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 1856005 times)

Offline emjee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 1368
  • Total likes: 19
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6840 on: May 21, 2016, 03:34:16 PM »
just got the FR'D phone call not sure where to start probably from the new amex plat just oppened 100k
i make less then 10k on the books should i close some cards before i do asnything else?
IIRC There have been success stories here on DDF with pple claiming 8k.

Offline sammy n

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 2815
  • Total likes: 21
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6841 on: May 21, 2016, 04:02:41 PM »
IIRC There have been success stories here on DDF with pple claiming 8k.
I know someone that passed claiming 3k.

Offline emjee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 1368
  • Total likes: 19
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6842 on: May 21, 2016, 04:09:13 PM »
I know someone that passed claiming 3k.
That makes my point stronger. :)


Just curious ; what did they slash his limits to?
« Last Edit: May 21, 2016, 04:15:48 PM by emjee »

Offline Scmcodes

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 483
  • Total likes: 28
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6843 on: May 22, 2016, 05:03:43 AM »
I know someone that passed claiming 3k.
should i close some cards before i call them back?

Offline sammy n

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 2815
  • Total likes: 21
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6844 on: May 22, 2016, 05:06:26 AM »
should i close some cards before i call them back?
I don't think there's a need for that as they wont close them on the spot in most cases. Just be nice and sound confident.

Offline Scmcodes

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 483
  • Total likes: 28
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6845 on: May 22, 2016, 05:17:52 AM »
I don't think there's a need for that as they wont close them on the spot in most cases. Just be nice and sound confident.
the irs forms that they usually ask for where do i get them from and does it matter that im in israel?

Offline sammy n

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 2815
  • Total likes: 21
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6846 on: May 22, 2016, 05:26:26 AM »
the irs forms that they usually ask for where do i get them from and does it matter that im in israel?
They send you a link and you fill them out.

Offline Scmcodes

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 483
  • Total likes: 28
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6847 on: May 22, 2016, 05:31:10 AM »
They send you a link and you fill them out.
does it matter im in israel?

Offline sammy n

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 2815
  • Total likes: 21
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6848 on: May 22, 2016, 06:13:57 AM »

Offline coralsnake

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 4608
  • Total likes: 162
  • DansDeals.com Hat Tips 9
    • View Profile
Re: Amex F/R Master Thread
« Reply #6849 on: May 22, 2016, 11:32:10 PM »
the irs forms that they usually ask for where do i get them from and does it matter that im in israel?
Google 4506t
"Here at DansDeals we don’t do buses." -Dan

Offline yakrot

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 1715
  • Total likes: 25
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #6850 on: May 23, 2016, 12:13:49 AM »
should i close some cards before i call them back?
Closing card shouldn't make a difference but I think it helps to pay off what you swiped if possible

Offline Scmcodes

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 483
  • Total likes: 28
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6851 on: May 23, 2016, 07:53:27 AM »
Closing card shouldn't make a difference but I think it helps to pay off what you swiped if possible
points should i transfer out?

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4482
  • Total likes: 92
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6852 on: May 23, 2016, 08:49:27 AM »
points should i transfer out?
You will have time after

Offline newdealseeker

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 391
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: Amex F/R Master Thread
« Reply #6853 on: May 23, 2016, 10:06:43 AM »
You will have time after
A family member of mine had no time. The rep said he'll have time to close all cards on his own but a short while later he was told all his cards had already been closed.

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4482
  • Total likes: 92
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6854 on: May 23, 2016, 10:09:40 AM »
A family member of mine had no time. The rep said he'll have time to close all cards on his own but a short while later he was told all his cards had already been closed.
Iirc even after cards are closed you have 30 days to move your points

Offline newdealseeker

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 391
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: Amex F/R Master Thread
« Reply #6855 on: May 23, 2016, 10:21:28 AM »
Iirc even after cards are closed you have 30 days to move your points
Not if ALL cards are closed. IME by midnight that same night the MR points were no longer visible online.

Offline Ephraimh

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2013
  • Posts: 1531
  • Total likes: 64
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: nyc
Re: Amex F/R Master Thread
« Reply #6856 on: May 23, 2016, 10:25:09 AM »
Not if ALL cards are closed. IME by midnight that same night the MR points were no longer visible online.
Over the phone it should be available

Offline newdealseeker

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 391
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: Amex F/R Master Thread
« Reply #6857 on: May 23, 2016, 10:47:50 AM »
Over the phone it should be available
I didn't try, but in my case I was able to transfer out the points before midnight. But before doing that I had asked MR dep't how long my points will be available if I close my card, and they said it's forfeited "immediately".

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4482
  • Total likes: 92
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6858 on: May 23, 2016, 11:06:33 AM »
I didn't try, but in my case I was able to transfer out the points before midnight. But before doing that I had asked MR dep't how long my points will be available if I close my card, and they said it's forfeited "immediately".
Dropr

Offline newdealseeker

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2014
  • Posts: 391
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: Amex F/R Master Thread
« Reply #6859 on: May 25, 2016, 10:44:27 AM »
Dropr
But in this case the rep might have been right.
All day the online account page looked fine, only there was just a message on top of the page that "account is canceled."
But the next day the part where it lists your MR points was also blank.