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 1871277 times)

Offline notanonymous

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Re: Additional Users
« Reply #2720 on: October 24, 2013, 01:01:23 PM »
Quote from: YaakovR on October 24, 2013, 12:57:16 PM
I've been seeing reports about Amex subjecting card holders to financial reviews if they add too many additional users.

Can anyone advise me, what would be the safest way to add 10-12 users?
It is best to start reading here...
http://forums.dansdeals.com/index.php?topic=8.0
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Offline YaakovR

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Re: Amex F/R Master Thread
« Reply #2721 on: October 24, 2013, 10:22:32 PM »
U already read all that.  All it talks about is how to pass a financial review.  Nobody actually writes specifically how many cards he/she opened that triggered it.
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Offline notanonymous

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Re: Amex F/R Master Thread
« Reply #2722 on: October 24, 2013, 10:26:26 PM »
Quote from: YaakovR on October 24, 2013, 10:22:32 PM
U already read all that.  All it talks about is how to pass a financial review.  Nobody actually writes specifically how many cards he/she opened that triggered it.
If it is for a legitimate use, and you spoke the emes on the application, then even if you are FR'd I would not worry.  If either of the above are problems, then I would definitely not add 10-12, unless you are willing to take the chance.
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Offline Shmulyg

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Re: Amex F/R Master Thread
« Reply #2723 on: October 25, 2013, 02:52:28 AM »
Quote from: YaakovR on October 24, 2013, 10:22:32 PM
U already read all that.  All it talks about is how to pass a financial review.  Nobody actually writes specifically how many cards he/she opened that triggered it.
Because there is no specific number.
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Offline sam28

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Re: Amex F/R Master Thread
« Reply #2724 on: November 20, 2013, 11:16:39 AM »
will any one know I made a few amex cards for a few friends all of them got AF before even activating they card ? is they any way they r looking on my IP address if yes is there any way I can avoid this .

tanks
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #2725 on: November 20, 2013, 11:46:37 AM »
Anybody know how long it usually takes for au's to process I've added a few to each card (I have 4 personal cards....) on Sunday night. Last time I did this IIRC they showed up on my online profile within a day or 2..... I still don't see anything changed on my online profile as of this morning. Is this a reason for concern? An early sign of an upcoming Fr  ?
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #2726 on: November 20, 2013, 04:31:29 PM »
What's better:

Prepaying a business CC; or

Attempting to charge more than CC limit and pay right away?
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Online CountValentine

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Re: Amex F/R Master Thread
« Reply #2727 on: November 20, 2013, 04:33:43 PM »
Quote from: AJK on November 20, 2013, 04:31:29 PM
What's better:

Prepaying a business CC; or

Attempting to charge more than CC limit and pay right away?
I will go with the second one.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #2728 on: November 20, 2013, 04:42:47 PM »
Danke schoien.
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Offline sam28

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Re: Amex F/R Master Thread
« Reply #2729 on: November 20, 2013, 05:34:13 PM »
please help ?


will any one know I made a few amex cards for a few friends all of them got AF before even activating they card ? is they any way they r looking on my IP address if yes is there any way I can avoid this .

tanks
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Offline notanonymous

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Re: Amex F/R Master Thread
« Reply #2730 on: November 20, 2013, 05:43:17 PM »
Quote from: sam28 on November 20, 2013, 05:34:13 PM
please help ?


will any one know I made a few amex cards for a few friends all of them got AF before even activating they card ? is they any way they r looking on my IP address if yes is there any way I can avoid this .

tanks
Question or statement?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #2731 on: November 20, 2013, 06:25:40 PM »
Don't start up with him, he has tanks
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Offline BBM

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Re: Amex F/R Master Thread
« Reply #2732 on: November 20, 2013, 07:28:19 PM »
Quote from: sam28 on November 20, 2013, 05:34:13 PM
please help ?


will any one know I made a few amex cards for a few friends all of them got AF before even activating they card ? is they any way they r looking on my IP address if yes is there any way I can avoid this .

tanks
So anyone that signed up from a Brooklyn library will get a F/R  ???
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Offline sam28

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Re: Amex F/R Master Thread
« Reply #2733 on: November 20, 2013, 07:32:36 PM »
I meant FR
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #2734 on: November 20, 2013, 08:57:45 PM »
Anybody know how long it usually takes for au's to process I've added a few to each card (I have 4 personal cards....) on Sunday night. Last time I did this IIRC they showed up on my online profile within a day or 2..... I still don't see anything changed on my online profile as of tonight. Is this a reason for concern? An early sign of an upcoming Fr? (It's been 4 days plus I didn't give them socials so I am starting to get nervous....) anybody know?
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Offline daganster

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Re: Amex F/R Master Thread
« Reply #2735 on: November 20, 2013, 10:53:09 PM »
Quote from: tzifanya54 on November 20, 2013, 08:57:45 PM
Anybody know how long it usually takes for au's to process I've added a few to each card (I have 4 personal cards....) on Sunday night. Last time I did this IIRC they showed up on my online profile within a day or 2..... I still don't see anything changed on my online profile as of tonight. Is this a reason for concern? An early sign of an upcoming Fr? (It's been 4 days plus I didn't give them socials so I am starting to get nervous....) anybody know?
I'm not sure how long it takes, and I assume that it may vary. All I can tell you is that if you were getting FR'd you would have known by now, so don't get nervous it'll be alright.
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Offline Moshe90

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Amex F/R Master Thread
« Reply #2736 on: December 04, 2013, 12:09:59 AM »
They just closed my wife's all accounts , before I had a chance to close it, The reason of closing was , it's the second time that the form wasn't filled out good, is there any chance to call them and ask them to give me one chance more to send it correctly? Or if it's closed, it's closed?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #2737 on: December 04, 2013, 02:26:22 AM »
What was wrong with the form?
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Offline menachem_m

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Re: Amex F/R Master Thread
« Reply #2738 on: December 04, 2013, 08:30:04 AM »
Quote
This message is from American Express. This is not a telemarketing sales call. We are calling you to discuss an important matter, please return our call at 1(800) 230-1284. We will be available 24 hours a day, seven days a week. Thank you.
Anyone know if this is a FR? Too scared to call. :-\
TIA
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Offline hertzinstl

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Re: Amex F/R Master Thread
« Reply #2739 on: December 04, 2013, 08:46:03 AM »
Quote from: menachem_m on December 04, 2013, 08:30:04 AM
Anyone know if this is a FR? Too scared to call. :-\
TIA
Did you recently dispute a charge?
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