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 ectÖ

Letís 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 donít 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 1108459 times)

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8355 on: December 19, 2019, 05:06:59 PM »
F/R'ed on my personal having 150-200K spend per month and 0 late payments... Now having some issues with providing requested doc's (2018 not yet filed) I also have 1 Blue Biz Plus with very low spend about $200 per month, that wasn't F/R'ed would it be possible to close down the personal now (by myself), and having my account (including all my MR points) left open by staying with that Blue Biz card?
Or will they just shut that as well once they conclude?

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7282
  • Total likes: 115
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Amex F/R Master Thread
« Reply #8356 on: December 19, 2019, 10:01:51 PM »
F/R'ed on my personal having 150-200K spend per month and 0 late payments... Now having some issues with providing requested doc's (2018 not yet filed) I also have 1 Blue Biz Plus with very low spend about $200 per month, that wasn't F/R'ed would it be possible to close down the personal now (by myself), and having my account (including all my MR points) left open by staying with that Blue Biz card?
Or will they just shut that as well once they conclude?
They didn't freeze all your cards? I'm my limited reading I've never heard of that.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8357 on: December 20, 2019, 05:57:05 AM »
They didn't freeze all your cards? I'm my limited reading I've never heard of that.
Well they surly did, Question is if they'll release it on that one if that has 0 risk for them and is registered on an separate EIN (not my personal SSN).

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8358 on: December 26, 2019, 09:13:52 AM »
Seems like I need to close by today the end of the day, Any idea how to redeem over 7 million MR in one day (MR rep says I wont have 30 day period, and all points will be fortified the moment I have no active card)
Any advice?

Offline Joel2

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2018
  • Posts: 2585
  • Total likes: 344
  • DansDeals.com Hat Tips 39
    • View Profile
  • Location: NYC
  • Programs: Hilton Diamond, Wyndham Diamond, Hyatt Explorist, Marriott Gold, IHG Platinum, National EE, Hertz PC
Re: Amex F/R Master Thread
« Reply #8359 on: December 26, 2019, 09:39:44 AM »
Seems like I need to close by today the end of the day, Any idea how to redeem over 7 million MR in one day (MR rep says I wont have 30 day period, and all points will be fortified the moment I have no active card)
Any advice?
Can you transfer out the points to a partner?

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8263
  • Total likes: 929
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #8360 on: December 26, 2019, 10:32:35 AM »
Seems like I need to close by today the end of the day, Any idea how to redeem over 7 million MR in one day (MR rep says I wont have 30 day period, and all points will be fortified the moment I have no active card)
Any advice?
I don't think that rep is correct, a supervisor should still be able to transfer them out after cards are closed. Either way, you might as well play it safe and transfer them out today before you close the cards.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8361 on: December 26, 2019, 10:54:10 AM »
Can you transfer out the points to a partner?
If that would be possible, Problem would be solved...

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8362 on: December 26, 2019, 10:54:57 AM »
I don't think that rep is correct, a supervisor should still be able to transfer them out after cards are closed. Either way, you might as well play it safe and transfer them out today before you close the cards.
Yeh, where to? what would be the best value?

Offline Joel2

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2018
  • Posts: 2585
  • Total likes: 344
  • DansDeals.com Hat Tips 39
    • View Profile
  • Location: NYC
  • Programs: Hilton Diamond, Wyndham Diamond, Hyatt Explorist, Marriott Gold, IHG Platinum, National EE, Hertz PC
Re: Amex F/R Master Thread
« Reply #8363 on: December 26, 2019, 12:05:57 PM »
Yeh, where to? what would be the best value?
Depending on your future trips
 BA, AC, DL, VS, JB many options

Offline as2

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2013
  • Posts: 5376
  • Total likes: 678
  • DansDeals.com Hat Tips 24
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #8364 on: December 26, 2019, 12:08:00 PM »
Depending on your future trips
 BA, AC, DL, VS, JB many options
If it's 7 mil MR, you may want to think past just your upcoming trips...
Memories last forever, make them while you can.

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8263
  • Total likes: 929
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #8365 on: December 26, 2019, 12:33:43 PM »
Yeh, where to? what would be the best value?
Do you plan on using these yourself or are you selling them?
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8366 on: December 26, 2019, 01:46:55 PM »
Well I try never to waste a point at a value lower than $0.02 (and I have probably used about 3 mil points through out the past 3 years..) although in this situation I might be willing to go for 0.019 - 0.018 but not less than that.
Lets put this this way where would a (heimishe) TA transfer this amount if he had to?

Offline YED

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 67
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8367 on: December 26, 2019, 02:13:47 PM »
Depending on your future trips
 BA, AC, DL, VS, JB many options
I wasn't actually considering DL or B6 (JB) But was thinking about BA, AC, VS, QF, AV (LM) and maybe AF (FB) anyone with recommendations, would greatly appreciate TIA!

Offline qwerty123

  • Dansdeals Gold Elite
  • ***
  • Join Date: Dec 2018
  • Posts: 199
  • Total likes: 9
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: United States
Re: Amex F/R Master Thread
« Reply #8368 on: December 26, 2019, 02:42:04 PM »
Well I try never to waste a point at a value lower than $0.02 (and I have probably used about 3 mil points through out the past 3 years..) although in this situation I might be willing to go for 0.019 - 0.018 but not less than that.
Lets put this this way where would a (heimishe) TA transfer this amount if he had to?
sorry buddy but you may have to take drop less then that... or you might end up with nothing at all...

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3629
  • Total likes: 135
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #8369 on: December 26, 2019, 02:55:42 PM »
I wasn't actually considering DL or B6 (JB) But was thinking about BA, AC, VS, QF, AV (LM) and maybe AF (FB) anyone with recommendations, would greatly appreciate TIA!
Amex-VS has a 30% transfer bonus now iirc.