AMERICAN EXPRESS - RE: AMERICAN EXPRESS CANCELLED ALL MY ACCOUNTS

Posted on Saturday, December 30th, 2006 at 4:56pm CST by 54d2ea27

Company: AMERICAN EXPRESS

Category: Business, Finances

I don't know where to start. I'm very jittery as well as upset right now, and I'm not usually in the habit of stating personal info on the web due to people that take advantage of personal information, but I am a business owner and at the present, I don't know my recourse of actions (if any) regarding the following matter. I will say thank you to any help that may be given to me though in advance.

My business provides services as well as sell products. We accept credit cards as a payment method. I also have several American Express Cards. I have someone as one of my designated card holders/users on my AMEX Gold account. Recently that person paid for product using my AMEX Gold card on our credit card system. Which I guess is like paying AMEX using the AMEX account. At the time this person didn't think that they were doing anything wrong in the least. I would not have though it either.

Today I was checking my account status online, and in big red letters it said that my account(s) were suspended please call. Very anxious to find out what was the matter I called almost immediately and was told that my accounts were ALL closed! I thought there must have been some mistake, but I was told I violated some paragraph in the cardholders agreement. I still didn't think of this as a serious problem until I was told there was no reversal on this decision. After fermenting in this for several minutes. I called AMEX back and asked to speak to someone that could remedy this situation.And once again, I was assured that it could not be remedied unless I paid off all my existing balances and then called back to TRY to reinstate my accounts. All of this must be done within 90 days too. It also sounded like there was no guarantee that they would,but of course they want their money. (which they will get by the way). There is nothing underhanded on this end I can assure you,although they made me feel so guilty.

It boils down to how this is really gonna screw up my business and how betrayed I was made to feel by AMEX. In a nutshell, can anyone give me any info that may help me to get my accounts back? I couldn't get further than a representative by calling AMEX.

Thank You!

Mark


5 Comments

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d7079533, 2007-12-20, 12:08AM CST

I can tell you that the best shot is once the accounts are paid off is to apply for another account.

The reason it was closed is it creates a false cash flow between your account and your merchant account. When you own a business you essentially own all product for that business meaning there is no need to be purchasing it.

aa8f7673, 2008-05-20, 05:15PM CDT

Hi Mark,

I recently encountered the EXACT same situation with American Express.

After two and half hours on the phone with them I still could not get things activated again.

I accept American Express through my business and find this sort of behavior ridiculous given my loyalty to them.

Did you ever get some sort of resolution with this?

Also, did they tell you that you only had 90 days to pay the balance? I got my cancellation letters for each account, it does say to promptly pay the balance or it will be sent to collections... who knows.

One last thing, did this show up on your credit?

BTW, I was not late on any payments they just said I violated the cardmember agreement.

Regards,

Wayne

891a39ba, 2008-12-14, 02:36AM CST

Hi.

I have four separate AmExp cards and was just informed that they had canceled all my AmExp cards.

I charged six figures on them yearly and paid all of them each month FULL (using their Pay Bill option, how can you miss it?)

...still, they determined that I don't have the ability to pay my AmExp cards and promptly canceled them all. HA!

Oh well, if they want me to take my business somewhere else, I will be glad to.

ceed3fa7, 2009-01-19, 02:19PM CST

I had the same thing happen to me, do you have any advice or a number you called at Amex to actually get a representative that could help you?

Thanks,

Barb

6c3c943d, 2009-02-03, 10:40PM CST

My card was cancelled as well/ 23,000 credit line that I have earned and kept in check forever. 0.00 balance...then, slashed me. I hear that every card company is doing the same...brace yourself for a rollercoaster ride.

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