Consumer complaint received 2024-01-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: AMERICAN EXPRESS COMPANY
State: GA

Complaint narrative:
***NOT A DUPLICATE COMPLAINT, NOT A DUPLICATE COMPLAINT*** REOPEN ACCOUNTS ENDING IN XXXX and XXXX. MAKE ACCOUNTS XXXX AND XXXX OPEN ENDED. REOPEN THE ACCOUNT ENDING IN XXXX and XXXX. American Express XXXX form for XXXX page XXXX listed in the SEC in filing for American Express states We periodically securitize Card Member loans and receivables arising from our card businesses through the transfer of those assets to securitization trusts, American Express Credit Account XXXX XXXX ( the Lending Trust ) and American Express XXXX XXXX XXXX ( the Charge Trust and together with the Lending Trust, the Trusts ). The Trusts then issue debt securities collateralized by the transferred assets to third-party investors. American Express has my cardmember loans and receivables for accounts ending in XXXX and XXXX and refuses to reopen the account or accept payments that were mailed. The account is still being monetized by securitizing the asset back security/receivable. I rescind/revoke any security interest American Express has in the account and XXXX, XXXX assumes all titles, rights, and interest in the account for XXXX XXXX. American Express XXXX XXXX AND XXXX XXXXE form dated XX/XX/XXXX which is located in the SEC in filings for American Express states in section XXXX Persons Deemed Owners. " Title to any Bearer Note, including any coupons appertaining thereto, shall pass by delivery. The Issuer, the Indenture Trustee, the Owner Trustee, a Beneficiary and any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or a Beneficiary may treat the Person who is proved to be the owner of such Note pursuant to subsection XXXX ( c ) as the owner of such Note for the purpose of receiving payment of principal of and ( subject to Section XXXX ) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Owner Trustee, or any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or any Beneficiary will be affected by notice to the contrary. XXXX XXXX OWNER OF THE ACCOUNT who receives coupons every month in which the owner of such note is supposed to receive payment of principal and interest on such coupon/receivable/security/note. I AM NOT A MINOR AND I AM REQUESTING FULL CONTROL AND OWNERSHIP OF MY ACCOUNT. I REMOVE POWER OF ATTORNEY FOR AMERICAN EXPRESS AND ASSUME FUDICIARY DUTIES FOR THE ACCOUNT. If the account is not reopened within five business days I will perform an audit on the account to locate the CUSIP number to confirm the XXXX XXXX of the account. I will also escalate this matter to the SEC for securities fraud since I provided a security to American Express that is still being traded on the secondary market and I the consumer have not received equal consideration or value for providing the security. I AM XXXX XXXX since I provided American Express with a XXXX. In the card-member agreement I was never informed my credit card loan would be a receivable/security for American Express and be securitized and sold on the secondary market. The omission of this information is blatant contract and securities fraud. American Express XXXX form for XXXX page XXXX listed in the SEC in filing for American Express states In addition to cash and other liquid assets and the secured borrowing facilities and committed bank credit facility described above, as an insured depository institution, XXXX may borrow from the Federal Reserve Bank XXXX XXXX XXXX through the discount window against its credit card loans and charge card receivables. Further, in XX/XX/XXXX, the Federal Reserve established an additional facility, the Bank XXXX XXXX XXXX ( BTFP ). The BTFP offers loans of up to one year in length to banks and other eligible depository institutions against XXXX XXXX, agency debt and mortgage-backed securities, and other qualifying assets as collateral. Any qualifying assets pledged to the XXXX are valued at par by the Federal Reserve for the purpose of determining the amount of collateral we can borrow against. The amount of borrowing capacity available to XXXX at either the discount window or the BTFP is subject to the amount of qualifying collateral that it may pledge. As of XX/XX/XXXX, XXXX had available borrowing capacity of {$67.00} XXXX as a result of XXXX credit card loans and charge card receivables that were pledged to the Federal Reserve through the discount window. It also had approximately {$1.00} XXXX in XXXX XXXX, agency debt and mortgage-backed securities that could be pledged through the XXXX. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the Federal Reserve. Due to regulatory restrictions, liquidity generated by XXXX can generally be used only to fund obligations within XXXX, and transfers to the parent company or non-bank affiliates may be subject to prior regulatory approval. During the three months ended XX/XX/XXXX, we did not borrow from either the discount window or the BTFP and no amounts were outstanding on either facility at the end of the period.. The above section clearly outlines how American Express uses the consumer credit card accounts as receivables to serve as security collateral to secure borrowing from the FEDERAL RESERVE. THE ACCOUNT IS PREPAID SINCE I XXXX, XXXX on behalf of XXXX XXXX XXXX American Express with XXXX XXXX XXXX XXXX TO THE FEDERAL RESERVE. Once again, I will be forced to submit a complaint to the SEC FOR SECURITIES FRAUD if the account is not REOPENED WITHIN XXXX BUSINESS DAYS. Thank you for all your help to resolve this matter. If there any questions, please do not hesitate to contact me at XXXX or XXXX. Sincerely, XXXX, XXXX PLEASE SEE ATTACHMENTS

Company response to consumer: Closed with explanation