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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1854673 times)

Online cholent

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Re: Amex F/R Master Thread
« Reply #7480 on: January 22, 2017, 03:47:24 AM »
Quote from: ranhan429 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?
Congrats on having a 6 figure income in Israel
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Offline ranhan429

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Re: Amex F/R Master Thread
« Reply #7481 on: January 22, 2017, 04:09:30 AM »
Quote from: cholent on January 22, 2017, 03:47:24 AM
Congrats on having a 6 figure income in Israel
Lol, it's a bit of a stretch but I think if you argue about Keren histhalmut, Keren pitzuim, Keren pensia, and other benefits you can easily add couple 10s of thousands to salary... Also I'm in high tech .. and fortunately salaries are pretty good in this sector in IL
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #7482 on: January 22, 2017, 12:22:37 PM »
Amex asked me what I was buying at CVS for over $2,000.
Can they see that it was GC? Or can I tell them it's shavers to resell?
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #7483 on: January 22, 2017, 12:31:35 PM »
Quote from: ranhan429 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?
It was a mini FR
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Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7484 on: January 22, 2017, 01:55:57 PM »
Quote from: teetle on January 20, 2017, 02:25:30 PM
how long did you wait before you re-applyed?
around 3 months though is there a suggested wait time and also now that i am under it again how long should i wait
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7485 on: January 22, 2017, 10:51:44 PM »
Quote from: Boondocks on January 22, 2017, 01:55:57 PM
around 3 months though is there a suggested wait time and also now that i am under it again how long should i wait
~6 months. Though this is ymmv as well obviously.
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #7486 on: January 23, 2017, 08:05:10 PM »
How long does it usually take Amex to unfreeze your account after faxing in the 4506t?

I know the wiki says about a week, but I got some sams clubs...
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7487 on: January 23, 2017, 08:08:48 PM »
Quote from: knowitall on January 23, 2017, 08:05:10 PM
How long does it usually take Amex to unfreeze your account after faxing in the 4506t?
How long does it take to unfreeze account, after receiving email that credit limit was reduced?
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7488 on: January 23, 2017, 08:18:46 PM »
Quote from: Iz on January 23, 2017, 08:08:48 PM
How long does it take to unfreeze account, after receiving email that credit limit was reduced?
By me it was instant. As soon as I got the email, I called my rep...
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7489 on: January 23, 2017, 08:19:39 PM »
Quote from: shulem92 on January 23, 2017, 08:18:46 PM
By me it was instant. As soon as I got the email, I called my rep...
:)
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Offline Iz

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Re: Amex F/R Master Thread
« Reply #7490 on: January 24, 2017, 05:32:28 PM »
Quote from: Iz on January 14, 2017, 09:18:58 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.
I didn't need any business documents (as several DDFers predicted). Received emails re new CL yesterday. 24 hours later, rep called to give the all clear. Start to finish: 10 days. Back to Sam's we go... :)
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Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7491 on: January 26, 2017, 01:51:21 PM »
Quote from: LoLo on January 22, 2017, 10:51:44 PM
~6 months. Though this is ymmv as well obviously.
can you pass a f/r with bank statements (have alot of activity)though no tax returns
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Offline mochjas

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Re: Amex F/R Master Thread
« Reply #7492 on: January 26, 2017, 01:52:01 PM »
Quote from: Boondocks on January 26, 2017, 01:51:21 PM
can you pass a f/r with bank statements (have alot of activity)though no tax returns
yes you can
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7493 on: January 26, 2017, 02:12:37 PM »
Quote from: Boondocks on January 26, 2017, 01:51:21 PM
can you pass a f/r with bank statements (have alot of activity)though no tax returns
Yes. But you have to have a good reason why you didn't file taxes in 2015...
« Last Edit: January 26, 2017, 02:16:42 PM by shulem92 »
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Online Mr. CC

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Re: Amex F/R Master Thread
« Reply #7494 on: January 26, 2017, 02:13:21 PM »
Quote from: shulem92 on January 26, 2017, 02:12:37 PM
Yes. But you have to have a good reason why you didn't file taxes in 2016...
not yet
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7495 on: January 26, 2017, 02:16:25 PM »
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7496 on: January 26, 2017, 02:34:09 PM »
And ymmv with your rep.
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Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7497 on: January 26, 2017, 02:46:12 PM »
Membership Rewards WE'RE SORRY We apologize for the inconvenience, the system is currently unavailable. Please try your request again by refreshing the page.

If you require further assistance please call Membership Rewards® Customer Service at 1-800-AXP-EARN (297-3276). CODE: LA01-101 Would you like to...

Is this FR? Did SC.


Update: Did an amazon re as a test, and it went through. Does that mean no FR?
« Last Edit: January 26, 2017, 03:02:18 PM by Buruch »
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Offline aryeh1

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Re: Amex F/R Master Thread
« Reply #7498 on: January 26, 2017, 03:27:01 PM »
Quote from: Buruch on January 26, 2017, 02:46:12 PM
Membership Rewards WE'RE SORRY We apologize for the inconvenience, the system is currently unavailable. Please try your request again by refreshing the page.

If you require further assistance please call Membership Rewards® Customer Service at 1-800-AXP-EARN (297-3276). CODE: LA01-101 Would you like to...

Is this FR? Did SC.


Update: Did an amazon re as a test, and it went through. Does that mean no FR?

No fr call MR theyll fix it
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Offline Buruch

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Re: Amex F/R Master Thread
« Reply #7499 on: January 26, 2017, 04:21:37 PM »
Quote from: aryeh1 on January 26, 2017, 03:27:01 PM
No fr call MR theyll fix it

Thanks!
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