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 1116041 times)

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6330 on: January 13, 2016, 05:21:38 PM »
ouch just got hit with a F/r I'm lost, funny thing is that my card is still working charging is not suspended, I just called in regular CS and I was tranferred to the F/r dep and they are requesting my tax return is that normal?
Yes

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6331 on: January 13, 2016, 07:35:08 PM »
my tax return is only 14k (I was stupid and told them I have more) anyone here with experience of sending in a tex return with this amount of income or less? Where you shut down, or stayed open and just slashed your CL? If yes with how much?
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6332 on: January 13, 2016, 07:37:28 PM »
my tax return is only 14k (I was stupid and told them I have more) anyone here with experience of sending in a tex return with this amount of income or less? Where you shut down, or stayed open and just slashed your CL? If yes with how much?
You told the fr rep or on the app

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6333 on: January 13, 2016, 07:40:23 PM »
You told the fr rep or on the app
both, but I can claim that income I said was for 2015, tax return they need is for 14
Do u have any different idea for a signature?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6334 on: January 13, 2016, 07:41:41 PM »

both, but I can claim that income I said was for 2015, tax return they need is for 14
You should be fine

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6335 on: January 13, 2016, 07:50:55 PM »
were there any reports here for being shut down with a 14k return? (paging TimT)
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6336 on: January 13, 2016, 07:51:47 PM »
were there any reports here for being shut down with a 14k return? (paging TimT)
I'm sure there are but there are others that passed with less

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6337 on: January 13, 2016, 08:27:50 PM »
i think my wife is financial reviewed as well, if we filed a joined tax return will they look on in who is the person making the income ? Or if its joined its no difference?
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6338 on: January 13, 2016, 08:30:03 PM »
i think my wife is financial reviewed as well, if we filed a joined tax return will they look on in who is the person making the income ? Or if its joined its no difference?
Have her say she filed together with you

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6339 on: January 13, 2016, 08:36:44 PM »
Have her say she filed together with you
ok, but question is if she can pass a f/r on a return of only 14k that she is just a joint on it and its not her income, in other words will they look in to see who made the income or they just look that your tax return has 14k income to show no matter from who it is?
Do u have any different idea for a signature?

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6340 on: January 13, 2016, 08:37:09 PM »
i think my wife is financial reviewed as well, if we filed a joined tax return will they look on in who is the person making the income ? Or if its joined its no difference?
No difference. They look at household income.

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6341 on: January 13, 2016, 08:46:18 PM »
No difference. They look at household income.
+1

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6342 on: January 13, 2016, 09:22:35 PM »
if i get c"v shut down or I'm closing it myself will I ever be able to get a amex card without having to submit tax returns if yes how long will I have to wait?
Do u have any different idea for a signature?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6343 on: January 13, 2016, 09:28:56 PM »
if i get c"v shut down or I'm closing it myself will I ever be able to get a amex card without having to submit tax returns if yes how long will I have to wait?
Ymmv

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6344 on: January 13, 2016, 09:33:37 PM »
Ymmv
ymmv for which part? Are there really ppl that can never open again a amex card after being shut down after f/r?
Do u have any different idea for a signature?