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 1094255 times)

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6585 on: March 07, 2016, 04:10:37 PM »
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.
Once they are manually reviewing everything they may start asking questions you don't want to answer.... Why not transfer out now?

Offline yuguy

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Re: Amex F/R Master Thread
« Reply #6586 on: March 07, 2016, 08:57:05 PM »
Once they are manually reviewing everything they may start asking questions you don't want to answer.... Why not transfer out now?

I will. Truthfully, I have nothing so crazy on my account.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6587 on: March 08, 2016, 02:01:28 AM »
I will. Truthfully,I have nothing so crazy on my account.
It's a new Amex nowadays, "vayukum melech chodosh"

Offline meme

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Re: Amex F/R Master Thread
« Reply #6588 on: March 09, 2016, 12:07:21 PM »
Is putting a $2500 foreign transaction on a new card a risk of triggering FR?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6589 on: March 09, 2016, 12:12:56 PM »
Is putting a $2500 foreign transaction on a new card a risk of triggering FR?
No

Offline meme

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Re: Amex F/R Master Thread
« Reply #6590 on: March 09, 2016, 12:14:15 PM »

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6591 on: March 09, 2016, 12:30:26 PM »
You know this from experience?
Ime it didn't trigger

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6592 on: March 09, 2016, 12:33:01 PM »
No
-1


It is a trigger, however like all other triggers, it's YMMV and could depend on other factors.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6593 on: March 09, 2016, 12:37:47 PM »
-1


It is a trigger, however like all other triggers, it's YMMV and could depend on other factors.
I've done arnona on a new card and it didn't trigger

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6594 on: March 09, 2016, 12:38:03 PM »
-1


It is a trigger, however like all other triggers, it's YMMV and could depend on other factors.
-1?
Prove that it's a trigger.

I've done much larger foreign transactions, on multiple different accounts, New and old and was never FR'd.

Offline theblakdavid

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Re: Amex F/R Master Thread
« Reply #6595 on: March 09, 2016, 12:44:58 PM »
-1


It is a trigger, however like all other triggers, it's YMMV and could depend on other factors.

-1?
Prove that it's a trigger.

I've done much larger foreign transactions, on multiple different accounts, New and old and was never FR'd.
Because you weren't FR'd, doesn't mean its not a trigger. All he was saying was that it is a reason for FR, and if combined with other factors, it may cause FR. Although it won't cause FR by itself.

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6596 on: March 09, 2016, 12:46:11 PM »
Depends on lots of factors... Previous spending pattern, new customer or long history, etc...
I like vanilla but my name is Venilla.

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6597 on: March 09, 2016, 01:09:15 PM »
Because you weren't FR'd, doesn't mean its not a trigger.

According to your logic, sneezing is a trigger.

Just because my sneezing didn't cause a FR doesn't mean it's not a trigger.

Offline Venilla

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Re: Amex F/R Master Thread
« Reply #6598 on: March 09, 2016, 01:14:47 PM »
According to your logic, sneezing is a trigger.

Just because my sneezing didn't cause a FR doesn't mean it's not a trigger.
נישט פונקט Making a 2.5 foreign transaction is definitely not the same as a $200 charge in a local grocery...

A 2.5k charge together with other factors might trigger a F/R...
I like vanilla but my name is Venilla.

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6599 on: March 09, 2016, 01:27:32 PM »
נישט פונקט Making a 2.5 foreign transaction is definitely not the same as a $200 charge in a local grocery...

A 2.5k charge together with other factors might trigger a F/R...
There is always risk in anything you do. Telling someone that's trying to reach 15k to keep spending $200 at a time at regular stores is obviously not going to work... The key usually is to start slow, and build your way up. That being said hersheldeals was simply saying that those transactions won't be a trigger automatically.