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 1818513 times)

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1080 on: March 20, 2012, 04:40:10 PM »
I would suggest you had a fraud alert to clear, not a financial review.
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Offline joey89

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Re: Amex F/R Master Thread
« Reply #1081 on: March 20, 2012, 04:49:05 PM »
I believe you.

You are a lucky fellow.
You can say that again :D
I would suggest you had a fraud alert to clear, not a financial review.
Fraud alerts don't demand bank statements. And I dealt with the f/r departement
« Last Edit: March 20, 2012, 04:52:43 PM by joey89 »

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1082 on: March 20, 2012, 04:51:45 PM »
I was once required to send bank statement to amex for fraud alert. But it was for a new acc, so I don't know if its a comparison.
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Offline lcyitz

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Re: Amex F/R Master Thread
« Reply #1083 on: March 20, 2012, 05:56:31 PM »
Can venmo cause an F/R ?

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1084 on: March 20, 2012, 07:20:33 PM »
Can venmo cause an F/R ?

Definitely possible.
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Offline HelpMe

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Re: Amex F/R Master Thread
« Reply #1085 on: March 20, 2012, 07:25:37 PM »
Can venmo cause an F/R ?
Almost anything can cause a FR with Amex. There is no pattern with Venmo causing this.
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Offline lcyitz

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Re: Amex F/R Master Thread
« Reply #1086 on: March 20, 2012, 07:48:48 PM »
Did anyone here get an F/R for sending almost 2000 per month?

Offline elikay

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Re: Amex F/R Master Thread
« Reply #1087 on: March 20, 2012, 11:10:27 PM »

http://wiki.dansdeals.com/AMEX_FR_TRIGGER_LIST
Depending on your specifics, it may be considered unusual spending.

Offline daganster

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Re: Amex F/R Master Thread
« Reply #1088 on: March 31, 2012, 10:28:46 PM »
Did anyone here get an F/R for sending almost 2000 per month?
My wife got FR for spending 2k 2 years ago. My guess is that she was FR because she only had a 2k limit on her card.

Offline kivabb

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Re: Amex F/R Master Thread
« Reply #1089 on: April 02, 2012, 10:12:50 PM »
My wife seemingly survived the FR. We got an email saying her CL was lowered to practically nill but no accounts closed. That was over 4 weeks ago and accounts still on hold. Is it normal to take so long to get turned back on? I wouldn't care so much but her time is ticking to do $10K spend to get 75K MR points and we're running out of time. Should she call up or will I be waking up the dead?

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1090 on: April 02, 2012, 10:20:38 PM »
Call
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1091 on: April 02, 2012, 10:51:49 PM »
My wife seemingly survived the FR. We got an email saying her CL was lowered to practically nill but no accounts closed. That was over 4 weeks ago and accounts still on hold. Is it normal to take so long to get turned back on? I wouldn't care so much but her time is ticking to do $10K spend to get 75K MR points and we're running out of time. Should she call up or will I be waking up the dead?
its common to forget to reinstate the account. its common to get a fraud alert after fry

Offline elikay

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Re: Amex F/R Master Thread
« Reply #1092 on: April 03, 2012, 02:26:24 AM »
This fry thing gets on my nerves, it is FR and FRed not fry and fried!

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1093 on: April 03, 2012, 02:27:53 AM »
This fry thing gets on my nerves, it is FR and FRed not fry and fried!
+1,000
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1094 on: April 03, 2012, 10:28:43 AM »
This fry thing gets on my nerves, it is FR and FRed not fry and fried!

Maybe so, but for those people that have BEEN FR'd it certainly feel like you're getting fried. Period.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1095 on: April 03, 2012, 11:21:36 AM »
And its also pretty cute to call it fried. Dono why you guys are so serious.
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Offline Drago

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Re: Amex F/R Master Thread
« Reply #1096 on: April 03, 2012, 03:25:28 PM »
And its also pretty cute to call it fried. Dono why you guys are so serious.

This is a serious forum

Offline YudiG

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Re: Amex F/R Master Thread
« Reply #1097 on: April 03, 2012, 03:31:43 PM »
my wife and I got FR'd last year around this time from Amex and instead of sending in the tax info which wouldn't have showed much income (students) we just shut down our accounts before they did...

we've held back from applying for any amex cards since then though we are authorized users on a plat account and use those cards...i'm also the account manager if that makes a difference..

now, my wife got an invite from amex spg for 20k after spending $500 in 3 months plus 1k for adding additional user...it took only 30 seconds to fill out the short application...

should we try and send it in by mail or just keep waiting? should we apply online instead? 21k spg would be nice!

i just don't want to apply and then get into another FR...last time they went after my father at the same address following our FR though he had no issue whatsoever and passed with flying colors...

TIA 

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1098 on: April 03, 2012, 03:45:57 PM »
You have nothing to lose. They might ask for your tax returns. It'll cost you $57 bucks at the irs and it's a very drawn out process getting back in. But it may be since you shut down the cards you'll have no problem. There is only really one way to find out and nows as good a time as ever

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1099 on: April 03, 2012, 04:08:46 PM »
Maybe so, but for those people that have BEEN FR'd it certainly feel like you're getting fried. Period.

Fried? Personally I'd use a different F-word, one with four letters...
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