Consumer complaint received 2024-03-02
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (NV)

I hope this letter finds you well. I am writing to respectfully request a reconsideration of the decision regarding an Eligible Investment AMERICAN EXPRESS CHARGE CARD. I'm thrilled about potentially jumping on board with your fantastic services! I noticed things are managed through the computer system which may project some errors, and I'm reaching out as a silent new investor, ready to dive into exciting opportunities with you. Super excited about the prospect of doing business together! Can't wait to get started!

American Express, has stated in their prospectus, We periodically securitize Card Member loans and receivables arising from our U.S. card business, as the securitization market provides us with cost-effective funding. Securitization of Card Member loans and receivables is accomplished through the transfer of those assets to a trust, which in turn issues securities collateralized by the transferred assets to third-party investors..The proceeds from issuance are distributed to us, through our wholly owned subsidiaries, as consideration for the transferred assets. Refer to Note 5 to the, Consolidated Financial Statements for a further description of our asset securitizations.

AE ( American Express ) transferred my money purchase loan contract ( the " Receivables '' ) which is backed by the United States obligation, to Special Purpose Entity ( SPE ) /Receivables Trust. Then American Express Receivables Trust, in return transfers the contracts to an Asset-Backed Securities ( ABS ) trust and uses it as collateral to acquire a loan from corporate bond investors. XXXX XXXX purchases from XXXX receivables arising in revolving credit card and other credit accounts owned by XXXX. XXXX XXXX may then, subject to certain conditions, add those receivables to the trust. See Description of the Purchase Agreement in this prospectus. American Express Receivables Financing Corporation III LLC structures the issuing entitys transactions. American Express Travel Related Services Company , Inc. is the servicer of the trust. As servicer, it is responsible for servicing, managing and making collections on the receivables in the trust. The following summarizes the material terms of the receivables purchase agreement between XXXX and XXXX XXXX. We refer to the receivables purchase agreement as the purchase agreement and we refer to XXXX XXXX as the purchaser. The purchase agreement is filed as an exhibit to this registration statement, of which this prospectus is a part. 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. In connection with the sale of receivables to XXXX XXXX, XXXX has filed appropriate UCC financing statements to evidence the sale to the purchaser and to perfect the right, title and interest of the purchaser in those receivables ; and indicated in its books and records ( including any related computer files ) that the receivables have been sold by it to the purchaser. sold all of its right, title and interest, if any, in the receivables existing in the initial accounts at the close of business on the substitution date and in the receivables thereafter arising in those accounts, in each case including all Issuer Rate Fees, insurance proceeds and Recoveries allocable to such receivables, all monies due or to become due, all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables. In the purchase agreement, XXXX makes the following representations and warranties, among others as of each applicable selection date, each account was an Eligible Account.

Which means my securities/promissory note was bought and sold. Within your prospectus and securities exchange agreement you agreed to not do these such actions, which is considered committing commerce fraud, securities fraud, due no prior authorization, data fraud, and wiring fraud, in return I have every right file a complaint against American Express ( AE ). Instead, I am requesting that you reconsider your decision and issue my AMERICAN EXPRESS CHARGE CARD IMMEDIATELY. If you can not honor what is guaranteed, then I have no choice, but to move forward with contacting certain authorities and demand you return my securities immediately. Please feel free to contact me at XXXX or XXXX if you require any additional information or clarification. 
Thank you for your attention to this matter.

Terms of definition : ( 79 ) 21 ASSET-BACKED SECURITY : The term " asset-backed security '' .fixed-income collateralized by any type of self-liquidating financial assests ( including a loan, a lease, a mortgage, or a secured or unsecured receivable ) that allows the holder of the security to receive payments that depend primarily on cash flow from the asset, including- ( i ) a collateralized mortgage obligation ; ( ii ) a collateralized debt obligation ; ( iii ) a collateralized bond obligation.

( iv ) a collateralized debt obligation of asset-backed securities ; ( v ) a collateralized debt obligation of collateralized.

PROSPECTUS : A prospectus is a written document that provides all material information about an offering of securities and is the primary sales tool of the company that issues the securities ( called the issuer ) and broker-dealers that market the offering for the issuer ( called underwriters ).

Eligible Investment : means negotiable instruments, investment property, or deposit accounts which evidence : ( a ) direct obligations of, or obligations fully guaranteed as to timely payment by, the United States of America ;