Consumer complaint received 2022-01-05
Company: GOLDMAN SACHS BANK USA
State: CT
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
I have a savings account with Goldman Sachs Bank USA, which is a completely online account. In order to make any deposits I have to send in checks to a po box address. I have deposited a significant amount and now Goldman Sachs has locked me out of my account. Recently, I deposited 2 checks, which have been debited from my account. Originally, they stated that they couldn't text me a pin to any of my numbers listed ( but they were able to call me on my mobile ) ; then they said that they needed me on the phone with the bank the 2 checks were drawn on ( originating bank ) to verify that the checks could clear. Then, they said that they didn't need me on the phone to verify the information because originating bank verified there were sufficient funds in both accounts to cover the checks. Then, when I tried calling Goldman Sachs again just to have the available funds transferred out, they told me they had to wait to hear from originating bank. Every time I call Goldman Sachs, they give me a different reason why they have locked me out of my account and access to my money. I called the specific divisions for each account and they verified that the checks both cleared. I had over {$400000.00} available for use, the amounts of the deposits for the 2 checks were over {$170000.00}. Rather than just place a hold on the amounts of the 2 checks, the Bank completely locked me out of my account and has denied me access to the available funds without any valid reason. They stated they locked me out because the originating bank told them they wouldn't be able to verify clearance of the checks until 5 business days and to call back on Friday. So, why not just place a hold on those funds so I can still access my available money? They have yet to provide me with a valid explanation. They stated that their Deposit Account Agreement states they can restrict access or close my account based on a representative list of some of the activities to cause closing or restricting an account : all of the representative list points to fraudulent or suspicious activity or misconduct. There is none of that present, so they are relying on that clause to arbitrarily lock me out of my account. I don't know why they refuse to give me access to my money. And, they stated that they could guarantee that they could release my money and account access even after the bogus hold period on my entire account, not just the funds in question. So, they can not give me a specific time when they will release my money. And, they will not put anything writing because their explanation changes each and every time I call. When I called and spoke to several people at different times at the originating bank, and the 2 divisions, all three state that they are not placing a hold on the funds, it is Goldman Sachs. And, again, why not just place a hold on the amount? Why on the whole account including my available funds? I think Goldman Sachs is trying to steal and keep my money. I have even provided the phone numbers for the 2 divisions and they refuse to call them. I've attached copies of the cleared checks that have been debited from my account.

Company response to consumer: Closed with explanation