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 1050210 times)

Offline as2

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Re: Amex F/R Master Thread
« Reply #8385 on: January 02, 2020, 04:17:58 PM »
Key words, the rats has been acting very unpredictable.
Care to elaborate? Unless you're pulling shtick, why wouldn't you be able to pass?
Memories last forever, make them while you can.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8386 on: January 02, 2020, 04:24:06 PM »
Care to elaborate? Unless you're pulling shtick, why wouldn't you be able to pass?
Scroll back.
Multiple reports of people being shut down even after submitting tax returns.

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #8387 on: January 02, 2020, 04:27:23 PM »
Mine took a while. There was an issue getting my tax returns, so I ended up having to get them myself, and forward it to them.
Amex received my tax returns already and  they are reviewing it on their end, they said could still take another 2 weeks ....I heard this part only takes 48 hours

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8388 on: January 05, 2020, 04:13:44 AM »
Care to elaborate? Unless you're pulling shtick, why wouldn't you be able to pass?
No legit business returns. Dans old advice of being an eBay reseller or whatnot and using your own name as business name doesn't fly anymore.
I've had reps tell me a schedule c isn't good enough (eventually got a supervisor to look into it and it would be good, but when my wife got reviewed a different rep was adamant it's not good).
Basically they want legit business tax returns if you have a business card.
The question is if you proactively shut down all business cards will thay save you.
Once you get reviewed and can't provide the returns they are saying they will axe ALL your accounts. Personal too.

I shut mine all myself once I couldn't provide business returns (I'll actually have for 2019 but they said since I had cards 7 years old I needed to show at least 2018). I just reapplied on 12/27 for a new personal card with no update yet. I assume I'll get a 4506t in the mail to fill out this week and hopefully that is good enough for personals.
My FR rep and the supervisor who I spoke to at the time said I should be ok to get personal right away and even business again once I have the returns for 2019.
READ THE DARN WIKI!!!!

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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8389 on: January 05, 2020, 04:22:55 AM »
I have heard that amex been f/r very hard lately? Every other person I know got a f/r. Is this true? Should I be transferring out my points in anticipation?
Even if you can't pass, you have about 10 business days to get the form filled out and then a week to a month for them get the returns and process it all
READ THE DARN WIKI!!!!

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Offline Jay s

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Re: Amex F/R Master Thread
« Reply #8390 on: January 08, 2020, 12:37:55 PM »
Got FR on 12/13 , they asked for 1040 . They just responded today they need busines returns . I have 2 business names with amex one  doesnt really exist the other one is legit with all proper taxes filed . They said if i cant provide business returns for both businesses all accounts will be shut even personal.   Any ideas?

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8391 on: January 08, 2020, 02:27:44 PM »
Got FR on 12/13 , they asked for 1040 . They just responded today they need busines returns . I have 2 business names with amex one  doesnt really exist the other one is legit with all proper taxes filed . They said if i cant provide business returns for both businesses all accounts will be shut even personal.   Any ideas?
Good luck. They are on a tear lately. The one with returns, is that a sole prop or corp etc?
READ THE DARN WIKI!!!!

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Offline Jay s

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Re: Amex F/R Master Thread
« Reply #8392 on: January 08, 2020, 05:14:11 PM »
Good luck. They are on a tear lately. The one with returns, is that a sole prop or corp etc?

LLC

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8393 on: January 08, 2020, 05:16:07 PM »
LLC
what tax form did you file for it? Schedule C or something else?
READ THE DARN WIKI!!!!

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Offline Jay s

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Re: Amex F/R Master Thread
« Reply #8394 on: January 08, 2020, 05:18:03 PM »
what tax form did you file for it? Schedule C or something else?



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Always praying for delayed baggage.

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Re: Amex F/R Master Thread
« Reply #8397 on: January 27, 2020, 01:35:39 AM »

Offline eternity88

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Re: Amex F/R Master Thread
« Reply #8398 on: January 27, 2020, 04:33:28 AM »
Got FR on 12/13 , they asked for 1040 . They just responded today they need busines returns . I have 2 business names with amex one  doesnt really exist the other one is legit with all proper taxes filed . They said if i cant provide business returns for both businesses all accounts will be shut even personal.   Any ideas?
Do you know what trigger it? Was it spending

Offline SamCan

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Re: Amex F/R Master Thread
« Reply #8399 on: January 27, 2020, 03:41:24 PM »
WAS F/R'd by AMEX Canada. They are asking for bank statements, Should I send in the bank account with large buying group activity?Or just send in the other one.  My salary goes into the same bank account as the buying group.