Consumer complaint received 2024-01-12 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: AMERICAN EXPRESS COMPANY
State: NY

Complaint narrative:
Re : Account closure after financial review - Acc : - I have been a customer of American Express since XXXX. However, my experience has been marred by frequent account reviews, identity verifications, and flagged for suspected fraudulent transactions. While I have diligently compiled the requested documents over time, the frequency of verification requests has reached a point where it feels like constant harassment from your system or team. 
Recently, I opted not to comply with a financial review initiated by Amex, deeming it unnecessary. In response, Amex chose to close my account, a decision I perceive as an excessively adverse action against me. 
My rationale for refusing the financial review stems from the following reasons. 
I applied for a XXXXXXXX XXXX XXXX last year. XXXX directly shared my total asset value ( I believe around $ XXXX at the time ) with Amex, leading to an approved credit limit of $ XXXX. 
My XXXX score was XXXX ( XXXX ) and XXXX ( XXXX ) on XX/XX/XXXX when my account was closed by Amex. 
In the past ( I believe 2 years ago ), I underwent a financial review, triggered by a {$10000.00} purchase that led an Amex representative to issue a stern ultimatum, demanding the immediate repayment of the entire amount or facing the risk of account closure. In response to this coercive communication, I opted to close my account in protest. However, when I decided to open a new account a few months later, Amex sought access to my tax records. Complying with this request, I submitted the necessary documents, resulting in the approval of my application. 
I have proactively submitted documents, including proof of over $ XXXX in money market funds and over $ XXXX in stocks, just 1-2 months ago when I sought a credit limit increase. 
In the past year alone, I made payments totaling around {$10000.00}, successfully repaying all my purchases with minimal outstanding balance.I have consistently settled all of my debts during my entire association with American Express since XXXX. 
Since XXXX, I've maintained a XXXX XXXX XXXXXXXX card boasting an approximate {$25000.00} credit limit, while both my XXXX and XXXX XXXX XXXX also extend a generous {$20000.00} credit limit each, all without requiring any documentation at any point. 
Why does Amex conduct financial review constantly? If you are afraid I will run away with your money, don't you think I can use my other cards? After conducting some research, I discovered that American Express may initiate financial reviews in response to returned payments, significant purchases, or credit requests. However, these criteria do not consistently reflect a customer 's inability to repay their debts. It is important to cease the practice of subjecting customers to harassment based solely on these factors. 
Despite my past efforts to demonstrate financial stability and compliance, the closure of my account following the recent refusal has left me disheartened and frustrated with the perceived disproportionate response. I urge Amex to reconsider this decision in light of my consistent efforts to adhere to your verification processes and maintain a positive customer relationship.

Company response to consumer: Closed with explanation