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 991382 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8115 on: March 15, 2019, 03:37:21 PM »
Amex shut down all accounts after repeatedly calling to tell us that they needed to do a financial review, seemingly because of high spending in general. The financial review was never done as documents (tax returns, bank statements) were never sent in. Now all accounts have been cancelled. What is protocol now? What are the next steps to take? We have all required legitimate documents (tax returns, bank statements) and everything will match, we just never sent them in.

Below is exact email from Amex:

"We want to let you know that after a recent review of your American Express® account(s), we have cancelled the accounts referenced above because one or more of these accounts, or other accounts to which these accounts are linked, have been identified as not being used for the intended purpose.
 
Important steps to take for your cancelled accounts
For next steps, please complete the following:
 
Ensure that any Additional Card Members are also advised of the cancellation(s).
Cut your Cards in half or, in the case of titanium Cards, please return them to us and we'll destroy them for you.
Cancel any standing orders, subscriptions, and automatic billing directly with the merchants.
 
You’ll still be responsible for charges approved after cancellation
Cancellation of Cards may not prevent standing orders from being accepted, so it is very important they are cancelled immediately. You will still be responsible for any charges approved after your Cards are cancelled."
 
Any assistance is greatly appreciated.

Thank you.
You're done, you can reapply and you'll have to send in a 4506-T to get approved.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline bortunkm

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Re: Amex F/R Master Thread
« Reply #8116 on: March 15, 2019, 03:49:22 PM »
You're done, you can reapply and you'll have to send in a 4506-T to get approved.

If I send in a 4506-t and send documents to amex will they reopen cards? Will they approve me for new cards? Are my previously earned points going to be reinstated?

Offline chbochur

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Re: Amex F/R Master Thread
« Reply #8117 on: March 15, 2019, 03:58:22 PM »
If I send in a 4506-t and send documents to amex will they reopen cards? Will they approve me for new cards? Are my previously earned points going to be reinstated?
Won't help at this point. You can hope to get reopened in a few years

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8118 on: March 15, 2019, 04:11:26 PM »
Won't help at this point. You can hope to get reopened in a few years
-1
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8119 on: March 15, 2019, 04:12:06 PM »
-1
This is not a shut down from a regular f/r

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8120 on: March 15, 2019, 04:13:28 PM »
If I send in a 4506-t and send documents to amex will they reopen cards? Will they approve me for new cards? Are my previously earned points going to be reinstated?
They most likely will not reinstate, you can try to ask them to reinstate your cards after getting approved for a new one, apparently they have an automated system they can put the request through and it will either reinstate or it won't, most likely not. If you reapply now you will not get approved until you send in the 4506-T. You should be able to get your points transferred out within 30 days of closure, call and speak to a manager in the MR department.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8121 on: March 15, 2019, 04:14:12 PM »
This is not a shut down from a regular f/r
Yes it is, they put him under FR and he didn't send docs in, unless there's something else that he's not telling us.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8122 on: March 15, 2019, 04:15:51 PM »
It says they shut him down cause he's using it for "unintended purpose"

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Re: Amex F/R Master Thread
« Reply #8123 on: March 15, 2019, 04:41:12 PM »
It says they shut him down cause he's using it for "unintended purpose"
+1, seems like part of today's wave.

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Re: Amex F/R Master Thread
« Reply #8124 on: March 15, 2019, 04:41:53 PM »
It says they shut him down cause he's using it for "unintended purpose"
They have to say something. That is standard line when shut down.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8125 on: March 15, 2019, 04:45:06 PM »
It says they shut him down cause he's using it for "unintended purpose"
So it could be either, I'm not sure at this point, big wave going on today so it very well could be from that.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8126 on: March 15, 2019, 04:45:28 PM »
They have to say something. That is standard line when shut down.
Nope.
This is the message I got when amex closed my accounts



"We are contacting you to be sure you do not have any surprises when you try to use your card. We wanted to let you know we have had to make the decision to close your account listed above.

 

Please tell any Additional Card Members on this account of this change so they do not have an unexpected inconvenience when attempting to use the Card.
You should also destroy the card(s) and any convenience checks you may have for the account(s).
If you have any recurring charges on these accounts such as cell phone charges, please contact that company immediately to ensure your other bills do not go unpaid.
You will also receive this information by letter, but we wanted to be sure you were aware of this change as soon as possible.

 

Sincerely,

 

American Express Account Services"

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Re: Amex F/R Master Thread
« Reply #8127 on: March 15, 2019, 04:48:59 PM »
Nope.
This is the message I got when amex closed my accounts
When was your accounts closed? Demand a reason from them.

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Re: Amex F/R Master Thread
« Reply #8128 on: March 15, 2019, 04:50:12 PM »
What does it look like when you login if your accounts are closed?

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Re: Amex F/R Master Thread
« Reply #8129 on: March 15, 2019, 04:58:26 PM »
When was your accounts closed? Demand a reason from them.
PLZ HELP!

Amex closed all of my accounts, after submitting the required documents >:(

(actually i did not send in the form, I told them that i provided the doc. when i was  previously FR'd, 8 months ago, they told me they see the documents and they'll get back to me with the results. if it makes a difference)

Is there anything I can do, anybody I can talk to to get my accounts reinstated?

any help is greatly appreciated, tnx!