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 1083086 times)

Offline Devorah

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1232
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #225 on: December 01, 2010, 01:26:12 AM »
My mother got financial reviewed - she lives in Canada - they accepted her Canadian paystubs and American bank statements. 

Offline Devorah

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1232
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #226 on: December 01, 2010, 01:29:37 AM »
@Devorah
Did everything turn out ok with the FR?

They cut some of my credit limits but kept all my accounts open.  On the other hand, my sister sent in the info and they shut her down - no plausible explanation given.

Offline Reuven321

  • DansDeals Copper Elite
  • *
  • Join Date: Dec 2010
  • Posts: 10
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Chicago
Re: Amex Financial Review
« Reply #227 on: December 07, 2010, 01:14:20 PM »
I have had Amex Starwoods for a couple of years and have paid every bill in full.  This morning I got a call from them and my card is suspended and under F/R.  They want my tax returns from last year.  Problem is I don't have any-I was living in Israel and had nothing to claim and when I moved back to America I was living by my parents.  Any suggestions?!

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 56775
  • Total likes: 4629
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: Amex Financial Review
« Reply #228 on: December 07, 2010, 01:34:37 PM »
I have had Amex Starwoods for a couple of years and have paid every bill in full.  This morning I got a call from them and my card is suspended and under F/R.  They want my tax returns from last year.  Problem is I don't have any-I was living in Israel and had nothing to claim and when I moved back to America I was living by my parents.  Any suggestions?!
Tell them you live in your parents household and they pay your bills.
Of course you'll have to convince your parents to send AMEX their tax returns.
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.

Offline Yordai Dooma

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 4170
  • Total likes: 34
  • DansDeals.com Hat Tips 16
  • Gender: Male
    • View Profile
  • Programs: AA EXP/LT Platinum, SPG gold, Hyatt Globalist, IHG Platinum Ambassador, Hilton Gold, Marriott Gold, Hertz PC, National EE,
Re: Amex Financial Review
« Reply #229 on: December 07, 2010, 01:40:37 PM »
Tell them you live in your parents household and they pay your bills.
Of course you'll have to convince your parents to send AMEX their tax returns.

I think he means that he "used" to live by his parents and no longer does...

Offline Reuven321

  • DansDeals Copper Elite
  • *
  • Join Date: Dec 2010
  • Posts: 10
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Chicago
Re: Amex Financial Review
« Reply #230 on: December 07, 2010, 02:22:04 PM »
Thanks David-
I lived by my parents until this past March and since then am living on my own and working.  But still don't have any tax returns

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 56775
  • Total likes: 4629
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: Amex Financial Review
« Reply #231 on: December 07, 2010, 02:27:08 PM »
Where is the billing address on the card?
You can still try to tell them that your parents pay your bills...
You may have to add them as joint-users with an SSN though.
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.

Offline WhiteWolf

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2010
  • Posts: 158
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #232 on: December 07, 2010, 08:40:25 PM »
I just got  suspended and FR from AMEX !! They are requesting the 4506T Form . I have a Starwoods card  with a 1000 limit and a premier gold charge card with no limit .  I have reported taxable  income of 29500 on  2009 tax returns. I was also on unemployment at the end of the year and it is on the tax returns that i received unemployment income . Should i risk sending in the form or just close the accounts ? And if i should close then what is the best place to transfer AMEX gold points continental or spg ?

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 56775
  • Total likes: 4629
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: Amex Financial Review
« Reply #233 on: December 07, 2010, 08:45:32 PM »
I just got  suspended and FR from AMEX !! They are requesting the 4506T Form . I have a Starwoods card  with a 1000 limit and a premier gold charge card with no limit .  I have reported taxable  income of 29500 on  2009 tax returns. I was also on unemployment at the end of the year and it is on the tax returns that i received unemployment income . Should i risk sending in the form or just close the accounts ? And if i should close then what is the best place to transfer AMEX gold points continental or spg ?
I would still send in the forms if you have 30k in income.
You should have 30 days even if they close your accounts to transfer the points.

Let us know what happens!
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.

Offline WhiteWolf

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2010
  • Posts: 158
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #234 on: December 07, 2010, 09:07:25 PM »
Thanks for the prompt reply i will take the risk and keep you updated !

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 22127
  • Total likes: 672
  • DansDeals.com Hat Tips 74
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #235 on: December 07, 2010, 10:17:36 PM »
I just got  suspended and FR from AMEX !! They are requesting the 4506T Form . I have a Starwoods card  with a 1000 limit and a premier gold charge card with no limit .  I have reported taxable  income of 29500 on  2009 tax returns. I was also on unemployment at the end of the year and it is on the tax returns that i received unemployment income . Should i risk sending in the form or just close the accounts ? And if i should close then what is the best place to transfer AMEX gold points continental or spg ?

If you're currently employed, I'd send them pay stubs as well. How much income did you report and what are your living arrangements?
My barber needs your support, heís a real sweetheart.

https://www.gofundme.com/f/save-our-barber-shop

Offline WhiteWolf

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2010
  • Posts: 158
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #236 on: December 07, 2010, 10:50:42 PM »
When i applied for the cards i put down around 200K  I reported on my taxes around 30K . I am still officially unemployed . I still live with my parents . I have a nice savings account will it help if i send my bank statements as well ?
« Last Edit: December 07, 2010, 10:58:02 PM by Cunning »

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 22127
  • Total likes: 672
  • DansDeals.com Hat Tips 74
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #237 on: December 07, 2010, 11:12:57 PM »
When i applied for the cards i put down around 200K  I reported on my taxes around 30K . I am still officially unemployed . I still live with my parents . I have a nice savings account will it help if i send my bank statements as well ?

I think it would help if you showed assets and you could prove your parent's income as well (with their agreement).
My barber needs your support, heís a real sweetheart.

https://www.gofundme.com/f/save-our-barber-shop

Offline WhiteWolf

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2010
  • Posts: 158
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #238 on: December 09, 2010, 08:51:56 PM »
I spoke to my AMEX account manager the one who will be reviewing my  tax returns . He said if there is 30k reported the most that will happen is the gold card credit will be cut down. He also said if for some reason any accounts need to be cancelled he will give me  a chance to close it on my own rather then have it cancelled by AMEX . I faxed in the forms today... hopefully i should come out ok .

Offline Reuven321

  • DansDeals Copper Elite
  • *
  • Join Date: Dec 2010
  • Posts: 10
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Chicago
Re: Amex Financial Review
« Reply #239 on: December 10, 2010, 12:41:49 PM »
B"H I just cleared my F/R.  I didn't have any tax returns to send them so I simply told them that and they requested that I send in my last 3 bank statements and last two pay stubs (I started working in March).  They were nice, even though I kept calling back.  Could be it helps to keep calling because they see you are interested in doing what they want.