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 1082956 times)

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3191
  • Total likes: 319
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Hilton Diamond, SPG Gold and whatever
Re: Amex F/R Master Thread
« Reply #6570 on: March 03, 2016, 06:26:20 PM »
my f/r rep was extremely nice and helpful. would it be helpful to anyone if i post her phone extension?

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5009
  • Total likes: 838
  • DansDeals.com Hat Tips 14
    • View Profile
Re: Amex F/R Master Thread
« Reply #6571 on: March 03, 2016, 06:28:00 PM »
Maybe try the FR department?

1-800-230-1289
Called them. They said once FR complete they have nothing to do with new apps. Info in wiki about 4506 $57 isnt correct or DRPOR?
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

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 #6572 on: March 03, 2016, 07:01:05 PM »
my f/r rep was extremely nice and helpful. would it be helpful to anyone if i post her phone extension?
Not really

Offline ari2955

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2012
  • Posts: 1189
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6573 on: March 03, 2016, 08:45:01 PM »
my f/r rep was extremely nice and helpful. would it be helpful to anyone if i post her phone extension?

Each case get's a dedicated rep to handle the case. Don't think your rep will be able to touch somebody else's case..

Offline yuguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 801
  • Total likes: 4
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Manhattan
Re: Amex F/R Master Thread
« Reply #6574 on: March 04, 2016, 08:55:05 AM »
What a weird experience this morning... Call the number on the back of my EDP b/c I noticed I lost 15,000 MR (still on hold), but I was connected to the F/R department.

Keep in mind that I was mini FR'ed, twice, after opening up my Plat business card for spending a lot within a few days of opening (all legit charges, no MS). Anyways, that card has since been downgraded to green. So, I call and then this guy is asking me questions about my business, and that "when you open up a business account, we accept you based on your credit report and 'good name within the company' but sometimes we need to verify the business"--I wasn't even calling about the biz card, didn't get any notifications and would have continued to use my card as normal.

He also asked me about a ticket purchase and if it was for me or a client--how odd?

He was very apologetic and seemed to want to get it over with, which we did.

The only thing's I can think of that could have led to the mini FR, and I have less experience in these matters as others:
  • Downgraded plat to green
  • Was mini-FR'ed in the past because of the above... but have not had much activity on the card since the downgrade

Still investigating the missing points. Only thought, I used my serve 1k load for that...


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 #6575 on: March 04, 2016, 09:07:26 AM »
What a weird experience this morning... Call the number on the back of my EDP b/c I noticed I lost 15,000 MR (still on hold), but I was connected to the F/R department.

What do you mean by "missing"? They were clawed back or just never posted?

Offline yuguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 801
  • Total likes: 4
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Manhattan
Re: Amex F/R Master Thread
« Reply #6576 on: March 04, 2016, 09:25:42 AM »
What do you mean by "missing"? They were clawed back or just never posted?

Clawed back. Said i made charge back--never happened. On the phone now.

ETA: They're looking into it... Something weird is happening at AMEX. The rep said that the computer noticed i earned two MR bonus--the 100,000 for the plat, and 15,000 for EDP. B/c that one was higher, they kept that, and took the lower amount because card members are only eligible for ONE MR bonus... Which makes no sense and their T&C say "this" product, which he agreed with.

Sending to research team.

I think I should move my MR... lol.
« Last Edit: March 04, 2016, 10:14:28 AM by yuguy »

Offline Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3191
  • Total likes: 319
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Hilton Diamond, SPG Gold and whatever
Re: Amex F/R Master Thread
« Reply #6577 on: March 04, 2016, 10:26:20 AM »
Clawed back. Said i made charge back--never happened. On the phone now.

ETA: They're looking into it... Something weird is happening at AMEX. The rep said that the computer noticed i earned two MR bonus--the 100,000 for the plat, and 15,000 for EDP. B/c that one was higher, they kept that, and took the lower amount because card members are only eligible for ONE MR bonus... Which makes no sense and their T&C say "this" product, which he agreed with.

Sending to research team.

I think I should move my MR... lol.
Why is amex making it so hard for us??   good luck and please report back what happens

Offline yuguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 801
  • Total likes: 4
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Manhattan
Re: Amex F/R Master Thread
« Reply #6578 on: March 04, 2016, 10:32:17 AM »
Why is amex making it so hard for us??   good luck and please report back what happens

Thanks. The only other thing I can think of, which would suck, but better than the alternative of only one MR bonus per person, per lifetime would be that I did 1K serve load with Amex, no points, but yes towards bonus. That would be bad if going away, but not as bad as the alternative.

Offline andy136

  • Dansdeals Bronze Elite
  • *
  • Join Date: Dec 2012
  • Posts: 48
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6579 on: March 07, 2016, 09:14:35 AM »
What a weird experience this morning... Call the number on the back of my EDP b/c I noticed I lost 15,000 MR (still on hold), but I was connected to the F/R department.

I have similar experience: 3 months ago, I opened 3 accounts (2 biz), called in for something and was transferred to FR. They told me they FR me because I opened 3 accounts. Answered like 3 questions and done. 2 weeks ago, called in but was transferred to FR again. I hanged up. Charging were never suspended. I think I'll just avoid calling in for a long time.

Offline yuguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 801
  • Total likes: 4
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Manhattan
Re: Amex F/R Master Thread
« Reply #6580 on: March 07, 2016, 09:43:58 AM »
I have similar experience: 3 months ago, I opened 3 accounts (2 biz), called in for something and was transferred to FR. They told me they FR me because I opened 3 accounts. Answered like 3 questions and done. 2 weeks ago, called in but was transferred to FR again. I hanged up. Charging were never suspended. I think I'll just avoid calling in for a long time.

Same here--the guy was really apologetic and really nice. He's like "I know this isn't why you called and I'm so sorry not to be able to transfer you directly to Membership Rewards..."

Maybe they know they're losing lots of customers with SPG/jetBlue/Costco...

Offline yuguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 801
  • Total likes: 4
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Manhattan
Re: Amex F/R Master Thread
« Reply #6581 on: March 07, 2016, 03:04:13 PM »
What a weird experience this morning... Call the number on the back of my EDP b/c I noticed I lost 15,000 MR (still on hold), but I was connected to the F/R department.

Keep in mind that I was mini FR'ed, twice, after opening up my Plat business card for spending a lot within a few days of opening (all legit charges, no MS). Anyways, that card has since been downgraded to green. So, I call and then this guy is asking me questions about my business, and that "when you open up a business account, we accept you based on your credit report and 'good name within the company' but sometimes we need to verify the business"--I wasn't even calling about the biz card, didn't get any notifications and would have continued to use my card as normal.

He also asked me about a ticket purchase and if it was for me or a client--how odd?

He was very apologetic and seemed to want to get it over with, which we did.

The only thing's I can think of that could have led to the mini FR, and I have less experience in these matters as others:
  • Downgraded plat to green
  • Was mini-FR'ed in the past because of the above... but have not had much activity on the card since the downgrade

Still investigating the missing points. Only thought, I used my serve 1k load for that...

So Claudia called me today, just to let me know that they need to wait the 90 days from opening to see if the points are credited back and THEN they can investigate it. It was flagged for suspicious activity--which never happened. I never made any returns, spent over the $1,000 and didn't even transfer them to myself or anyone else. SO ODD.

I guess I just need to wait and hope they don't take my other points back.

Offline Mr. CC

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 644
  • Total likes: 16
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Yerushalayim
Re: Amex F/R Master Thread
« Reply #6582 on: March 07, 2016, 04:00:14 PM »
How long do I have to wait after closing all my accounts and ignoring a F/R before opening again?
thinking if to ignore

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 #6583 on: March 07, 2016, 04:03:27 PM »
How long do I have to wait after closing all my accounts and ignoring a F/R before opening again?
thinking if to ignore

People have had success after 6 months, some even less.

Offline Mr. CC

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Oct 2015
  • Posts: 644
  • Total likes: 16
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Yerushalayim
Re: Amex F/R Master Thread
« Reply #6584 on: March 07, 2016, 04:08:25 PM »
People have had success after 6 months, some even less.
thanx