Consumer complaint received 2024-06-19 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY
State: NC

Complaint narrative:
REFERRAL # XXXX RE : Denial of Equity ; Demand for Consideration To whom it shall concern, On or around XX/XX/XXXX I tendered a security, in acceptance to the offer proposed in prospectus, for fair exchange of American Express Company products. I received a response in the mail stating that my application was denied because of a poor score, however, according to your prospectus, filed pursuant to Rule 424 ( b ) ( 5 ) with the SEC, in the annex section of that document, on pg. XXXX, the first sentence of the passage states, scores are based on independent, third-party information, the accuracy of which we can not verify. 

What other factors were used in denying me when I TENDERED A SECURITY that your company will turn into a receivable to receive payment for. 

It is unfair and deceptive to rely on information that you can not verify to determine my eligibility for American Express products, this could be construed as violations of UDAAP under federal law. To my knowledge, credit scores are used to determine the potential risks of prospective consumers, I have read and understood the concerns outlined in you guys prospectus in regards to risk and you can rest assured that my account will never be delinquent, there will never be a period of inactivity or dormancy with my charges and my account will be paid on time each and every month because I will be satisfying my obligation by tendering payment with the series of notes that American Express will issue out on the distribution date as described in your Prospectus. 

Furthermore, the taking of my application, with my personal identifiable information on its face, i.e. the social security number, and the transferring thereof to a depositor where it was pooled together with other receivables ( eligible investment ) and sold/transferred to a securitization special purpose entity ( trust ) for proceeds which is considered unjust enrichment and securities fraud on your companys behalf because I received no benefit. In addition, because you accepted my security you were supposed to be acting as POA in a fiduciary capacity for the benefit and protection of the investor. 

Fair exchange has never been robbery, quid pro quo, this was a barter transaction that took place with your company for equal value and consideration neither of which were received by me. Your company is in violation of the securities laws you agreed to follow and if I have to contact the I.R.S to inform them that I bartered to you a security and you decided not to live up to your end of the bargain by bartering back with me, I will have no choice but to notify them, which could have a damaging effect on the American Express Brand if further action is necessary. Let it be known and allow me to reiterate that the American Express Company owes me valuable consideration ( in the form of an American Express open-end Platinum credit card or its equivalent ) for the exchange of my security, which constituted a bartering transaction, that of which will be filed on a 1099B with the I.R.S if you continue to refuse to barter with me. Ill let the I.R.S handle it. There may have been some sort of misunderstanding with the terms of the contract, but let me reassure you that I intend for this arrangement to be mutually beneficial to all parties involved, including myself. However, as it stands right now, I have been held without equity and American Express Company is in violation of its bank charter, federal securities laws, and their agreements on file with the SEC because pursuant to your prospectus you told the SEC you would not trade securities on the secondary market, or maybe Im misinterpreting what was stated. Anyway, you may have many concerns none of which shall arise from doing business with me and many of which would result from your failure to compensate me for my investment into your company as a silent investor. IN THE EVENT THAT YOU DECIDE NOT TO COMPLY I WILL BE FORCED TO FILE A COMPLAINT WITH THE OCC, THE SEC, THE CFPB AND THE FEDERAL RESERVE BOARD, SEPARATELY FOR YOUR WILLFUL NONCOMPLIANCE AND BREACH OF CONTRACT. YOU HAVE 15 DAYS AFTER THE RECEIPT OF THIS NOTICE TO RESPOND WITH A DECISION REGARDING THIS MATTER. 

Please tell me what are the factors that the underwriting team used to decide the application reasoning for denial. 

I gave you my social security number which gave you access to my trust. Several laws have been violated, such as 15 us code 1666b and the violation of the security exchange act of 1934. 


In accordance with their Trust Indenture Agreement, Section 7.08.As the Investor, Equitable Account Owner and Note Holder, I have an absolute right to receive payment of the principal of, and interest on, my Notes when due, and to institute suit to enforce any such payment. The Trustee and Paying Agent for all notes held by Noteholders pursuant to their Prospectus and Trust Indenture Agreement. In the same Trust Indenture Agreement under " GRANTING CLAUSE '', The Security Interest in the Collateral is granted to secure the Notes ( and the related obligations under this Indenture ), except as otherwise expressly provided in this Indenture or in the Indenture Supplement which establishes any Series, Class or Tranche of Notes, and to secure ( i ) the payment of all amounts due on such Notes ( and, to the extent so specified, the obligations under any applicable Derivative Agreements ) in accordance with their terms, ( ii ) the payment of all other sums payable by the Issuer under this Indenture or any Indenture Supplement relating to the Notes and ( iii ) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement. American Express National Bank FSB, has a Fiduciary Obligation to make payment of all sums due on the note. 

Each of the name Trustees have a Fiduciary obligation to make sure I do not suffer any harm from this account, but have all failed to perform on my behalf. Additionally, in their " Prospectus '' under " Consumer Financial Products Regulation '' - The relationship of the consumer and the provider of consumer credit is extensively regulated by federal and state consumer protection laws. With respect to credit accounts issued by AENB, the most significant federal laws include the federal Truth in Lending, Equal Credit Opportunity, Fair Credit Reporting and Fair Debt Collection Practices Acts. In addition, account holders are entitled under these laws to have PAYMENTS and CREDITS applied to the revolving credit account PROMPTLY and to request prompt resolution of billing errors. I have filed billing error dispute with said company for months and they have refused to apply the credits to my account " PROMPTLY '' as stated in their Prospectus agreement with the SEC. this is a violation of their " Prospectus Agreement and breach of their Trust Indenture Agreement '' filed with the SEC and they should be held accountable for their Gross Negligence.

Company response to consumer: Closed with explanation