Consumer complaint received 2024-03-14 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: VA

Complaint narrative:
I recently received an adverse claim and I comprehend all information stated within the document. Within the American Express Company Prospectus on page 43 it states, An account in the total portfolio must be an eligible account to be selected for inclusion in the portfolio of accounts, the receivables of which will be owned by the trust. An Eligible Account, as defined within the Pooling and Service Agreement is ; means an open end credit card account in an approved portfolio owned by the Credit Card originator that, as of the Trust Cut Off Date ( in the case of an Initial account ), the date of creation thereof ( in the case of an automatic additional account ) or the related Addition Cut Off Date ( in the case of a Supplemental account or an Initial Restatement Date Portfolio Account ) : ( f ) has and Obligor who has provided his or her most recent billing Address, an address located in the United States or a United States military address, provided that an account shall not fail to be an Eligible Account solely due to the Obligor having provided a billing address not satisfying the forgoing if as of the Trust Cut Off Date ( in the case of an Initial Account, ) the end of the most recently ended Monthly Period ( in the case of an Automatic Additional Account ) or the related Addition Cut Off Date ( In the case of a Supplemental Account or an Initial Restatement date Portfolio Account ) the aggregate principal Receivables in accounts the most recent billing address for which does not satisfy the foregoing made up less than 2 % ( or any higher percentage as to which the Rating Agency Condition has been satisfied ) of the aggregate Principal Receivables. AENB transfers receivables to RFC III, and RFC III transfers the receivables to the trustee, Each transfer of receivables by AENB is treated by AENB as a sale. The certificates offered by this prospectus will be delivered in book-entry form. I am instructing AENB to provide the open end credit, as I freely used publicly offered security, and have an existing Eligible Account and Eligible Receivable that is being sold. I am instructing AENB to provide the financial asset in pursuant to UCC 8-501 ( SECURITIES ACCOUNT ; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY ) ( a ) " Securities account '' means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. ( b ) Except as otherwise provided in subsections ( d ) and ( e ), a person acquires a security entitlement if a securities intermediary : ( 1 ) indicates by book entry that a financial asset has been credited to the person 's securities account ; ( 2 ) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person 's securities account ; or ( 3 ) becomes obligated under other law, regulation, or rule to credit a financial asset to the person 's securities account, and UCC 8-502. ( ASSERTION OF ADVERSE CLAIM AGAINST ENTITLEMENT HOLDER, An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim. ) Ref Number : XXXX

Company response to consumer: Closed with explanation