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 989799 times)

Offline Side incomer

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Re: Amex Financial Review
« Reply #840 on: December 27, 2011, 03:40:42 PM »
Just use paint and select and delete any part you want.
Thanks for the advice. done.
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Offline BAHayman

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Re: Amex Financial Review
« Reply #841 on: December 27, 2011, 03:42:14 PM »
Just as an FYI, if you want to copy the whole document and can't display it all at once on the screen for a screenshot, you should be able to:
  • Open in Adobe Reader
  • Click Edit->Copy File to Clipboard
  • Open Microsoft Paint
  • Press Ctrl+V (or Paste)

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Re: Amex Financial Review
« Reply #842 on: December 27, 2011, 03:43:18 PM »
Thanks for the advice. done.

Thanks!

Just as an FYI, if you want to copy the whole document and can't display it all at once on the screen for a screenshot, you should be able to:
  • Open in Adobe Reader
  • Click Edit->Copy File to Clipboard
  • Open Microsoft Paint
  • Press Ctrl+V (or Paste)

+1
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Offline Nitantnel

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Re: Amex Financial Review
« Reply #843 on: December 27, 2011, 03:55:51 PM »
Asher, I didn't know you went through this, my condolences...

Offline AsherO

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Re: Amex Financial Review
« Reply #844 on: December 27, 2011, 03:58:56 PM »
Asher, I didn't know you went through this, my condolences...

Thank you.
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Re: Amex Financial Review
« Reply #845 on: December 27, 2011, 04:04:41 PM »
I hope you're able to make Amex pay dearly for what they've done to you!

Offline AsherO

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Re: Amex Financial Review
« Reply #846 on: December 27, 2011, 04:08:22 PM »
I hope you're able to make Amex pay dearly for what they've done to you!

I've churned quite a bit, I'd say we've had a mutually beneficial relationship which I hope to resume in the future. It's very upsetting, but at the end of the day they are entitled to do what they've done and all I can hope is to be back in the game with them soon.
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Offline HelpMe

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Re: Amex Financial Review
« Reply #847 on: December 27, 2011, 04:13:28 PM »
AsherO - I hope I am wrong this time but IMHO you are SOL for some time with Amex. I should have pushed harder for you to use the nuclear option but with are recent back and forth I did not think it was a good idea.

Please donít take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FRís. Anyone have a guess what is going on?
"Elvis Has Left The Building"

Offline SPLP

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Re: Amex Financial Review
« Reply #848 on: December 27, 2011, 04:14:05 PM »
I've churned quite a bit, I'd say we've had a mutually beneficial relationship which I hope to resume in the future. It's very upsetting, but at the end of the day they are entitled to do what they've done and all I can hope is to be back in the game with them soon.

GREAT attitude and thanks for replying to all the questions

Offline SPLP

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Re: Amex Financial Review
« Reply #849 on: December 27, 2011, 04:17:19 PM »
AsherO - I hope I am wrong this time but IMHO you are SOL for some time with Amex. I should have pushed harder for you to use the nuclear option but with are recent back and forth I did not think it was a good idea.

Please donít take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FRís. Anyone have a guess what is going on?

what is the "nuclear option"?

Offline AsherO

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Re: Amex Financial Review
« Reply #850 on: December 27, 2011, 04:19:05 PM »
AsherO - I hope I am wrong this time but IMHO you are SOL for some time with Amex. I should have pushed harder for you to use the nuclear option but with are recent back and forth I did not think it was a good idea.

Our?

What is the nuclear option?

Please donít take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FRís. Anyone have a guess what is going on?

I think we're just higher risk than average, and we're more keen on discussion our experiences. Factoring those, I don't think the FR ratio is disproportionate on DDF.

GREAT attitude and thanks for replying to all the questions

Thank you, I'm still in denial... ;)

Seriously though, the least I could do is try and help other people avoid my experiences (either by avoiding F/R, or by avoiding shut down).
PGF24BMGS

Offline HelpMe

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Re: Amex Financial Review
« Reply #851 on: December 27, 2011, 04:28:13 PM »
What is the nuclear option?
Close ALL your cards before they do. This has worked for a member I know. Was able to get new cards 6-8 months later.
"Elvis Has Left The Building"

Offline AsherO

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Re: Amex Financial Review
« Reply #852 on: December 27, 2011, 04:50:41 PM »
Close ALL your cards before they do. This has worked for a member I know. Was able to get new cards 6-8 months later.

I dumbly left one card open, which they closed within 20 minutes after I closed my cards. When I called to close, the CSR tried transferring me there, but I insisted that I want to close my cards without being transferred, she said she'd do a manual override.
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Offline creditor

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Re: Re: Amex Financial Review
« Reply #853 on: December 27, 2011, 06:58:32 PM »
I don't agree, Amex isn't in that business, especially if you don't admit you lied, you just say you were claiming X as income, just that it isn't on your IRS documents.

You may be correct in general, in my case though I'm not worried. I have proof of most of the income I claimed to AMEX we make. The problem is it's not on my tax return (didn't have to report that income) so AMEX doesn't see it....
hope your right, but that makes the question even stronger, why in the world isn't it enough for them, proofing income, why are they so stubborn on the irs/tax doc?

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Offline Mocha

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Re: Amex Financial Review
« Reply #854 on: December 27, 2011, 07:50:32 PM »
Is calling to update the income a big no no?