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 1082988 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6555 on: February 28, 2016, 03:17:50 PM »
I'm under a f/r how many days do I have to close down my accounts and take out my points.  I don't have any papers to show
2 weeks

Offline normaly

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Re: Amex F/R Master Thread
« Reply #6556 on: February 28, 2016, 03:18:21 PM »

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6557 on: February 28, 2016, 03:24:42 PM »
-.5 2 wks to close 90 days to transfer points after you close IME
sorry forgot to specify that I meant to close the accounts

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6558 on: February 28, 2016, 03:26:12 PM »
sorry forgot to specify that I meant to close the accounts
And i removed b/c i wasnt sure if its 90 days after you close. My experience was when they shut me down.
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Online Mordyk

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Re: Amex F/R Master Thread
« Reply #6559 on: March 02, 2016, 10:47:10 PM »
I just passed an f/r which i believe came right after i closed a business platinum card. Should i be afraid to churn another biz platinum now?  Or since i passed it i am good for now?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6560 on: March 02, 2016, 11:32:33 PM »

I just passed an f/r which i believe came right after i closed a business platinum card. Should i be afraid to churn another biz platinum now?  Or since i passed it i am good for now?
you should be fine until the next FR...

Offline TimT

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Re: Amex F/R Master Thread
« Reply #6561 on: March 02, 2016, 11:34:05 PM »
I just passed an f/r which i believe came right after i closed a business platinum card. Should i be afraid to churn another biz platinum now?  Or since i passed it i am good for now?
Hey, you passed. Did they slash any CL's ?

Online Mordyk

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Re: Amex F/R Master Thread
« Reply #6562 on: March 02, 2016, 11:34:47 PM »
Hey, you passed. Did they slash any CL's ?
Big time. Down to $3300 each

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6563 on: March 03, 2016, 12:47:16 AM »
And i removed b/c i wasnt sure if its 90 days after you close. My experience was when they shut me down.
If they shut you down, or you close all of your cards, you have less than 24 hours to transfer out.... of course not 90 days...

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6564 on: March 03, 2016, 12:50:27 AM »
If they shut you down, or you close all of your cards, you have less than 24 hours to transfer out.... of course not 90 days...
Incorrect

Offline mendy613

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Re: Amex F/R Master Thread
« Reply #6565 on: March 03, 2016, 12:56:01 AM »
Big time. Down to $3300 each

I also got those numbers on all cards, I thought it was so random

Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6566 on: March 03, 2016, 12:57:38 AM »
If they shut you down, or you close all of your cards, you have less than 24 hours to transfer out.... of course not 90 days...
-1

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6567 on: March 03, 2016, 01:37:12 AM »
Incorrect
-1
So why did all my MR information disappear from my online account after my last account was closed? And they had warned me that all points are forfeited immediately. Am I missing something?

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6568 on: March 03, 2016, 03:52:47 PM »
As stated above was FR'd in August thought i could pass but didnt because i wasnt a member of LLC in 2014 which is what they based FR on. Filed 2015 showing I'm a member of LLC with 10k income. Applied for SPG Biz 35k offer before i read entire wiki here and now realize i will need 4506 etc. Was obviously declined due to cards being cancelled in the past.

Been on the phone all day with Amex as no ome seems to know who i need to speak with. New accounts has no clue, customer service refers to new accounts. Going in circles. Any advice would be appreciated...a phone number would be especially apprecaited
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline ari2955

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Re: Amex F/R Master Thread
« Reply #6569 on: March 03, 2016, 06:02:16 PM »
Maybe try the FR department?

1-800-230-1289