Consumer complaint received 2024-01-08 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Delay in processing application
Company: AMERICAN EXPRESS COMPANY
State: GA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX American Express XXXX XXXX XXXX XXXX XXXX American Express XXXX XXXX XXXX XXXX American Express XXXX XXXX XXXX XXXX XXXX XXXX American Express XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX NOTICE OF LITIGATION Securities Fraud Dear American Express Financial Services , You are governed by the Security Exchange Commission ( SEC ) and the laws of the State of New York. 

I, XXXX XXXX was denied and received an adverse action letter today for an extension of credit by American Express National Bank on XX/XX/XXXX. I applied for a credit card that I wanted. I have invested in this account with good faith and clean hands. Im here to accept all lines of credit, titles, and interest on this account. I have attached your American Express PROSPECTUS and Indenture agreement where it states that my note is turned into receivables which is then turned into in Asset back security. I provided American Express a security interest which is an obligation of the UNITED STATES, which makes it cash and Im not receiving valuable consideration for that. The consideration can not be miniscule consideration effectively masking a gift as a contract. I received a letter stating that you cant retract my application however you are transferring and trading the securities on the secondary market which is security fraud. Lets make this right and open my account open ended. You have 3 business days to respond to this matter. 

Per the Prospectus dated XX/XX/XXXX American Express XXXX XXXX XXXX XXXX  ( XXXX XXXX XXXX XXXX XXXX ) Issuing Entity - It states that Since this letter was sent to me dated XX/XX/XXXX is both proof and evidence that I have been discriminated against, and youre criminally liable. American Express should resort to reasonable procedures to rectify this affair and compensate me for the use of my securities. Otherwise, this would be considered security fraud since I have received NO BENEFIT. 
If there are any concerns than you can retract my note that I sent using my social security or to my understanding, we can than start to discuss security fraud. I have ran a forensic audit report that I will use to the highest extent possible if there is a delay, and then I can tell everyone to get audits done to see whats going on with their credit card, auto, mortgage and any other loan they have with you if you dont give me whats right. I want both of my cards opened immediately. 

Per the trust indenture act of 1934 -section 307 - An application may be withdrawn by the applicant at any time prior to the effective date thereof. Subject to the provisions of section 321, the information and documents contained in or filed with any application shall be made available to the public under such regulations as the Commission may prescribe, and copies thereof, photostatic or otherwise, shall be furnished to every applicant therefore at such reasonable charge as the Commission may prescribe. 
Per the Securities Act of 1933 - Section 5 and Section 12 ( a ) ( 1 ) allow purchasers to sue sellers for offering or selling a non-exempt security without registering it. As long as the purchaser can prove a direct link between the purchaser and the seller, and the suit is within the statute of limitations, the purchaser may obtain rescission with interest, or damages if the investor sold his securities for less than he purchased them.

Per the Security exchange act of 1934 -Section -page 10 ( iii ) ASSET-BACKED TRANSACTIONS.The bank engages in the issuance or sale to qualified investors, through a grantor trust or other separate entity, of securities backed by or representing an interest in notes, drafts, acceptances, loans, leases, receivables, other obligations ( other than securities of which the bank is not the issuer ), or pools of any such obligations predominantly originated by ( I ) the bank ; ( II ) an affiliate of any such bank other than a broker or dealer ; or ( III ) a syndicate of banks of which the bank is a member, if the obligations or pool of obligations VerDate XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXSEC\SECURITIES EXCHANGE ACT OF 1934XXXX As Amended Through P.L. XXXX, Enacted XX/XX/XXXX XXXX1 Sec. 3 SECURITIES EXCHANGE ACT OF 1934 5 Replaced by 12 U.S.C. 92a. Printed in appendix to this volume. 
consists of mortgage obligations or consumer-related receivables. 
Per the Security exchange act of 1934 -Section 7 -page 83 ( c ) UNLAWFUL CREDIT EXTENSION TO CUSTOMERS. ( 1 ) PROHIBITION.It shall be unlawful for any member of a national securities exchange or any broker or dealer, directly or indirectly, to extend or maintain credit or arrange for the extension or maintenance of credit to or for any customer ( A ) on any security ( other than an exempted security ), except as provided in paragraph ( 2 ), in contravention of the rules and regulations which the Board of Governors of the Federal Reserve System ( hereafter in this section referred to as the Board ) shall prescribe under subsections ( a ) and ( b ) ; or ( B ) without collateral or on any collateral other than securities, except in accordance with such rules and regulations as the Board may prescribe ( i ) to permit under specified conditions and for a limited period any such member, broker, or dealer to maintain a credit initially extended in conformity with the rules and regulations of the Board ; and ( ii ) to permit the extension or maintenance of credit in cases where the extension or maintenance of credit is not for the purpose of purchasing or carrying securities or of evading or circumventing the provisions of subparagraph ( A ). 

Per the Prospectpus S-8-Further Issues We may from time to time, without notice to or the consent of the registered holders of the notes, create and issue further notes ranking on an equal basis with the notes being offered hereby in all respects ( or in all respects except for the payment of interest accruing prior to the issue date of such further notes or except, in some circumstances, for the first payment of interest following the issue date of such further notes ). Such further notes shall be consolidated and form a single series with the notes being offered hereby and shall have the same terms as to status, redemption or otherwise as the notes being offered hereby. 

Per the Prospectpus S-9-Book-Entry, Delivery and Form We will issue the notes in the form of one or more fully registered global notes in minimum denominations of {$2000.00} and integral multiples of {$1000.00} in excess thereof. We will deposit the notes with, or on behalf of, XXXX and will register the notes in the name of XXXX XXXX XXXX, XXXX nominee. 
Your beneficial interests in the global notes will be represented through book-entry accounts of financial institutions acting on your behalf as direct and indirect participants in XXXX, or XXXX  participants. You may elect to hold interests in the global notes either through DTC ( inside the United States ) or through XXXX or XXXX ( outside of the United States ) if they are participants in such systems, or indirectly through organizations that are participants in such systems. For information on XXXX XXXX or XXXX, see Description of Debt XXXX XXXX  and XXXX XXXX and Settlement Procedures beginning on page 9 of the accompanying prospectus. 

Per American Express Prospectus- page 24-PLAN OF DISTRIBUTION We may sell the securities from time to time in one or more of the following ways : to or through underwriters or dealers ; directly to one or more purchasers ; through agents ; or through a combination of any such methods of sale. 

We may offer the securities at prices and on terms to be determined at or prior to the time of sale, including, in the case of guarantees, for consideration that may include consents or exchanges of existing securities. The accompanying prospectus supplement with respect to the offered securities will set forth the terms of the offering, including, if applicable : the name or names of any underwriters or agents ; the purchase price of the offered securities and the proceeds to us from their sale ; any underwriting discounts or sales agents commissions and other items constituting underwriters or agents compensation ; any initial public offering price ; any discounts or concessions allowed or reallowed or paid to dealers ; and any securities exchanges on which those securities may be listed.

Only underwriters or agents named in an accompanying prospectus supplement are deemed to be underwriters or agents in connection with the securities offered thereby.

If underwriters are used in the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase those securities will be subject to certain conditions precedent, and unless otherwise specified in an accompanying prospectus supplement, the underwriters will be obligated to purchase all the securities offered by such accompanying prospectus supplement if any of such securities are purchased. Any initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

We may also sell securities directly or through agents we designate from time to time. Any agent involved in the offering and sale of the offered securities will be named in an accompanying prospectus supplement, and any commissions payable by us to that agent will be set forth in an accompanying prospectus supplement. Unless otherwise indicated in such accompanying prospectus supplement, any agent will be acting on a best efforts basis for the period of its appointment.

If so indicated in an accompanying prospectus supplement, we will authorize agents, underwriters or dealers to solicit offers by certain institutional investors to purchase securities, which offers provide for payment and delivery on a future date specified in such accompanying prospectus supplement. There may be limitations on the minimum amount that may be purchased by any such institutional investor or on the portion of the aggregate principal amount of the particular securities that may be sold pursuant to these arrangements.

Institutional investors to which offers may be made, when authorized, include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and such other institutions as may be approved by us. The obligations of any purchasers pursuant to delayed delivery and payment arrangements will only be subject to the condition that the purchase by an institution of the particular securities will not, at the time of delivery, be prohibited under the laws of any jurisdiction in the United States to which that institution is subject.

Underwriters will not have any responsibility in respect of the validity of these arrangements or the performance of us or institutional investors thereunder.

Per American Express Prospectus- page 21-DESCRIPTION OF GUARANTEES The following briefly summarizes certain of the material terms of our guarantees. Other terms will be disclosed in an accompanying prospectus supplement. You should read any accompanying prospectus supplement for a more detailed description of the guarantees offered and other provisions that may be important to you. The description of any guarantees we offer in the applicable prospectus supplement will be qualified in its entirety by reference to the applicable guarantee ( which will be filed with the SEC if we offer guarantees ).

We may offer guarantees, including for debt securities of subsidiaries, for consideration that may include cash, consents or exchanges of existing securities. Except as otherwise described in any prospectus supplement, each guarantee will be a full and unconditional guarantee of the prompt payment, when due, of any amount owed to the holders of the debt securities of our subsidiaries, and any other amounts due pursuant to any indenture, fiscal agency agreement or other contract governing such debt securities. We will describe the particular terms of any guarantee we offer in the applicable prospectus supplement, which may add, update or change the information on guarantees set forth herein XXXX XXXX XXXX

Company response to consumer: Closed with explanation