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 1817674 times)

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #7000 on: June 24, 2016, 05:01:48 PM »
Wow, lucky you!

Not so lucky. When you have what to show for I have yet to hear of serious slashing.
Work hard, Play harder!

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7001 on: June 24, 2016, 05:05:12 PM »
Not so lucky. When you have what to show for I have yet to hear of serious slashing.
How many accounts do you have open?
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 LoLo

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Re: Amex F/R Master Thread
« Reply #7002 on: June 24, 2016, 07:55:06 PM »
Not so lucky. When you have what to show for I have yet to hear of serious slashing.
-1, I proved my income and was cut on all charge cards, it's got to do with your spending habits/amount of cards vs. your income as well.

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #7003 on: June 24, 2016, 07:57:18 PM »
-1, I proved my income and was cut on all charge cards, it's got to do with your spending habits/amount of cards vs. your income as well.

My spending is larger then my income reported. Was the same for my wife.

Both of us had no slashed CLs. Same for 3 others I know. Not saying it is always that way, just saying that that is the common denominator.
Work hard, Play harder!

Offline cholent

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Re: Amex F/R Master Thread
« Reply #7004 on: June 25, 2016, 11:03:46 PM »
Not so lucky. When you have what to show for I have yet to hear of serious slashing.
I showed decent income and all my cards were slashed
Don't ask stupid questions and you won't get stupid answers

Offline Elite1

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Re: Amex F/R Master Thread
« Reply #7005 on: June 26, 2016, 04:01:48 AM »
I showed decent income and all my cards were slashed

With no numbers discussed on both sides we can never know here what's considered "decent"  ;)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7006 on: June 27, 2016, 03:52:32 PM »
I got an absolutely awful FR rep. I asked to be put through to a supervisor, but she refused and said she'd put in a request.
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 chinagel

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Re: Amex F/R Master Thread
« Reply #7007 on: June 27, 2016, 03:53:54 PM »
I got an absolutely awful FR rep. Any chance a supervisor will help?
they never have supervisors for these people ime

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7008 on: June 27, 2016, 07:56:49 PM »


they never have supervisors for these people IME

+1

Offline mster

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Re: Amex F/R Master Thread
« Reply #7009 on: June 27, 2016, 09:11:30 PM »
My SO got served an FR and is trying to decide whether or not to submit the 4506-T they requested. Alternatively my SO would just request all of their accounts be closed.

They MS'd 5-10x their income on OBC before AmEx capped them. Only 1x since.

Income on new card applications has always been accurate, *BUT* income dipped temporarily in 2015 which is what they'll most likely pull. My SO may have included a a higher income number (more in line with prior years) for a minor CL transfer request at some points this year too.

My biggest fear isn't my SO's accounts getting closed, but the FR spilling over to my accounts. Hooray for joint returns :(

Is there a higher risk of getting served an FR myself if my SO complies with the FR? All accounts at one address getting FR'd together is common, but I haven't seen any data points of FR's expanding to other related member accounts after compliance with FR documentation requests.

(also, I'm new to the forum, but always been a lurker)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7010 on: June 27, 2016, 09:17:31 PM »
My SO got served an FR and is trying to decide whether or not to submit the 4506-T they requested. Alternatively my SO would just request all of their accounts be closed.

They MS'd 5-10x their income on OBC before AmEx capped them. Only 1x since.

Income on new card applications has always been accurate, *BUT* income dipped temporarily in 2015 which is what they'll most likely pull. My SO may have included a a higher income number (more in line with prior years) for a minor CL transfer request at some points this year too.

My biggest fear isn't my SO's accounts getting closed, but the FR spilling over to my accounts. Hooray for joint returns :(

Is there a higher risk of getting served an FR myself if my SO complies with the FR? All accounts at one address getting FR'd together is common, but I haven't seen any data points of FR's expanding to other related member accounts after compliance with FR documentation requests.

(also, I'm new to the forum, but always been a lurker)
You'll likely be fine. I'd definitely go through with FR.
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 LoLo

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Re: Amex F/R Master Thread
« Reply #7011 on: June 27, 2016, 11:45:11 PM »
You'll likely be fine. I'd definitely go through with FR.
+1, people have passed with 8-10k returns, even though they wrote much higher income on app.

(Not that david smith's answer needs my +1..)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7012 on: June 28, 2016, 12:53:49 AM »
Just answer the questions with claims that you can prove and you will be fine

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7013 on: June 28, 2016, 06:53:07 AM »

(Not that david smith's answer needs my +1..)

Everyone needs a compliment once in a while !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7014 on: June 28, 2016, 10:08:01 AM »
My SO got served an FR and is trying to decide whether or not to submit the 4506-T they requested. Alternatively my SO would just request all of their accounts be closed.

They MS'd 5-10x their income on OBC before AmEx capped them. Only 1x since.

Income on new card applications has always been accurate, *BUT* income dipped temporarily in 2015 which is what they'll most likely pull. My SO may have included a a higher income number (more in line with prior years) for a minor CL transfer request at some points this year too.

My biggest fear isn't my SO's accounts getting closed, but the FR spilling over to my accounts. Hooray for joint returns :(

Is there a higher risk of getting served an FR myself if my SO complies with the FR? All accounts at one address getting FR'd together is common, but I haven't seen any data points of FR's expanding to other related member accounts after compliance with FR documentation requests.

(also, I'm new to the forum, but always been a lurker)
Nothing to do with joint returns, if you get fr/d- it will be because of the address not the return. cl requests should not be relevant here.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline MosheD

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Re: Amex F/R Master Thread
« Reply #7015 on: June 28, 2016, 11:17:28 AM »
Are there ANY reports of large spending at other banks triggering FR?

Offline sruly

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Re: Amex F/R Master Thread
« Reply #7016 on: June 28, 2016, 12:46:07 PM »
FR lowered all my lines to $3k after asking them to raise and being told nothing they can for 12 months I applied for a new Credit card and Charge card and got approved with decent credit lines.

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7017 on: June 28, 2016, 01:03:52 PM »
FR lowered all my lines to $3k after asking them to raise and being told nothing they can for 12 months I applied for a new Credit card and Charge card and got approved with decent credit lines.
welcome to amex it doesnt have to make sense

Offline teetle

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Re: Amex F/R Master Thread
« Reply #7018 on: June 28, 2016, 03:40:22 PM »
Just got FR, first they verified my "bussiness" info and it all seemed good, then they started to verify some purchases because I made too many in the past days, one of them were (mistakenly) made to my own square account so they asked said that your doing it for cash flow... And they canceled all my accounts as it is inappropriate activity.
1) they already canceled them so can I get the points out of them?
2) should I try calling them back to "convince" them that it was really made to someone else, or does anyone have experience in opening a closed FRd account?

Anyone with tips would Really be appreciated. 

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7019 on: June 28, 2016, 04:12:48 PM »


Just got FR, first they verified my "bussiness" info and it all seemed good, then they started to verify some purchases because I made too many in the past days, one of them were (mistakenly) made to my own square account so they asked said that your doing it for cash flow... And they canceled all my accounts as it is inappropriate activity.
1) they already canceled them so can I get the points out of them?
2) should I try calling them back to "convince" them that it was really made to someone else, or does anyone have experience in opening a closed FRd account?

Anyone with tips would Really be appreciated.

Who said?