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 956646 times)

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #7995 on: September 13, 2018, 11:56:09 PM »
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline alexstern1

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Re: Amex F/R Master Thread
« Reply #7996 on: October 03, 2018, 10:48:19 PM »
can points be trannsfered out after a fr is opened

Online mmgfarb

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Re: Amex F/R Master Thread
« Reply #7997 on: October 03, 2018, 11:41:14 PM »
can points be trannsfered out after a fr is opened
Yes.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline tmendy226

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Re: Amex F/R Master Thread
« Reply #7998 on: November 11, 2018, 02:58:41 AM »
.
« Last Edit: November 11, 2018, 04:18:01 AM by tmendy226 »

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #7999 on: November 11, 2018, 10:12:22 AM »
Yes.
+1, just be careful, if they shut it's not easy and not always doable to get them out.
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Offline ruv

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Re: Amex F/R Master Thread
« Reply #8000 on: November 13, 2018, 06:52:02 PM »
Any difficulties getting approved for amex cards after passing an F/R, (they lowered the credit limits)?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8001 on: November 13, 2018, 08:01:01 PM »
Any difficulties getting approved for amex cards after passing an F/R, (they lowered the credit limits)?
Nah
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Offline rots5

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Re: Amex F/R Master Thread
« Reply #8002 on: November 27, 2018, 05:27:29 PM »
Mid FR.

3 and a half weeks ago got that dreadful email.

Sent in all the paperwork the next day.  Now getting a run around how there is an issue with the IRS and taking longer than expected. Anyone ever heard of this?!

Thanks,
If you have any questions please search and then ask. PM me for detailed help.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8003 on: November 27, 2018, 06:53:43 PM »
Mid FR.

3 and a half weeks ago got that dreadful email.

Sent in all the paperwork the next day.  Now getting a run around how there is an issue with the IRS and taking longer than expected. Anyone ever heard of this?!

Thanks,
Not personally, but it seems they feel the need to tie up your points/accounts for a minimum of a month even if everything is sent in asap and you're on the up and up. Lots of "no shtick" customers getting FRd and not too happy with the process.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8004 on: November 27, 2018, 07:06:50 PM »
Mid FR.

3 and a half weeks ago got that dreadful email.

Sent in all the paperwork the next day.  Now getting a run around how there is an issue with the IRS and taking longer than expected. Anyone ever heard of this?!

Thanks,
Yes, sometimes the 4506-T can come back messed up and you have to request the transcript and send it in manually.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #8005 on: November 27, 2018, 07:09:15 PM »
Mid FR.

3 and a half weeks ago got that dreadful email.

Sent in all the paperwork the next day.  Now getting a run around how there is an issue with the IRS and taking longer than expected. Anyone ever heard of this?!

Thanks,
Don't have any useful advice, just good wishes!
Good luck!
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Offline rots5

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Re: Amex F/R Master Thread
« Reply #8006 on: November 28, 2018, 09:24:42 AM »
Yes, sometimes the 4506-T can come back messed up and you have to request the transcript and send it in manually.
that was the first time. I e-signed it and they needed hand signed. 
If you have any questions please search and then ask. PM me for detailed help.

Offline rots5

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Re: Amex F/R Master Thread
« Reply #8007 on: November 28, 2018, 09:25:01 AM »
Don't have any useful advice, just good wishes!
Good luck!
ya. Thanks.  BH. Passed. Just got a call a min ago.
If you have any questions please search and then ask. PM me for detailed help.

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #8008 on: November 28, 2018, 09:25:31 AM »
ya. Thanks.  BH. Passed. Just got a call a min ago.
Mazal tov!
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline as2

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Re: Amex F/R Master Thread
« Reply #8009 on: November 28, 2018, 02:55:06 PM »
ya. Thanks.  BH. Passed. Just got a call a min ago.
Scott free, or some slashes? Either way,
Memories last forever, make them while you can.