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 991495 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7950 on: July 20, 2018, 11:36:09 AM »
Suspended and they want 2016 returns. Dead. Gonna cancel.
Well that sucks, you can't send anything in?
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Re: Amex F/R Master Thread
« Reply #7951 on: July 20, 2018, 12:12:46 PM »
Well that sucks, you can't send anything in?
Bank accoints with 30k to cover 6k in CL?
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Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7952 on: July 20, 2018, 12:46:10 PM »
Bank accoints with 30k to cover 6k in CL?

they wont take that?

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Re: Amex F/R Master Thread
« Reply #7953 on: July 20, 2018, 12:47:08 PM »
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7954 on: July 20, 2018, 05:35:46 PM »
Bank accoints with 30k to cover 6k in CL?
you dont have a return for 2016?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7955 on: July 20, 2018, 05:36:15 PM »
Gonna ask
I have a friend that passed with a few dollars in his account a year ago
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Re: Amex F/R Master Thread
« Reply #7956 on: July 22, 2018, 11:44:27 PM »
Just curious, why don't you file taxes even if your only doing it for Amex?
well how much would the minimum have to be in order to get approved?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7957 on: July 22, 2018, 11:59:18 PM »
well how much would the minimum have to be in order to get approved?
Almost anything usually. You could file $1k and pass. Not a guarantee of course but people pass with numbers like that.
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Re: Amex F/R Master Thread
« Reply #7958 on: July 23, 2018, 12:05:59 AM »
Almost anything usually. You could file $1k and pass. Not a guarantee of course but people pass with numbers like that.
and it's possible to file taxes so fast?if I applied a week ago it's possible to file and then give them the 4506t form?
Also if I would file for so little would they give me a very small cl or they'll base it on my credit?

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Re: Amex F/R Master Thread
« Reply #7959 on: July 24, 2018, 10:36:44 AM »
they wont take that?
Nope. Ask fot supervisor?
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Re: Amex F/R Master Thread
« Reply #7960 on: July 24, 2018, 01:55:26 PM »
Nope. Ask fot supervisor?
I don't think the FR department works like that.
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Re: Amex F/R Master Thread
« Reply #7961 on: July 24, 2018, 02:05:27 PM »
I don't think the FR department works like that.
So cancel cards is my only option i guess.
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Re: Amex F/R Master Thread
« Reply #7962 on: July 24, 2018, 03:36:17 PM »
I don't think the FR department works like that.
What does that mean? of course they have a supervisor, they may tell you the same thing but they have supervisors.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7963 on: July 24, 2018, 03:38:21 PM »
What does that mean? of course they have a supervisor, they may tell you the same thing but they have supervisors.
Have you spoken to one? All I know is that the Amex FR department is probably one of the weirdest customer facing departments in any major bank, I wouldn't be too sure that they have a direct superior that they will put on the phone with you.
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Re: Amex F/R Master Thread
« Reply #7964 on: July 24, 2018, 03:40:27 PM »
Have you spoken to one? All I know is that the Amex FR department is probably one of the weirdest customer facing departments in any major bank, I wouldn't be too sure that they have a direct superior that they will put on the phone with you.
They can, you need to request a supervisor call back
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