Consumer complaint received 2025-05-06 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: NJ

Complaint narrative:
RE : Formal Demand to Reopen Closed Account Ending in XXXX  and Cease Negative Reporting Due to Bad Faith, Securitization, and Fiduciary Breaches To Whom It May Concern : This letter serves as a final and formal demand for immediate corrective action regarding your unlawful and malicious closure of my American Express Blue Cash Everyday credit card account ending in XXXX, and your willful evasion and denial of lawful forensic accounting, fiduciary obligations, and transparency requirements. This matter is of serious legal gravity and will no longer be subject to your dismissive template responses or avoidance tactics.

1. Unlawful Closure and Retaliation The closure of my account on XX/XX/XXXX, citing non-payment, was not only pretextual and in bad faith but also retaliatory for my prior complaints and demands for forensic audit and disclosures. This retaliatory action is a violation of public policy, contractual obligations, fiduciary duty, and constitutional protections under Article I, 10, U.S. Constitution, which prohibits the impairment of contract obligations, and is further compounded by your failure to act in good faith and fair dealing ( see Restatement ( Second ) of Contracts 205 ).

2. Fiduciary Breach and Refusal to Honor Principal 's Right to Set-Off As the principal and original creditor, I lawfully invoked my right to set-off under the Uniform Commercial Code 9-210, demanding a complete and transparent audit of all trial balances, double-entry bookkeeping ledgers, and ACH debit/credit entries applied to the account. I also directed American Express to credit and transfer the principals security interest to the appropriate principals account in accordance with Generally Accepted Accounting Principles ( GAAP ). Your refusal to honor this lawful accounting procedure while unlawfully demanding a specific specie of payment ( i.e., Federal Reserve Notes ) constitutes an act of conversion, breach of fiduciary duty, and constitutional violation.

A party who refuses to provide proper accounting and continues to demand payment without disclosing set-offs or matched entries is committing a fiduciary breach. Noble v. Drexel, Burnham, Lambert Inc., 823 F.2d 849 ( 5th Cir. 1987 ) 3. Securitization and Misappropriation of Receivables As clearly evidenced in the attached SEC Form 8-K filed by American Express XXXX XXXX XXXX XXXX XXXX on XX/XX/XXXX, the account receivables generated from consumer credit card accounts, including the one referenced above, have been securitized and sold into the American Express Credit Account XXXX XXXX , thereby transferring ownership of the asset and creating asset-backed securities purchased by institutional investors.

You can not simultaneously claim collection rights on an account that has been assigned to a trust and used as the underlying asset for public securities issuance, without also being the holder in due course or maintaining standing. This is a clear violation of the Truth in Lending Act ( TILA ), Securities Exchange Act, and constitutes securities fraud, unjust enrichment, and deceptive business practices.

A party securitizing and assigning receivables into a trust relinquishes all ownership interest. Any subsequent attempt to enforce the alleged debt without disclosure of the trust beneficiary structure is fraudulent. Carpenter v. Longan, 83 U.S. 271 ( 1872 ) ; U.S. v. Emor, 850 F. Supp. 2d 176 ( D.D.C. 2012 ) 4. Demand for Immediate Corrective Action You are hereby formally demanded to :
Immediately reinstate the credit card account ending in XXXX in good standing.

Delete all negative or derogatory reporting related to this account from all consumer reporting agencies ( XXXX XXXX and XXXX  ) within 72 hours of this notice.

Provide a full forensic audit of the general ledger, trial balance, ACH debits and credits, and double-entry bookkeeping records, including but not limited to : The original source of the alleged obligation Journal entries matching all receivables and payables Record of any and all XXXX  numbers and trust assignment documentation Submit sworn affidavit from an authorized, competent man or woman under penalty of perjury who can lawfully attest to the existence of any balance due or owing, supported by original, non-hearsay evidence.

5. Notice of Intent to Escalate Should you continue to evade, delay, or refuse to provide the above, I will not hesitate to : File formal complaints with the Internal Revenue Service, demanding a full audit of the general ledger related to account-level taxation, securitization, and misreporting of liabilities ; Submit a complaint to the Securities and Exchange Commission ( SEC ) regarding potential securities fraud and undisclosed trust structuring ; Initiate legal action under the Fair Credit Reporting Act ( 15 U.S. Code 1681s-2 ) for willful and negligent misreporting of a settled or securitized debt ; Demand damages for defamation, retaliation, emotional and financial harm, and violations of fiduciary and constitutional rights.

The failure to correct inaccurate credit reporting upon notice of dispute constitutes willful violation of the FCRA. Cortez v. Trans Union , LLC, 617 F.3d 688 ( 3d Cir. 2010 ) This notice serves as a final opportunity to resolve this matter privately and in good faith. Silence is acquiescence, and failure to respond with complete and verified documentation will be construed as fraudulent concealment and tacit admission of all claims herein.

Govern yourself accordingly.

Company response to consumer: Closed with explanation