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 1193406 times)

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6930 on: June 14, 2016, 01:48:20 PM »
Just got F/R'ed can someone pm to help me?

I need serious help as the income amount on app differs tremendously from tax return as It was filed with dad dont have own return.

Am I screwed?

Have hundreds of thousands of points pending...:-(
the income you filed was joint with your father or there's no income in your name at all?

Offline rng

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Re: Amex F/R Master Thread
« Reply #6931 on: June 14, 2016, 01:50:22 PM »
no income in name on books,

on his return as a dependant

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6932 on: June 14, 2016, 01:59:33 PM »
no income in name on books,

on his return as a dependant
Ouch ! probably best scenario for you is 1) to chat to get your points expedited and then transfer them out .
2a) cancel cards and hope better for next time
2b) tell your FR rep the truth .

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6933 on: June 14, 2016, 02:03:39 PM »
Just got F/R'ed can someone pm to help me?

I need serious help as the income amount on app differs tremendously from tax return as It was filed with dad dont have own return.

Am I screwed?

Have hundreds of thousands of points pending...:-(
Don't claim to them that you filed taxes when you call. Pray that they'll let you get away with bank statements.
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 moisheyb

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Re: Amex F/R Master Thread
« Reply #6934 on: June 14, 2016, 02:17:14 PM »
Ok i have a problem, It seems like my points are frozen. Is it possible to confirm that or get it taken off?

Offline Ydad

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Re: Amex F/R Master Thread
« Reply #6935 on: June 14, 2016, 02:19:54 PM »
Did you use the 100k platinum link?

Offline moisheyb

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Re: Amex F/R Master Thread
« Reply #6936 on: June 14, 2016, 02:21:18 PM »
One of them I think so. But those points didn't post yet. It's the amex Mercedes Benz points that posted and I'm under FR

Offline rng

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Re: Amex F/R Master Thread
« Reply #6937 on: June 15, 2016, 08:19:25 AM »
My statement on spg biz card closes on June 19th I just met the spending threshold.
Will the spg points post if I don't cancel the cards until after 19?
Also Im worried I won't pass the Fr with money in savings over 100k is it worth providing this instead of the 4506t form that they want me to fill out? Or better just close all the cards and suck it up?

Offline roberth

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Re: Amex F/R Master Thread
« Reply #6938 on: June 15, 2016, 11:43:28 AM »
My statement on spg biz card closes on June 19th I just met the spending threshold.
Will the spg points post if I don't cancel the cards until after 19?
Also Im worried I won't pass the Fr with money in savings over 100k is it worth providing this instead of the 4506t form that they want me to fill out? Or better just close all the cards and suck it up?
curious to know I just had something simillar with a FR not sure if statements will help or not

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #6939 on: June 15, 2016, 02:01:35 PM »
just got fr'd. opened account 2 months ago. 150k points pending. i foolishly made a large purchase. i spoke to someone but they said theyre mailing me a letter as i didnt have time to speak then, does that mean that the 14 days didnt start yet? also shud i send in dads tax returns as i still live at home, or claim no returns and hope for bank statements. (even though my bank statements wont show nearly what ive spent) and how soon do i have to call them back? should i call them to find out if its a mini, or there is no way of doing that without a good story? thanx to anyone that can help. plz pm any advice
« Last Edit: June 15, 2016, 02:42:00 PM by shulem92 »

Offline hide4

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Re: Amex F/R Master Thread
« Reply #6940 on: June 15, 2016, 02:43:28 PM »
Can i do return protection while under financial review?

Offline rng

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Re: Amex F/R Master Thread
« Reply #6941 on: June 15, 2016, 03:07:04 PM »
just got fr'd. opened account 2 months ago. 150k points pending. i foolishly made a large purchase. i spoke to someone but they said theyre mailing me a letter as i didnt have time to speak then, does that mean that the 14 days didnt start yet? also shud i send in dads tax returns as i still live at home, or claim no returns and hope for bank statements. (even though my bank statements wont show nearly what ive spent) and how soon do i have to call them back? should i call them to find out if its a mini, or there is no way of doing that without a good story? thanx to anyone that can help. plz pm any advice
I wish someone with insight can answer some of these crucial questions..:-)

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6942 on: June 15, 2016, 04:15:29 PM »
Most important thing is not to give false information that cannot be backed up to the fr rep

Tell them you are still listed as a dependant on your fathers tax returns if it's a biz account tell them the biz will not be filing this year... Then hope that they agree to take bank statements.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6943 on: June 15, 2016, 04:16:39 PM »
Most ppl get into issues when they call the first time and mistakenly think that talking big will get them out of it

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #6944 on: June 15, 2016, 04:23:36 PM »
Most important thing is not to give false information that cannot be backed up to the fr rep

Tell them you are still listed as a dependant on your fathers tax returns if it's a biz account tell them the biz will not be filing this year... Then hope that they agree to take bank statements.

its 2 personal accounts, and there was no was no preset spending limits on either card. and i called in advance to see if i would be approved for such a charge, and they said yes. so im not sure why it triggered