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 1079264 times)

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8286
  • Total likes: 202
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6405 on: January 18, 2016, 02:05:57 PM »
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 Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3182
  • Total likes: 310
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Hilton Diamond, SPG Gold and whatever
Re: Amex F/R Master Thread
« Reply #6406 on: January 18, 2016, 02:06:27 PM »
They just closed it without talking to you?
sorr *i just closed it last week. and now they f/red all of my current accounts

Offline tzifanya54

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2012
  • Posts: 5467
  • Total likes: 120
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #6407 on: January 18, 2016, 02:08:00 PM »
sorr *i just closed it last week. and now they f/red all of my current accounts
Aha I see. I was under the impression that once it's closed they are done with it...

Offline knowitall

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2013
  • Posts: 666
  • Total likes: 45
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: 08701
Re: Amex F/R Master Thread
« Reply #6408 on: January 18, 2016, 02:35:12 PM »
They just closed it without talking to you?
Well that's what happened to me and another guy a few pages back.

Offline tzifanya54

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2012
  • Posts: 5467
  • Total likes: 120
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #6409 on: January 18, 2016, 04:35:38 PM »
Well that's what happened to me and another guy a few pages back.
IIRC that was for returned payment, which on their end may indicate an inability to pay.

Offline knowitall

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Dec 2013
  • Posts: 666
  • Total likes: 45
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: 08701
Re: Amex F/R Master Thread
« Reply #6410 on: January 18, 2016, 05:45:36 PM »
IIRC that was for returned payment, which on their end may indicate an inability to pay.
In my case the returned payment was Cuz the routing number was wrong so amex couldn't locate the account, not insufficient funds.

Offline youkay

  • Dansdeals Gold Elite
  • ***
  • Join Date: Nov 2014
  • Posts: 218
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Amex F/R Master Thread
« Reply #6411 on: January 18, 2016, 07:00:33 PM »
In my case the returned payment was Cuz the routing number was wrong so amex couldn't locate the account, not insufficient funds.
I had the same issue, it occurred on the day that they were suppose to remove the freeze...

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 74
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6412 on: January 18, 2016, 07:45:45 PM »
In my case the returned payment was Cuz the routing number was wrong so amex couldn't locate the account, not insufficient funds.
Why would it be any different?

Offline youkay

  • Dansdeals Gold Elite
  • ***
  • Join Date: Nov 2014
  • Posts: 218
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Amex F/R Master Thread
« Reply #6413 on: January 18, 2016, 07:48:18 PM »
Why would it be any different?
Bofa has 2 routing #'s. I originally gave them the one i usually use, which i later found out was only for wire transfers. After explaining this they removed the freeze bh!
« Last Edit: January 18, 2016, 08:57:33 PM by youkay »

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1291
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6414 on: January 18, 2016, 08:56:42 PM »
i guess FR is very popular this year 8)

Offline am77

  • Dansdeals Gold Elite
  • ***
  • Join Date: Apr 2015
  • Posts: 136
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6415 on: January 19, 2016, 08:53:54 AM »
Applying shouldn't trigger the FR. :)
is that a given that applying for a card by itself doesn't trigger FR? I recently applied for the bus. amex platinum (still have it open) now I have an offer for 150k bonus without any language is there any risk in applying for it? TIA for any responses

Offline TimT

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 18368
  • Total likes: 1130
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex F/R Master Thread
« Reply #6416 on: January 19, 2016, 08:56:43 AM »
is that a given that applying for a card by itself doesn't trigger FR? I recently applied for the bus. amex platinum (still have it open) now I have an offer for 150k bonus without any language is there any risk in applying for it? TIA for any responses
Applying shouldn't trigger it. Its what comes afterwards that could trigger it.

Offline benjie1305

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6144
  • Total likes: 12
  • DansDeals.com Hat Tips 15
  • Gender: Male
    • View Profile
  • Location: NY Area
Re: Amex F/R Master Thread
« Reply #6417 on: January 19, 2016, 09:04:45 AM »
Can't you just ask the rep what triggered it?
Work hard, Play harder!

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1106
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #6418 on: January 19, 2016, 09:08:42 AM »
Applying shouldn't trigger it. Its what comes afterwards that could trigger it.
-1 I know of people that even before spending $1 their account was under fr

Offline TimT

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 18368
  • Total likes: 1130
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex F/R Master Thread
« Reply #6419 on: January 19, 2016, 09:24:31 AM »
-1 I know of people that even before spending $1 their account was under fr
There are other factors besides spending. (Not passing a previous FR, family member under FR, someone at the same location)