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 1815942 times)

Offline nobiggy

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Re: Amex F/R Master Thread
« Reply #8420 on: February 21, 2020, 02:42:08 PM »
Scroll back.
Multiple reports of people being shut down even after submitting tax returns.

I can't find anything of that sort.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8421 on: February 22, 2020, 11:32:33 PM »
I can't find anything of that sort.

Here you go.

No. I sent in docs. but was still shut down.

Amex closed all of my accounts, after submitting the required documents >:(

(actually i did not send in the form, I told them that i provided the doc. when i was  previously FR'd, 8 months ago, they told me they see the documents and they'll get back to me with the results. if it makes a difference)
Got that same message after submitting all forms. My tax return was in line with income stated at application... 9 accounts closed with no warning!!!

Offline Joel

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Re: Amex F/R Master Thread
« Reply #8422 on: February 23, 2020, 08:30:32 PM »
trying to transfer MR got a request to call 18886540034 anyone know what this is? just verification?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8423 on: February 24, 2020, 10:50:27 AM »
trying to transfer MR got a request to call 18886540034 anyone know what this is? just verification?
Where are you transferring to? is the name on the account you're transferring to the same as the one on the account you're transferring from?
Memories last forever, make them while you can.

Offline Joel

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Re: Amex F/R Master Thread
« Reply #8424 on: February 24, 2020, 10:56:53 AM »
Where are you transferring to? is the name on the account you're transferring to the same as the one on the account you're transferring from?
Yes same name. called them earlier was just verification.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8425 on: February 24, 2020, 11:00:55 AM »
Yes same name. called them earlier was just verification.
Bh. I remember some reports of something like this, but it was a result of transferring to non matching names.
Memories last forever, make them while you can.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8426 on: February 24, 2020, 08:00:16 PM »
Sure as hell sound like a FR. I don't remember the email, but got a call along the same lines.
LOL! Amex saw I was forgetting, so they gave me a refresher call and email today! Thanks Amex!
Memories last forever, make them while you can.

Offline 16guitar

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Re: Amex F/R Master Thread
« Reply #8427 on: February 25, 2020, 12:22:29 AM »
LOL! Amex saw I was forgetting, so they gave me a refresher call and email today! Thanks Amex!
Good luck...

Offline as2

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Re: Amex F/R Master Thread
« Reply #8428 on: February 25, 2020, 09:16:07 AM »
Good luck...
Hopes aren't too high. May just call it a day.
Memories last forever, make them while you can.

Offline 16guitar

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Re: Amex F/R Master Thread
« Reply #8429 on: February 25, 2020, 10:18:33 AM »
Hopes aren't too high. May just call it a day.
same, I'm at least glad that I was able to expedite my pending points (took a few tries)

Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8430 on: February 25, 2020, 10:22:43 AM »
Hopes aren't too high. May just call it a day.
Sole Proprietorship without a schedule C?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8431 on: February 25, 2020, 10:34:41 AM »
same, I'm at least glad that I was able to expedite my pending points (took a few tries)
The pending points?


Sole Proprietorship without a schedule C?
Yes, but that's not the issue. All they want are bank statements, but I really would rather they don't see them, to the extent that I may just close up shop and move on.
Memories last forever, make them while you can.

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Re: Amex F/R Master Thread
« Reply #8432 on: February 25, 2020, 10:45:31 AM »
The pending points?

Yes, but that's not the issue. All they want are bank statements, but I really would rather they don't see them, to the extent that I may just close up shop and move on.
Why? They will simply lower the CL and eventually it'll go up again.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8433 on: February 25, 2020, 10:49:53 AM »
Why? They will simply lower the CL and eventually it'll go up again.
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.
Memories last forever, make them while you can.

Offline Joel

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Re: Amex F/R Master Thread
« Reply #8434 on: February 25, 2020, 11:37:16 AM »
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.
Open a new account? or send a different bank statement?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8435 on: February 25, 2020, 11:42:45 AM »
Open a new account? or send a different bank statement?
Statements need to be from one of my "pay from" accounts.
Memories last forever, make them while you can.

Offline mb1

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Re: Amex F/R Master Thread
« Reply #8436 on: February 27, 2020, 11:38:39 AM »
What is the procedure if you want to close your accounts?
Make the request to the FR representative who is managing your review?

Offline unclesam

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Re: Amex F/R Master Thread
« Reply #8437 on: February 27, 2020, 01:22:30 PM »
What is the procedure if you want to close your accounts?
Make the request to the FR representative who is managing your review?
you can call or chat

Offline eternity88

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Re: Amex F/R Master Thread
« Reply #8438 on: March 01, 2020, 02:48:25 AM »
I was F/Rd last year to verify income, and passed with lowered CLs. I may give them my bank statements, but I will essentially be providing them proof of the concern they had which triggered the FR. I'm worried about what they'll do with such proof.

What trigger the initial FR to verify income

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Re: Amex F/R Master Thread
« Reply #8439 on: March 01, 2020, 08:10:58 PM »
What trigger the initial FR to verify income
Irregularly high spending in a short time frame.
Memories last forever, make them while you can.