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 ectÖ

Letís 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 donít 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 1108177 times)

Offline Name Changed

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Re: Amex F/R Master Thread
« Reply #2010 on: December 31, 2012, 09:06:43 AM »
@ wiki:
Great job!
+1, thanks!
:D
Thats why I was asking so many questions.

Even with my experience of 3 F/R's theres is always more to know

Offline SGF

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Re: Amex F/R Master Thread
« Reply #2011 on: December 31, 2012, 09:29:02 AM »
:D
Thats why I was asking so many questions.

Even with my experience of 3 F/R's theres is always more to know
Wow, are you the king of F/R's around here?

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Re: Amex F/R Master Thread
« Reply #2012 on: December 31, 2012, 09:40:03 AM »
Wow, are you the king of F/R's around here?
Lol. I deff went thru a lot.

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #2013 on: December 31, 2012, 10:12:08 PM »
Wow, are you the king of F/R's around here?
more than 15 (some were pre app fr)

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Re: Amex F/R Master Thread
« Reply #2014 on: January 13, 2013, 12:49:10 AM »
Any reports of Vanilla Reload or MVD causing a FR?

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #2015 on: January 13, 2013, 10:09:44 AM »
Any reports of Vanilla Reload or MVD causing a FR?

How would Amex know what you bought?

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Re: Amex F/R Master Thread
« Reply #2016 on: January 13, 2013, 11:26:36 AM »
How would Amex know what you bought?
Assuming they wouldn't, although perhaps a 1007 purchase at cvs times 2 may be suspicious in their books, hence the question. I have also read that Amex can find out what you bought although I doubt they actually check.

Bought 2.5 k on my spg 3k on wife's plat and 2k on wife's spg and hoping for the best.

Offline Racer7400

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Re: Amex F/R Master Thread
« Reply #2017 on: January 13, 2013, 11:30:20 AM »
I do not have a Amex card yet but I plan on getting one. So my question is can I give my cards to my father-in-law to use for his yeshiva/Kollel and therefore gaining points or will that trigger a F/R because he is spending a couple thousand on each card every month?

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Re: Re: Amex F/R Master Thread
« Reply #2018 on: January 13, 2013, 12:07:26 PM »
I do not have a Amex card yet but I plan on getting one. So my question is can I give my cards to my father-in-law to use for his yeshiva/Kollel and therefore gaining points or will that trigger a F/R because he is spending a couple thousand on each card every month?

As long as the charges don't give them concern it should be fine. As always YMMV.
"Not all who wander are lost"

Offline elikay

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Re: Amex F/R Master Thread
« Reply #2019 on: January 13, 2013, 12:16:44 PM »
Assuming they wouldn't, although perhaps a 1007 purchase at cvs times 2 may be suspicious in their books, hence the question. I have also read that Amex can find out what you bought although I doubt they actually check.

Bought 2.5 k on my spg 3k on wife's plat and 2k on wife's spg and hoping for the best.
I don't recall who, but I heard from someone who had trouble for large purchases at Rite Aid. They found it unusual that large purchases were occurring at a pharmacy.

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #2020 on: January 13, 2013, 07:52:45 PM »
Assuming they wouldn't, although perhaps a 1007 purchase at cvs times 2 may be suspicious in their books, hence the question.

Nu, so throw in a pack of gum on one order, and a bottle of Tylenol on the next.

I don't recall who, but I heard from someone who had trouble for large purchases at Rite Aid. They found it unusual that large purchases were occurring at a pharmacy.

Now THAT sounds a little more serious... :(

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Re: Amex F/R Master Thread
« Reply #2021 on: January 14, 2013, 11:28:05 PM »
I just got a notice to contact amex asap and all my accounts were susspented after i signed up for the amex platinum any suggestions

Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #2022 on: January 15, 2013, 12:06:33 AM »
I just got a notice to contact amex asap and all my accounts were susspented after i signed up for the amex platinum any suggestions
:( :( :( 131 pages to review, Welcome :( :( :( :(, i can almost say that i feel your pain bec amex would NEVER EVER approve me for a card, not sure whats worse
« Last Edit: January 15, 2013, 12:33:07 AM by Reb Moshe »

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #2023 on: January 15, 2013, 12:14:48 AM »
:( :( :( 131 pages to review, Welcome :( :( :( :(, i can almost say that i feel your pain bec amex would approve me ever for a card, not sure whats worse
Would, or would not?

Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #2024 on: January 15, 2013, 12:33:26 AM »
Would, or would not?
Corrected, thanks