Consumer complaint received 2024-01-09 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: OR

Complaint narrative:
American Express, XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, FL XXXX Certified mail : American Express, XXXX XXXX XXXX, XXXX XXXX XXXX, UT XXXX Certified mail : American Express, Investor Relations, Attn : XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX, NY XXXX Cc : XXXX Certified mail : Consumer Financial Protection Bureau ( CFPB ) Online submission RE : Reference Number XXXX XX/XX/XXXX Dear American Express XXXX I have received your correspondences regarding my letter pertaining to my denial of credit. I have included them within this letter for your reference. Thank you for your denial offer, but I am not accepting your offer of a denial of the credit in which I gave you through my application which is a security. 

I applied for your travel card ; you cant deny me credit. I gave you an instrument, a security ( the application ) you made a profit from it. The application is a promissory note, which is being securitized as a receivable and sold to third parties on the Secondary Market! This is stated CLEARLY in your XXXX, XXXX, XXXX, and Prospectus forms located ON American Express website AND the SEC.GOV website.

I gave you something of value I can NOT be denied. To be denied would be a form of unjust enrichment because I gave you something of value a security. You must return equity or return the security ( the application ) and all derived proceeds. We both know you cant return the security ( the application ) as youve already securitized it and are profiting from it. 

Be advised that when I signed the application with American Express, I then became an INVESTOR into your company. Per the Electronic Transfer of Funds Act, you already securitized my application and cant hand it back to me, due to the application already being securitized, there was no equity given back to me for consideration of my security application. When I signed the application for your services, I gave you a security interest which is an obligation of the United States. Which makes it cash I am not receiving valuable consideration for that security and the consideration can not be miniscule consideration effectively masking a gift as a contract. 

XXXX XXXX XXXX XXXX XXXX XXXXXXXX is your Indentured Trustee, under the Pulling and Service Agreement their principal office is located at XXXX XXXX XXXX XXXX, XXXX XXXX XXXXXXXX, Attention Corporate Trust, XXXX XXXX XXXX. I am the Investor and the Donor of the application security, and I have possessory and property rights of the security and any derived proceeds. Did you securitize my application as a deposit substitute on your books and accounts receivable and pulled into a large batch of Asset Backed Securities to create and sell investment products to Investors? This question is rhetorical ; you know for a fact that you did this. 





You then deposited the note/security/application into your trust thus gaining interest once transferred into the primary market, until maturity. You can keep the security which I know youve sold and are currently trading, what Im asking for is for valuable consideration for the security that I gave you. 

The Securities Exchange Act of 1934, ( 15 USC 78a ), which I know you follow as its all over your 8k, 10k, and Prospectus forms CLEARLY STATES that credit is only extended with securities as the collateral. Since YOU SAW FIT to accept and RETAIN my collateral ( the application ), it seems like you owe me something AN ACCOUNT with American Express. Not only an account, but an open ended account. 

Per page 55 on your 10Q form 5. Asset Securitizations We periodically securitize Card Member loans and receivables arising from our card businesses through the transfer of those assets to securitization trusts, American Express Credit Account Master Trust ( the Lending Trust ) and American Express Issuance Trust II ( the Charge Trust and together with the Lending Trust, the Trusts ). The Trusts then issue debt securities collateralized by the transferred assets to third-party investors. 

OH XXXX how much you have thanks to the securities from our application! : Restricted cash and cash equivalents held by the XXXX XXXX was {$60.00} XXXX and {$59.00} XXXX as of XX/XX/XXXX and XX/XX/XXXX, respectively, and for the Charge Trust was nil as of both XX/XX/XXXX and XX/XX/XXXX. These amounts relate to collections of Card Member loans and receivables to be used by the Trusts to fund future expenses and obligations, including interest on debt securities, credit losses and upcoming debt maturities.

Per page 73 on the Prospectus, you even discuss transferring our Zero Percent certificates of Indebtedness securities into Book-Entry with the United States Treasury and depositing the securities into the depository name of the trust. This continues onto page 76 where Payments by participants to beneficial owners of book-entry certificates will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in street name, and will be the responsibility of those participants.

Per page 117 on the Prospectus, you even speak about Sale or Exchange of Certificates we gave you!

Per page 53 on your 10Q form you even go into describing the available-for-sale securities at fair value Once again, I gave you a security, I have received no benefit from it and you are taking this as a gift which it was certainly not, and making money off it, selling it on the open market. 

You even state in the Prospectus, that FICO stores are based on independent, third-party information, the accuracy of which you can not verify so riddle me this, why are you saying that youre using my FICO score in determination for approval for my account? Not only is this a violation of the Federal Equal Credit Opportunity Act as youre discriminating against me, you state in your prospectus you cant even verify the information as accurate. Additionally, the security I gave you with my application is not a gift, its an exchange.

Im giving you one last chance American Express to make this right.

I am the Investor, Agent, Principal and Beneficiary, you should not deny me credit PERIOD Per 15 USC 1691a. I am revoking any and all implied security that may have been conveyed to American Express through contract or application. If you fail to perform and do not provide me with an open ended card as exchange for the security ( application ) I gave you, I haveno choice but to report you to the US Securities and Exchange Commission ( SEC ) for securities fraud, Federal Trade Commission ( FTC ) for Identity Theft, Financial Industry Regulatory Authority ( FINRA ), FDIC, and Attorney General ( Oregon, Delaware, New York ). 


XXXX, XXXX XXXX, XXXX Without Prejudice

Company response to consumer: Closed with explanation