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 1188767 times)

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7740 on: August 18, 2017, 05:27:05 AM »
I got fr/d around 10 months ago after an aor and just a few days ago amex sends me a letter saying that they credited the sign up bonus to my account even though I haven't spent a penny now if I would reapply would they prob request 4506t form from me as it looks like they were scrutinizing my account or it's like they're saying they want me back?
Would you apply now after this if you had an fr..
What was the end result of that FR ? Did you supply them with everything they asked for ?

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7741 on: August 18, 2017, 12:12:59 PM »
What was the end result of that FR ? Did you supply them with everything they asked for ?
no I closed all my cards down

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7742 on: August 18, 2017, 12:21:40 PM »
Also does getting a decline on an application mean that from now on they won't request 4506t form(because in the past they wouldn't tell me I was approved or declined and then a while later they would request 4506t)

Offline hide4

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Re: Amex F/R Master Thread
« Reply #7743 on: August 22, 2017, 05:43:59 PM »
Also does getting a decline on an application mean that from now on they won't request 4506t form(because in the past they wouldn't tell me I was approved or declined and then a while later they would request 4506t)
What happens when you try reconsideration?

Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7744 on: August 22, 2017, 07:46:22 PM »
They're sending it for reconsideration but we'll see what the outcome is though every other time I applied I didn't get a definite reply and then eventually the app got cancelled

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7745 on: August 22, 2017, 09:15:50 PM »
anyone know how long it takes from when a return is e-filed, until a transcript can be pulled?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7746 on: August 28, 2017, 03:15:49 PM »
If I failed to respond on time and they canceled my cards (happened today)  is there any way to get them to reinstate my cards ( I can pass FR )?
money doesn't talk......      it SCREAMS !

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7747 on: August 29, 2017, 04:34:50 PM »
If I failed to respond on time and they canceled my cards (happened today)  is there any way to get them to reinstate my cards ( I can pass FR )?
Tried to talk to your rep?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7748 on: August 29, 2017, 09:16:20 PM »
If I failed to respond on time and they canceled my cards (happened today)  is there any way to get them to reinstate my cards ( I can pass FR )?
They're ready to work with you but they don't like being ignored.

Offline New guy 2014

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Re: Amex F/R Master Thread
« Reply #7749 on: September 03, 2017, 01:20:50 PM »
My wife and I each have separate AMEX SPG preferred business cards for businesses located at our (home) address. We also each have cards as an authorized user for the other's business. Today we each received am email from AMEX asking for the SSN for the authorized user. I thought it was strange that two separate businesses/cards would receive the same email. Is this the beginning of some sort of audit or financial review, or am I overthinking this?

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7750 on: September 03, 2017, 02:18:33 PM »
My wife and I each have separate AMEX SPG preferred business cards for businesses located at our (home) address. We also each have cards as an authorized user for the other's business. Today we each received am email from AMEX asking for the SSN for the authorized user. I thought it was strange that two separate businesses/cards would receive the same email. Is this the beginning of some sort of audit or financial review, or am I overthinking this?
Non standard procedure. You could throw it out and receive it every few months or I guess send in the info what they are asking for.

Offline New guy 2014

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Re: Amex F/R Master Thread
« Reply #7751 on: September 03, 2017, 03:14:32 PM »
Non standard procedure. You could throw it out and receive it every few months or I guess send in the info what they are asking for.
If it's non standard what does it mean? What triggers it?

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7752 on: September 03, 2017, 03:19:23 PM »
If it's non standard what does it mean? What triggers it?
I mean non! As nothing that it is standard procedure

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #7753 on: September 03, 2017, 08:56:25 PM »
hi i got f/r last year and instead of listening to dans recommended 6 months wait after preemptively shutting down my accounts, I applied for a Hilton surpass last time they were offering the free night  back in april and they were only going to approve me if I showed the 4506t form.now that that application fell off the system  should I apply again being that six months have passed since i preemptively shut down my accounts ?or I blew that six month window that people on this forum recommend can sometimes get you approved without tax forms? thank you very much


Offline Lushkab

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Re: Amex F/R Master Thread
« Reply #7754 on: September 10, 2017, 11:13:39 PM »
No sign of F/R in my amex Buisness account but when i called up they've told me to call tge F/R department at 8002301289,

The account is 2 years old, i made large purchasses with that account, and not so legitimate.

1. Is this a regular FR?
2. Will this affect my personal account?
3. If i will R"L have to close my account, are the points lost?
4. Anything to tell them if i don't have income/tax return?