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 1818794 times)

Offline hide4

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Re: Amex F/R Master Thread
« Reply #7220 on: September 12, 2016, 02:35:53 PM »
Yes.

That's the new normal

You're under FR and MR investigation
What's MR investigation?

Offline Welder

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Re: Amex F/R Master Thread
« Reply #7221 on: September 12, 2016, 02:38:36 PM »
Update:

Just tested again and MR account isn't frozen (still under F/R though)

I linked a new FF program this morning, maybe that triggered a temporary freeze.
« Last Edit: September 12, 2016, 03:03:02 PM by Welder »
"We need more welders and less philosophers" — Marco Rubio

Offline Sdd

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Re: Amex F/R Master Thread
« Reply #7222 on: September 12, 2016, 05:31:33 PM »
Just got financial review,

Didn't file last 2 years of tax returns yet, so I guess I will need to submit bank statement, what number do I say for income?can I just say any number since I will anyhow not be submitting tax returns?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7223 on: September 12, 2016, 05:42:24 PM »


Just got financial review,

Didn't file last 2 years of tax returns yet, so I guess I will need to submit bank statement.

They might ask for previous years than that tax return . No matter what you do and say , make sure it can be backed up

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7224 on: September 12, 2016, 07:31:45 PM »
Just got financial review,

Didn't file last 2 years of tax returns yet, so I guess I will need to submit bank statement, what number do I say for income?can I just say any number since I will anyhow not be submitting tax returns?
No. If u say more than 10,000 they will want to know why you didn't submit tax returns, and probably won't let you get away with just bank statements. YMMV

Offline Welder

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Re: Amex F/R Master Thread
« Reply #7225 on: September 12, 2016, 08:09:38 PM »
Update:

Just tested again and MR account isn't frozen (still under F/R though)

I linked a new FF program this morning, maybe that triggered a temporary freeze.

New Update: It's frozen again. Not sure how or why test went through earlier.
"We need more welders and less philosophers" — Marco Rubio

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #7226 on: September 12, 2016, 09:09:01 PM »
New Update: It's frozen again. Not sure how or why test went through earlier.
In the mean time your racking up ba!!!

Offline W3lzy

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Re: Amex F/R Master Thread
« Reply #7227 on: September 12, 2016, 09:22:17 PM »
In the mean time your racking up ba!!!

You mean that in the meantime he's racking up a lot of BS, not ba points.

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7228 on: September 12, 2016, 10:09:55 PM »
You mean that in the meantime he's racking up a lot of BS, not ba points.
? He meant ba points. With all the testing...

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7229 on: September 12, 2016, 10:44:14 PM »
? He meant bs points. With all the testing...
FTFY

Offline sruly

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Re: Amex F/R Master Thread
« Reply #7230 on: September 15, 2016, 09:46:57 AM »
Waited my 12 months after F/R slashed my lines and just increased it 3x online.

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Re: Amex F/R Master Thread
« Reply #7231 on: September 15, 2016, 10:35:29 AM »
Waited my 12 months after F/R slashed my lines and just increased it 3x online.
Requested line increase?  Or they just gave it?
#TYH

Offline Sdd

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Re: Amex F/R Master Thread
« Reply #7232 on: September 15, 2016, 12:23:21 PM »
No. If u say more than 10,000 they will want to know why you didn't submit tax returns, and probably won't let you get away with just bank statements. YMMV

I said 100k. They must have tax returns and they will not except 2013 returns or bank statements..

Would I been better off saying under 10k??

I guess they will be shutting me down soon, what will happen to my points?i got hundreds of thousands..


Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7233 on: September 15, 2016, 12:26:46 PM »
I said 100k. They must have tax returns and they will not except 2013 returns or bank statements..

Would I been better off saying under 10k??

I guess they will be shutting me down soon, what will happen to my points?i got hundreds of thousands..
Transfer them to a partner airline. I believe u have some time, not sure exactly how long

Offline sruly

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Re: Amex F/R Master Thread
« Reply #7234 on: September 15, 2016, 01:53:12 PM »
Requested line increase?  Or they just gave it?
Requested online (soft pull).

Offline Sdd

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Re: Amex F/R Master Thread
« Reply #7235 on: September 15, 2016, 03:36:12 PM »


After closing amex cards due to f/r, will I still have online access?for how long?

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #7236 on: September 15, 2016, 03:55:55 PM »
Waited my 12 months after F/R slashed my lines and just increased it 3x online.
u have to wait 12 months to do that?
Do u have any different idea for a signature?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7237 on: September 16, 2016, 05:39:05 AM »

After closing amex cards due to f/r, will I still have online access?for how long?
If there's any balance on your account (either you have to pay off a card or that you have a credit balance with them) you will have online access. Don't know for how long though .

Offline sruly

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Re: Amex F/R Master Thread
« Reply #7238 on: September 16, 2016, 10:28:18 AM »
u have to wait 12 months to do that?
yes.

You get auto declined for 12 Months (although you can be approved for new accounts right away).

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7239 on: September 19, 2016, 05:08:47 PM »
Friend of mine received a letter from amex to provide more info about his business, nothing showing online, and charging not suspended, is there any issue with ignoring it?