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 1817814 times)

Offline Side incomer

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 3507
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
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.
Side income is the most solid income... בדוק ומנוסה

Offline BAHayman

  • Administrator
  • Dansdeals Lifetime Platinum Elite
  • **********
  • Join Date: Mar 2010
  • Posts: 1939
  • Total likes: 28
  • DansDeals.com Hat Tips 0
    • View Profile
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)

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25419
  • Total likes: 721
  • DansDeals.com Hat Tips 15
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
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
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 Nitantnel

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2011
  • Posts: 2957
  • Total likes: 3
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
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

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
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.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline compddd

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 2813
  • Total likes: 4
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
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

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
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.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline HelpMe

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 3427
  • Total likes: 40
  • DansDeals.com Hat Tips 1
    • View Profile
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 don’t take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FR’s. Anyone have a guess what is going on?
"Elvis Has Left The Building"

Offline SPLP

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2011
  • Posts: 1616
  • Total likes: 8
  • DansDeals.com Hat Tips 2
    • View Profile
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

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2011
  • Posts: 1616
  • Total likes: 8
  • DansDeals.com Hat Tips 2
    • View Profile
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 don’t take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FR’s. Anyone have a guess what is going on?

what is the "nuclear option"?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
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 don’t take this the wrong way. I am amazed with the number of members on this forum that there is an extremely high number of FR’s. 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).
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline HelpMe

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2011
  • Posts: 3427
  • Total likes: 40
  • DansDeals.com Hat Tips 1
    • View Profile
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

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
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.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline creditor

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2011
  • Posts: 1287
  • Total likes: 1
  • DansDeals.com Hat Tips 6
    • View Profile
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?

Sent from my SGH-T959 using Tapatalk

Sent from my SGH-T959 using Tapatalk
I'm just say'in©®

Offline Mocha

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2011
  • Posts: 2508
  • Total likes: 5
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex Financial Review
« Reply #854 on: December 27, 2011, 07:50:32 PM »
Is calling to update the income a big no no?

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25419
  • Total likes: 721
  • DansDeals.com Hat Tips 15
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #855 on: December 27, 2011, 09:43:08 PM »
Is calling to update the income a big no no?

I wouldn't. I'd just try and continue flying under the radar.

Updating (and thereby alerting) them is riskier than the possible benefit of surviving a future F/R, IMHO.
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 ZCN

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2011
  • Posts: 351
  • Total likes: 5
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Ohio
Re: Re: Amex Financial Review
« Reply #856 on: December 27, 2011, 10:40:26 PM »
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?

Sent from my SGH-T959 using Tapatalk

Sent from my SGH-T959 using Tapatalk


Supervisor I spoke to told me they had ppl changing info on the bank statements and then sending them in :D so they only trust the IRS stuff.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30534
  • Total likes: 7831
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #857 on: December 27, 2011, 10:51:05 PM »
I wouldn't. I'd just try and continue flying under the radar.

Updating (and thereby alerting) them is riskier than the possible benefit of surviving a future F/R, IMHO.

I agree. When they call for F/R they again ask those questions.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline josh nyc

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2010
  • Posts: 189
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: nyc
Re: Amex Financial Review
« Reply #858 on: December 28, 2011, 09:55:46 AM »
So it's over for me (mrs still pending). I guess this is considered a good result, but it is def upsetting. Went from plat and 2 golds "unlimited" to total between the 3 cards of 12K. Also had 3 charge cards, total 14K that is now 4K (1, 1, & 2) and a biz card that went from 5 to 1. Its not the cuts that bother me as much as how much was actually cut (the 1K lines). I havent seen CL like that since I got my first cards in highschool. I'll need to prepay every month if I rly want to use them. They did tell me they will re-evaluate in 6months. Should I use and continually prepay? use and max and then pay? anyone have any suggestions? thx

Oh and thank you F/R rep for not even bothering to call me and tell me its over. I called last night and CS said, well looks like you've been re-activated since this afternoon!

I agree. When they call for F/R they again ask those questions.
+1: The first question my F/R rep asked, before even telling me there was a freeze, was to re-verify my income.


Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5401
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex Financial Review
« Reply #859 on: December 28, 2011, 09:57:34 AM »
I would not recommend prepaying, the FR guys don't like that.