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 2086972 times)

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 #8540 on: December 16, 2021, 08:14:25 PM »
Is FR light a thing? Where they call you and ask questions about your business, then make you three way call with your bank to make sure you're the owner, and then send you on your way? Cards never suspended.

Offline CountValentine

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 17461
  • Total likes: 8282
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Amex F/R Master Thread
« Reply #8541 on: December 16, 2021, 09:38:02 PM »
Is FR light a thing? Where they call you and ask questions about your business, then make you three way call with your bank to make sure you're the owner, and then send you on your way? Cards never suspended.
Had this except didn't need a call with the bank as payments were coming from Amex savings account.
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

Offline mdv

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2019
  • Posts: 316
  • Total likes: 50
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: Howell
  • Programs: Marriott Titanium Hyatt Globalist Hilton Diamond UA silver DL silver AC 25k Avis PC Hertz PC National EE
Re: Amex F/R Master Thread
« Reply #8542 on: January 03, 2022, 12:46:18 PM »
A few questions
1. How bad is it to cycle amex business card credit line in general?
2. What about about after an FR after which a 3k spend limit was placed on my charge card (and i need to spend 15k in 3 weeks)?
3. Is there any chance they would increase my spend limit if i call and ask?
 FR was concluded early dec
Sorry I don't have any snarky line for this space

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1420
  • Total likes: 100
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #8543 on: January 03, 2022, 01:42:03 PM »

2. What about about after an FR after which a 3k spend limit was placed on my charge card (and i need to spend 15k in 3 weeks)?
IME after an FR there is no risk at all to cycle your CL.

Offline mdv

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2019
  • Posts: 316
  • Total likes: 50
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: Howell
  • Programs: Marriott Titanium Hyatt Globalist Hilton Diamond UA silver DL silver AC 25k Avis PC Hertz PC National EE
Re: Amex F/R Master Thread
« Reply #8544 on: January 03, 2022, 02:03:07 PM »
Really ? Wow  so FR could actually be a good thing lol
Even 5 times in a few weeks?
Sorry I don't have any snarky line for this space

Offline oldguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2012
  • Posts: 1420
  • Total likes: 100
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #8545 on: January 03, 2022, 03:38:51 PM »
Really ? Wow  so FR could actually be a good thing lol
Even 5 times in a few weeks?
No issue at all.
I did that many times after an FR, and between my wife and I, we had more than 10...

Offline mdv

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2019
  • Posts: 316
  • Total likes: 50
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: Howell
  • Programs: Marriott Titanium Hyatt Globalist Hilton Diamond UA silver DL silver AC 25k Avis PC Hertz PC National EE
Re: Amex F/R Master Thread
« Reply #8546 on: January 03, 2022, 03:41:15 PM »
Kein ayin hara 8)
Sorry I don't have any snarky line for this space

Offline CountValentine

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 17461
  • Total likes: 8282
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Amex F/R Master Thread
« Reply #8547 on: January 03, 2022, 05:34:21 PM »
Really ? Wow  so FR could actually be a good thing lol
Even 5 times in a few weeks?
FR is a good thing for some.
You can do it 5+ times in a day. I am dead serious.
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

Offline mdv

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2019
  • Posts: 316
  • Total likes: 50
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: Howell
  • Programs: Marriott Titanium Hyatt Globalist Hilton Diamond UA silver DL silver AC 25k Avis PC Hertz PC National EE
Re: Amex F/R Master Thread
« Reply #8548 on: January 11, 2022, 04:47:54 PM »
FR is a good thing for some.
You can do it 5+ times in a day. I am dead serious.
They only let me cycle once
Now saying i can't make a payment  :(
Sorry I don't have any snarky line for this space

Offline BP16

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2017
  • Posts: 328
  • Total likes: 59
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8549 on: April 01, 2022, 11:46:23 AM »
Did anyone have an FR in the past few months? they received the tax transcripts about 6 weeks ago and still have not heard from them, when I call they are saying its backed up so taking longer then usual.

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 12343
  • Total likes: 4847
  • DansDeals.com Hat Tips 45
    • View Profile
Re: Amex F/R Master Thread
« Reply #8550 on: April 05, 2022, 04:26:02 PM »
Friend got F/Red. He sent in docs, then they requested more and he missed that email and they closed his cards (a shame, because he was all legal and everything). How does he get his points? He has quite a lot. It was closed 28 days ago.

Offline yosefsv

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2016
  • Posts: 1026
  • Total likes: 170
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: NY
Re: Amex F/R Master Thread
« Reply #8551 on: April 05, 2022, 04:27:02 PM »
Friend got F/Red. He sent in docs, then they requested more and he missed that email and they closed his cards (a shame, because he was all legal and everything). How does he get his points? He has quite a lot. It was closed 28 days ago.
By calling the MR department 800-297-3276
If it benefits even just one fellow DDFer, its worth posting it.

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 12343
  • Total likes: 4847
  • DansDeals.com Hat Tips 45
    • View Profile
Re: Amex F/R Master Thread
« Reply #8552 on: April 05, 2022, 05:54:57 PM »
By calling the MR department 800-297-3276
Thank you.

Any chance of getting them to reopen?
« Last Edit: April 05, 2022, 05:59:14 PM by yelped »

Offline HoKo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1037
  • Total likes: 233
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8553 on: April 05, 2022, 07:14:37 PM »
Thank you.

Any chance of getting them to reopen?

It's certainly worth asking, especially since he can provide legit documents and therefore has nothing to hide

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 12343
  • Total likes: 4847
  • DansDeals.com Hat Tips 45
    • View Profile
Re: Amex F/R Master Thread
« Reply #8554 on: April 05, 2022, 07:59:35 PM »
It's certainly worth asking, especially since he can provide legit documents and therefore has nothing to hide
Is there any number to try? He does have all docs.

Offline HoKo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1037
  • Total likes: 233
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8555 on: April 06, 2022, 10:01:07 AM »
Is there any number to try? He does have all docs.

He doesn't have a phone number for the agent/team that was conducting the FR?

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 12343
  • Total likes: 4847
  • DansDeals.com Hat Tips 45
    • View Profile
Re: Amex F/R Master Thread
« Reply #8556 on: April 06, 2022, 10:20:13 AM »
He doesn't have a phone number for the agent/team that was conducting the FR?
He called them back. They told him it's too late. Once they close the cards, they will not reopen it.

It also shows he has 0 points online and he called to transfer them out and they told him he lost all his points. This was a legitimate business and the card was open for at least 5 years already. There was a very significant amount of points in the account. Is there anything he can do? Isn't there a NYS law now (he is in NYS) that states that you keep the points when the bank closes the account? Anyone have a link to that?

ETA: he called back the MR team and got a normal rep who says he can transfer out. Who should he transfer to? At this point he likely wants to sell them and cash out. I was thinking Aeroplan or Lifemiles are the best all around programs.

Any input is appreciated, especially since it's day 29 since they closed the cards so there is not much time remaining until the points get lost.
« Last Edit: April 06, 2022, 11:37:13 AM by yelped »

Offline HoKo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1037
  • Total likes: 233
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8557 on: April 06, 2022, 11:37:28 AM »
He called them back. They told him it's too late. Once they close the cards, they will not reopen it.

It also shows he has 0 points online and he called to transfer them out and they told him he lost all his points. This was a legitimate business and the card was open for at least 5 years already. There was a very significant amount of points in the account. Is there anything he can do? Isn't there a NYS law now (he is in NYS) that states that you keep the points when the bank closes the account? Anyone have a link to that?

Try emailing some of the execs found here: https://www.elliott.org/company-contacts/american-express/

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 12343
  • Total likes: 4847
  • DansDeals.com Hat Tips 45
    • View Profile
Re: Amex F/R Master Thread
« Reply #8558 on: April 06, 2022, 04:45:39 PM »
ETA: he called back the MR team and got a normal rep who says he can transfer out. Who should he transfer to? At this point he likely wants to sell them and cash out. I was thinking Aeroplan or Lifemiles are the best all around programs.

Any input is appreciated, especially since it's day 29 since they closed the cards so there is not much time remaining until the points get lost.
Bump. Time sensitive, because today is day 29. Anyone have any input? 🙏

Offline HoKo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2012
  • Posts: 1037
  • Total likes: 233
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #8559 on: April 06, 2022, 04:47:24 PM »
Bump. Time sensitive, because today is day 29. Anyone have any input? 🙏

I'd say Aeroplan over Lifemiles due to better website and better customer service should you need to call