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 971538 times)

Offline Dan

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Re: Amex Financial Review
« Reply #240 on: December 10, 2010, 12:45:58 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.
Mazal Tov!
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 AsherO

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Re: Amex Financial Review
« Reply #241 on: December 10, 2010, 12:57:15 PM »
Is it my imagination or do F/Rs come in waves?
PGF24BMGS

Offline md

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Re: Amex Financial Review
« Reply #242 on: December 12, 2010, 10:54:48 PM »
Is it my imagination or do F/Rs come in waves?
I get fr'd every year on all of our business accounts because of our high credit line.

Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #243 on: December 20, 2010, 10:50:39 PM »
Woohooo! The wife got FR'd today.

From speaking to others who got FR'd recently, it is quite clear that adding additional cardholders is one of the triggers. We had recently added some to take advantage of the 1k spg point promo. Some friends who did the same also got FR'd.
Will keep the oilam updated on how it goes...

Offline shach

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Re: Amex Financial Review
« Reply #244 on: December 20, 2010, 10:56:46 PM »
Woohooo! The wife got FR'd today.

From speaking to others who got FR'd recently, it is quite clear that adding additional cardholders is one of the triggers. We had recently added some to take advantage of the 1k spg point promo. Some friends who did the same also got FR'd.
Will keep the oilam updated on how it goes...
how long after you added additional card holders did you get FR'd?

Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #245 on: December 21, 2010, 01:02:28 AM »
about 2 weeks

Offline shach

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Re: Amex Financial Review
« Reply #246 on: December 21, 2010, 08:57:13 AM »
about 2 weeks
I added numerous cards three weeks+ ago b"h nothing yet...will update

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Re: Amex Financial Review
« Reply #247 on: December 22, 2010, 07:15:40 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!

I finally got done with my FR by Amex The star woods card was not touched, the gold card went from unlimited
to 3000 . I spoke in length to my account manager and, he said as long as some income was  reported  the majority
of times they will not close the account just lower your credit limit based on how much was reported.  If you do get FR 
from amex  as long as you reported a few thousand on your tax returns, the only thing that will happen is a  lower credit
 line not a closed account !

Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #248 on: December 28, 2010, 11:37:50 AM »
Woohooo! The wife got FR'd today.

From speaking to others who got FR'd recently, it is quite clear that adding additional cardholders is one of the triggers. We had recently added some to take advantage of the 1k spg point promo. Some friends who did the same also got FR'd.
Will keep the oilam updated on how it goes...

all done. Gold card and plat both have limits now.
Pretty strange that they do that even though our tax returns do reflect our stated income.

Offline miles

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Re: Amex Financial Review
« Reply #249 on: January 23, 2011, 12:45:19 PM »
all done. Gold card and plat both have limits now.
Pretty strange that they do that even though our tax returns do reflect our stated income.
what income is on ur tax return

Offline Dan

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Re: Amex Financial Review
« Reply #250 on: January 23, 2011, 12:47:14 PM »
what income is on ur tax return
That's an awfully personal question!
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 how

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Re: Amex Financial Review
« Reply #251 on: January 23, 2011, 01:59:13 PM »
That's an awfully personal question!
+1

Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #252 on: January 23, 2011, 02:19:35 PM »
That's an awfully personal question!
+1
Lets put it this way...our stated income is my annual income + my wife's annual income ;D

Offline miles

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Re: Amex Financial Review
« Reply #253 on: January 23, 2011, 03:15:42 PM »
Woohooo! The wife got FR'd today.

From speaking to others who got FR'd recently, it is quite clear that adding additional cardholders is one of the triggers. We had recently added some to take advantage of the 1k spg point promo. Some friends who did the same also got FR'd.
Will keep the oilam updated on how it goes...
what income u entered on the appllication

Offline miles

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Re: Amex Financial Review
« Reply #254 on: January 23, 2011, 03:16:25 PM »
did anyone got FR'D from other banks or just from AMEX