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 982385 times)

Offline vhz

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Re: Amex F/R Master Thread
« Reply #7890 on: April 05, 2018, 09:07:51 AM »
We just got cleared from FR yesterday.  Submitted the IRS form, did not hear from amex for close to two weeks, so decided to call our agent yesterday.  She said let me go over the document's IRS sent us, and the only thing she looked at was the fact we had enough income to support our charges.  She did not ask any questions if we have a business, or what kind of business etc (which i was worried about, since we do not have a business).
The lesson learned from this is make the charges gradually, not like me charging $7k in 7 days. 
Good luck to all in similar situation, and do not stress over it, as long as you have the income you have reported during application.

Offline mrprez27

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Re: Amex F/R Master Thread
« Reply #7891 on: April 10, 2018, 08:35:14 PM »
How does any one MS with FR's?


Offline JACKBLUE

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Re: Amex F/R Master Thread
« Reply #7892 on: April 10, 2018, 08:58:26 PM »

Offline Definitions

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Re: Amex F/R Master Thread
« Reply #7893 on: April 11, 2018, 02:53:14 PM »
Are financial reviews card specific or on all cards under your name, business and personal? (Meaning if I get reviewed will any of my amex cards work)

If let's say I can't submit the required proof of income, what happens to my points? And am I supposed to close down all my amex cards (I guess it depends on my first question)?
Jack of all trades, master of none.

Offline mrprez27

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Re: Amex F/R Master Thread
« Reply #7894 on: April 12, 2018, 01:00:00 PM »
?
if you want to manufacture spend and they do a review - won't they close your account even though you have been paying?

Online davidrotts63

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Re: Amex F/R Master Thread
« Reply #7895 on: April 12, 2018, 01:19:44 PM »


Are financial reviews card specific or on all cards under your name, business and personal? (Meaning if I get reviewed will any of my amex cards work)

If let's say I can't submit the required proof of income, what happens to my points? And am I supposed to close down all my amex cards (I guess it depends on my first question)?

Generally all cards.
And if you fail, they should let you know and warn you that they will close the cards in 14 days, in that time you should transfer out the points and close them down yourself.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Online davidrotts63

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Re: Amex F/R Master Thread
« Reply #7896 on: April 12, 2018, 01:20:22 PM »
if you want to manufacture spend and they do a review - won't they close your account even though you have been paying?
Are you asking how people MS of Amex will FR them?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Definitions

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Re: Amex F/R Master Thread
« Reply #7897 on: April 12, 2018, 02:23:50 PM »

Generally all cards.
And if you fail, they should let you know and warn you that they will close the cards in 14 days, in that time you should transfer out the points and close them down yourself.
Thanks.
Jack of all trades, master of none.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #7898 on: April 22, 2018, 03:39:41 AM »
Should one be afraid to send in tax return if the income is just 10% of what he wrote in application?
Is a lie like this just too bad?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7899 on: April 22, 2018, 03:57:54 AM »
Should one be afraid to send in tax return if the income is just 10% of what he wrote in application?
Is a lie like this just too bad?
If you don't send in anything they're definitely going to shut you down. Anything you send in can only help.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #7900 on: April 22, 2018, 04:03:01 AM »
If you don't send in anything they're definitely going to shut you down. Anything you send in can only help.
Even a lie like this can HELP? They might just label the name and address for good. No?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7901 on: April 22, 2018, 04:14:17 AM »
Even a lie like this can HELP? They might just label the name and address for good. No?
If you don't send in anything they're definitely going to shut you down. Anything you send in can only help.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #7902 on: April 22, 2018, 04:29:18 AM »

B"h it's not for myself but I'll tell the guy to blame you if he sees the IRS at his door charging for bank fraud

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7903 on: April 22, 2018, 04:34:04 AM »
B"h it's not for myself but I'll tell the guy to blame you if he sees the IRS at his door charging for bank fraud
You asked a question, I answered it. I'm done here.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #7904 on: April 22, 2018, 04:37:54 AM »
You asked a question, I answered it. I'm done here.
My question wasn't jusy re amex approving my account, was more of a "does it pay" qiestion..
But sorry