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 1816081 times)

Offline MenachemMendel

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Re: Amex F/R Master Thread
« Reply #1800 on: November 20, 2012, 12:32:11 PM »
Not recommended. Just have him cut you the check.
+1
Thanks.
What about if he pays out of his Chase bank account and adds Amex as a billpay payee? Do they have any way of knowing the check is coming from someone other than myself?

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1801 on: November 22, 2012, 01:16:10 PM »
I many times use checks from my supporters to pay amex bills, Its a trigger?

Supporters? Where can I get people like that?! :D

Offline Wheelerdealer

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Re: Amex F/R Master Thread
« Reply #1802 on: November 25, 2012, 01:40:45 PM »
I applied for a bunch of AU to take advantage for SBS, which in the back of my mind I knew there was a chance I could be FR'ed, but I went for it...they approved for all the AU (10)....I know it was a stupid greedy move loll
They shipped out some of the cards and I got an email saying they had some questions about some of the cards.
So I just got off the phone with AMEX and I told them that I applied for them because we were hit hard from Sandy and wanted to treat my family members to some stuff they needed to recover....they bought it and removed the FR!!!!

Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #1803 on: November 25, 2012, 01:54:35 PM »
I applied for a bunch of AU to take advantage for SBS, which in the back of my mind I knew there was a chance I could be FR'ed, but I went for it...they approved for all the AU (10)....I know it was a stupid greedy move loll
They shipped out some of the cards and I got an email saying they had some questions about some of the cards.
So I just got off the phone with AMEX and I told them that I applied for them because we were hit hard from Sandy and wanted to treat my family members to some stuff they needed to recover....they bought it and removed the FR!!!!
Cool! But bear in mind there are two stages, one of them is questions and discussion about your account. And there is a seperate thing called an FR.

Offline elikay

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Re: Re: Amex F/R Master Thread
« Reply #1804 on: November 25, 2012, 01:56:28 PM »
I applied for a bunch of AU to take advantage for SBS, which in the back of my mind I knew there was a chance I could be FR'ed, but I went for it...they approved for all the AU (10)....I know it was a stupid greedy move loll
They shipped out some of the cards and I got an email saying they had some questions about some of the cards.
So I just got off the phone with AMEX and I told them that I applied for them because we were hit hard from Sandy and wanted to treat my family members to some stuff they needed to recover....they bought it and removed the FR!!!!
Sounds like it may have not been an FR to begin with.

Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1805 on: November 25, 2012, 01:57:42 PM »
What does an F/R look like when logging into your online account?
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Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #1806 on: November 25, 2012, 02:07:50 PM »
What does an F/R look like when logging into your online account?
will say "account suspended" in red.

Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1807 on: November 25, 2012, 02:14:42 PM »
will say "account suspended" in red.

Interesting.. I guess I had an F/R a year ago but didn't even know.  ;D
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1808 on: November 26, 2012, 11:21:45 AM »
Interesting.. I guess I had an F/R a year ago but didn't even know.  ;D

If you still have AmEx cards, you'd have known about it.
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Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1809 on: November 26, 2012, 05:20:42 PM »
If you still have AmEx cards, you'd have known about it.

I still have all my Amex cards. At the time all the cards were apparently suspended but they took care of it over the phone. Long story...
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1810 on: November 26, 2012, 05:32:02 PM »
I still have all my Amex cards. At the time all the cards were apparently suspended but they took care of it over the phone. Long story...

Must be, because I know of exactly 0 people who have "talked" their way out of an FR.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1811 on: November 26, 2012, 06:29:22 PM »
There is a concept of mini-FR.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1812 on: November 26, 2012, 06:32:07 PM »
There is a concept of mini-FR.

1) Oh, you mean the term I coined?
2) Mini-FR ≠ FR
3) Mini-FR does not result on accounts being suspended.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1813 on: November 26, 2012, 06:37:19 PM »
1) Oh, you mean the term I coined?
2) Mini-FR ≠ FR
3) Mini-FR does not result on accounts being suspended.
2) If its handled by the Finencial Review team its eligible to be called FR, IMHO.
3)If suspended could be defined as Amex not allowing to charge it, then you're wrong.
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Offline HelpMe

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Re: Amex F/R Master Thread
« Reply #1814 on: November 26, 2012, 06:41:22 PM »
Don't confuse a fraud freeze with a FR.  ;)
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1815 on: November 26, 2012, 06:43:16 PM »
Don't confuse a fraud freeze with a FR.  ;)
If the Finencial Review team is in charge of fraud freezes, then I'm confused.
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Re: Amex F/R Master Thread
« Reply #1816 on: November 26, 2012, 06:47:30 PM »
2) If its handled by the Finencial Review team its eligible to be called FR, IMHO.

You can personally call it whatever tickles your pickle, but that doesn't make it a full blown, red-lettered, account suspended FR.

3)If suspended could be defined as Amex not allowing to charge it, then you're wrong.

I don't recall having any issues with spending during my Mini-FR, but in any event, by suspended I meant "your account has been suspended" in red letters, which only happens during FR.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1817 on: November 26, 2012, 06:48:17 PM »
I have know clue if it was a FR or not. What I do know is that when logging in to my account on top of each of my cards it said in red, that the card is suspended....
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1818 on: November 26, 2012, 06:50:10 PM »
I have know clue if it was a FR or not. What I do know is that when logging in to my account on top of each of my cards it said in red, that the card is suspended....

Then I'm very interested in your "long story."
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1819 on: November 26, 2012, 07:54:28 PM »
Then I'm very interested in your "long story."

+1