| As American Express Tries to
Grab Kabbage It Punishes Consumers Amid COVID
UNreviewed
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
Bronx / SDNY, Aug
17 – Emboldened by
deregulation, including of
fintechs at the US Office of
the Comptroller of the
Currency and now the Federal
Reserve on Varo, American
Express on August 17 announced
a proposal to buy
Kabbage.
But
American Express is evading
the Community Reinvestment
Act, and abusing consumers
amid the COVID-19 pandemic.
AmEx has a policy of imposing
adverse actions at the
slightest excuse, regarding of
the length of "membership" of
its customers.
Then when
challenged, AmEx customer
service refers people to the
wrong website, then repeats on
its illegible off-shored
"chats."
Even when formal
appeals are filed, they use
their arbitrary action as an
opportunity to re-request
customers
information.
Why should
American Express buy more
companies? They say American
Express will acquire Kabbage’s
team and its full suite of
financial technology products,
data platform and IP built for
small businesses. Kabbage’s
products include access to
flexible lines of credit,
online bill payment, cash flow
visualization tools, e-gift
certificates, and the ability
to centralize funds through
the company’s recently
launched business checking
account."
Business checking
account? With no regulatory
pre-approval of this proposed
acqusition required? Watch
this site.
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA
Mail: Box 20047, Dag
Hammarskjold Station NY NY 10017
Reporter's mobile (and weekends):
718-716-3540
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2019 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com for
|
,
