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 932789 times)

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6240 on: January 06, 2016, 12:16:27 AM »
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
A few times they just want you to payoff the balance if it's higher then usual, but I guess call and see.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6241 on: January 06, 2016, 12:17:29 AM »
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
Don't say anything on the phone you can't prove. Anything you say can and will be used against you.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6242 on: January 06, 2016, 12:44:39 AM »
A few times they just want you to payoff the balance if it's higher then usual, but I guess call and see.
in such a situation they say
Quote
charging privileges suspended. To make payment click pay bill
What's your plan for yud shvat?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6243 on: January 06, 2016, 12:51:08 AM »
in such a situation they say
Not always.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline afro

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Re: Amex F/R Master Thread
« Reply #6244 on: January 06, 2016, 01:06:18 AM »
Not always.

happened to me, got the "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you." and had to pay some $$.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6245 on: January 06, 2016, 01:30:28 AM »
happened to me, got the "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you." and had to pay some $$.
and no fr?
Just pay?
What's your plan for yud shvat?

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6246 on: January 06, 2016, 01:39:06 AM »
While we're on that topic, I'll add that I had that on My platinum, spent in one month close to my report income,
So kinda didn't kick..
The reason I wasn't afraid of fr is bc was 'regular/random /real charges,
When they blocked,
They told me I needed to pay 50+% in order to have account released, I told them it will take a week or 2  so I need my personal cards open, and they opened it :-)
Even though originally they said all or none
What's your plan for yud shvat?

Offline R.K.

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Re: Amex F/R Master Thread
« Reply #6247 on: January 06, 2016, 04:19:13 AM »
I'm new in this..
I have an AU card and I applied for my first card [Premier Rewards Gold Card] and I got F/R
I'm living abroad and I have never filed taxes.
What can I do?

thanks

Offline D93

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Re: Amex F/R Master Thread
« Reply #6248 on: January 06, 2016, 04:23:55 AM »
I'm new in this..
I have an AU card and I applied for my first card [Premier Rewards Gold Card] and I got F/R
I'm living abroad and I have never filed taxes.
What can I do?

thanks

See if they'll accept bank statements.

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6249 on: January 06, 2016, 06:04:57 AM »
I'm new in this..
I have an AU card and I applied for my first card [Premier Rewards Gold Card] and I got F/R
I'm living abroad and I have never filed taxes.
What can I do?

thanks

See if they'll accept bank statements.
If they won't take statements. I've seen people on this thread say that they have  been successful by being honest and told them that live at home and income is based on parents. Good luck!

Offline afro

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Re: Amex F/R Master Thread
« Reply #6250 on: January 06, 2016, 08:50:03 AM »
and no fr?
Just pay?

I was asked to pay 120k so I paid 100kk and told her that I would pay the rest in 2 weeks. After I paid 20k she asked for another 20k so I said not for another 3 days. She put me on hold then started FR.
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #6251 on: January 06, 2016, 09:52:59 AM »
Would paying off a friends Amex using my bank account be an FR risk? I was previously FR'd

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6252 on: January 06, 2016, 10:00:09 AM »
Would paying off a friends Amex using my bank account be an FR risk? I was previously FR'd
If you're doing that, I'd use the banks bill pay service.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6253 on: January 06, 2016, 12:16:30 PM »
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
+1 need to send tax form 😡

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6254 on: January 06, 2016, 12:32:05 PM »
If you're doing that, I'd use the banks bill pay service.
from a personal bank account?
What's your plan for yud shvat?