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 1817610 times)

Offline myb821

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Re: Amex F/R Master Thread
« Reply #1100 on: April 03, 2012, 04:18:26 PM »
Fried? Personally I'd use a different F-word, one with four letters...
haha when are u gonna try and apply for a new card?

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1101 on: April 03, 2012, 04:42:32 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 
Is 20K SPG for $500 spend much better than 25K for $5,000 spend?
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 #1102 on: April 03, 2012, 05:15:19 PM »
Fried? Personally I'd use a different F-word, one with four letters...

Potato, potahto :)

Both are rather unpleasant feelings.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline YudiG

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Re: Amex F/R Master Thread
« Reply #1103 on: April 03, 2012, 11:59:46 PM »
Is 20K SPG for $500 spend much better than 25K for $5,000 spend?

not necessarily though here she received an invite so perhaps there is a greater chance for approval considering our history...your advice?

it's also 21k as she gets 1k for adding additional user...

thanks!

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1104 on: April 04, 2012, 12:03:59 AM »
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 
highly doubt you will get approved without tax return. imo no dif between online or by mail (i think by mail you get instant decesion). to late now but its harder to get back on than it is to pass a fr or fry or f..
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
a pull from cra
Is 20K SPG for $500 spend much better than 25K for $5,000 spend?
not all can spend 5k
not necessarily though here she received an invite so perhaps there is a greater chance for approval considering our history...your advice?

i dont find the invite making any dif

Online gozalim

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Re: Amex F/R Master Thread
« Reply #1105 on: April 04, 2012, 12:41:13 AM »
Potato, potahto :)

Both are rather unpleasant feelings.
really?

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1106 on: April 04, 2012, 10:50:47 AM »
really?

 ???

They are last time I checked, yes.
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Offline PETERP

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Re: Amex F/R Master Thread
« Reply #1107 on: April 04, 2012, 02:37:32 PM »
highly doubt you will get approved without tax return. imo no dif between online or by mail (i think by mail you get instant decesion). to late now but its harder to get back on than it is to pass a fr or fry or f.. a pull from cranot all can spend 5ki dont find the invite making any dif


    I am in awe of you guys, who don't care $5000 spend versus $500 spend. Is it  really that easy
via Venmo or AMZN payments . Time and risk involved ?

Offline bitbythedog

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Re: Amex F/R Master Thread
« Reply #1108 on: April 05, 2012, 12:10:13 AM »
I have read through most of this thread, if anyone can share their experience i would be most grateful.
I got a call today from the FR dept, asking to verify charges, specifically Venmo (made 2K of payments @end of march and was planning on doing another 2k in april. i got in before the march 17 deadline.) she then verified employment and some other stuff and let me know that the my accounts will be frozen untill i can 'bank verify' funds and accounts. So she emailed some form that i have to have my bank fill out verifying that i have $ in accounts.
Im not worried about the bank part i have plenny of $ in accounts. I am worried about the IRS form though.
Has anyone been hit with the IRS request form after you ok'd these bank account forms ?
TNX
[scroll]...איזה הוא חכם[/scroll]

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1109 on: April 05, 2012, 09:57:42 AM »
I have read through most of this thread, if anyone can share their experience i would be most grateful.
I got a call today from the FR dept, asking to verify charges, specifically Venmo (made 2K of payments @end of march and was planning on doing another 2k in april. i got in before the march 17 deadline.) she then verified employment and some other stuff and let me know that the my accounts will be frozen untill i can 'bank verify' funds and accounts. So she emailed some form that i have to have my bank fill out verifying that i have $ in accounts.
Im not worried about the bank part i have plenny of $ in accounts. I am worried about the IRS form though.
Has anyone been hit with the IRS request form after you ok'd these bank account forms ?
TNX

Sounds more like a "mini - FR" than a full-blown one. However, even if it is full blown, if all she is asking for is bank account information, then send it to her if you want. Hopefully, she'll be satiated with that.

If she then follows up with a 4506 request, then you'll have to make a decision whether to go forward or simply close your accounts preemptively.
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Offline Yeki89

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Re: Amex F/R Master Thread
« Reply #1110 on: April 05, 2012, 05:41:06 PM »
I opened a starwoods card for my wife, anyway I called to activate it and they heard a man voice on a womans account. Anyways they told me that the account cant be activated, and i need to fill out a 4506-T form.
I did and they called back it wasnt filled out right..... I sent it in again and they called me back after 4 days that the account is fine.
Such a royal pain!
i didnt lie about the salary.

Offline Drago

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Re: Amex F/R Master Thread
« Reply #1111 on: April 05, 2012, 06:10:33 PM »
I opened a starwoods card for my wife, anyway I called to activate it and they heard a man voice on a womans account.

When I call for the mrs, I often mispronounce part of her name, and it gives an almost black-male sounding name. Seems to work.

Offline jack12

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Re: Amex F/R Master Thread
« Reply #1112 on: April 06, 2012, 12:49:33 PM »
When I call for the mrs, I often mispronounce part of her name, and it gives an almost black-male sounding name. Seems to work.

Care to share the mispronunciation? just curios...

Offline sky121

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Re: Amex F/R Master Thread
« Reply #1113 on: April 06, 2012, 12:54:57 PM »
Best name for a girl  I have to deal with in my family? Michal.
Makes life so much easier. If anything she has problems when she calls for herself. :)
"Not all who wander are lost"

Offline bubkiz

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Re: Amex F/R Master Thread
« Reply #1114 on: April 06, 2012, 03:06:07 PM »
I opened a starwoods card for my wife, anyway I called to activate it and they heard a man voice on a womans account. Anyways they told me that the account cant be activated, and i need to fill out a 4506-T form.
I did and they called back it wasnt filled out right..... I sent it in again and they called me back after 4 days that the account is fine.
Such a royal pain!
i didnt lie about the salary.
For future calls you can have her add you on as as "account manager" which will authorize you to handle the account even when she's not around to consent.

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1115 on: April 11, 2012, 07:21:50 PM »
Just recieved 2nd fr yesterday. First was from august. It was from charging 11K on my bcp card in one month. Anyway, reported 35k of income when I applied but they are asking for tax returns from 2010 where I only reported around 6k. Does anyone have any experience as to whether I'll make it through? Don't mind if I have low credit limit, just want to keep cards open

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #1116 on: April 11, 2012, 07:39:14 PM »
Just recieved 2nd fr yesterday. First was from august. It was from charging 11K on my bcp card in one month. Anyway, reported 35k of income when I applied but they are asking for tax returns from 2010 where I only reported around 6k. Does anyone have any experience as to whether I'll make it through? Don't mind if I have low credit limit, just want to keep cards open

Why don't you tell them that you once got reviewed already and you passed. Btw the trigger that you noted in your post - that was from the first FR or the second?

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Re: Amex F/R Master Thread
« Reply #1117 on: April 11, 2012, 07:53:47 PM »
The first, I got them to only require bank statements because taxes weren't filed yet. Trigger for 1st fr was additional cards for 10K MR points per card (which I got thankfully). Trigger for 2nd was 11K spend on a card with a 2K spending limit

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Re: Amex F/R Master Thread
« Reply #1118 on: April 11, 2012, 07:53:53 PM »
Why don't you tell them that you once got reviewed already and you passed. Btw the trigger that you noted in your post - that was from the first FR or the second?
Telling them that prob won't help.

I have just got back on 4 months ago, after my accounts were shut down for 2 years. I had to pay $57 to request my 2010 tax return to be sent to them...

I have just got approved for the Business Gold card, and 2 days ago I got an email that my accounts are suspended (FR). I called them, they told me they need to update my account info, and they need me to send in the 4506-T requesting my 2010 tax return from the IRS. I been on the phone with them for a long time - saying that they have they should have that on file from me already...

I don't know if its the spending I did on my current card or the new business card that triggered it, but I hope it all works out fine. As All the info I put on my app is legit, and matches up with my tax return, and my bank statements...

At least it happened now over Yom Tov, when I don't need to use the cards as much :)


Offline compddd

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Re: Amex F/R Master Thread
« Reply #1119 on: April 11, 2012, 09:53:44 PM »
Telling them that prob won't help.

I have just got back on 4 months ago, after my accounts were shut down for 2 years. I had to pay $57 to request my 2010 tax return to be sent to them...

I have just got approved for the Business Gold card, and 2 days ago I got an email that my accounts are suspended (FR). I called them, they told me they need to update my account info, and they need me to send in the 4506-T requesting my 2010 tax return from the IRS. I been on the phone with them for a long time - saying that they have they should have that on file from me already...

I don't know if its the spending I did on my current card or the new business card that triggered it, but I hope it all works out fine. As All the info I put on my app is legit, and matches up with my tax return, and my bank statements...

At least it happened now over Yom Tov, when I don't need to use the cards as much :)

You must of charged a lot really fast to get FRed again?