By Diane Phillips

Sometime recently, I apparently received a notice from American Express, or so they tell me. I don’t recall seeing it, but that’s probably because, if they did send it, it did not come with a subject line that hinted at the fact the boom was about to drop.

After 46 years of taking pride in being a “member” of American Express, not just a card-carrying customer of another brand of credit facility, of charging everything from the essentials to the frivolous on that little sliver of silver, of foolishly trying to persuade more merchants in The Bahamas to accept AmEx as if I were working for them instead of just paying them, of paying off the entire balance on time every month, American Express is cancelling my card, shoving me out the door like last week’s rotten fish. It’s not personal. It’s happening to people throughout the world and especially to those of us in The Bahamas and the Caribbean region. And it’s leaving a bitter taste in our mouths.

American Express is saying farewell to all of us who have an American Express international dollar card. I have no idea how many people that is, but it’s a lot, possibly in the millions.

According to its own information, American Express has 120 million members. Some 65 million of those live outside the United States. Not all are international dollar card members, but plenty are. And we are p-----. We are muttering under our hot breaths, “After all our loyalty and helping to make you whatever you are, you shut us out as if we were inferior. There are proper ways of handling things, you know, like a series of notices that would include niceties like appreciation for years of loyalty, offers to redeem or transfer points, a personal note from the chairman.”

But no, when I called to inquire why my charges were suspended when the last statement was paid and there was no money due, the individual on the other end of the line said the company sent an email. I have yet to find it and I have looked. Instead of resending me what they said they sent that I never got they sent a survey for me to answer about how my most recent inquiry was handled. Hello? Are you kidding? You don’t really want me to answer that survey.

It’s not personal

As I said, it’s not personal. My husband and I were at an event recently when someone else raised the AmEx subject. I was shocked to hear the level of anger aimed at a large institution like American Express. Every single person at the table had been dealt the same treatment and was equally annoyed, including one woman in high net worth management who said several of her clients were left hanging and were furious at both the concept and how poorly it was handled.

Why does it matter?

In a world wrestling with war, famine, floods and brutal natural disasters, the cancellation of a pocket-sized financial tool may seem so inconsequential as to be totally irrelevant but here it is why it is not.

American Express is one of the oldest, supposedly sturdiest staples of the international financial world. It is a publicly-traded company on the NYSE. But if it is shedding divisions, including the international dollar card, you have to ask why and whether its actions are based on projections of the global economy under the unpredictable reign of Donald Trump.

While the withdrawal of temporary credit facilities by a giant financial institution is mildly perturbing to me and a group of Bahamian friends, it is far more serious if it is an international indicator of a shrinking economic model that will impact increasing areas of our lives. As I write this, I am checking online share price and the stock value in Apple, Bank of America, Mastercard and Visa is all declining. Yes, the market is a rollercoaster. Share price in Apple and others may very well rise tomorrow but there is a trend. The world is changing right before our eyes, reminding us that the universe as we knew it, the world we took for granted, is as slippery as a banana peel on a polished tile floor.

More to the story

There may be more to the American Express story than just being caught up in the volatile fray of the day. Warren Buffett (Berkshire Hathaway) bought shares in American Express in 1991. He is the single largest shareholder with more than 21 percent of the company’s ownership and he has never sold a single share.

On May 3, the 94-year-old considered the genius of investment announced he would step down as CEO of Berkshire Hathaway come December. His successor may have a different view of a company that in January of this year had to pay some $230m in penalties following settlements related to deceptive practices in how it sold credit cards and wire services to small business customers. The company was accused of using strong arm tactics and paid a $108.7m civil penalty to the Justice Department and reached a non-prosecution agreement with the Eastern District of New York, according to the Wall Street Journal. Regulators are also taking a very close look at American Express.

Strong arm tactics? Learning more about American Express than I ever would have had they been more courteous about cancellation of nearly half a century of membership with little or no notice, I am now thinking maybe they did me a favour after all.

The last words I received from American Express were the usual at the bottom of the thank you for your payment notice. “We hope you continue to enjoy the benefits of managing your account online.”

Excuse me. I have to run now. Have to plan a trip with all those points which must be transferred or used by June 17, according to the man on the phone who told me the company did send one notice. He did not offer to resend so I still have no idea what it said.

Things may be tough all around. But a mom and pop shopkeeper with a tin can for a cashbox in the heart of Nassau would know how to treat a customer better. So as far as American Express goes, from now on I’ll be leaving home without it. And so will a lot of others. It’s not often that you feel you did your little part giving a big company the comeuppance it deserves.

A new junkyard appears

Guess where? If you guessed Shirley Street at the intersection of Fowler Street, you got it right, though the fact that this corner has turned into a junkyard for vehicles that have seen better days says something’s amiss when it comes to zoning or enforcement or both. The intersection is a block from the waterfront and a serene walking path that leads to Potter’s Cay dock. Surely, there are places better suited for industrial businesses like this.

...and on a happier note

I cannot end the week without a more upbeat note to the column so speaking of upbeat, let’s talk music. There are songs that put a smile on your face. Songs that start your foot a’tapping without your even trying, songs that make you feel good all over. Though we all have our personal favourites, scientists actually measure music to see which songs trigger the greatest number of happy brainwaves.

The happiest songs have a few things in common. One of the most interesting is the number of beats per minute – 140 to 150 is the happy spot. That’s two to three times as fast as your heart beats so it’s a pretty good indication of why your heart races when you hear certain songs. Researchers will tell you that Walkin’ in Sunshine by Katrin & The Waves always comes in high on the list along with Don’t Stop Me Now by Queen, Dancin’ Queen by Abba and Good Vibrations by The Beach Boys. But my all-time favourite happy song is Stayin’ Alive from, Saturday Night Fever. Just try to sit still to that one or better yet, try to keep a smile from breaking straight across your face. Betcha you can’t. And that’s one good note to say happy weekend on. ‘Til next week…