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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1851737 times)

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1760 on: November 13, 2012, 06:01:35 PM »
Quote from: AJK on November 12, 2012, 08:07:12 PM
Personally, no.

Then again, I wouldn't go insane and 5 AUs to each card.
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Offline wired41

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Re: Amex F/R Master Thread
« Reply #1761 on: November 13, 2012, 07:05:54 PM »
From my experience with 2 F/R's, if you do not want them to see your tax returns, just tell them you have not filed your taxes in a couple years (or are in the process of filing them). They will then automatically request bank accounts instead.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1762 on: November 13, 2012, 07:18:08 PM »
Quote from: wired41 on November 13, 2012, 07:05:54 PM
From my experience with 2 F/R's, if you do not want them to see your tax returns, just tell them you have not filed your taxes in a couple years (or are in the process of filing them). They will then automatically request bank accounts instead.
-100

I think you were lucky
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Offline wired41

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Re: Amex F/R Master Thread
« Reply #1763 on: November 15, 2012, 03:48:04 AM »
Quote from: mmermss on November 13, 2012, 07:18:08 PM
-100

I think you were lucky

Like I said, in my experience. Maybe you were just unlucky? Either way, I can't complain  :)
« Last Edit: November 15, 2012, 03:51:10 AM by wired41 »
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1764 on: November 15, 2012, 04:32:49 AM »
Quote from: wired41 on November 15, 2012, 03:48:04 AM
Like I said, in my experience. Maybe you were just unlucky? Either way, I can't complain  :)

Maybe others can chime in but I think you were more lucky than I was unlucky. It's definitely doable but don't think it's automatic for most people.
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1765 on: November 15, 2012, 06:53:50 AM »

My SO's cards are unlocked finally last night.  No communications from AMEX but no limit changes.  Glad it is finally over.  Applied AMEX hiton card and was approved instantly.  Take that AMEX ;D
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Offline Drago

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Re: Amex F/R Master Thread
« Reply #1766 on: November 15, 2012, 09:46:01 AM »
Wife was just fr'd opened up au's last week
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1767 on: November 15, 2012, 09:47:52 AM »
Quote from: Reuven on November 15, 2012, 09:46:01 AM
Wife was just fr'd opened up au's last week
Hatzlacha
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Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #1768 on: November 15, 2012, 10:27:04 AM »
Quote from: Reuven on November 15, 2012, 09:46:01 AM
Wife was just fr'd opened up au's last week
it would be cruel of me to say it serves you right, but I never understood the people adding au's just because sbs. Even if you can pass fr, its a PITA.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1769 on: November 15, 2012, 11:27:34 AM »
+100
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Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1770 on: November 15, 2012, 01:01:58 PM »
Quote from: Jkhein on November 15, 2012, 10:27:04 AM
Even if you can pass fr, its a PITA.
+1
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Offline Drago

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Re: Amex F/R Master Thread
« Reply #1771 on: November 15, 2012, 01:41:48 PM »
Quote from: Jkhein on November 15, 2012, 10:27:04 AM
it would be cruel of me to say it serves you right, but I never understood the people adding au's just because sbs. Even if you can pass fr, its a PITA.
i agree. It was spur of the moment.

We both were FRd 2 yrs ago, and passed, albeit w/ a CL cut.
Our tax returns though match our stated income basically, so I'm not too concerned.
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Offline Armadillo

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Re: Amex F/R Master Thread
« Reply #1772 on: November 18, 2012, 01:37:22 PM »
Quote from: mmermss on November 15, 2012, 04:32:49 AM
Maybe others can chime in but I think you were more lucky than I was unlucky. It's definitely doable but don't think it's automatic for most people.
+1
Until I (repeatedly) pushed, they insisted they can only review with tax returns so I'll just have to face the review as is.
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Offline MenachemMendel

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Re: Amex F/R Master Thread
« Reply #1773 on: November 18, 2012, 04:18:30 PM »
My friend used my Amex CC's and he wants to pay Amex by mailing them his personal checks.
Is this an FR trigger?
Appreciate whoever can answer this.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1774 on: November 18, 2012, 07:06:09 PM »
Not recommended. Just have him cut you the check.
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1775 on: November 18, 2012, 07:22:25 PM »
Quote from: AJK on November 18, 2012, 07:06:09 PM
Not recommended. Just have him cut you the check.

+1
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Offline churnbabychurn

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Re: Amex F/R Master Thread
« Reply #1776 on: November 18, 2012, 10:37:53 PM »
I many times use checks from my supporters to pay amex bills, Its a trigger?
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1777 on: November 18, 2012, 10:42:35 PM »
Quote from: churnbabychurn on November 18, 2012, 10:37:53 PM
I many times use checks from my supporters to pay amex bills, Its a trigger?

Quote from: AJK on November 18, 2012, 07:06:09 PM
Not recommended. Just have him cut you the check.
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Offline churnbabychurn

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Re: Amex F/R Master Thread
« Reply #1778 on: November 18, 2012, 10:46:35 PM »
ok,ok
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Offline churnbabychurn

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Re: Amex F/R Master Thread
« Reply #1779 on: November 18, 2012, 10:47:06 PM »
any problem with chase?
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