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 1817688 times)

Online Iz

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Re: Amex F/R Master Thread
« Reply #7460 on: January 14, 2017, 09:44:52 PM »
Is the FR dept. open Sunday? MLK day?

Offline mochjas

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Re: Amex F/R Master Thread
« Reply #7461 on: January 14, 2017, 09:59:43 PM »
I just got FRed. No new cards recently. The only reason I can think of is a lot of spending at SC (Amex offer). You might want to learn from my experience, and do it slowly, if you can.
My personal cards should be fine, as I can send them my tax return. However I'm concerned about the business cards (which had the SC offer), because despite being a real business, there are no tax documents (not required). What should I do? Thanks.
wow I was about to go crazy tomorrow

Online Iz

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Re: Amex F/R Master Thread
« Reply #7462 on: January 14, 2017, 10:17:14 PM »
wow I was about to go crazy tomorrow
I hope this saves you.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #7463 on: January 15, 2017, 12:45:31 AM »
I just got FRed. No new cards recently. The only reason I can think of is a lot of spending at SC (Amex offer). You might want to learn from my experience, and do it slowly, if you can.
My personal cards should be fine, as I can send them my tax return. However I'm concerned about the business cards (which had the SC offer), because despite being a real business, there are no tax documents (not required). What should I do? Thanks.
how old are the biz cards that your doing the spending on? is this the first time youve been doing the spending at high volumes?
READ THE DARN WIKI!!!!

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...can still do FT method
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Online Iz

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Re: Amex F/R Master Thread
« Reply #7464 on: January 15, 2017, 06:36:33 AM »
how old are the biz cards that your doing the spending on? is this the first time youve been doing the spending at high volumes?
2-3 years. I don't think so...maybe a bit more than usual.


ETA: Correction: Definitely much more than usual, but when there were other offers, I've done a similar amount.
« Last Edit: January 15, 2017, 07:51:38 AM by Iz »

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #7465 on: January 15, 2017, 06:42:59 AM »
2-3 years. I don't think so...maybe a bit more than usual.
How soon after you do the sc spend are you paying the cards off?
I did a ton of spending at staples this year without issue, but I paid off quickly. With sc I pay off within 2 to 3 days. Usually the day it posts.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Online Iz

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Re: Amex F/R Master Thread
« Reply #7466 on: January 15, 2017, 07:53:22 AM »
How soon after you do the sc spend are you paying the cards off?
I did a ton of spending at staples this year without issue, but I paid off quickly. With sc I pay off within 2 to 3 days. Usually the day it posts.
I hadn't paid it off yet.
Remember that this is all speculation; it's possible that there was different a cause for the FR...

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #7467 on: January 15, 2017, 07:56:21 AM »
I hadn't paid it off yet.
Remember that this is all speculation; it's possible that there was different a cause for the FR...
Have you called in yet?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Online Iz

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Re: Amex F/R Master Thread
« Reply #7468 on: January 15, 2017, 07:57:27 AM »
Have you called in yet?
Weekend... I'll post if  I hear any useful info.

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Re: Amex F/R Master Thread
« Reply #7469 on: January 15, 2017, 02:45:31 PM »
What happens to pending charges when a FR hits?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7470 on: January 15, 2017, 02:46:48 PM »
What happens to pending charges when a FR hits?
They go through as normal.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #7471 on: January 15, 2017, 02:48:09 PM »

Offline aryeh1

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Re: Amex F/R Master Thread
« Reply #7472 on: January 18, 2017, 06:07:32 PM »
I just got FRed. No new cards recently. The only reason I can think of is a lot of spending at SC (Amex offer). You might want to learn from my experience, and do it slowly, if you can.
My personal cards should be fine, as I can send them my tax return. However I'm concerned about the business cards (which had the SC offer), because despite being a real business, there are no tax documents (not required). What should I do? Thanks.
Any updates

Online Iz

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Re: Amex F/R Master Thread
« Reply #7473 on: January 18, 2017, 06:12:19 PM »
Any updates
They didn't ask for any biz documents. I sent in the tax form, and am waiting to hear from them. As far as the cause of the FR, the rep only told me that they never know the cause. IDK if that's true.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #7474 on: January 18, 2017, 07:55:34 PM »
They didn't ask for any biz documents. I sent in the tax form, and am waiting to hear from them. As far as the cause of the FR, the rep only told me that they never know the cause. IDK if that's true.
Don't think so... Classic DROPR
READ THE DARN WIKI!!!!

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Re: Amex F/R Master Thread
« Reply #7475 on: January 18, 2017, 07:59:32 PM »
Don't think so... Classic DROPR
That's what I thought too...

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7476 on: January 18, 2017, 08:15:40 PM »
Don't think so... Classic DROPR
Well in this case you don't have much choice because that Rep is all you're getting

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7477 on: January 20, 2017, 01:38:04 PM »
When they FR a new application, it shows as cancelled online.
i got f/red a few months ago and just reapplied for a card and the status shows as cancelled and have no docs to prove the income i make is there a way to get approved without showing the tax returns and also how long should i wait before i reapply so i dont get f/r ed again

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Re: Amex F/R Master Thread
« Reply #7478 on: January 20, 2017, 02:25:30 PM »
i got f/red a few months ago and just reapplied for a card and the status shows as cancelled and have no docs to prove the income i make is there a way to get approved without showing the tax returns and also how long should i wait before i reapply so i dont get f/r ed again
how long did you wait before you re-applyed?

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Re: Amex F/R Master Thread
« Reply #7479 on: January 22, 2017, 02:17:10 AM »
Very bizarre thing happened to me. Never been under FR or AA from any of the companies, and all I do is just regular spend on my cards. Opened a bus plat with the 15k threhsold. I am employed, but the bus plat card is for a sole proprietorship that I just started. Been doing regular spend but have had a bunch of big purchases lately, my current balance is 4000$ - and I have 4 AUS on the account.

Went to make a purchase, there was an issue with payment (turns out it was an issue with their register) and when I called amex they asked for my security info, I told them it but they told me my place of birth was incorrect. Then they said that my place of birth is wrong (which I told them it isn't..) then she said something about she needs to ask me some Q's for finicial review. Basically she just asked my place of employment and salary, and maybe a couple other questions. But I am still able to use my card.. it's not like they closed it.

I told them my income, somewhere over 6 figures, which is plus minus the amount I do really make , but I am employed in Israel... I can show them paystubs but they are going to be in Hebrew, and monthly, and weird like that. Anyway ..  I think there's no reason too  be too concerned b.c. it's really legitimate spending I am doing, it's just not for a business... But is there a reason for concern? My card is currently not blocked or anything.. anything else I should be doing?
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