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 1818353 times)

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1260 on: May 23, 2012, 10:23:09 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.

Have you recently been shut down by Amex?

I'm the customer you describe in your last paragraph, paid every bill on time, and got shut down. When it happened I was speaking emotionally, and felt differently than I do today. Today I understand it's within their right, and they are more reasonable than Chase, which makes them even less terrible in my eyes. I took my business elsewhere, and soon enough I'll apply again for some Amex bonuses, and I'll spend on their cards when it works best for me.
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Offline zale

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Re: Amex F/R Master Thread
« Reply #1261 on: May 23, 2012, 10:34:00 PM »
Have you recently been shut down by Amex?

I'm the customer you describe in your last paragraph, paid every bill on time, and got shut down. When it happened I was speaking emotionally, and felt differently than I do today. Today I understand it's within their right, and they are more reasonable than Chase, which makes them even less terrible in my eyes. I took my business elsewhere, and soon enough I'll apply again for some Amex bonuses, and I'll spend on their cards when it works best for me.

As I mentioned above, I actually have not been FR'd by Amex. (yet)

I don't believe that you feel it was well within their rights. I think that you are saying that simply because you don't want to go back to a place where you were emotionally hurt, and it is therefore simply easier to just give in.

With all due respect, they have taken advantage of you.

You said it yourself. You have paid every bill on time, thus eliminating any grounds of suspicion. They have decided to abuse their privilege of being in control, and shutting you down on a whim, just because they could.

As I have stated before, I am not trying to be a rabble-rouser, but I think it's time for a wake-up call.

Offline gozalim

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Re: Amex F/R Master Thread
« Reply #1262 on: May 23, 2012, 10:51:58 PM »
can we get a zale-SPLP showdown?

Offline zale

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Re: Amex F/R Master Thread
« Reply #1263 on: May 23, 2012, 10:57:32 PM »
can we get a zale-SPLP showdown?

Here is a better idea, instead of barking, go straight to the bite.

https://www.schumer.senate.gov/Contact/contact_chuck.cfm


Offline smart brit

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Re: Amex F/R Master Thread
« Reply #1264 on: May 24, 2012, 12:57:39 AM »
As I mentioned above, I actually have not been FR'd by Amex. (yet)

I don't believe that you feel it was well within their rights. I think that you are saying that simply because you don't want to go back to a place where you were emotionally hurt, and it is therefore simply easier to just give in.

With all due respect, they have taken advantage of you.


I wouldn't call that taking advantage of me if something its the opposite I took them up on numerous offers and got some hefty bonuses  ;)
Although I was upset they froze my accounts while abroad and it took them 2 weeks to reopen them with limits. I understand there point of view

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1265 on: May 24, 2012, 01:13:48 AM »
I don't believe that you feel it was well within their rights. I think that you are saying that simply because you don't want to go back to a place where you were emotionally hurt, and it is therefore simply easier to just give in.

With all due respect, they have taken advantage of you.

You said it yourself. You have paid every bill on time, thus eliminating any grounds of suspicion. They have decided to abuse their privilege of being in control, and shutting you down on a whim, just because they could.

As I have stated before, I am not trying to be a rabble-rouser, but I think it's time for a wake-up call.

It has nothing to do with going back to the place off hurt, reading this thread does that to me :P

It has to do with the ability to think objectively, and realize, that if they didn't think I was a risk, they would let me keep my cards and make them $$$ (they get ~3% every time I swipe). I don't need a wake up call, I've seen things from your perspective, and (like I've stated several times already, after seeing what Chase is capable of) I've come around and realized they aren't so unreasonable after all.

If you have an issue with what's going on, it's Chase you should be complaining about, since:
1. They aren't transparent about why they shut people down.
2. They don't give people a chance to prove their finances, or otherwise argue in their defense.
3. They forfeit your points.
4. They've shut many people down for "card not used as intended" without making any effort to explain what that even means (in general, or specifically for each situation).
5. They sometimes also shut down people's associated bank accounts, an additional hassle and just as unwarranted.

So there, start a petition against Chase, and I'll be right there with you, and (similar to you with Amex) I haven't been their victim.
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Offline smart brit

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Re: Amex F/R Master Thread
« Reply #1266 on: May 24, 2012, 01:16:36 AM »
It has nothing to do with going back to the place off hurt, reading this thread does that to me :P

It has to do with the ability to think objectively, and realize, that if they didn't think I was a risk, they would let me keep my cards and make them $$$ (they get ~3% every time I swipe). I don't need a wake up call, I've seen things from your perspective, and (like I've stated several times already, after seeing what Chase is capable of) I've come around and realized they aren't so unreasonable after all.

If you have an issue with what's going on, it's Chase you should be complaining about, since:
1. They aren't transparent about why they shut people down.
2. They don't give people a chance to prove their finances, or otherwise argue in their defense.
3. They forfeit your points.
4. They've shut many people down for "card not used as intended" without making any effort to explain what that even means (in general, or specifically for each situation).
5. They sometimes also shut down people's associated bank accounts, an additional hassle and just as unwarranted.

So there, start a petition against Chase, and I'll be right there with you, and (similar to you with Amex) I haven't been their victim.
+100

Offline PETERP

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Re: Amex F/R Master Thread
« Reply #1267 on: May 24, 2012, 05:47:20 AM »
can we get a zale-SPLP showdown?

Great idea. In a MMA Cage.  :)

Offline zale

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Re: Amex F/R Master Thread
« Reply #1268 on: May 24, 2012, 11:21:10 AM »
I wouldn't call that taking advantage of me if something its the opposite I took them up on numerous offers and got some hefty bonuses  ;)
Although I was upset they froze my accounts while abroad and it took them 2 weeks to reopen them with limits. I understand there point of view

Care to elaborate on that?

Was there something wrong with opening many cards because they offered it to you? It there a clause in the T&C that states that you are not allowed to receive multiple bonuses? And if there was such a clause, why did they approve your application?

I have personally received 600k+ MR points in the last 12 months, but I still would not accept that as a reason to suddenly freeze my accounts without warning.

I personally don't have a specific agenda against Amex. Overall, they have good service, they have many great offers, and they always refunded my money when a charge was in dispute. Still, freezing accounts at random is irresponsible, and they need to change this policy.

Offline zale

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Re: Amex F/R Master Thread
« Reply #1269 on: May 24, 2012, 11:31:28 AM »
It has nothing to do with going back to the place off hurt, reading this thread does that to me :P

It has to do with the ability to think objectively, and realize, that if they didn't think I was a risk, they would let me keep my cards and make them $$$ (they get ~3% every time I swipe). I don't need a wake up call, I've seen things from your perspective, and (like I've stated several times already, after seeing what Chase is capable of) I've come around and realized they aren't so unreasonable after all.

If you have an issue with what's going on, it's Chase you should be complaining about, since:
1. They aren't transparent about why they shut people down.
2. They don't give people a chance to prove their finances, or otherwise argue in their defense.
3. They forfeit your points.
4. They've shut many people down for "card not used as intended" without making any effort to explain what that even means (in general, or specifically for each situation).
5. They sometimes also shut down people's associated bank accounts, an additional hassle and just as unwarranted.

So there, start a petition against Chase, and I'll be right there with you, and (similar to you with Amex) I haven't been their victim.

You are correct, Chase is in the same wagon as Amex, if not worse. (Although for some reason, it seems that Amex is doing it way more often than Chase).

Forfeiting points is theft, because once they issue the points, they are yours to keep.

In the last several years, the senate and congress have issued many strict laws to credit card issuers, including some transparency laws. It is for this reason that I think the time is ripe to start a petition for this.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1270 on: May 24, 2012, 12:03:51 PM »
Forfeiting points is theft, because once they issue the points, they are yours to keep.

I honestly don't like sounding like a broken record, really I do. But that is simply inaccurate.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1271 on: May 24, 2012, 02:00:37 PM »
Mr. Zale, my sense of prophecy tells me you just recently had a nasty experience with Amex, and I don't know why you intend to hide it. If you were posting and responding such lengthy posts just for the sake of justice, you would write them all in the Chase thread. 
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Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1272 on: June 03, 2012, 01:38:49 PM »
is doing a 2BM with amex an F/R risk?
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Re: Amex F/R Master Thread
« Reply #1273 on: June 03, 2012, 01:46:03 PM »
The 2bm itself is not a risk, but the affect of too many new accounts in a short period may result in FR.
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Re: Amex F/R Master Thread
« Reply #1274 on: June 03, 2012, 01:49:58 PM »
The 2bm itself is not a risk, but the affect of too many new accounts in a short period may result in FR.

too many new accounts with amex, or in general?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1275 on: June 03, 2012, 02:01:02 PM »
In general.
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Re: Amex F/R Master Thread
« Reply #1276 on: June 04, 2012, 08:47:16 PM »
The 2bm itself is not a risk, but the affect of too many new accounts in a short period may result in FR.
afaik both statments are misleading. mbm is a risk (low), new accounts if its a risk its very very low

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1277 on: June 04, 2012, 09:38:38 PM »
AFAIK vs. IME
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Re: Amex F/R Master Thread
« Reply #1278 on: June 04, 2012, 09:41:31 PM »
would you like to share your e that brought you to the conclusion that mbm is not a risk

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Re: Amex F/R Master Thread
« Reply #1279 on: June 04, 2012, 09:43:25 PM »
I'm referring to my second point.
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