Everyone Needs To Get Involved
To whom it may concern,
I have read tons of complaints about this company and I agree with all of them. However useful blogs are, they often have little results with personal satisfaction or resolution.
I have made a complaint, which I emailed to the White House, Anderson Cooper 360, and 60 minutes. If they receive enough complaints, then hopefully, they will investigate the matter. This will be more effective in making Amex answer for their bad behavior.
See the email I sent below.. I encourage all of you to voice your complaints to the press and White House.. This is the only way we will get them to do a story which will expose Amex for what they are.. Maybe then, we will see some real change in their behavior..
I know you are all very busy, and I can only imagine the amount of emails being received. However, there is a major issue out there that I think your administration desperately needs to look at.. I am not going to give you my experience, but rather direct you to GOOGLE, American Express Complaints. They are going to cause a major melt down in the consumer industry. They have been practicing Serious ethical issues regarding ALL of their card members.
The common themes are shutting down their clients, many of whom are in the same league as most politicians financially as well as upper level and lower level card holders. There is no advance warning, and they are reducing the credit lines below balances owed, and tripping the default rates as well as killing credit scores on people with great credit.
The problem is this.. We, the people are giving funds to these companies that are self destructive. There can only be one outcome to this situation. They will see a mass exodus from their decent clients, leaving them with the problem accounts. Their volume will fall as a result, causing them huge losses.. They will need more bailout money to keep them afloat.
There needs to be some regulatory guidance, that can keep this company in check. I know there will be millions infuriated, if this company seeks funds from the American people. If they are afraid to do business, they should close their doors now and liquidate to other companies, that can handle the new volume. They can not and will not ever be profitable, by stopping to do business.
At this point, they are making money not by consumer activity, but by charging fees and default rates to it's entire card holding community. They will cause increased defaults at those trying to make ends meet, and this will just add to our current crisis..
I think the government should think about potentially starting either a new bank, or seizing a large zombie bank. Instead of bailout funds, the government should put the money directly into the bank for use for new loans in all sectors, credit cards, auto, and mortgages.
The other banks will either have to compete with the new bank, or they will fail. Once failed, then they can be folded into the new bank as an additional branch.
This is the only way, any money will ever make it out to the people that need it. Right now, all the money is doing, is funding operations for banks that are losing money. In turn, they are terrified to do business and as they shrink, they lose more money, feeding the need for more funds..
In closing.. I am begging this administration to google AMEX complaints, 2009. I am sure that many in your administration have been affected as well.
This company needs to be intervened and investigated.. It is really scary. I hate to compare it to the Holocaust, but it is a similar phenomena, whereas nobody seems to believe this is happening.
Best of luck,