Consumer complaint received 2024-06-09 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Trouble using your card — Can't use card to make purchases
Company: AMERICAN EXPRESS COMPANY
State: GA

Complaint narrative:
Dear CFPB Representative, I am writing to file a formal complaint against American Express regarding the improper handling of my credit card accounts ending in XXXX. Despite repeated attempts to resolve these issues directly with American Express, they remain unresolved, causing significant inconvenience and potential financial harm.

Summary of Issues : Denial of Negotiable Instruments : American Express has been denying my negotiable instruments sent via registered mail, despite these being backed by the full faith and credit of the United States, as per 31 CFR 328.5 and the Indenture Agreement.

The Indenture Agreement defines " Eligible Investments '' to include negotiable instruments, which are guaranteed by the United States and should be accepted as payments.

Improper Payment Demands : American Express has unlawfully demanded payment in Federal Reserve Notes ( debt notes ), contrary to the submitted application used to open the account. This application, containing my personal and private financial information, acts as a financial asset, promissory note, and security satisfying each monthly obligation, as stipulated by 12 CFR 360.6 and 17 CFR 260.11b-6.

Article 1, Section 10, Clause 1 of the United States Constitution mandates that only gold and silver can lawfully discharge a debt, rendering the demand for Federal Reserve Notes improper.

Unauthorized Use and Securities Fraud : My application and personal financial information have been converted into asset-backed securities and traded on the secondary market, contrary to American Express 's statements to the SEC in their 424B2 prospectus.

This action constitutes securities fraud, money laundering, and racketeering, as American Express had assured the SEC that they would not trade these securities.

Failure to Perform Fiduciary Duties : American Express has breached their fiduciary duty under U.C.C. 3-307 by not managing my account equitably and failing to accept my lawful payments.

The use of my financial assets without providing any tangible benefit to me is an unauthorized action.

Prospectus and Indenture Agreement Violations : The prospectus ( Form 424B2 ) and Indenture Agreement stipulate that the securities related to my account would not be listed on any securities exchange or automated quotation system. However, this commitment has been violated, evidencing deceitful practices.

Credit Report Impact : American Express has not updated my credit report for the payment received in May, which could potentially harm my credit standing. Despite tendering payment on time each month, they have failed to reflect this accurately.

They credited my account for the full amount and then reversed it, but have yet to return any of my instruments.

I have appreciated the services provided by American Express and have sought to resolve this matter amicably and equitably. However, their ongoing failures compel me to seek your intervention to address these violations and ensure compliance with applicable laws and fiduciary duties.

Thank you for your prompt attention to this matter. I look forward to a fair and timely resolution.

Company response to consumer: Closed with explanation