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 980697 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7905 on: April 22, 2018, 04:40:53 AM »
My question wasn't jusy re amex approving my account, was more of a "does it pay" qiestion..
But sorry
You have nothing to be worried about with the IRS if that's what you're question is.
"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 #7906 on: April 22, 2018, 04:41:49 AM »
You have nothing to be worried about with the IRS if that's what you're question is.
Now thanks for that!

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #7907 on: April 22, 2018, 10:14:41 AM »
You have nothing to be worried about with the IRS if that's what you're question is.
That's because they are not the ones who prosecute bank fraud.  :)
I just found a new supply of forks!

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Re: Amex F/R Master Thread
« Reply #7908 on: April 22, 2018, 10:18:58 AM »
That's because they are not the ones who prosecute bank fraud.  :)
There's nothing to worry about from anyone. Household income has nothing to do with your tax return.
As for the OP question, I know someone that sent in a 4506T form that was less than 10% stated on the app, at first was denied but approved after Recon.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7909 on: April 22, 2018, 10:26:22 AM »
Income from the last month or 2 could be totally different than a 2017 return. Just sayin

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Re: Amex F/R Master Thread
« Reply #7910 on: April 22, 2018, 10:27:30 AM »
Income from the last month or 2 could be totally different than a 2017 return. Just sayin
That's how it was approved after Recon.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7911 on: April 26, 2018, 01:57:38 AM »
OK, so after a shutdown if one has tax returns how soon can they apply?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline gubevo18

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Re: Amex F/R Master Thread
« Reply #7912 on: May 01, 2018, 09:49:34 PM »
AMEx asks me every time I log in to confirm and/or update my income. Things to be worried about?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7913 on: May 01, 2018, 09:50:46 PM »
AMEx asks me every time I log in to confirm and/or update my income. Things to be worried about?
They like to have updated info. You could ignore it

Offline BB59

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Re: Amex F/R Master Thread
« Reply #7914 on: May 02, 2018, 09:29:39 AM »
Applied for first Card for DW was approved right away.
Got FR after second purchase. Still waiting to get the outcome.
And then I just got calls from identity protection to get a form notarized in a bank, to confirm that she actually applied!!! Anyone ever had this? If I don't send it in they said they will close account in 14 days.

Online davidrotts63

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Re: Amex F/R Master Thread
« Reply #7915 on: May 02, 2018, 09:31:28 AM »
Applied for first Card for DW was approved right away.
Got FR after second purchase. Still waiting to get the outcome.
And then I just got calls from identity protection to get a form notarized in a bank, to confirm that she actually applied!!! Anyone ever had this? If I don't send it in they said they will close account in 14 days.
I've had that with friends before.(not together with an FR) and once I submitted it. And the second time I didn't and they never closed it.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline YesThatsMe

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Re: Amex F/R Master Thread
« Reply #7916 on: May 02, 2018, 09:58:53 PM »
A customer of mine is willing to pay me by paying my Amex bills. He banks with Chase, does anyone know if this can cause issues on either Amex or Chase's end because it's 2 different people's accounts?

Also, what if he overpays into my Amex account, can that cause problems (not likely to happen)...

Offline shie123

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Re: Amex F/R Master Thread
« Reply #7917 on: May 08, 2018, 12:51:08 PM »
Got this from Amex:

Account Ending: *****

 

Dear ******,

We’re writing to inform you that American Express makes periodic assessments of our commercial clients’ financial resources to make sure we are managing your needs and our financial exposure appropriately. We request your assistance to ensure we make a thorough and accurate assessment of the spending capacity on your commercial card account.

In order to conduct our review, please provide us with your company’s financial statements for the past two years, preferably audited, or reviewed by an external auditor and prepared by an accountant. These financial statements should include:

Balance Sheets
Income Statements
Cash Flow Statements
Notes to Financial Statements
Interim Financial Statements through the most recent quarter
If these financial statements are not available, you may submit company prepared financial statements AND Business Federal Tax Returns from the most recent two years.

This information is important because it will help us understand more about your business and spending needs. If we do not receive the requested information within 14 days from the date of this letter, we will give no further consideration to your application if you have requested an increase in spending capacity.

You can return these documents along with the cover sheet to us in any of the following ways:

 

·         Upload your documents online at americanexpress.com/docupload

·         Email us your documents as an attachment at commercialunderwriting@aexp.com

Ø  When emailing documents, please ensure your files are not password protected

·         Fax to us at 1-866-759-8980 (utilize the attached fax cover sheet)

·         Mail to us at the address indicated on the cover sheet

 


To expedite the process and to give you a timely response, we recommend that you use the online upload tool to send us your documents.

Once we receive all of the requested information, we will generally complete our review within 14 business days. Any information you provide will be treated as strictly confidential and will only be used to establish spending levels on your account.
* Please note that alimony, child support or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.

This is a time sensitive matter that could impact your existing spending capacity. We look forward to hearing from you soon.

If you have any questions, please call us at 888-290-6418. We are available to assist you Monday – Friday 8:30 a.m. to 6:30 p.m. ET.


Is this a FR?
Do I have to respond?

Offline Dovdovmoneytree

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Re: Amex F/R Master Thread
« Reply #7918 on: May 08, 2018, 02:37:22 PM »
They like to have updated info. You could ignore it

I got an e-mail from AMEX to update my income. Now every login they ask as well. Is it BETTER to ignore it or just that I CAN ignore it?

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Re: Amex F/R Master Thread
« Reply #7919 on: May 08, 2018, 02:38:10 PM »
I got an e-mail from AMEX to update my income. Now every login they ask as well. Is it BETTER to ignore it or just that I CAN ignore it?
Why dont you just update it?