Posted: 3/25/2008 8:48:33 PM EDT
So, this guy gets behind on his payment. American Express tells him no problem, just send us 10 checks of 1/10 the amount due. To the very nice girl on the end, he says OK. So he sends the 10 checks and they cash all 10 upon receipt. He calls to find out why they lied, and they say too bad; however, they are not paid one dime, he just got $350 in bounced check charges. I was considering getting one of their cards, but reading some of the stuff on the Internet, this shit happens to thousands of people!!!!!  Why is American Express still in business?
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Nazis? Really? Nazis? Study much history? 
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I think Amex is great. They stand behind their cardholder 100% of the time in any dispute and their services are great. The thing is an Amex card is not for everybody....they are are for disciplined cardholders that pay their balance every month. As far as I can tell, they are not primarily in the business of earning money on interest from customers, but earning money from fees and having customers that pay their balance every month. |
Amex is good for big spenders, but try and buy a sandwhich with one
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No offense, but I tend to avoid retailers who don't take Amex - I get my points and I am guaranteed that the product is going to work out. I know there are quite a few others like myself. I realize it's a trade off....just like dealing with Walmart as a vendor. You have to put up with a lot of crap, but it's a ton of business you miss out on otherwise. |
There are alot of retailers like myself that take many others but not AmEx, I have noticed. The risk is yours- I discovered not only a security issue with the way they handle their customer info, but also that they really did not care that it was there. It was not my account in jeopardy, but I did not wait around until it was- I told them to take a hike. |
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Most payment processing centers are computerized. AmEx would not have a way of opening the envelope and perusing each individual check to verify that the date was current. If they receive a check, it will automatically be run through their processor, without regard to dates. If this story is true (if it is on the Internet, you KNOW that it has to be!), the check writer only has himself to blame as he is at fault for numerous reasons: -he charged more than he could pay (AmEx is a charge card, not a credit card; the balance has to be paid in full each month to avoid penalties). -he post dated checks -he wrote checks that his account could not cover. His stupidity; his loss. In regards to the original question, I agree with most here. AmEx is top notch. |
Supposedly the account was in collection. AMEX asked for post dated checks to pay off the account. They had a verbal agreement to deposit the checks once a month. AMEX received the checks and cashed all at once.  |
Post dated checks are illegal...................................... I highly doubt AMEX would ask for post dated checks, they are not your cousin. AMEX card are CHARGE CARDS not CREDIT CARDS, that means the balance for the month is due at the end of the month. Why would someone at AMEX agree to a 10 month repayment schedule on a card that is supposed to be paid of every month? The story has more holes in it than a screen. |
Another urban legend;
Most states adopted the same in the late '90s. |
AMEX supposedly agreed to a payment arrangement that included 10 post dated checks that AMEX and said borrower agreed would be deposited at a certain interval in the future. AMEX received said checks and deposited them all at once. AMEX received $0 from checks, consumer got hit with a bunch of bounced check charges. AMEX did not steal any money, they however entered into an agreement with their borrower and reneged. I just read it and was like that was pretty shitty. Thats why I ordered a new Visa card, not AMEX. There are quite a few consumer complaints out there regarding AMEX business practices. Just difficult to find. Try entering in "American Express business dealings" in google
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Did you see the cancelled checks? Did you hear the agreement being made? Again, AMEX is a charge card, not a credit card. The balance os to be paid off every month. It's a bullshit story. |