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 1869820 times)

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6958
  • Total likes: 12
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #1300 on: June 06, 2012, 05:31:51 PM »
Im pretty sure i just got hit with FR after my 3BM account suspended and got a message to call amex. No chance im going to survive :(
What was on the 3BM?
If You See Something, Say Something!!

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 31012
  • Total likes: 7974
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Amex F/R Master Thread
« Reply #1301 on: June 06, 2012, 05:35:43 PM »
What was on the 3BM?


I think we know already:

On a different note, does anyone think doing a plat/MB plat/PRG 3BM is too ballsy?
im thinking of doing the same tonight
DDF FFB (Forum From Birth)

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7585
  • Total likes: 28
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex F/R Master Thread
« Reply #1302 on: June 06, 2012, 05:37:58 PM »
Yup

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6958
  • Total likes: 12
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #1303 on: June 06, 2012, 05:39:20 PM »
Yup
I guess it, indeed, was ballsy.
If You See Something, Say Something!!

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7585
  • Total likes: 28
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex F/R Master Thread
« Reply #1304 on: June 06, 2012, 05:40:03 PM »
I guess it, indeed, was ballsy.
we will see

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7585
  • Total likes: 28
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex F/R Master Thread
« Reply #1305 on: June 06, 2012, 05:51:54 PM »
Trying to figure out my strategy before i call.i have one business card but no biz bank account it anything should i tell them i closed down the business if they all me to prove it

Offline compddd

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 2813
  • Total likes: 4
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #1306 on: June 06, 2012, 06:05:03 PM »
I'm not doing a 3BM now, I'll do a 2BM for MB Plat/Plat

Sorry to hear myb821, g*dspeed sir and good luck

Offline meshugener

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Feb 2012
  • Posts: 6959
  • Total likes: 62
  • DansDeals.com Hat Tips 4
  • Gender: Female
    • View Profile
  • Location: DDF
  • Programs: Amex Platinum, Chase Freedom 10X10 Exclusives, Avis Presidents Club, National Executive, Hertz 5 Star, Hilton Gold, Accor Platinum, Hyatt Platinum, Marriott Silver, SPG Gold, Club Carlson Gold
Re: Amex F/R Master Thread
« Reply #1307 on: June 06, 2012, 06:24:12 PM »
You gotta have to be very lucky they should accept bank statements, most of the time they only take IRS doc.
Do you have anything liquid in your bank  account?
Love me or hate me. I still love you.

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7585
  • Total likes: 28
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex F/R Master Thread
« Reply #1308 on: June 06, 2012, 07:35:35 PM »
they said they will take bank statements but im not sure it will be enough to survive I show a lot of in and a lot of out. We will see in the next few days

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 31012
  • Total likes: 7974
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Amex F/R Master Thread
« Reply #1309 on: June 06, 2012, 08:04:29 PM »
they said they will take bank statements but im not sure it will be enough to survive I show a lot of in and a lot of out. We will see in the next few days

Hopefully the cashflow will work in your favor, good luck mate, I'm rooting for ya :)
DDF FFB (Forum From Birth)

Offline mordy44

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2011
  • Posts: 383
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #1310 on: June 06, 2012, 08:28:05 PM »
Is there a high risk of F/R when it comes to PayDivvy?   

Offline Name Changed

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2011
  • Posts: 4831
  • Total likes: 6
  • DansDeals.com Hat Tips 13
    • View Profile
  • Location: Lakewood
  • Programs: Avis Presidents Club, National Executive Elite, Hertz Presidents Circle, Sixt Platinum, SPG Gold, eBay Platinum
Re: Amex F/R Master Thread
« Reply #1311 on: June 06, 2012, 08:32:12 PM »
they said they will take bank statements but im not sure it will be enough to survive I show a lot of in and a lot of out. We will see in the next few days
Good Luck. I'm also rooting for you :)

I just survived my 4th FR ... I dont think Bank statements helped at all, as they cut the CL's one to 5K, other to 3K (from no pre-set)

Offline Walk On the Ocean

  • Dansdeals Gold Elite
  • ***
  • Join Date: Mar 2012
  • Posts: 206
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #1312 on: June 06, 2012, 09:43:33 PM »
Hopefully the cashflow will work in your favor, good luck mate, I'm rooting for ya :)
Aussiebochur? Is that you?  :P

Offline elizmm

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2008
  • Posts: 419
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
    • 404 - Page not found
  • Location: Loading.... 2 out of 7 Complete
Re: Amex F/R Master Thread
« Reply #1313 on: June 06, 2012, 10:09:35 PM »
I am in middle of a FR on my accounts which was triggered by a very high spending, and I sort of passed the review but was told that I am forbidden to use the personal cards for any business purchases and forbidden to pay my credit card from a 3rd party business account, and if they catch me they will close my cards...

Once my cards are all paid up they will sumbit my account to be evaluated for a credit line..

It is all from Hashem and he will continue to give!

Offline dans fan

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2011
  • Posts: 1295
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #1314 on: June 07, 2012, 09:45:02 AM »
You gotta have to be very lucky they should accept bank statements, most of the time they only take IRS doc.
Do you have anything liquid in your bank  account?
most of the time they take bank statments if you dont have reported income.
@name changed looks like we got a quick response to our mbm question

Offline compddd

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 2813
  • Total likes: 4
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #1315 on: June 07, 2012, 09:51:01 AM »
most of the time they take bank statments if you dont have reported income.
@name changed looks like we got a quick response to our mbm question

MBM triggers FR? Wat

Offline Name Changed

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2011
  • Posts: 4831
  • Total likes: 6
  • DansDeals.com Hat Tips 13
    • View Profile
  • Location: Lakewood
  • Programs: Avis Presidents Club, National Executive Elite, Hertz Presidents Circle, Sixt Platinum, SPG Gold, eBay Platinum
Re: Amex F/R Master Thread
« Reply #1316 on: June 07, 2012, 10:27:04 AM »
@name changed looks like we got a quick response to our mbm question
I do not think my 2BM was the trigger. I think it was the 7K in spending on new cards within 2-3 weeks




Offline dans fan

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2011
  • Posts: 1295
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #1317 on: June 07, 2012, 10:32:08 AM »
it might/might not have been myb821 trig

Offline PETERP

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2011
  • Posts: 2924
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NYC
Re: Amex F/R Master Thread
« Reply #1318 on: June 07, 2012, 05:53:23 PM »
The Gold business card is the only one I'm aware of that may be an FR trigger for opening.


Did not read the whole thread but are you referring to a new app or having the card from over 6 months ago ?

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 68919
  • Total likes: 17301
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: Amex F/R Master Thread
« Reply #1319 on: June 07, 2012, 06:15:28 PM »
New app.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.