Consumer complaint received 2024-03-18 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Opening an account — Unable to open an account
Company: AMERICAN EXPRESS COMPANY
State: MO

Complaint narrative:
Credit application sent to American Express XX/XX/XXXX of which an adverse action letter was received XX/XX/XXXX. At that point, I sent a notarized letter via USPS to investor relations, signed and dated XX/XX/XXXX and received a correspondence letter back from the company dated XX/XX/XXXX. A rebuttal letter was drafted on XX/XX/XXXX, and it states : XXXX XXXX XXXXXXXX Dear American Express XXXX In correspondence dated XX/XX/XXXX which states among many things that the reason for denial and further adverse action is due to credit worthiness being furnished by XXXX which has no right to report anything without written consent per 15 USC 1681b. I did not consent to the defamation of my own character.

However, the true matter that presents itself once more is this - when I endorsed the application, I issued a promissory note. Which is a type of commercial paper, and does not have to be reported to the SEC, which is how AMEX was able to do this after I transferred security interest unknowingly.

Additionally, It is my understanding you are selling my securities on the secondary markets. Even though AMEX prospectus specifically states, and I quote from page S-5 of the prospectus under Risks Relating to the Notes, " We do not intend to apply for listing of the notes on any securities exchange or for quotation through an automated dealer quotation system. '' This entails a breach of contract and fiduciary duties, as the taker has notice of the breach of fiduciary duty if the instrument is taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary.

In order for AMEX to be the holder in due course of said note, the instrument must be taken for value, and that means that the transfer of the instrument must have been for its value and can not be accepted as a gift as I have security interest in my security and did not give consent for my security to be transfered, or to be bought or sold on any exchange. Nor did I give consent for your company, any affiliate, bank, nor a trust to keep the proceeds from said securities.

So since no value was given on behalf of AMEX, they are not the true holder of the note per 16 CFR Part 433 " Holder in Due Course Rule ''. AMEX has breached its fiduciary duties and the contract between they and I of which I am the note holder, and investor and I am instructing you to perform your fiduciary duties, else, I need pursue securities fraud by way of the SEC and full forensic audit trail of my security followed by complaints to the CFPB and FTC. Remedy consists of open-end consumer credit per 15 USC 1602m with maximum allowable by the applicable law of 15 USC 1602j . 
The indenture Trustee and Issuer are required to perform as specified within the Indenture and the quoted Indenture sections below and I quote, " The indenture provides holders of the notes with remedies if we fail to perform specific obligations. '' The Trustee, page XXXX, " Under the terms of the pooling and servicing agreement, the trustees limited responsibilities include the following : to enforce the rights of the certificateholders against the servicer, if necessary ; '' Servicer Default refers to any of the following events : ( ii ) failure on the part of the servicer duly to observe or perform in any material respect any other covenants or agreements of the servicer in the pooling and servicing agreement or any supplement which has an Adverse Effect and which continues unremedied for a period of 60 days after written notice.

Defeasance of the Indentures and Debt Securities The Indentures permit us to be discharged from our obligations under the Indentures and with respect to a particular series of debt securities if we comply with the following procedures. This discharge from our obligations is referred to in this prospectus as defeasance.

The Indentures also provide that the defeasance will not be effective unless we deliver to the trustee a written opinion of our counsel to the effect that holders of the debt securities subject to defeasance will not recognize gain or loss on those debt securities for federal income tax purposes solely as a result of the defeasance and that the holders of those debt securities will be subject to federal income tax in the same amounts and at the same times as would be the case if the defeasance had not occurred.

ELIGIBILITY AND DISQUALIFICATION OF TRUSTEE Page 14, Section 310 of the indenture act of 1939 states - ( b ) If any indenture trustee has or shall acquire any conflicting interest as hereinafter defined ( i ) then, within 90 days after ascertaining that it has such conflicting interest, and if the default ( as defined in the next sentence ) to which such conflicting interest relates has not been cured or duly waived or otherwise eliminated before the end of such 90-day period, such trustee shall either eliminate such conflicting interest or, except as otherwise provided below in this subsection, resign, and the obligor upon the indenture securities shall take prompt steps to have a successor appointed in the manner provided in the indenture ; ( ii ) in the event that such trustee shall fail to comply with the provisions of clause ( i ) of this subsection, such trustee shall, within 10 days after the expiration of such 90-day period, transmit notice of such failure to the indenture security holders in the manner and to the extent provided in subsection ( c ) of section 313. 


Many thanks for your timely attention to this matter. 
Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation