Consumer complaint received 2024-05-29 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: NY

Complaint narrative:
To whom this present may come across my name is XXXX XXXX Im sending this letter in good faith and with clean hands requesting an Asset Representation Review utilizing the reference number XXXX as you are obligated to provide to me. On XX/XX/XXXX I conditionally accepted an offer for an American Express Platinum Card. I proceeded to grant you access to my credits via an application, but was denied the product at the end. The factors presented to me as to why I was not mailed a card is not sufficient hence why Im requesting an Asset Representation Review. 

The fact of the matter is I gave you an application which you turned into a receivable which you sold to American Express Receivables Financing Corporation III LLC as specifically stated in the American Express Credit Account Master Trust Amended and Restated Receivables Purchase Agreement dated as of XX/XX/XXXX. The agreement states that the primary assets of the issuing entity are receivables generated in a portfolio of designated consumer revolving credit accounts or features and in the future, may include other charge or credit accounts or features or products. Article II section 2.01 under Purchase and Conveyance Of Receivables states in consideration of the payment of the Purchase Price as provided herein, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Purchaser ( collectively, the Conveyance ), without recourse except as provided herein, all of its rights, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables existing at the close of business on the initial Cut-Off Date. In the case of Receivables arising in the Initial Accounts ( including Related Accounts and Transferred Accounts with respect to such Initial Accounts ), and at the close of business on the related Addition Cut-Off Date, in the case of Receivables arising in the Additional Accounts ( including Related Accounts and Transferred Accounts with respect to such Initial Accounts ), and in each case thereafter created from time to time in such Accounts, all Insurance Proceeds, Issuer Rate Fees and Recoverories allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds ( including proceeds as defined in the UCC ) thereof ( collectively, the Purchased Assets ). The Receivables existing in the Initial Accounts at the close of business on the Initial Cut-Off Date and thereafter arising in the Initial Accounts on or prior to the Closing Date, and the related Purchased Assets, shall be sold by the Seller and purchased by the Purchaser on the Closing Date. Receivables arising after the Closing Date in the Initial Accounts and the related Purchased Assets shall be sold by the Seller and purchased by the Purchaser on the date such Receivables arise. The Receivables existing in Additional Accounts at the close of business on the related Addition Cut-Off Date and thereafter arising in such Additional Accounts on or prior to the related Addition Date, and the related Purchased Assets, shall be sold by the Seller and purchased by the Purchaser on the related Addition Date. Receivables arising after such Addition Date in such Additional Accounts and the related Purchased Assets shall be sold by the Seller and purchased by the Purchaser on the date such Receivables arise. 

It should be clear why I choose to reference that portion of Article II to make the connection that everything revolves around the Receivables being sold by Seller to the Purchaser then into Trust. Upon turning my application into a receivable the Purchase Price for the Receivables in the Initial Accounts existing at the close of business on the Initial Cut-Off Date, and the related Purchased Assets, that were conveyed to the Purchaser under the applicable Original Agreement was payable on the Closing Date, in an amount equal to the fair market value of such Receivables and the related Purchased Assets mutually agreed upon by the seller and the purchaser. The Purchase Price for the Receivables ( including Receivables in Additional Accounts ) and the related Purchased Assets conveyed to the Purchaser under this Agreement which come into existence after the Initial Cut-Off Date ( i ) shall be payable on a date ( the Purchase Price Payment Date ) mutually agreed to by the Seller and the Purchaser, but no later than the XXXX calendar day ( or, if such day is not a Business Day, the next following Business Day ) following the calendar month in which such Receivables and the related Purchased Assets are conveyed by the Seller to the Purchaser and ( ii ) shall be an amount equal to 100 % of the aggregate balance of the Principal Receivables so conveyed, adjusted to reflect such factors, if any, as the Seller and the Purchaser mutually agree will result in a Purchase Price determined to be the fair market value of such Principal Receivables and the related Purchased Assets. 

The fact that the reference number shows up in your system as a New Account is a clear indication that you are willfully defrauding the government and committing Securities Fraud. By blindsiding consumers into providing AENB with the necessary information ( i.e S.S number and Address ) you are profiting from the O.I.D and the sale of the receivables to the purchaser who is a wholly owned subsidiary of AENB. Evidenced by your company 's structure and its repurchase agreements the crimes being committed are racketeering, tax evasion and securities fraud for which there are rewards for whistleblowers. Under the Indenture AENB agreed to not sell any securities on the secondary market ; but upon sale to XXXX XXXX XXXX and transfer into Trust the regulations of the SEC do not apply because the Trust is considered foreign. This is where youve been able to fly under the radar of the SEC by presenting the exact same securities on the secondary market as stated in the senior prospectus and which is evidenced by the Cusip number. 

Pursuant to the American Express Credit Account Master Trust Amended and Restated Receivables Purchase Agreement AENB sold all of its rights, title and interest which means you can no longer collect on these accounts ; but AENB created a scheme to still collect as described in section 3.03 Use of Name, Logo and Marks. Where it says the Seller does hereby grant to the Purchaser a non-exclusive license to use the name American Express National Bank and all related identifying trade or service marks, signs, symbols, logos, designs, servicing software, customer lists and other intangibles in connection with the servicing of the Receivables purchased hereunder. The license granted shall be co-extensive with the term of the Agreement. These are all deceptive practices. In the event any representation or warranty under Subsection 4.02 ( a ) ( ii ), ( iii ), ( iv ), ( vi ), ( vii ) or ( viii ) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and as a result of such breach the Purchaser is required under Subsection 2.05 ( a ) of the Pooling and Servicing Agreement to accept reassignment of such Receivables previously sold by the Seller to the Purchaser pursuant to this Agreement, the Seller shall accept reassignment of such Receivables on the terms and conditions set forth in Subsection 6.01 ( b ). 


As an investor you are obligated to provide me with an Asset Representation Review which is being requested again for the record. Im not involved in any voluntary or involuntary bankruptcy actions ; and with that being said I request that you provide me with a replacement card which you claim was lost or stolen as referenced under Eligible Accounts ( E ). In regards to how this account will be maintained I understand that you will be issuing a series of notes every month which I will stamp pursuant to 31 CFR 328.5 & 328.6, endorse and send to the proper department at the beginning of every billing cycle for satisfaction of any obligations. I look forward to hearing from you and would like to thank you for giving this matter your immediate time and attention.

Company response to consumer: Closed with explanation