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 991135 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8265 on: September 19, 2019, 09:28:44 PM »
Open an account with a local bank and ask them for a letter?
way too much of a hassle, and many banks won't right this letter. I'm talking about a workaround with the letter.
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Offline qwerty123

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Re: Amex F/R Master Thread
« Reply #8266 on: September 20, 2019, 09:42:39 AM »
way too much of a hassle, and many banks won't right this letter. I'm talking about a workaround with the letter.
ive had it once. and i did not manage to get the letter so got denied for that credit card. couple months later i applied for another card and got accepted without asking for proof of address.

Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #8267 on: September 20, 2019, 10:20:22 AM »
way too much of a hassle, and many banks won't right this letter. I'm talking about a workaround with the letter.
A letter? A statement isn't enough?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8268 on: September 20, 2019, 11:33:28 AM »
A letter? A statement isn't enough?
They require a letter from a banker with a your address and the bankers information.
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Offline davidrotts63

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Re: Amex F/R Master Thread
« Reply #8269 on: September 20, 2019, 11:35:50 AM »
They require a letter from a banker with a your address and the bankers information.
This is a random requirement they have? Has to do with an FR? What happens if you don't submit it?
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8270 on: September 20, 2019, 11:41:03 AM »
ive had it once. and i did not manage to get the letter so got denied for that credit card. couple months later i applied for another card and got accepted without asking for proof of address.
I wonder how long one has to wait. Does anyone know how long from a previous app does the subsequent one not get cancelled automatically by the system for being a duplicate of the original one?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8271 on: September 20, 2019, 11:43:51 AM »
This is a random requirement they have? Has to do with an FR? What happens if you don't submit it?
This is a random requirement they have? Seemingly random yes, no one seems to know the triggers. People that have lived at the same address for years randomly get hit by it.

 Has to do with an FR? No.

 What happens if you don't submit it? System puts the app in a cancelled status, and it stays that way until you submit the docs, and they reach out to the banker that signed it personally.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8272 on: September 20, 2019, 11:44:17 AM »
They require a letter from a banker with a your address and the bankers information.
And they reach out and personally verify with them, I know this for a fact.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8273 on: September 20, 2019, 12:22:38 PM »
This is a random requirement they have? Has to do with an FR? What happens if you don't submit it?
Not sure, I got it when I reapplied after failing FR (thanks IRS. ) I did use a new address on my app although it is already reported on my CR.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8274 on: September 20, 2019, 02:01:42 PM »
Not sure, I got it when I reapplied after failing FR (thanks IRS. ) I did use a new address on my app although it is already reported on my CR.
Did your failed FR get in the way of approval?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8275 on: September 20, 2019, 04:30:55 PM »
Did your failed FR get in the way of approval?
When I reapplied, I had to send in 4506-T, never got around to it and when I recently reapplied and changed the address on the app, they asked me for 4506-T and letter from banker.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #8276 on: September 20, 2019, 05:33:33 PM »
When I reapplied, I had to send in 4506-T, never got around to it and when I recently reapplied and changed the address on the app, they asked me for 4506-T and letter from banker.
Fun stuff! They need to come up with a better system.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8277 on: September 22, 2019, 05:05:57 PM »
Fun stuff! They need to come up with a better system.
yup.
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline yosefsv

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Re: Amex F/R Master Thread
« Reply #8278 on: October 28, 2019, 04:07:40 PM »
I have a F/R on mine and on my DW account, We filed a joint return, is there any DP if the 4506t could clash? (i.e. the IRS will not release the return twice in the same time period)
If it benefits even just one fellow DDFer, its worth posting it.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8279 on: October 29, 2019, 10:33:58 PM »
I have a F/R on mine and on my DW account, We filed a joint return, is there any DP if the 4506t could clash? (i.e. the IRS will not release the return twice in the same time period)
I've never seen any DP to indicate that it would be an issue. However to play it safe maybe leave a week in between (within the time limits that amex allows of course)
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle