Complaint / Review
American Express Financial Advisors
Prey On Children. Paying for someone else's crime

I am a 19-year-old college student who opened an investment account with American Express. At the time of the opening, I was given a $15,000 credit line for purchasing stock. I intended to use this account for a class at a later date, and did not make any transactions on the account, or even view the account. At one point, I lost my account number, so I called American Express to get the number, but I never logged onto the computer.

Several months later, I recieved a harassing phone call from a lawyer in upstate New York who claimed that he represented American Express and that I owed the company $3100.

I explained to the lawyer that I never used the account, and that any charges made to that account were not authorized. Furthermore, I told him, I am a college student who does not have $3100 laying around. He insisted that I pay the amount immediately, or my credit report would be severely damaged. He continued to call me several times a week for the next month or so.

I finally sent a letter to American Express stating that I did not authorize the charges, and that I suspected that an unauthorized person logged onto my computer (which was located in a dorm room) and made the transactions while I was not around. I never heard a response from American Express, but the laywer kept bothering me.

Finally, I filed a claim with the SIPC and the SEC about the matter. About 6 weeks later, I got a report from American Express that basically showed what stocks were purchased, the times/dates of purchase, the IP address of the computer (MY computer's IP address), and acknowledgement that I had called the company for my account number.

I tried to explain to American Express that the IP address supported my assumption, and that I had been in class during the times that the stocks were purchased. I had a class schedule to prove that I was in class. However, they said that their findings showed that I was still reponsible. I was to pay up, or to suffer consequences. I asked why my claim was not covered by the FDIC or some other similar coverage, and they said that since it was a stock transaction, I had no coverage.

I am fed up with this company, and am currently watching my once-good credit report go down the drain simply because I cannot afford to pay for someone else's crime.