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 2086222 times)

Offline Belmar Boy

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Re: Amex F/R Master Thread
« Reply #8480 on: July 04, 2020, 10:25:20 PM »
Great that you are aware of why.
I kind of suspect it was a charge card doing this too. What we know is charge card doesn't have an official limit but always still have an internal secret limit so you can't go spend a million dollar (the hard limit).
Even if you paid full, if you look at the credit card side of FR, one trigger is recycling credit line. So once you combine the two (if you did recycle), it might trigger this.

More DP would be useful as a future reference for members. Things that might be useful is
Like what was the usage the month that trigger vs other months.
How many times you paid the balance that month.
How many % you spend compare to you highest credit limit of the AMEX non charge card and % compare to total credit limit of every AMEX card?

Might be worthwhile to know how extreme you push before the trigger.

The balance was the same as previous several months, I never pay off during the month and then spend more that month, just one payment per cycle.
My credit limit on my non-charge cards are paltry compared to the spend on the charge card.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8481 on: September 07, 2020, 09:21:43 PM »
I got this email today:

We’re writing to inform you that American Express makes periodic assessments of our commercial clients’ financial resources to make sure we are managing your needs and our financial exposure appropriately. We request your assistance to ensure we make a thorough and accurate assessment of the spending capacity on your commercial card account.

In order to conduct our review, please provide us with your company's financial statements for the past two years, preferably audited, or reviewed by an external auditor and prepared by an accountant. These financial statements should include:

    Balance Sheets
    Income statements
    Cash Flow Statements
    Notes to Financial Statements
    Interim Financial Statements through the most recent quarter

If these financial statements are not available, you may submit company prepared financial statements AND Business Federal Tax Returns from the most recent two years.

This information is important because it will help us understand more about your business and spending needs. If we do not receive the requested information within 14 days from the date of this letter, we will give no further consideration to your application if you have requested an increase in spending capacity.

You can return these documents along with the cover sheet to us in any of the following ways:

    Upload your documents online at americanexpress.com/docupload
    Email us your documents as an attachment at commercialunderwriting@aexp.com
        When emailing documents, please ensure your files are not password protected
    Fax to us at 1-866-759-8980 (utilize the attached fax cover sheet)
    Mail to us at the address indicated on the cover sheet

To expedite the process and to give you a timely response, we recommend that you use the online upload tool to send us your documents. Once we receive all of the requested information, we will generally complete our review within 14 business days. Any information you provide will be treated as strictly confidential and will only be used to establish spending levels on your account.

* Please note that alimony, child support or separate maintenance income doesn't need to be revealed if you don't wish to have it considered as a basis for repaying this obligation.

This is a time sensitive matter that could impact your existing spending capacity. We look forward to hearing from you soon.

If you have any questions, please call us at 888-290-6418. We are available to assist you Monday - Friday 8:30 a.m. to 6:30 p.m. ET.

FR?
not uncommon, most get it at some point when doing any decent amount of spend.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8482 on: October 26, 2020, 07:20:03 PM »
Just got voicemail from amex to call them back num is 1800 230 1289  with a 7 digit extension  thats a F/r?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8483 on: October 26, 2020, 08:57:28 PM »
Just got voicemail from amex to call them back num is 1800 230 1289  with a 7 digit extension  thats a F/r?
Does it say that your cards are frozen when you log in?
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Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8484 on: October 26, 2020, 10:37:55 PM »
Does it say that your cards are frozen when you log in?
nope it didnt  but was a FR  gotta send in the docs   problem is my 2019 tax return is no where near my expected 2020 income

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8485 on: October 26, 2020, 10:48:28 PM »
nope it didnt  but was a FR  gotta send in the docs   problem is my 2019 tax return is no where near my expected 2020 income
I wouldn't worry about it, worse case you'll get CL slashed. Could be they're more strict now with Covid but I think you'll be fine.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8486 on: October 26, 2020, 10:52:55 PM »
I wouldn't worry about it, worse case you'll get CL slashed. Could be they're more strict now with Covid but I think you'll be fine.
thamx  hope so too 

Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8487 on: November 12, 2020, 08:26:40 PM »
I wouldn't worry about it, worse case you'll get CL slashed. Could be they're more strict now with Covid but I think you'll be fine.
you were right CL slashed but still open

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8488 on: November 12, 2020, 08:29:06 PM »
you were right CL slashed but still open
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #8489 on: November 20, 2020, 11:11:31 AM »
Seems 8 or 60 day suspensions are all the rage now.
Only on DDF does 24/6 mean 24/5/half/half
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8490 on: December 01, 2020, 11:59:01 PM »
Seems 8 or 60 day suspensions are all the rage now.
For what?
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline BP16

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Re: Amex F/R Master Thread
« Reply #8491 on: December 02, 2020, 12:20:55 PM »
you were right CL slashed but still open
You could probably apply again and get cards without CL now.

Offline troner100

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Re: Amex F/R Master Thread
« Reply #8492 on: December 13, 2020, 12:23:06 AM »
I opened a Hilton Aspire card a few months ago with a 150k sign up offer and never received the points, when i called Amex they said that "due to the history of misusing the sign up bonus terms the promotion has been removed from my account and the points will not post", They wouldn't give me an explanation to what exactly i did wrong.
Anyone with more details about this? Is there anything i can do?

Offline compddd

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Re: Amex F/R Master Thread
« Reply #8493 on: December 13, 2020, 01:48:49 PM »
Do they retroactively decide to remove bonuses from people now even when they don't get the popup? Wouldn't surprise me.

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Re: Amex F/R Master Thread
« Reply #8494 on: December 13, 2020, 07:21:15 PM »
Do they retroactively decide to remove bonuses from people now even when they don't get the popup? Wouldn't surprise me.

I didn’t get the pop up but they still refuse to give me the bonus without giving a reason

Offline AmexNYC

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Re: Amex F/R Master Thread
« Reply #8495 on: December 26, 2020, 06:36:55 PM »
Hi all new user - AMEX member for 31 years - spent 1.5m on persoanl and same on business - was gearing up spending to get my centurion card - just got F/R - reason they said was more credits showing that payments for last month or so due to refunds for transactions from vendors not shipping due to covid - always on time with payments - issue is my income on return last year is a far cry from whats stated - plenty of money in bank and stock accounts - say $2m each - whats my plan of action? send 4506t showing low income maybe 100k after deductions or dont send and hope they will take bank statements etc? call just came in this morning (Merry Christmas huh?) Appreciate any advice - like my cards and dont want to lose my accounts Thanks again

Offline Triple Canopy

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Re: Amex F/R Master Thread
« Reply #8496 on: March 17, 2021, 10:32:24 AM »
Is there an issue/risk paying a personal Platinum with a business checking account?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #8497 on: March 17, 2021, 07:25:58 PM »
Hi all new user - AMEX member for 31 years - spent 1.5m on persoanl and same on business - was gearing up spending to get my centurion card - just got F/R - reason they said was more credits showing that payments for last month or so due to refunds for transactions from vendors not shipping due to covid - always on time with payments - issue is my income on return last year is a far cry from whats stated - plenty of money in bank and stock accounts - say $2m each - whats my plan of action? send 4506t showing low income maybe 100k after deductions or dont send and hope they will take bank statements etc? call just came in this morning (Merry Christmas huh?) Appreciate any advice - like my cards and dont want to lose my accounts Thanks again

@AmexNYC just saw this. Welcome to the forums!

What did you end up doing and what ended up happening to your accounts?
DDF FFB (Forum From Birth)

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Re: Amex F/R Master Thread
« Reply #8498 on: April 05, 2021, 12:28:17 PM »
if my younger brother applied for a delta amex gold and they are asking for a 4506-t does it suffice for him to send amex the tax that my dada filed listing him as a dependent? thank you in advance

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Re: Amex F/R Master Thread
« Reply #8499 on: April 05, 2021, 12:42:20 PM »
Just got another FR (get 1 almost every year..) they're requesting a 4506-c, Is that the same as a 4506-t?