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 971544 times)

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20559
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #315 on: April 07, 2011, 08:12:25 PM »
The deposits don't even say cash it says deposits - bunch there was a lot of cash in and out of account between $10,000- $20,000 for the 3 months

As long as they aren't the same amount as mint orders/Amex charges hopefully you're safe.
PGF24BMGS

Offline pyth

  • DansDeals Copper Elite
  • *
  • Join Date: Apr 2011
  • Posts: 10
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #316 on: April 07, 2011, 08:28:56 PM »
I usually deposit by Mint coins to a business account ( from my vending machine business ;)) and they transfer funds to a linked personal account and then payoff credit cards.  All my transfers are in random amounts ranging from $250 to $1,950 So I hope they don't go crazy and audit me

Offline YudiG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2010
  • Posts: 2341
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #317 on: April 11, 2011, 01:57:54 AM »
anyone knw how long is best to wait after pre-empting a FR and closing accounts b4 reapplying for a amex?

if my father adds me as  a AU will they target him as well if he is at the same address?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20559
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #318 on: April 11, 2011, 02:03:21 AM »
anyone knw how long is best to wait after pre-empting a FR and closing accounts b4 reapplying for a amex?
I'd say at very least 3 months, maybe six. They may very well turn around and ask for docs at that time too.

if my father adds me as  a AU will they target him as well if he is at the same address?

If you're asking because you'd like to have an Amex card to use, have him add someone else and use that card.
PGF24BMGS

Offline YudiG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2010
  • Posts: 2341
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #319 on: April 11, 2011, 02:06:22 AM »
I'd say at very least 3 months, maybe six. They may very well turn around and ask for docs at that time too.

If you're asking because you'd like to have an Amex card to use, have him add someone else and use that card.

thanks!

if already has a amex and its registered at the same address i had is he at risk? what should he do?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20559
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #320 on: April 11, 2011, 02:11:59 AM »
if already has a amex and its registered at the same address i had is he at risk? what should he do?

I don't think that alone would be an F/R risk, but I'm not sure.
PGF24BMGS

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 53407
  • Total likes: 2351
  • DansDeals.com Hat Tips 16441
  • 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 #321 on: April 11, 2011, 09:46:02 AM »
Yes, AMEX is known for targeting other people at the same address for an F/R.
YMMV.
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 YudiG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2010
  • Posts: 2341
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #322 on: April 11, 2011, 09:50:58 AM »
Yes, AMEX is known for targeting other people at the same address for an F/R.
YMMV.

so how is best to keep a low profile? just pray?

Offline shmooz

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2010
  • Posts: 1244
  • Total likes: 9
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex Financial Review
« Reply #323 on: April 11, 2011, 11:53:50 AM »
I wonder if having a online  savings account with Amex would help avoid FR since they can see you have money to back up the purchases.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 53407
  • Total likes: 2351
  • DansDeals.com Hat Tips 16441
  • 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 #324 on: April 11, 2011, 11:56:49 AM »
so how is best to keep a low profile? just pray?
Yup.

I wonder if having a online  savings account with Amex would help avoid FR since they can see you have money to back up the purchases.
It does not help.
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 shmooz

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2010
  • Posts: 1244
  • Total likes: 9
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Amex Financial Review
« Reply #325 on: April 11, 2011, 12:00:18 PM »
It does not help.

So what are they after?

Offline YudiG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2010
  • Posts: 2341
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #326 on: April 12, 2011, 01:24:06 AM »
anyone out there recover from an amex FR...how long did it take to get a new card...i really need a starwoods back :(

Offline Devorah

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2009
  • Posts: 1231
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #327 on: April 12, 2011, 03:34:22 PM »
Just got approved for the Plat after being FR'ed in October.  I wasn't shut down - just had my CL cut.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20559
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #328 on: April 12, 2011, 05:30:13 PM »
Just got approved for the Plat after being FR'ed in October.  I wasn't shut down - just had my CL cut.

Mazal tov!
PGF24BMGS

Offline YudiG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2010
  • Posts: 2341
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #329 on: April 12, 2011, 07:50:45 PM »
Just got approved for the Plat after being FR'ed in October.  I wasn't shut down - just had my CL cut.

when u were fr/ed did u cancel the account or did u send them the tax form and then they cut ur limit?