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 990453 times)

Offline AJK

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Re: Amex Financial Review
« Reply #825 on: December 27, 2011, 02:03:40 PM »
The only hopeful thing she said is that I can apply again at any point and I'll be treated like a new applicant, though I'm not even sure that's true.

I'm sorry you had such a bad experience. But I'm pretty sure the above-bolded statement is baloney. I think they're required by law to tell you that. Or something like that.

Seems Amex doesn't care about it's customers anymore. They just let their robots and algorithms do all deciding for them.

These F/R guys are not the AmEX you've come to know and love. Totally different department who do not care about your business. This is the business risk assessment division. If it doesn't compute for them, its bye-bye time.


Yeah, but I do have tax info, just very little,  under 5k in 2010.

Then they may not accept bank statement in lieu of the 4506.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline compddd

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Re: Amex Financial Review
« Reply #826 on: December 27, 2011, 02:05:25 PM »
What mix of cards did you have? All Plats and golds, or some CCs in there too like SPG?

Offline AsherO

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Re: Amex Financial Review
« Reply #827 on: December 27, 2011, 02:07:47 PM »
I'm sorry you had such a bad experience. But I'm pretty sure the above-bolded statement is baloney. I think they're required by law to tell you that. Or something like that.

Maybe, maybe not. People have successfully been approved again after an F/R (6-12 months later). I'd prefer F/R over the (recently more prevalent) Chase blacklist.

Then they may not accept bank statement in lieu of the 4506.

In my case they told me they won't accept anything besides for 2010 IRS docs.

What mix of cards did you have? All Plats and golds, or some CCs in there too like SPG?

Consumer: 2 plats, 1 gold, 1 SPG. Biz: 1 gold, 2 SPG.
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Offline AJK

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Re: Amex Financial Review
« Reply #828 on: December 27, 2011, 02:11:01 PM »
Maybe, maybe not. People have successfully been approved again after an F/R (6-12 months later). I'd prefer F/R over the (recently more prevalent) Chase blacklist.

I'm not saying people won't be approved post-apocalypse. I'm just saying they likely won't be treated as "any other new applicant."

and +1 to the Chase AA -- brother just bit it on that count.

In my case they told me they won't accept anything besides for 2010 IRS docs.

What if you hadn't filed taxes for some reason or another? You'd just be auto-shutdown?

By the way, can you confirm what you did with you MR? And if you left them in the account, how long do you have to use them before you lose them (if any time)?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AsherO

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Re: Amex Financial Review
« Reply #829 on: December 27, 2011, 02:20:53 PM »
I'm not saying people won't be approved post-apocalypse. I'm just saying they likely won't be treated as "any other new applicant."

and +1 to the Chase AA -- brother just bit it on that count.

She actually told me I can request my accounts to be reopened at any time, and the system will (algorithmically?) decide on the spot if my request should be approved or not. She did say it'll require a credit pull.

Sorry to hear about your bro, my condolences.

What if you hadn't filed taxes for some reason or another? You'd just be auto-shutdown?

In my case, yes (based on what she told me).

By the way, can you confirm what you did with you MR? And if you left them in the account, how long do you have to use them before you lose them (if any time)?

I transferred my FR to AC, actually transferred more than I had. After my spend points post (they better), I'll have a 9k deficit with Amex, which I'll have to settle.
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Offline AJK

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Re: Amex Financial Review
« Reply #830 on: December 27, 2011, 03:07:20 PM »
She actually told me I can request my accounts to be reopened at any time, and the system will (algorithmically?) decide on the spot if my request should be approved or not. She did say it'll require a credit pull.

Oh, now that's interesting. She said you could apply to reopen your old accounts? Not just have to apply for new cards?

How would you do that? Call the F/R dept? Did she say how long you'd have to wait?

In my case, yes (based on what she told me).

Also interesting. I've read reports and also know people who were allowed to send in bank statements because of issues with their returns, i.e. hadn't been filed yet.

I transferred my FR to AC, actually transferred more than I had. After my spend points post (they better), I'll have a 9k deficit with Amex, which I'll have to settle.

Any reason you didn't wait? I mean, I understand there was a risk of being closed down, but based on the reports, you'd likely be able to use post-apocalypse.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AJK

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Re: Amex Financial Review
« Reply #831 on: December 27, 2011, 03:11:02 PM »
Speaking of which... I think it was SideIncomer who said he'd be able to post a scan of the document showing that it is 90 days after account closure that you're able to redeem your points.
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Offline AsherO

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Re: Amex Financial Review
« Reply #832 on: December 27, 2011, 03:15:46 PM »
Oh, now that's interesting. She said you could apply to reopen your old accounts? Not just have to apply for new cards?

How would you do that? Call the F/R dept? Did she say how long you'd have to wait?

Also interesting. I've read reports and also know people who were allowed to send in bank statements because of issues with their returns, i.e. hadn't been filed yet.

Any reason you didn't wait? I mean, I understand there was a risk of being closed down, but based on the reports, you'd likely be able to use post-apocalypse.

So many questions :P

1. She said I could ask to reopen or apply again whenever I'd like. They can't stop me and would use the info on my credit report to approve/decline me (in both cases).
2. In my case (possibly based on what I told them when they first called me), they wanted to see it on my 2010 tax returns. Maybe if I was completely honest and told them when they first called me that I had no docs for my biz in 2010, things would be better.
3. I elected to sell 100k MR when I had a buyer, even though I had a little less than that in my MR acct.
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Offline Side incomer

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Re: Amex Financial Review
« Reply #833 on: December 27, 2011, 03:17:47 PM »
Speaking of which... I think it was SideIncomer who said he'd be able to post a scan of the document showing that it is 90 days after account closure that you're able to redeem your points.
Yes. it was me. I had a very hard time to erase my name on the document, as I'm very bad in adobe reader, so I didn't post it so far. if someone could tell me how you can block paragrphs on adobe reader, I'll attach it for people to view.
Side income is the most solid income... בדוק ומנוסה

Offline AJK

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Re: Amex Financial Review
« Reply #834 on: December 27, 2011, 03:18:51 PM »
@AsherO

Sorry for the barrage - just a few tidbits in there that I hadn't before heard.

(Still not sure who one would call to have an account--which was closed thru F/R--reopened. I guess you'd just call F/R...?)

...so how long before you apply again? :P

Yes. it was me. I had a very hard time to erase my name on the document, as I'm very bad in adobe reader, so I didn't post it so far. if someone could tell me how you can block paragrphs on adobe reader, I'll attach it for people to view.

What about converting it into a picture, and blocking it out that way?
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Offline AsherO

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Re: Amex Financial Review
« Reply #835 on: December 27, 2011, 03:22:21 PM »
@AsherO

Sorry for the barrage - just a few tidbits in there that I hadn't before heard.

(Still not sure who one would call to have an account--which was closed thru F/R--reopened. I guess you'd just call F/R...?)

...so how long before you apply again? :P

I'd probably call CS, less changes of them asking for 4506T for 2011. If I had one active card (lake after my previous FR on '07), I'd be quicker to apply again. I guess I'll wait a few months and see how I feel then (now the wounds are still sore), it also depends what's being offered (i.e. I'd be much more eager if a 100k offer came my way).

What about converting it into a picture, and blocking it out that way?

+1
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Offline Dan

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Re: Amex Financial Review
« Reply #836 on: December 27, 2011, 03:23:52 PM »
Just use paint and select and delete any part you want.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AJK

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Re: Amex Financial Review
« Reply #837 on: December 27, 2011, 03:27:55 PM »
Just use paint and select and delete any part you want.

Paint can't open PDF's AFAIK...

I think you'd need to convert it first.
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Re: Amex Financial Review
« Reply #838 on: December 27, 2011, 03:29:30 PM »
Paint can't open PDF's AFAIK...

I think you'd need to convert it first.
Screenshot of PDF, open in Paint.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AJK

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Re: Amex Financial Review
« Reply #839 on: December 27, 2011, 03:34:24 PM »
That'd work :P
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