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 982431 times)

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1058
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Amex F/R Master Thread
« Reply #3120 on: June 21, 2014, 10:36:52 PM »
Can I get an F/R by meeting the 5k threshold on SPG with one vanilla's?  I would cash out via MO.
can you, yes. will you, probably not.
I just found a new supply of forks!

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1290
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3121 on: June 21, 2014, 10:44:42 PM »
not for 5k friend of mind did 20k and was FR 

Offline Super Speed

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2013
  • Posts: 5138
  • Total likes: 37
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Programs: SPG Gold, Hilton Gold, Hyatt Platinum, Marriott Gold, Hertz Presidents Circle, Avis First, National Executive Elite, Sixt Platinum.
Re: Amex F/R Master Thread
« Reply #3122 on: June 21, 2014, 10:49:21 PM »

Does your income   exceed your cl
Mine CL exceeds my income even after my F/R.

Offline Moishebatchy

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2011
  • Posts: 7210
  • Total likes: 42
  • DansDeals.com Hat Tips 23
    • View Profile
  • Location: Jerusalem
  • Programs: Arzei Makolet Platinum, Yossi's Makolet Silver, Yesh! Gold, Rav Kav Dirt
Re: Amex F/R Master Thread
« Reply #3123 on: June 22, 2014, 06:20:57 AM »
Just got hit over shabbos. :(

Apparently, the FR was caused by having a few big airline tickets that were refunded (legitimate). They claim that their concern is that since its a relatively new account, the total refunds received so far is greater than the total payments made on the account so far. The purpose of the FR is (ostensibly) that in case the airline reverses the credit, they need to make sure I can afford to pay the ensuing balance. But they insist ONLY tax returns will be accepted, not bank satements or anything, or even an explanation for why those refunds were made in the first place.

Wish me luck...

Offline joey123

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Mar 2013
  • Posts: 1849
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Modern Mashgiach at Chovevei (YCT) #ResidentMashgiach
  • Programs: Daven for the Chayalim #IStandWithIsrael
Re: Amex F/R Master Thread
« Reply #3124 on: June 22, 2014, 08:52:28 AM »
Just got hit over shabbos. :(

Apparently, the FR was caused by having a few big airline tickets that were refunded (legitimate). They claim that their concern is that since its a relatively new account, the total refunds received so far is greater than the total payments made on the account so far. The purpose of the FR is (ostensibly) that in case the airline reverses the credit, they need to make sure I can afford to pay the ensuing balance. But they insist ONLY tax returns will be accepted, not bank satements or anything, or even an explanation for why those refunds were made in the first place.

Wish me luck...

Good luck. Based on reading parts of this thread, you shouldn't be nervous if you make the income that you claimed on the app. (even if you don't, you will still be fine)
To the nOObs out there, feel free to PM with q's. #AlwaysTakesTheHighRoad #LovesHashTags

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3125 on: June 23, 2014, 12:51:04 AM »
Will a big purchase in an expensive clothing department store trigger an f/r

Offline Dr Moose

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2013
  • Posts: 4019
  • Total likes: 100
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3126 on: June 23, 2014, 01:08:18 AM »
Will a big purchase in an expensive clothing department store trigger an f/r
do you plan on keeping the items?  ;)
Hey there! I am using DansDeals Forums.

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3127 on: June 23, 2014, 01:08:43 AM »
do you plan on keeping the items?  ;)
;)

Offline AI-TRAVEL

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1574
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New jersey
Re: Amex F/R Master Thread
« Reply #3128 on: June 24, 2014, 03:34:07 PM »
My BIL just got hit with FR, they want his tax returns. He told Amex he makes 75k annually and that the biz grossed 50k and obviously net for the biz is under 50k. He prob reported 22k on tax returns.  Does he send in tax return or shut down accounts?

Offline Super Speed

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2013
  • Posts: 5138
  • Total likes: 37
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Programs: SPG Gold, Hilton Gold, Hyatt Platinum, Marriott Gold, Hertz Presidents Circle, Avis First, National Executive Elite, Sixt Platinum.
Re: Amex F/R Master Thread
« Reply #3129 on: June 24, 2014, 04:05:05 PM »

My BIL just got hit with FR, they want his tax returns. He told Amex he makes 75k annually and that the biz grossed 50k and obviously net for the biz is under 50k. He prob reported 22k on tax returns.  Does he send in tax return or shut down accounts?
Send tax returns.

Offline AI-TRAVEL

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1574
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New jersey
Re: Amex F/R Master Thread
« Reply #3130 on: June 24, 2014, 04:14:40 PM »
Send tax returns.
Thanks. I'm assuming 4506-to also...

« Last Edit: June 24, 2014, 04:25:09 PM by AI-TRAVEL »

Offline Super Speed

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2013
  • Posts: 5138
  • Total likes: 37
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Programs: SPG Gold, Hilton Gold, Hyatt Platinum, Marriott Gold, Hertz Presidents Circle, Avis First, National Executive Elite, Sixt Platinum.
Re: Amex F/R Master Thread
« Reply #3131 on: June 24, 2014, 04:16:39 PM »

Thanks. I'm assuming 4506-to also...

I do feel bad for him. He's just getting started. I kinda got him into it.
He'll be fine, I've been through it with almost the same numbers. Worse case scenario they'll lower his CLs.

Offline AI-TRAVEL

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2012
  • Posts: 1574
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: New jersey
Re: Amex F/R Master Thread
« Reply #3132 on: June 24, 2014, 04:24:46 PM »
He'll be fine, I've been through it with almost the same numbers. Worse case scenario they'll lower his CLs.
. Thanks. Appreciate it.

Offline Freddie

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2013
  • Posts: 3100
  • Total likes: 238
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Pittsburgh
Re: Amex F/R Master Thread
« Reply #3133 on: June 24, 2014, 04:56:26 PM »
When I click, here is the screen that pops up. Is this the beginning of an F/R? Or is this something else? Do I have to be careful with the numbers I give them?

Well, I just ignored it and it went away. B"N I will report any further developments, which I hope means I will have nothing to report.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1058
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Amex F/R Master Thread
« Reply #3134 on: June 24, 2014, 04:57:08 PM »
Well, I just ignored it and it went away. B"N I will report any further developments, which I hope means I will have nothing to report.
you should be OK, for now.  :)
I just found a new supply of forks!