Consumer complaint received 2024-03-16
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: AMERICAN EXPRESS COMPANY (MS)

American Express XXXX Account XXXX XXXX ( XXXX XXXX Key Number XXXX ) as Issuing Entity, American Express XXXX XXXX XXXX XXXX XXXX ( XXXX XXXX Key Number XXXX ) as Depositor and Transferor, American Express XXXX XXXX XXXX XXXX XXXX XXXX as Servicer, and American Express National Bank ( XXXX XXXX Key Number XXXX ) as Sponsor have violated my rights as an investor. According to their prospectus The primary assets of the issuing entity are receivables generated in a portfolio of designated consumer revolving credit accounts or features and, in the future, may include other charge or credit accounts or features or products. Due to my consumer revolving credit accounts ( my securities ) which are floating rate asset backed certificates being turned into receivables my accounts can never be closed. I have issued securities which gave American Express immense value. I have tried to reconcile the accounts with the XXXX XXXX XXXXXXXX New York XXXX who has ignored my efforts and failed to perform its duties according to the prospectus. I sent registered securities that would rectify each account with no response. Under the XXXX and XXXX XXXX the trustee is to authenticate, deliver, cancel and otherwise administer the investor certificates. My certificates of indebtedness were to always be authenticated and the cancellation of all debts were to transpire every month without fail. This has resulted in a great loss to me as an investor in the company. 

XXXX is the owner of the accounts which contain the receivables that are purchased by XXXX XXXX pursuant to the purchase agreement and then transferred by XXXX XXXX to the trust. The operations and financial condition of XXXX are subject to extensive regulation and supervision under federal and state law. The appropriate banking regulatory authorities, including the FDIC, the XXXX and the CFPB have broad enforcement powers over XXXX. It has been noted that the bank has had issues with the securitization of the securities that are acquired from consumers in the past. XXXX sure American Express XXXX Account XXXX XXXX values its designation with the IRS as NOT being a publicly traded partnership along with XXXX XXXX. I have the utmost confidence that my securities arent being traded on the secondary market. Under the XXXX XXXX XXXX and the publicly traded partnership regulations, a partnership will be classified as a publicly traded partnership if equity interests therein are traded on an established securities market, or are readily tradable on a secondary market or its substantial equivalent. 

Subject to the terms and conditions set forth in the underwriting agreement among the XXXX, XXXX and the underwriters of the Class A certificates named below, the XXXX has agreed to cause the trust to sell to the underwriters, and the underwriters have agreed to purchase, the principal amount of the Class A certificates set forth opposite their names : Underwriters of the Class A Certificates Aggregate Principal Amount of Class A Certificates XXXX XXXX XXXX, XXXX {>= $1,000,000} XXXX XXXX XXXX. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX Bank XXXX XXXX. 
XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX, XXXX. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX : {>= $1,000,000} So if the underwriters are making money off of my securities too how can they deny me credit? According to the response from the last complaint I was welcome to reapply for another card but was denied! I gave you value now where is my consideration? That application is still going to be turned into a receivable because it is a security. 

I have also tried to resolve my accounts submitting my securities ( remittance payments ) to XXXX. XXXX, an affiliate of the transferor, will purchase directly all of the Class B certificates upon initial issuance and, at a subsequent date, may sell all or a portion of those certificates in one or more negotiated transactions, or otherwise, at varying prices to be determined at the time of sale. In connection with any such sale, XXXX may be deemed to be an underwriter of the Class B certificates under the Securities XXXX of XXXX and any discounts or commissions received by it and any profit realized by it on the sale or resale of the Class B certificates may be deemed to be underwriting discounts and commissions. However, there currently is no underwriting arrangement with respect to the Class B certificates. XXXX proprietary facilities conduct paper payment remittance processing services. Since XXXX, XXXX XXXX XXXX, a Delaware limited liability company referred to as XXXX, also has performed paper payment remittance processing services pursuant to an agreement with XXXX. XXXX provides these services at XXXX locations in the United States. XXXX also provides disaster recovery services to XXXX. As a remittance processor, XXXX is responsible for, among other services, transmitting payment information to XXXX, which XXXX in turn uses to update its obligor records. XXXX also is responsible for encoding and processing the remittance checks received by XXXX at these locations. XXXX is required to perform the services in accordance with service levels and procedures prescribed by XXXX, and XXXX regularly monitors XXXX performance and compliance with XXXX standards. XXXX XXXX not subcontract any of its duties to any third party without the prior consent of XXXX, which XXXX may withhold in its sole discretion. XXXX has also reserved the right to perform for itself or have a third party perform any of the services performed by XXXX. XXXX, which was founded in XXXX, is a wholly owned subsidiary of XXXX XXXX XXXX XXXX ( XXXX ), a XXXX listed company, and operates under the XXXX brand. XXXX, including through XXXX, provides remittance processing services to banks, credit card issuers, telecommunications carriers, utilities and insurance companies worldwide. XXXX processes nearly XXXX XXXX payments per year and serves over XXXX lockboxes and nearly XXXX banks in the United States. Not only do they handle payments but they also purchase the certificates of indebtedness through underwriting services. This makes matters worse! Everyone has benefited from my credit transaction except for me! 

Lastly, American Express falsely stated in their response to my last CFPB complaint that none of my accounts can be reopened. According to the cardholder agreement under Cancelling or Suspending your Account they stated We may agree to reinstate your Account after a cancellation. I am thoroughly disappointed in how American Express has failed to perform their fiduciary duties as custodian and servicer of my consumer credit accounts which all derived from my securities as an investor. 

However, I trust that this complaint will not go unnoticed and my grievance can be resolved.