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 1816548 times)

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1240 on: May 18, 2012, 03:43:30 PM »
If they didn't suspend her current credit card, why should she look for trouble?

Fair enough. Mimi K. I agree, if your current credit line is alive and well, I would just let it be.
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Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1241 on: May 18, 2012, 04:03:20 PM »
Fair enough. Mimi K. I agree, if your current credit line is alive and well, I would just let it be.
I hope and pray you are correct!!
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Re: Amex F/R Master Thread
« Reply #1242 on: May 18, 2012, 04:06:19 PM »
Fair enough. Mimi K. I agree, if your current credit line is alive and well, I would just let it be.
+1

From my FR experience, My accounts were suspended and I wasn't able to use my cards during the FR


Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1243 on: May 18, 2012, 04:48:44 PM »
+1

From my FR experience, My accounts were suspended and I wasn't able to use my cards during the FR
same here

Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1244 on: May 20, 2012, 04:25:12 PM »
They didn't hold my card at all! I just made some $3k  in purchases!
Lets just not jinx it!  :-X I'm twisting my fingers into a Magen Dovid!!  ;D
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Re: Amex F/R Master Thread
« Reply #1245 on: May 20, 2012, 04:26:39 PM »
:-X I'm twisting my fingers into a Magen Dovid!!  ;D
Ouch!

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Re: Amex F/R Master Thread
« Reply #1246 on: May 22, 2012, 10:59:05 PM »
I have just opened a Plat and a PRG for my wife. Its now about 2 weeks later, and got FR'd

They requested 4506T and bank statements. Hopefully this wont be too big of a pain. (after all the other FR I went thru ;))

Offline Yeki89

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Re: Amex F/R Master Thread
« Reply #1247 on: May 22, 2012, 11:31:30 PM »
I have just opened a Plat and a PRG for my wife. Its now about 2 weeks later, and got FR'd

They requested 4506T and bank statements. Hopefully this wont be too big of a pain. (after all the other FR I went thru ;))
This is your thhird one?

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Re: Amex F/R Master Thread
« Reply #1248 on: May 23, 2012, 02:04:02 AM »
This is your thhird one?

+1, my goodness. You're in their cross-hairs, huh?
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Re: Amex F/R Master Thread
« Reply #1249 on: May 23, 2012, 02:14:35 AM »
This is your thhird one?
+1, my goodness. You're in their cross-hairs, huh?

My understanding is that this time they didn't F/R him, they F/R'd his wife (since she's the recent applicant).
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Re: Amex F/R Master Thread
« Reply #1250 on: May 23, 2012, 02:16:04 AM »
My understanding is that this time they didn't F/R him, they F/R'd his wife (since she's the recent applicant).

Right, but I can't help but get the feeling that his "household" is currently on some sort of "government style watchlist."
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Re: Re: Amex F/R Master Thread
« Reply #1251 on: May 23, 2012, 03:43:48 AM »
This is your thhird one?
I think he many to put a comma after the "all" meaning after all, he passed the other fr
But I might be wrong

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Re: Amex F/R Master Thread
« Reply #1252 on: May 23, 2012, 08:40:30 AM »
Right, but I can't help but get the feeling that his "household" is currently on some sort of "government style watchlist."
Yup
My understanding is that this time they didn't F/R him, they F/R'd his wife (since she's the recent applicant).
I guess ;)
This is your third one?
Yup

For some reason I wasn't surprised when I got a call from the FR Department ... I prob spend way to much on CC based on the income I make, But my purchasing is all for business ...


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Re: Amex F/R Master Thread
« Reply #1253 on: May 23, 2012, 08:49:08 AM »
YupI guess ;)Yup

For some reason I wasn't surprised when I got a call from the FR Department ... I prob spend way to much on CC based on the income I make, But my purchasing is all for business ...
so why dont u get a biz cc for that

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Re: Amex F/R Master Thread
« Reply #1254 on: May 23, 2012, 08:57:03 AM »
so why dont u get a biz cc for that
I did

But they cut my CL to 3k on that card after a FR, and they only were able to get my 2010 tax return (I think they cant get 2011 till August)

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Re: Amex F/R Master Thread
« Reply #1255 on: May 23, 2012, 06:01:29 PM »
I did

But they cut my CL to 3k on that card after a FR, and they only were able to get my 2010 tax return (I think they cant get 2011 till August)

Is this for personal or business or both?
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Re: Amex F/R Master Thread
« Reply #1256 on: May 23, 2012, 09:15:02 PM »
Is this for personal or business or both?
I think its for both (that they cant get the tax return till Aug)

The rep said this time to send in the 4506T and request the 2010 and 2011 tax return, also send in bank statements in case they cant get the 2011 tax return...
This is your thhird one?
Its actually my 4th  :-\ Well the first 3 were for cards under my name, this is under my wifes

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Re: Amex F/R Master Thread
« Reply #1257 on: May 23, 2012, 09:32:03 PM »
I have been thinking about this for a while, but I never got around to posting it.

Although I have never (Thankfully) been FR'd, I am wondering if it is legal for Amex to suspend your cards at random.

It is understandable if fraud is suspected, but to suspend someones accounts for some random reason may not be legal. To me it sounds very unfair and unreasonable to the consumer, and is outright bullying on the part of Amex. (If they are really concerned about whether you earn enough to pay your bills, then they should be checking this out BEFORE they issue the card.)

The solution to this problem may be to file a petition with a senator who is looking for action, such as Chuck Schumer. If someone has any kind of know-how or pull in this field, perhaps you can share it.

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Re: Amex F/R Master Thread
« Reply #1258 on: May 23, 2012, 09:34:21 PM »
I have been thinking about this for a while, but I never got around to posting it.

Although I have never (Thankfully) been FR'd, I am wondering if it is legal for Amex to suspend your cards at random.

It is understandable if fraud is suspected, but to suspend someones accounts for some random reason may not be legal. To me it sounds very unfair and unreasonable to the consumer, and is outright bullying on the part of Amex. (If they are really concerned about whether you earn enough to pay your bills, then they should be checking this out BEFORE they issue the card.)

The solution to this problem may be to file a petition with a senator who is looking for action, such as Chuck Schumer. If someone has any kind of know-how or pull in this field, perhaps you can share it.

It's in their T&Cs, and they're (relatively) much more reasonable compared to Chase.
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Re: Amex F/R Master Thread
« Reply #1259 on: May 23, 2012, 10:18:42 PM »
T&C is worth less than the paper it is written on. (or the webpage it is written on)

I am not a liberal nor an OWS member that "hates big corporations", but I think that this is abuse.

If they have no reasonable grounds to suspect fraud, rather they just have a "hunch", then there are many other ways that they can take precautions. For example, they can call you and tell you that if you don't send in IRS forms within 30 days, THEN they will suspend your accounts.

It's common sense. What if you are traveling, and the only card in your wallet is an Amex? The fact that Amex can shut you down acting on whim is a very scary proposition.

I am sure that most members in this thread will agree that Amex had no reasonable grounds to suddenly shut them down. From what I read here, Amex has randomly shut down long-time customers whom have paid every single statement promptly ever since they've been a member, and whom have rock-solid credit scores.