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 981637 times)

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6255 on: January 06, 2016, 12:46:57 PM »
from a personal bank account?
From whatever bank account you want. As long as it has a bill pay option

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #6256 on: January 06, 2016, 12:53:47 PM »
I think FR is going through another wave. Family member just got hit as well

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6257 on: January 06, 2016, 01:33:57 PM »
I think FR is going through another wave. Family member just got hit as well
I don't think the last wave ended. It's been one long wave.

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6258 on: January 06, 2016, 01:34:25 PM »
I think FR is going through another wave. Family member just got hit as well
Very possible, new year means new reports are coming in

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6259 on: January 06, 2016, 01:35:39 PM »
I think FR is going through another wave. Family member just got hit as well
Or lots of end of year platinum signups. :)
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 #6260 on: January 06, 2016, 01:36:45 PM »
Or lots of end of year platinum signups. :)
Makes also sense...

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6261 on: January 06, 2016, 01:39:54 PM »
I don't think the last wave ended. It's been one long wave.
I'd agree. I've been watching this thread very closely and hearing freinds experienced. Doesnt seem that the last wave is dead yet

Offline mendy613

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Re: Amex F/R Master Thread
« Reply #6262 on: January 06, 2016, 01:59:15 PM »
In middle of F/R Would a few back to back PGGM's be something to worry about?
(Two plat cards, same delta charges)

Offline D93

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Re: Amex F/R Master Thread
« Reply #6263 on: January 06, 2016, 02:04:06 PM »
In middle of F/R Would a few back to back PGGM's be something to worry about?
(Two plat cards, same delta charges)

How do you expect to do a PGGM when your charging is suspended?

Offline SearchGuy

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Re: Amex F/R Master Thread
« Reply #6264 on: January 06, 2016, 02:14:18 PM »
How do you expect to do a PGGM when your charging is suspended?
Worried as in they will see it on his account from the past

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6265 on: January 06, 2016, 02:15:43 PM »
Worried as in they will see it on his account from the past
I was always scared of being asked about that.
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 #6266 on: January 06, 2016, 02:18:24 PM »
I was always scared of being asked about that.
From my point of view the F/R team is more concerned about your income than the actual usage on your account, probably depends on the reason of the trigger

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6267 on: January 06, 2016, 02:20:22 PM »
From my point of view the F/R team is more concerned about your income than the actual usage on your account, probably depends on the reason of the trigger
The FR team couldn't care less. I still don't like the idea of people at amex looking at PGGMs.
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 Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6268 on: January 06, 2016, 02:40:40 PM »
how are u ppl so sure that PGGM is not a trigger itself for a f/r?
« Last Edit: January 06, 2016, 03:20:15 PM by Marko Rubio »
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6269 on: January 06, 2016, 03:00:09 PM »
how are u gues so sure that PGGM is not a trigger itself for a f/r?
Then every guy would get an F/R every year