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 ect…

Let’s 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 don’t 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 1068037 times)

Offline D93

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Re: Amex F/R Master Thread
« Reply #6510 on: February 15, 2016, 01:01:50 PM »
TY
Will they be asked for docs or is that only after not having passed FR and trying to reapply?

The latter

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #6511 on: February 15, 2016, 01:46:43 PM »
Been 6+ months since cards were closed by me while under FR. Tried changing a digit of the SSN on the app. They still request the tax docts before approving any apps...

Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #6512 on: February 15, 2016, 02:15:51 PM »
The latter
TY
Been 6+ months since cards were closed by me while under FR. Tried changing a digit of the SSN on the app. They still request the tax docts before approving any apps...
Why don't you just go through with it? I know you can pass FR while still open with little income, not sure if the same would apply to trying to get new cards...
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Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #6513 on: February 15, 2016, 08:05:50 PM »
TYWhy don't you just go through with it? I know you can pass FR while still open with little income, not sure if the same would apply to trying to get new cards...

Not filing at all though.... is it still worth a shot? I would assume not

Offline dansdeal2016

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Re: Amex F/R Master Thread
« Reply #6514 on: February 17, 2016, 05:18:45 PM »
I just want to share my personal experience I had a bounce payment because of a bank error, its was not posted on the account
but I got an email and I called in to presses the payment again and they said no problem but all the account will be closed.
As we speak its all closed without any financial review. any idea what to do?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6515 on: February 17, 2016, 05:19:59 PM »
I just want to share my personal experience I had a bounce payment because of a bank error, its was not posted on the account
but I got an email and I called in to presses the payment again and they said no problem but all the account will be closed.
As we speak its all closed without any financial review. any idea what to do?
bounced while under FR?
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Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #6516 on: February 18, 2016, 02:55:28 PM »
How does someone find out they are F/R? Is it an email or it shows when you login?

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6517 on: February 18, 2016, 02:56:17 PM »
How does someone find out they are F/R? Is it an email or it shows when you login?

Both.
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Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #6518 on: February 18, 2016, 03:14:59 PM »
If When you login its regular it means your good?

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6519 on: February 18, 2016, 03:15:40 PM »
If When you login its regular it means your good?

Yes.
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Offline dansdeal2016

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Re: Amex F/R Master Thread
« Reply #6520 on: February 19, 2016, 01:50:41 AM »
bounced while under FR?
Was everything normal

Offline esw30

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Re: Amex F/R Master Thread
« Reply #6521 on: February 20, 2016, 01:05:08 PM »
I just had an F/R clear (6 cards, credit lines all slashed to $3,100 but cards remain open) after the process took over a month through no fault of my own - I sent in the 4506-T form immediately, IRS said they weren't providing tax returns to third parties (I don't know if this is still the case or if it was temporary), I had to request they be sent directly to me and then mail them to Amex myself... long story short, the whole thing took a month, and I handled my end as promptly as possible.

Has anyone requested any kind of compensation (bonus points, statement credits, waived annual fees) for the fact that you couldn't use your cards for an extended period of time?  Considering doing this - especially for the cards with annual fees, seems uncool to charge me an annual fee but only let me use the card for 90% of the year - but I don't exactly want to play with fire after coming out relatively unscathed.

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6522 on: February 20, 2016, 08:01:01 PM »

I just had an F/R clear (6 cards, credit lines all slashed to $3,100 but cards remain open) after the process took over a month through no fault of my own - I sent in the 4506-T form immediately, IRS said they weren't providing tax returns to third parties (I don't know if this is still the case or if it was temporary), I had to request they be sent directly to me and then mail them to Amex myself... long story short, the whole thing took a month, and I handled my end as promptly as possible.

Has anyone requested any kind of compensation (bonus points, statement credits, waived annual fees) for the fact that you couldn't use your cards for an extended period of time?  Considering doing this - especially for the cards with annual fees, seems uncool to charge me an annual fee but only let me use the card for 90% of the year - but I don't exactly want to play with fire after coming out relatively unscathed.
Youre lucky they gave you a month. I know of someone who had the same issue and ran out of time, his accounts were closed by the time he received them from the IRS. All they said was "sorry, you can try to reapply"

Offline esw30

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Re: Amex F/R Master Thread
« Reply #6523 on: February 20, 2016, 09:22:45 PM »
Youre lucky they gave you a month. I know of someone who had the same issue and ran out of time, his accounts were closed by the time he received them from the IRS. All they said was "sorry, you can try to reapply"

I was in pretty frequent contact with them, so when they received the notice saying the IRS wasn't providing returns to third parties, the rep was able to extend the deadline by a few weeks to allow me to request my return directly.  I guess the moral of the story is call often for updates and ask for extensions when you've done everything you can on your end.

Offline Davidthebest

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Re: Amex F/R Master Thread
« Reply #6524 on: February 24, 2016, 08:50:08 AM »
Guys pls help 😰.
After 4 weeks ,waiting for my wife's F/R to get done .
The rep. Decided to close all the accounts .
I have sent in my tax returns an still this was her decision.
I was on the phone with the rep. 1 hour asking an begging her to just limit the credit lines .
She said they are not adjusting credit lines , an the account is already closed.she  said they just look at the overall credit lines .an since the credit lines are not in lines with the income they need to close all the accounts .
My wife had never have any late payment in history .
 Can anyone help?😰😢😥????
I would be ready to pay to get this account back open .
Not talking about all  the points in the account that  went away with it 😰.