Consumer complaint received 2024-03-20
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: AMERICAN EXPRESS COMPANY (TX)

I sent many letters to the American Express, herein Company detailing the unlawful behavior that constitutes multiple Events of Default on the part of the Company. In short, the Company is engaged in securities fraud under the Security Exchange Act of 1934, and I have tried multiple times to solve the issue without involving the regulatory agencies. 

As a consumer, I have the right to make sure my financial accounts and livelihood is in good standing. American Express and all affiliated companies are stealing securities ( negotiable instruments ) and remaining unresponsive to written notices. They have no authority to act, or neglect to act, in this manner because their Power of Attorney has been officially revoked. I have already alerted the Company, FDIC and IRS of this ( see attached Revocation Notice for details ). As a holder in due course of the original registered security they created on my behalf, I am entitled to answers regarding the following fraudulent and unprofessional actions taken by the Company. 

Firstly, the Companys legal department was notified of the changes to my one-party Cardmember Agreement ( notarized and registered on the books ) regarding my account. See the attached CLAIMS NOTICE for full details as to that matter. These changes have not been implemented, I have not received any notice as to why, and I have not received any compensation for their mistakes which is partly why I am making this complaint to the CFPB. With the details of the CLAIMS NOTICE understood, I will now detail the activity that has caused multiple material adversities in my life since XX/XX/XXXX. 

On XX/XX/XXXX, I received notice on my account ( upon logging in ) that my payment ( {$1700.00} ) was being disputed. I have no idea why the dispute was needed and called to request an explanation to no avail. I was told I can expect a call back on the XXXX ( of XXXX ) that never came, and when I called again the next week I was told that the customer service representative had no power to look further into the matter themselves. My payment remains in dispute to this day ( XX/XX/XXXX ). At this point the Company is in violation of Article 3 of the UCC, specifically UCC 3-603 as they are a person authorized to enforce payment under said law. In keeping my account balance high, not only are they adversely affecting my credit score, but they are also violating my rights. This is discriminatory in every legal definition. 

Moving on, I sent the Company a letter titled Notice of Default, in an attempt to solve the issue before involving the CFPB or any regulatory agency. The response I received was THE SAME RESPONSE MY WIFE RECEIVED FROM A DIFFERENT DEPARTMENT UNDER A DIFFERENT NAME suggesting it was generated by a computer or from a template, not written in response to my concerns by a living person who read my letter. This caused emotional stress, confusion, and more questions as to how I can trust that my letters ( sent registered mail ) are even received by the persons they are addressed to, or if my money-related concerns with the Company are being taken seriously at all. In said response to my notice of default, it is stated by the Company that my XXXX score ( which they negatively impacted due to their own mistakes ) was the main reason for their refusal to follow ONE OF SEVERAL instructions I gave the Company to follow. This is discriminatory as well, evidenced by the fact that my XXXX score is not a true factor in whether or not my credit limit should be increased. Page A-I-8 of the Companys prospectus agreement ( also highlighted in the attached documents ) states that the XXXX score accuracy is not verifiable and that the Company uses other factors to determine credit limits. In light of receiving a letter stating that my XXXX score was what was used to make the determination, I demand the Company provide me with a satisfactory answer and valuable consideration for the material loss theyve caused me. As outlined in multiple letters attached to this complaint, I am seeking an open end credit plan per 15 USC 1602 ( j ), as well as reasonable compensation in cash value payable to my business XXXX XXXX for the damages caused by the gross negligence of the Company. 

On XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX the indenture trustee of the Company, received another registered security as legal tender of payment in the form of a negotiable instrument ( per Article 3 of the Uniform Commercial Code ), which my Cardmember agreement states is acceptable as tender of payment on my account. This was valued at the amount of the Total Balance ( {$3100.00} ) including the balance that has remained in dispute since the XXXX of XXXX ( {$1700.00} ) so as to resolve the whole concern and allow for the trustee to take care of the matter. This only made things worse. On the ( attached ) signature page of the Companys indenture agreement you will find the name XXXX XXXX. On XX/XX/XXXX I called XXXX XXXX on the phone to ask if he received my mail, and XXXX XXXX rudely hung up the phone before I got to ask the question. The following is a full transcript of the call : Yes, this is XXXX? Hello XXXX XXXX, this is XXXX XXXX, and I am calling in regard to my account with American Express, I- click. This was an unwarranted form of disrespect and unlawful, as I am a bona fide purchaser of a Note and investor in the Company, there is a fiduciary duty the Indenture Trustee and American Express have per the Trust Indenture Act of 1939 to act in the interest of noteholders and certificate holders such as myself. I demand he be held liable for all my grievances with the Company, as he is the indenture trustee, according to the signature page attached to this complaint. As a bona fide purchaser of securities in the Company for which XXXX XXXX is or was indenture trustee, I will not stand for the discriminatory manner in which I was treated and seek compensation for it. 

In summary, the Company engaged in securities fraud, repeated discriminatory practices, gross negligence resulting in material loss for my company and my personal affairs, and defaulted on my account without proper forewarning or disclosure. I am seeking compensation in cash, an open end credit plan ( no preset limit ) per 15 USC 1602 ( j ), the CUSIP numbers generated from ALL securities that the company has been creating, transferring, and trading in connection with my signature and social security number, and answers as to why they have treated me so poorly when I have been doing business with them for years now. For full details of what I requested of them directly please see the attached correspondences and notices. Thank you for your prompt attention to this matter.