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 1816683 times)

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6740 on: April 14, 2016, 10:22:43 AM »
I tried buying GCs at CVS last night on my MB Plat. and charge was declined so I logged into the app and checked my email to see if there was a fraud alert but there wasn't anything, so I just pulled out my regular Plat. and the charge went through.

This morning, got a missed call from 888-800-5234 but no voicemail. Googled the number and found mixed reviews as to whether or not it was the fraud dept. or a scam number. Called the number on the back of my card to see if it was a legit call and the rep said that last night, my MB Plat. account was placed under financial review but that it's since been cleared up and I'm free to use my card. Thing is, I never called them last night and I never got that message that spending has been suspended. And I happened to have used the card earlier this morning (small purchase) and the charge went through.

Anyone experience something similar to this? Should I tread carefully for the next few days?
Interesting that there's FR on 1 account only, and not all of them.

Offline CS91

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Re: Amex F/R Master Thread
« Reply #6741 on: April 14, 2016, 10:27:20 AM »
Interesting that there's FR on 1 account only, and not all of them.
And that it was resolved without them talking to me...

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6742 on: April 14, 2016, 10:29:26 AM »
And that it was resolved without them talking to me...
That I've already had many times...

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6743 on: April 14, 2016, 10:30:42 AM »
And that it was resolved without them talking to me...
That number is the fraud team, not FR. Likely it was a fraud alert that was "supposedly" resolved (you'll never know until you try using the card again) and the rep decided to call it an FR.

It's possible that the purchase was pushing up against your internal credit line, but that's highly unlikely.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline CS91

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Re: Amex F/R Master Thread
« Reply #6744 on: April 14, 2016, 10:35:30 AM »
That number is the fraud team, not FR. Likely it was a fraud alert that was "supposedly" resolved (you'll never know until you try using the card again) and the rep decided to call it an FR.

It's possible that the purchase was pushing up against your internal credit line, but that's highly unlikely.
I used the card this morning and the charge went through so apparently it was resolved. Just weird that I didn't get a fraud alert email.

I just sent in a payment for part of the balance and won't use it until the payment posts. Maybe that will help things (not that my current balance is that high).

Offline newdealseeker

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Re: Amex F/R Master Thread
« Reply #6745 on: April 14, 2016, 10:40:29 AM »
That number is the fraud team, not FR. Likely it was a fraud alert that was "supposedly" resolved (you'll never know until you try using the card again) and the rep decided to call it an FR.

It's possible that the purchase was pushing up against your internal credit line, but that's highly unlikely.
This theory might explain why the alert was on 1 account only.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6746 on: April 15, 2016, 12:57:41 AM »
I tried buying GCs at CVS last night on my MB Plat. and charge was declined so I logged into the app and checked my email to see if there was a fraud alert but there wasn't anything, so I just pulled out my regular Plat. and the charge went through.

This morning, got a missed call from 888-800-5234 but no voicemail. Googled the number and found mixed reviews as to whether or not it was the fraud dept. or a scam number. Called the number on the back of my card to see if it was a legit call and the rep said that last night, my MB Plat. account was placed under financial review but that it's since been cleared up and I'm free to use my card. Thing is, I never called them last night and I never got that message that spending has been suspended. And I happened to have used the card earlier this morning (small purchase) and the charge went through.

Anyone experience something similar to this? Should I tread carefully for the next few days?
Fraud or similar alert, F/R only calls from a blocked number.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline CS91

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Re: Amex F/R Master Thread
« Reply #6747 on: April 15, 2016, 01:16:18 AM »
Happy to hear it wasn't a F/R. Thanks all.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6748 on: April 15, 2016, 01:44:38 PM »
Happy to hear it wasn't a F/R. Thanks all.
I'm happy to be the bearer of good news ;D
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline CS91

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Re: Amex F/R Master Thread
« Reply #6749 on: April 15, 2016, 02:11:50 PM »
I'm happy to be the bearer of good news ;D
Got a call this morning, but this time they called me on my Google Voice number (which I never game them). Found it odd so told the rep I'd call the number on the back of my card because I was suspicious lol.

Called them and turns out that a charge that was declined two days ago that I manually approved online was never marked as "resolved" in their system. Part that threw me off is that when I got transferred to account protection to resolve it, the guy needed to verify that it was me by hanging up and calling me back, and when he called me back, it was blocked ID lol.

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6750 on: April 19, 2016, 03:58:49 PM »
Hi,

Recently opened business gold anD business spg, last night I activated both, spending 5k on each respective card. This morning my personal everyday spending got declined. I called them and they said they need to speak to me; theres a FR on my accounts- suspending all.

They haven't called me yet. If I wait it out, will it fall off? Should I speak to them ASAP?
THANX!

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6751 on: April 19, 2016, 04:12:29 PM »
Hi,

Recently opened business gold anD business spg, last night I activated both, spending 5k on each respective card. This morning my personal everyday spending got declined. I called them and they said they need to speak to me; theres a FR on my accounts- suspending all.

They haven't called me yet. If I wait it out, will it fall off? Should I speak to them ASAP?
THANX!
Do you file taxes?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6752 on: April 19, 2016, 08:50:41 PM »
Hi,

Recently opened business gold anD business spg, last night I activated both, spending 5k on each respective card. This morning my personal everyday spending got declined. I called them and they said they need to speak to me; theres a FR on my accounts- suspending all.

They haven't called me yet. If I wait it out, will it fall off? Should I speak to them ASAP?
THANX!
It most definitely won't fall off, sit down for an hour and read the last 20 or so pages of this thread plus the wiki.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6753 on: April 20, 2016, 02:50:57 PM »
Was f"r 2 months ago, C"L was then slashed to $3100, can I call them now to ask for a CLI, any negative of doing that? Can that trigger another f"r?
Do u have any different idea for a signature?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6754 on: April 20, 2016, 03:16:35 PM »
Was f"r 2 months ago, C"L was then slashed to $3100, can I call them now to ask for a CLI, any negative of doing that? Can that trigger another f"r?
it may, but probably not.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6755 on: April 20, 2016, 03:27:59 PM »
Do you file taxes?
Yes I did, and that amount does not reflect income stated on applications. Someone told me that as long as there is substantial income Im fine, is that true? I guess Ill tell them I included household income + income I can realistically rely on...

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6756 on: April 20, 2016, 03:29:24 PM »
Yes I did, and that amount does not reflect income stated on applications. Someone told me that as long as there is substantial income Im fine, is that true? I guess Ill tell them I included household income + income I can realistically rely on...
You don't have to/get to tell them anything. Just send in what they ask for, and you should be fine.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6757 on: April 20, 2016, 03:42:08 PM »
You don't have to/get to tell them anything. Just send in what they ask for, and you should be fine.
As of now I keep trying to call my assigned rep, shes not picking up, and not receiving any call(got email saying they tried reaching me). Any way to correspond via email? 

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6758 on: April 20, 2016, 03:42:49 PM »
As of now I keep trying to call my assigned rep, shes not picking up, and not receiving any call(got email saying the tried reaching me). Any way to correspond via email?
Nah. Leave a message with your number asking her to call back.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6759 on: April 20, 2016, 03:44:31 PM »
Did twice. She actually sounded nice in her voicemail. For now ill sit tight... :-\