Consumer complaint received 2026-04-12 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: AMERICAN EXPRESS COMPANY
State: MA

Complaint narrative:
Hi, American Express 's incompetence and unwillingness to provide a minimum level of customer service has caused me unnecessary difficulties with the IRS and my local bank. In addition, I now have to pay someone to represent me to the IRS. Essentially, by being incompetent, inconsiderate, and unprofessional, American Express has cost me money I do not have for being stupid enough to trust them by opening an account with them. Here is what happened - American Express sent me information that they were offering IRA savings accounts where I could earn a great interest rate on my money, FDIC insured. I am XXXX XXXX XXXX, and need to make sure I will have money to pay for my XXXX that is not subject to the volatility of the financial markets. I trusted them because they are American Express and opened an IRA savings account and transferred XXXX into it. American Express decided to get out of the IRA savings account business soon after. As soon as I got the letter that they were closing the accounts on XX/XX/year>, I tried to open another IRA savings account to transfer the amount to Bank of America, and then XXXX. But since neither company had a representative that knew how to fill out their own transfer paperwork, and American Express would not provide any customer service for making a transfer or communication or form to provide to the other company of any kind, I had to give up after multiple attempts, and take the distribution check so that I could walk to my local XXXX XXXX and deposit it myself. I filled out the paperwork to receive the rollover check in XXXX and faxed it over to American Express. Unbeknownst to me, I faxed over an unsigned copy. I had a signed copy but had printed out 2 copies ( because I thought that was a good idea at the time, and yet didn't notice that I faxed over the unsigned one ). Yet no one from American Express contacted me by phone or email or mail, to say the form was unsigned. On XX/XX/XXXX or thereabouts, I called American Express to ask why I hadn't heard back or received the check. It was at that time that I found out that a ) they were not sending me a check for the rollover because of an " incorrect signature '' and b ) they would not tell me what " incorrect signature '' meant. I was left believing I had faxed over the copy with my signature, and it was rejected. Long story short, I received a letter with the check where in no part of the letter does it say that the check was a distribution from an IRA savings account. Furthermore, it said that the amount was the total funds in the account ( untrue because the total funds was over {$26000.00} and this check was for around {$23000.00} ) because they took out a 10 % penalty ( which I did not owe because I had 60 days to roll over the money before I would owe a penalty or taxes on the amount ) which wiped out any interest earned from the account in the first place. So I not only received less than I had deposited ( {$25000.00} ) but also now was facing it being reported to the IRS that I had taken an early, unqualified distribution. I do not owe any more taxes on the amount because it was rolled over to an IRA account within 60 days. I am XXXX XXXX XXXX and I need to be saving, not losing money. In addition, if they had simply informed me that the form was unsigned, I could have fixed it immediately. But they did not. Now it is costing me additional funds because I do not owe taxes on the amount yet it was reported on the 1099-R that I do. In addition, the amount taken in taxes looks like additional unqualified money because the check I gave to roll over was missing that amount. American Express has created a quagmire for me, simply because they refused to do the bare minimum for someone that trusted them to do the right thing. Even the representatives I saw at XXXX XXXX when I went there to roll it over, said it was notated wrong in the letter and the check, which was very suspicious to them, being in the same business. Yet through this whole difficulty, American Express 's employees treated me as though it was all my fault. They even told me that they had emailed me that it was unsigned which was untrue, because I searched my gmail and nothing was ever received about that form I faxed. Yet they still maintained that they did send me an email, though I am certain, since I pay for XXXX so I do not have to delete emails ( and therefore do not delete emails from American Express ) any forensic investigation with certainly show none was ever emailed to me. Moreover, they have my home address and cell phone number and didn't bother to notify me in those ways either, which is suspicious since most of the communication about the IRA account was sent by physical mail. Now that I am paying XXXX XXXX XXXX XXXXXXXX to help me, they are also telling me that American Express handled this badly considering I did have 60 days and they had no " obligation '' to take any of it out ahead of the rollover, especially given my age and the different requirements for people XXXX and older. So I am out not only the amount I deposited, but any interest earned and the fees I'm paying to have people represent me to the IRS.

Company response to consumer: Closed with explanation