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 1068039 times)

Offline unclesam

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2013
  • Posts: 424
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #6495 on: February 04, 2016, 05:45:52 AM »
Does that make a difference? had an account that received this email last week, charging was suspended, and reopened after payment.
without talking to them?

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3609
  • Total likes: 131
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6496 on: February 04, 2016, 08:31:50 AM »

Offline unclesam

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2013
  • Posts: 424
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #6497 on: February 04, 2016, 09:50:52 AM »

Offline Venilla

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jun 2014
  • Posts: 867
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
  • Programs: Mothering
Re: Amex F/R Master Thread
« Reply #6498 on: February 09, 2016, 11:14:43 PM »
I requested a CLI on my sisters business card and they asked for business tax returns. If she doesn't send it in, will they close her account or just not give her the CLI?

Hope it's the latter...
« Last Edit: February 09, 2016, 11:57:11 PM by Venilla »
I like vanilla but my name is Venilla.

Offline Hershelsdeals

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2014
  • Posts: 3488
  • Total likes: 7
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #6499 on: February 09, 2016, 11:23:34 PM »
I requested a CLI on my sisters business card and they asked for business tax returns. If she doesn't send it in, will they close her account or just not give her the CLI?

Hope it's the later...

IMO the latter

Offline Venilla

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jun 2014
  • Posts: 867
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
  • Programs: Mothering
Re: Amex F/R Master Thread
« Reply #6500 on: February 09, 2016, 11:39:23 PM »
IMO the latter
Wish that would've been a IME  :)
I like vanilla but my name is Venilla.

Offline emjee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 1387
  • Total likes: 19
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6501 on: February 10, 2016, 07:15:03 AM »
I requested a CLI on my sisters business card and they asked for business tax returns. If she doesn't send it in, will they close her account or just not give her the CLI?

Hope it's the latter...
If the accounts aren't  suspended then your fine

Offline zer0k1

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2014
  • Posts: 610
  • Total likes: 5
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: Canada
Re: Amex F/R Master Thread
« Reply #6502 on: February 10, 2016, 10:09:13 PM »
Helped a friend open a couple cards. He made 1 purchase in CAD which triggered fraud alert. I verified the charges online and it disappeared. But I was chatting with a rep online and she said there is still a hold on the account (it didn't say there was, but I had not tried the card). She said to call Account Services and gave me the # 1800 230 1284. I got the account holder to call, although he didn't really know what he was doing. She said "you're account looks fine to me" but he (stupidly) said "oh ok because they told me that there was a hold and that I should call in to verify something." She then said let me just check something, came back and conducted a mini FR. If I had seen this coming I would have handled the call for him.... Anyway, he didn't answer the questions very confidently, she said "thank you for the info let me just see if we need to verify your income", came back 2 minutes later and said we need to verify income... She said she will be the personal rep (is she even an FR rep?!) and that if he doesn't send in tax docs within 2 weeks his accounts will be closed. On his online account it does not say "Charging suspended" and his cards still work.....

Offline Baruch

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jan 2013
  • Posts: 2529
  • Total likes: 103
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #6503 on: February 11, 2016, 12:54:44 PM »
BofA just sent me an email "Start the new year with a 1-on-1 financial review". If only they knew how bad of an advertisement that is.........  ;D

Offline GettingReady

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2015
  • Posts: 269
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6504 on: February 11, 2016, 01:01:25 PM »
BofA just sent me an email "Start the new year with a 1-on-1 financial review". If only they knew how bad of an advertisement that is.........  ;D

That is too funny!

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 #6505 on: February 11, 2016, 02:04:39 PM »
BofA just sent me an email "Start the new year with a 1-on-1 financial review". If only they knew how bad of an advertisement that is.........  ;D
Lol

Offline TimT

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 18369
  • Total likes: 1125
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex F/R Master Thread
« Reply #6506 on: February 11, 2016, 02:29:46 PM »
BofA just sent me an email "Start the new year with a 1-on-1 financial review". If only they knew how bad of an advertisement that is.........  ;D
They're not the first
http://forums.dansdeals.com/index.php?topic=59861.0

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6970
  • Total likes: 8
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #6507 on: February 15, 2016, 12:42:02 PM »
What should someone expect when applying for new Amex biz card after having been FR'd and passed?
Should they enter the exact income as the FR did they presented?
(They presented personal tax returns, gave excuse that the biz wasn't old enough and didn't file taxes yet. Would be applying under the "same" sole proprietorship).
If You See Something, Say Something!!

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 9193
  • Total likes: 17
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #6508 on: February 15, 2016, 12:51:11 PM »
What should someone expect when applying for new Amex biz card after having been FR'd and passed?
Should they enter the exact income as the FR did they presented?
(They presented personal tax returns, gave excuse that the biz wasn't old enough and didn't file taxes yet. Would be applying under the "same" sole proprietorship).

It's not necessary.

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6970
  • Total likes: 8
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #6509 on: February 15, 2016, 12:53:01 PM »
It's not necessary.
TY
Will they be asked for docs or is that only after not having passed FR and trying to reapply?
If You See Something, Say Something!!