Inspector general offices of Treasury Department, Federal Deposit Insurance Corp. and Federal Reserve are investigating if American Express used aggressive and misleading sales practices to sell cards to small businesses and if customers were harmed according to WSJ. In addition the Office of the Comptroller of the Currency is investigating business-card sales practices at AmEx.
American Express has denied any wrong doing stating:
We have robust compliance policies and controls in place, and do not tolerate misconduct, – AmEx spokeswoman
This is very true. I am a small business owner and they advertise big points offerings and then pop-up block you when you go to apply. Further they said I get points for referring people and I referred myself but they took the points away. This criminals need to be stopped. I generated nearly $1,000 of revenue in the last 5 years, that means I need a 7th Amex!
“they said I get points for referring people and I referred myself but they took the points away”
😂
The Feds are owned by Chase.
wat
He means that J.P. Morgan(founder of chase) created the federal reserve.
I don’t know if the federal investigators are the same as the Fed. Reserve.
Don’t you know the Chase building is right across the street from federal reserve in NY?!?!!!
Feds can you please ask Amex to post my $20 small business credit while you look into this.
Any my 10% back from dell offer they never gave me? Rat bastards.
Federal investigators must be in pop-up jail
“We have robust compliance policies and controls in place, and do not tolerate misconduct,” – AmEx spokeswoman
Translation: Don’t blame us. A scapegoat did it.
Maybe this will slow the clawbacks where they try to bait you into purchases and then pay nothing out.
New law passed: sole proprietorships can’t get business cards
fake news?
Is this confirmed?
BS
Even if that happened, it’s both very cheap and easy to form an LLC in many states. I operate under an LLC for my eBay sales and it costs me almost nothing to maintain it.
Lucky. It costs $500 per year in MA.
Shut down the RATS !!
Amex gets a clawback by the government. The feds have the best RAT poison.
The worst part: They’re gonna take the fines the government charges out from churners. Don’t be suprised if AMEX becomes even more aggressive with clawbacks going forward.
There will somehow be a clawback as a result.