me explain what I mean..they decide to extend to you a credit line based on your credit report which is an indication as to how big or small of a risk you are in terms of paying your bills. When you start paying for other peoples tickets, it becomes clear that your not using your card solely for yourself and that throws in a monkey wrench to their calculations...this is my guess.

Offline AsherO

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Re: Amex Financial Review
« Reply #653 on: November 01, 2011, 08:57:10 AM »
They removed the whole negative balance, and even credited an additional 15,000 MR points for the aggravation, and I had them moved to my account, since they let this for canceled cards, to transfer to spouses. After all I saw already my statement, where it says that they added 40,000 points to my MR.
So, yes I'm sure I'll not end up paying this.

I'd say they were quite generous with you, way to go :)

Was this regular MR department CSR? A supervisor there? Please explain.

I don't think that this has anything to do with using it for cash advances. It would make more sense to me that it was a decision based on risk assessment. Let me explain what I mean..they decide to extend to you a credit line based on your credit report which is an indication as to how big or small of a risk you are in terms of paying your bills. When you start paying for other peoples tickets, it becomes clear that your not using your card solely for yourself and that throws in a monkey wrench to their calculations...this is my guess.

I'd say it's more than just a monkey-wrench and that there's inherent risk in cash-advances and using your card for other peoples' charges. I'm not sure if we're saying the same thing just different words, or if we actually disagree ;)
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Offline bubbles

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Re: Amex Financial Review
« Reply #654 on: November 01, 2011, 09:00:13 AM »
I was under the impression that they don't want you using your card for cash advances because they don't want you paying off your cc bill with their own money.

Offline Mocha

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Re: Amex Financial Review
« Reply #655 on: November 01, 2011, 09:05:11 AM »
I'd say it's more than just a monkey-wrench and that there's inherent risk in cash-advances and using your card for other peoples' charges. I'm not sure if we're saying the same thing just different words, or if we actually disagree ;)
We agree

Offline Saver2000

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Re: Amex Financial Review
« Reply #656 on: November 01, 2011, 09:43:01 AM »
When I was fr'd they told me that one of the things they didn't like/(trigger) was that an AU on the acct was doing a l ::)ot of spending. Reason is bec they extended credit to me based on me being able to pay the bill. Now that someone else is using it (and paying it) "who says he will be able to pay next month?"


Offline AJK

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Re: Amex Financial Review
« Reply #657 on: November 01, 2011, 10:12:36 AM »
I was under the impression that they don't want you using your card for cash advances because they don't want you paying off your cc bill with their own money.

I'm not so sure about that... I don't believe CC companies have any problem extending cash advances to you considering the high attendant costs.
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Re: Amex Financial Review
« Reply #658 on: November 01, 2011, 11:33:45 AM »
They only want to extend cash advances if you pay them the f$$$$s for them.  They don't like you doing regular purchases as cash advances.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex Financial Review
« Reply #659 on: November 01, 2011, 11:40:57 AM »
They only want to extend cash advances if you pay them the f$$$$s for them.  They don't like you doing regular purchases as cash advances.

I wasn't aware you could conduct a cash advance without fees.
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