Consumer complaint received 2024-04-12 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: AMERICAN EXPRESS COMPANY
State: FL

Complaint narrative:
XXXX XXXX/XXXX/2024 XXXX, XXXX ( Beneficiary trustee ) Subject : Notice of Redemption of Security Dear American Express/ American Express XXXX XXXX XXXX XXXX XXXX XXXX I, XXXX XXXX XXXX holder in due course of the following registered debt security, hereby request the redemption of the same in accordance with the terms of the indenture governing the security : Security Name : Registered Debt Security Redemption date XX/XX/XXXX2024 or as soon as possible I am writing to formally notify you of the redemption of the above-mentioned registered debt security in accordance with Section 5 of the Trust Indenture Act of 1939 ( 15 U.S.C. 77eee ) and the provisions outlined in the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ). 
As per our agreement detailed in the indenture agreement with the issuing bank and pursuant to the provisions of Article 9 of the Uniform Commercial Code ( UCC ) ( U.C.C. 9-102 et seq. ), I am requesting the redemption process to commence promptly. 

I hereby authorize you to transfer all funds and accrued interest to my XXXX XXXX  ACCOUNT  XXXX Routing # : XXXX XXXX Account # : XXXX XXXX XXXX XXXX Redemption Request : I hereby request the redemption of nine times ( 9x ) the principal amount of the referenced registered debt security, or the maximum amount available to be redeemed, if such an option is available. I seek full settlement of the outstanding principal amount along with any accrued interest up to the redemption date. Void where prohibited by law. 

Failure to comply with this redemption request may result in recourse under applicable federal laws, including penalties as outlined in the Federal Reserve Act ( 12 U.S.C. 29 ). 
To ensure compliance and facilitate a smooth redemption process, I kindly request your acknowledgment of receipt of this notice and confirmation of the necessary steps you will take to complete the redemption process. 


Sincerely, XXXX, XXXX, Beneficiary Without recourse SECTION 3.02. Notice of Redemption ; Selection of Securities. 

Notice of redemption of Securities of a series to be redeemed at the election of the Company shall be given by American Express/American Express XXXX XXXX XXXX XXXX XXXX XXXX or by the Trustee in the name and at the expense of American Express/American Express XXXX XXXX XXXX XXXX XXXX to the holders of such Securities in the manner and to the extent set forth in Section 15.04 American Express/ American Express XXXX XXXX XXXX XXXX XXXX or the Trustee , as the case may be, shall give such notice of redemption at least 10 business days and not more than 60 calendar days prior to the date fixed for redemption ( or within such period as is otherwise specified for such Securities as contemplated by Section 2.03 ( b ) ) to the holders of such Securities to be redeemed, as a whole or in part. Notice given in such manner shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such notice or any defect in the notice to the holder of any such Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security of a series. If American Express/American Express XXXX XXXX XXXX XXXX XXXX requests the Trustee to give any notice of redemption, it shall make such request at least two business days prior to the designated date for delivering such notice, unless a shorter period is satisfactory to the Trustee. 

Unless otherwise specified as contemplated by Section 2.03 ( b ), each such notice of redemption shall identify the Securities to be redeemed ( including applicable CUSIP numbers, ISINs or other similar numbers, if applicable ) and also shall specify ( a ) the date fixed for redemption, ( b ) the redemption price ( or, if not then ascertainable, the manner of calculation thereof ) at which such Securities are to be redeemed, ( c ) if less than all the Outstanding Securities of a series are to be redeemed, the principal amounts ( and, in the case of Definitive Securities, the certificate numbers ) of such Securities to be redeemed, ( d ) the Place of Payment where such Securities are to be surrendered for payment of the redemption price and that payment will be made upon presentation and surrender of such Securities, and ( e ) that interest ( if any ) accrued to the date fixed for redemption will be paid as specified in such notice, and that, upon the satisfaction of any conditions to such redemption set forth in the notice of redemption and unless the Company defaults in making such redemption payment, on and after the date fixed for redemption, interest ( if any ) thereon or on the portions of such Securities of the series to be redeemed will cease to accrue. In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition and, if applicable, shall state that, in the Companys discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice of redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date stated in such notice, or by the redemption date as so delayed. With respect to a redemption of Securities of a series that is subject to the satisfaction of one or more conditions precedent, the Company shall notify the Trustee promptly of the satisfaction of such conditions precedent.

Company response to consumer: Closed with explanation