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.

Author Topic: Amex F/R Master Thread  (Read 1817669 times)

Offline htg123

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Re: Amex F/R Master Thread
« Reply #3220 on: July 24, 2014, 05:12:06 PM »
Can the last few guys who got F/R'ed share what may have triggered it? Coz from the outset, there seems to be some commonalities

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3221 on: July 24, 2014, 05:12:29 PM »

In a FR case charging is suspended so it must not be an FR.
If it was small purchases it may still go through even under F/R IME.

Offline Super Speed

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Amex F/R Master Thread
« Reply #3222 on: July 24, 2014, 05:13:07 PM »
Can the last few guys who got F/R'ed share what may have triggered it? Coz from the outset, there seems to be some commonalities
Read the Wiki

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3223 on: July 24, 2014, 05:14:08 PM »
lol
+ (insert infinity sign)  :)
I just found a new supply of forks!

Offline htg123

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Re: Amex F/R Master Thread
« Reply #3224 on: July 24, 2014, 05:21:32 PM »
I'm saying that there seems to be a trend right now....I know the wiki
Read the Wiki

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3225 on: July 24, 2014, 07:28:37 PM »
If it was small purchases it may still go through even under F/R IME.
Even if i called in and cs says all looks good?

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3226 on: July 24, 2014, 07:38:01 PM »
Even if i called in and cs says all looks good?
what do you see when you log in?
I just found a new supply of forks!

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3227 on: July 24, 2014, 08:40:27 PM »
didnt set up online yet

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3228 on: July 24, 2014, 08:44:46 PM »
didnt set up online yet
see if it is OK online.
I just found a new supply of forks!

Offline CtownBin

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Re: Amex F/R Master Thread
« Reply #3229 on: July 24, 2014, 09:59:16 PM »
Hi all-

I got a call tonight from AMEX- yup, the dreaded F/R. I opened a Starwood Business (my first card with AMEX, although I am an AU on 5 of my wife's cards) a month or so ago, and it looks like I may have spent too much off the bat. The rep emailed me the 4506-T while we were talking, and said that that is the only info I need to send in. Looks like it's just a standard income check- they want the IRS tax returns.

Here's the problem- as it happens, I haven't filed my taxes yet for either 2012 or 2013. I know I probably should have, but since we are owed a refund and don't owe taxes- there hasn't been a huge urgency, up until now (You have 3 years to file to get a refund). But I'll admit I should have gotten around to it sooner. Question is- what do I do now? I mentioned I haven't filed to the rep, he seemed sympathetic but said that there is nothing else they will accept. He needs the 4506-T within 5 business days, although if I'm using 2012, I get 15 days provided I also send an extension for 2013 (which I have). If I file the taxes now, will they go in the IRS system quickly, so that when the AMEX rep sends the 4506-T- maybe by the time the IRS gets it, my returns will be there? Also- should I do 2012 to get the extra 10 days? The downside of doing that is that I can't E-file, so presumably it will take much, much longer.

Also, which method of tax filing is quickest- should I use TurboTax, or direct E-file with the IRS?

Should I just cut my losses and preemptively close the account, or will I have a chance to do that later if my returns don't go through in time?

If anyone as any idea as to how long it takes the IRS to enter returns in the system, and how I should proceed, it would be a huge help.

Thanks!!

Offline lunatic

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Re: Amex F/R Master Thread
« Reply #3230 on: July 24, 2014, 10:56:31 PM »
Why not sign the form and send it in,  and meanwhile do your taxes. If the irs rejects the form,  wouldn't they contact you.... And extend the process

Offline David R

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Re: Amex F/R Master Thread
« Reply #3231 on: July 24, 2014, 11:53:21 PM »
Against amex terms
You show a screen shot of what you encounter when you try to pay via the AmEx web site. In this case you have to enter only an account you are a signer on. Suppose a third party uses their own online banking or check to pay your account. Is that against the terms of the cardholder agreement?

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3232 on: July 25, 2014, 09:09:18 AM »
I have not read the agreement.  I would be surprised if having someone else pay your bill for you was expressly excluded. Though it does look suspicious and may be a flag for FR or cause for closure if it comes up during and FR . IMHO.

Offline compddd

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Re: Amex F/R Master Thread
« Reply #3233 on: August 14, 2014, 05:53:15 PM »
Would making a $9600 charge on my new Amex Bus Plat most likely trigger an FR?

Offline yakov116

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Re: Amex F/R Master Thread
« Reply #3234 on: August 14, 2014, 06:13:04 PM »
Would making a $9600 charge on my new Amex Bus Plat most likely trigger an FR?
Where? CVS?
Money talks...mine says goodbye!

Offline compddd

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Re: Amex F/R Master Thread
« Reply #3235 on: August 14, 2014, 06:15:32 PM »
Online store. I did the check spending thing on Amex's website and it said I could do it.

Offline yakov116

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Re: Amex F/R Master Thread
« Reply #3236 on: August 14, 2014, 06:37:32 PM »
Don't think so I would call them to tell them that you are doing a big transaction
Money talks...mine says goodbye!

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3237 on: August 15, 2014, 11:18:00 AM »
Has anybody tried to come back after a F/R with a 2/3BM?

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Re: Amex F/R Master Thread
« Reply #3238 on: August 15, 2014, 11:42:38 AM »
Has anybody tried to come back after a F/R with a 2/3BM?
Ask me in a month :)
Workflowy. You won't know what you're missing until you try it.

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3239 on: August 15, 2014, 12:06:34 PM »

Ask me in a month :)
You applied already?