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 1090353 times)

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6525 on: February 24, 2016, 09:16:25 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 😰.
Once it's closed I don't think you could do anything, just wait till your income increases and apply again.
But the points you should definitely be able to get.

Offline Davidthebest

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Re: Amex F/R Master Thread
« Reply #6526 on: February 24, 2016, 09:33:37 AM »
Once it's closed I don't think you could do anything, just wait till your income increases and apply again.
But the points you should definitely be able to get.
How can I get the points since the account is already closed ??

Offline D93

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Re: Amex F/R Master Thread
« Reply #6527 on: February 24, 2016, 09:40:19 AM »
But the points you should definitely be able to get.

What makes you say so?

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6528 on: February 24, 2016, 10:17:34 AM »
What makes you say so?
Don't they usually give you that option?

Offline D93

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Re: Amex F/R Master Thread
« Reply #6529 on: February 24, 2016, 10:47:53 AM »
Don't they usually give you that option?

You're the one that said so, what's your source?

Offline Good Times

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Re: Amex F/R Master Thread
« Reply #6530 on: February 24, 2016, 11:50:06 AM »
Hi. Just got a F/R bc I made a $3k PayPal payment to someone else.
They are asking me for a bank statement.

How much should I have in the bank?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6531 on: February 24, 2016, 03:52:29 PM »
Hi. Just got a F/R bc I made a $3k PayPal payment to someone else.
They are asking me for a bank statement.

How much should I have in the bank?
its irrelevant, do it quick, they require it within 24 hours of requesting it, its not like you can make a deposit, and have a statement generate that fast....
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6532 on: February 24, 2016, 03:52:57 PM »
How can I get the points since the account is already closed ??
Upthread there is a "machlokes" as to whether this can actually be done.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6533 on: February 24, 2016, 07:03:12 PM »
I've received and transferred MR points multiple times after I closed accounts. Would it make a difference if amex closed them?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6534 on: February 24, 2016, 07:26:25 PM »
I've received and transferred MR points multiple times after I closed accounts. Would it make a difference if amex closed them?
you still had a card enrolled in the MR program. That's what held all the points.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6535 on: February 24, 2016, 07:27:59 PM »
you still had a card enrolled in the MR program. That's what held all the points.
All cards were closed.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6536 on: February 24, 2016, 07:47:01 PM »
All cards were closed.
hmm, so I guess there is some truth to it....
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6537 on: February 24, 2016, 07:54:09 PM »
Don't they usually give you that option?
Yes I have had it already and I know others were also able to get their points out of accounts that amex closed. This is only if points were available and not in pending state.

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6538 on: February 24, 2016, 07:59:26 PM »
You're the one that said so, what's your source?
One source
Yes I have had it already and I know others were also able to get their points out of accounts that amex closed. This is only if points were available and not in pending state.

Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6539 on: February 24, 2016, 08:00:27 PM »
Yes I have had it already and I know others were also able to get their points out of accounts that amex closed. This is only if points were available and not in pending state.
I received pending points as well.