Consumer complaint received 2026-04-20 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: AMERICAN EXPRESS COMPANY
State: MN

Complaint narrative:
I opened an American Express High Yield Savings account in XX/XX/2026 in response to repeated marketing from American Express. I have been an American Express cardholder for more than XXXX years. Between XX/XX/XXXX and XX/XX/2026, I funded the account with {$39000.00} via XXXX transfers from my XXXX XXXX XXXX account. I intended to use the account as a short-term parking place for cash. After I attempted XXXX transfers back to the same XXXX XXXX XXXX account that originally funded the deposit, American Express restricted the account and froze my access to the money. On XX/XX/2026, I called American Express. I was told the account was under a source-of-funds review. I offered multiple forms of alternative verification, including ( a ) proof of specific transactions tracing the funds, ( b ) my most recent pay stub, showing year-to-date income more than sufficient to prove source-of-funds from my employer ( XXXX XXXX XXXX / XXXX XXXX XXXXXXXX ) , and ( c ) a brokerage statement showing investment balances many times the amount necessary to prove source of funds. All were refused. I was told the only acceptable paths were ( i ) XXXX months of statements from multiple outside accounts, or ( ii ) having XXXX XXXX XXXX initiate a return transfer. On the same XX/XX/XXXX call, I asked to file a formal complaint and was promised a manager callback within XXXX hours. No callback ever occurred. Relying on the representative 's instruction, I had XXXX XXXX XXXX initiate the return of the remaining {$34000.00}, which was received on XX/XX/2026. I then used those funds to make an investment. On XX/XX/2026, American Express reversed the transfer without prior notice, pulling the funds back out of my XXXX XXXX XXXX account directly contradicting what its representative had told me. I again contacted American Express and again offered alternative verification on XX/XX/2026. American Express again refused. I have now provided the statements and pay stub that were requested, but I am submitting this complaint because of the broken commitments, the unilateral reversal after the bank 's representative directed the XXXX XXXX XXXX XXXX, the unfulfilled escalation callback, and the refusal to consider reasonable alternative source-of-funds verification for a closed-loop transaction between XXXX regulated U.S. banks. Damages incurred Because I lost access to my own deposit, I was forced to borrow on margin to cover spending I had planned to fund from the savings account. Margin interest has accrued at an approximate rate of 9.7 % on the balances specified below. Professional background ( for context only ) I am a Managing Director and senior Private Wealth Advisor at XXXX XXXX XXXX XXXX XXXX XXXX XXXX, with substantial professional experience with KYC/AML programs . This complaint is submitted in my personal capacity as an American Express customer. Prior attempts at direct resolution I have contacted American Express by phone on XX/XX/XXXX and XX/XX/XXXX, and I have sent formal complaint letters to American Express, Office of the Chairman and CEO, and to the account protection group servicing the account.

Company response to consumer: Closed with explanation