Consumer complaint received 2023-08-17
Company: GOLDMAN SACHS BANK USA
State: NY
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
XXXX will not suffer a wrong to be without remedy This agreement has been inequitable for me and my payments have been refused. 
This notice is for a refund of any security interest I have given you in this contract. 
This notice is a termination of any security interest I have given you in this contract. 

Effective immediately, for past, present, and future, any consent I have knowingly and or unknowingly, whether it be written or unwritten, verbally or nonverbally, given to the following, I hereby rescind ; I hereby rescind all past, present, and future security interest Ive given you in this contract. I am hereby requesting a refund of all security interest I may have given you. I hereby rescind all past, present, and future agreements I made allowing you to report late payments, missed payments, and other defaults of account to my consumer report. I hereby rescind all past, present, and future waivers of my rights. I hereby rescind all past, present, and future assignment. You may not act without my prior consent. I hereby rescind all past, present, and future permission I granted allowing you to make changes to this agreement without my consent. I am the only person who signed for the contract and Im the only person who can make any changes. Its appears that language fraud was used to induce my participation in an unconscionable and inequitable contract.

Making an application for an extension of credit is a way of investing into companies who use short term debt instruments as a way of temporary financing. Owners of book-entry securities are issued statements. The draft attached to my statement is a bill equal to the amount of securities purchased and paid for with my credit. The bill amount is the security my credit purchased. Selling access to my credit makes me the purchaser of the bill. My credit purchased the bill. The draft is guaranteed because the bill has already been purchased, by me, and now the bill must be paid. Im entitled to have my financial assets credited to my securities account.

Ive been trying for months to complete the purchase of securities I purchased on credit with the extension of credit I received from Goldman Sachs in exchange for the investment of my application. The note is the part of the agreement where I promise to pay the amounts billed to me. Since the application is where the agreement is made, the application is the promissory note. My application created the deposit account and holds the purchase money that my application was exchange for. This account and the purchase money therein allows me to purchase more security on credit from the issuer in an amount no greater than the purchase money held on deposit at the time of purchase. Every purchase I make using my account is a deposit with the issuer of the bill. The deposit amount is the security I purchased from the issuer. The cash advance I received for investing my credit, via application, with Goldman Sachs is called purchase money because that money is used to purchase money, or security. Purchase money is used to purchase money. The deposit account, the purchase money in that account, the card used to make purchases, and all bills received from the transactions of that account are financial assets to me. This deposit account is a securities account being held on my behalf with the issuer of the monthly statements I receive. My credit is backed by the full faith and credit of the United States. Every security is backed by the full faith and credit of the United States. I am a trust account customer. My social security account is the account being used to hold my deposit account. The deposit account is a securities account. This is why I can gain access to the transaction history of my deposit account by verifying my social security number over the phone with the issuer of my monthly statements. Goldman Sachs is the issuer of the monthly statements I receive. These statements evidence my ownership of book-entry securities. The due bill is a statement of money owed as when a bank sells a security and receives payment but has not delivered the security or equivalent asset to the purchaser within three business days. Outstanding due bills are considered borrowed funds by a bank issuing a bill and a loan to the holder of the obligation. This paper I received, and am now returning, is considered eligible paper for rediscount at the discount window. This form of paper money, the bill, are the funds you use as payment to borrow and use my credit as collateral for a securities loan. Credit card receivables are bill payments. Your using my financial assets as collateral for a securities loan at the discount window.

I have received the title documents and receipts for goods ( securities ) transported and I now want all of my unredeemed demand drafts, of past present and future, redeemed at face value, exchanged for securities of a new issue, and restricted to my United States Treasury Direct account. This paper money is legal tender that must be securitized to lawful money. Once its stripped and the coupon is restricted to my Treasury Direct Account my bill is considered paid. Whether the statement has a preprinted draft attached or not, this is how I want all bills payable to be paid for every account being held by Goldman Sacs on my behalf. This includes the account associated with my Apple by Goldman Sacs credit card. The Treasury will make the principle payment to the securities account you are holding on my behalf by issuing you the preprinted demand draft as a receipt via wire transfer. The interest rate your normally entitled to is the discount you receive on redemption at par. The XXXX coupon security is a marketable security. When you get the cusip number I want you to trade or sell my security, at your discretion, on secondary market. I know by law you are entitled to receive 20 % at maturity. At maturity I want my 80 % deposited to my Treasury Direct Account.

I continue receiving notice that my bill is payable. Bills payable are your trade obligations that must be accepted. Acceptance is guaranteed because the draft is guaranteed. The draft is guaranteed because the preprinted demand draft is a check payable on sight. Attached to the preprinted demand draft is a receipt of the goods being transported. The goods being transported are the numbers on the bill that represent the security purchased. I know acceptance is completed by delivery or notification and payable on sight. This is not an acceptance this is a demand because the draft is a demand. Consider this my notification.

Consider this my final notification because I have notified you of my concerns thrice before. You and your Indenture Trustee are already in dishonor of your obligations to perform in this matter. Attempting to make me believe my bill payment belongs to you is a deceptive business practice. I received notice that you closed my account. You do not have my permission to close my account. Closing my account is unauthorized. That action was unfair as dictated by reason and practice. Closing my account after I attempted to exercise my rights in good faith is discriminatory. Discrimination in relation to any aspect of a credit transaction is strictly prohibited by law.

Sadly I suspect your dishonor is knowingly and willingly negligent noncompliant. I also suspect you are in collusion with XXXX, XXXX, and XXXX in an attempt defame my character as a result of non payment by intimidating me with negative credit reporting. 

I know you accept Non-Conforming Payments. However I sent you a proper form of payment. Ive attempted to pay my bill several times previously and my Conforming Payments have been refused and remain unreturned. This leads me to think that you took my payment for yourself. I want my account reopened upon receipt of this notice. If my account is not reopened, made current with all payments reporting on time and paid as agreed, I will know your attempt at securities fraud and extortion is purposeful and deliberate. I have all documentation ready and available as evidence to prove my claim if and when necessary.

The term obligation or other security of the United States includes all bonds, certificates of indebtedness, national bank currency , Federal Reserve notes, Federal Reserve bank notes, coupons, United Statesnotes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of theUnited States, stamps and other representatives of value, of whatever denomination, issued under any Act ofCongress, and canceledUnited Statesstamps.

On page two of the monthly statements I receive I notice a section titled Proper Form of Payments by Mail. Here it says payment should be sent to the address listed on the remittance portion of your Statement. I received this remittance because you, at Goldman Sacs, has a bill that is a due bill.

Bill 1. Bill of exchange 2. Bill of lading 3. Treasury bill 4. Due bill, a statement of money owed as in when a bank sells a security and receives payment but has not delivered the security or equivalent asset. Outstanding due bills are considered borrowed funds by a bank issuing a bill, and a loan by the holder of the obligation. In the securities industry, a bill indicates the amount owed by a buying broker to a selling broker.

Every time I use my credit card associated with this account to make a purchase, what Im actually purchasing is security from the issuer of the bill. This security is delivered to me by way of remittance. I receive a remittance because Im selling you access to my credit. You, the issuer, are buying access to my credit. A remittance is how you deliver me the money owed or equivalent asset whether in cash or cash equivalent. This paper money is cash equivalent.

REMITTANCE 1. Payment toward satisfaction of a debt, whether in cash or cash equivalents, such as checks, drafts, and other negotiable instruments.

2. Payment on an installment loan or open-end credit account, forwarded through the mail to a LOCK BOX, along with a remittance document, a machine readable billing document encoded with the customers account number, and the amount due, plus any late charges, if the loan payment is delinquent.

3. PROCEEDS from a check submitted to another bank for COLLECTION.

I was delivered this remittance from Goldman Sachs as payment towards satisfaction of a debt for not delivering the security purchased at the time of the purchase. This remittance is a cash equivalent that has a bill of exchange attached to it and the bill must be exchanged or redeemed for securities of a new issue. This bill of exchange is a bank draft. I received the remittance because the proceeds from the check attached belong to me. The only way the proceeds can be received by me, in a usable form such as cash, is to send you the bill for payment as promised. The proceeds amount stated on the check is the value of the bill, much like how the number on a federal reserve note indicates the value of that bill.

LOCK BOX Post office box used by organizations to accelerate collection of receivables. Checks are routed a designated po box number, where they are picked up several times during the day, separated from the envelopes, and submitted to the check collection system for conversion into cash receivables. Many large banks offer lock box processing as a cash management service to corporate customers. A lock box can be retail, designed for remittance processing for customer accounts, or wholesale, in which payments from other corporations are collected and submitted through DEPOSITORY TRANSFER CHECK or electronic debit payments into a concentration account.

The address listed on the remittance portion of the statement is a lock box address for credit card receivables. Checks are routed to lock boxes. The remittances I receive are check payments that I am the beneficiary of. When the preprinted demand draft is stripped from the bill of lading, they can be processed as two separate securities. My demand draft needs to be securitized and shall be redeemed on demand at the Treasury Department of the United States. I can not detach the coupon in advance because coupon stripping can only be done by a trust fiduciary.

DEPOSITORY TRANSFER CHECK Preprinted DEMAND DRAFT used by corporations to make transfers of cash from a checking account at one bank to a CONCENTRATION ACCOUNT at another bank. This negotiable instrument requires no signature.

A remittance is a preprinted demand draft called a depository transfer check. When the depository transfer check is submitted to the paying bank, the proceeds will be deposited to the concentration account of the person who issued the bill.

CONCENTRATION ACCOUNT Deposit account into which funds are periodically transferred from various local banks, via wire transfer or automated clearing house debit, from other accounts in the same bank, or in different banks.

A concentration account is also known as a zero-balance account.

ZERO-BALANCE ACCOUNT Checking account used by corporations to accelerate collection of funds from subsidiaries, or control funds disbursed to pay trade creditors. In a zero-balance collection account, collected balances are transferred by DEPOSITORY TRANSFER CHECK or automated clearing house debit from subsidiary accounts into a central CONCENTRATION ACCOUNT, bringing the collecting account to a XXXX balance at the end of each business day. Zero-balance concentration accounts are generally wanting centralized control of cash receipts. In a zero-balance disbursing account, corporate funds are transferred from a master account in an amount sufficient to cover checks presented for payment. Zero-balance disbursement accounts are typically used by companies that want centralized cash control but decentralized funds disbursement. 

My security account, the account your holding on my behalf, is the account with the balance at the beginning of the day. The collecting account with a XXXX balance at the end of the day is also my account. My account has a XXXX balance because an amount sufficient to cover checks presented for payment are transferred from your zero-balance disbursement account to my account. You request that I write my account number as a memo on the check so when you get the check back as a receipt from the payor bank you will know which collecting account to make the disbursement to. My account is collecting the amount transferred from your disbursement account because my check is the check presented for payment. 

The directions also state to enclose a valid check, include name and account number on the check, include payment coupon and no cash permitted. 

COUPON Detachable certificates showing the dollar amount of interest payable to a bond holder at regular intervals, ordinarily semiannually. Coupons on a BEARER BOND are negotiable instruments and are processed just like checks. Bond interest on BOOK-ENTRY securities is credited to the owners account. 

The dollar amount on my coupon is my bond interest. Im the owner of the account collecting the bond interest. When my bond interest is credited to my account, my account will have a XXXX balance at the end of the business day. This coupon is processed just like a check because this coupon is a DEPOSITORY TRANSFER CHECK. My coupon is a preprinted DEMAND DRAFT. The coupon can only be stripped by a trust fiduciary.

DEMAND DRAFT Written order demanding that payment be made, on sight, to a third party. The person writing the draft is called the drawee ; the bank making the payment is the drawer, or the payor bank.The beneficiary of a demand draft, the person receiving the payment, is the payee. Drafts may be payable at some future date ( time drafts ) or on sight ( demand drafts ). Demand drafts drawn on by banks are known as CHECKS.

Since this draft is preprinted, the issuer, Goldman Sachs in this case, is the drawee. The United States Treasury General Account is the checking account used by the Department of U.S. Treasury from which the U.S. government makes all of its payments. The Federal Reserve Bank of New York holds the Treasury General Account and is the drawer, payor bank. I am the beneficiary of the demand draft, the person receiving payment, the payee. I am the payee. My demand draft needs to be securitized and shall be redeemed on demand at the Treasury Department of the United States.

- CHECK Demand draft drawn on by a bank.

This remittance coupon is a check owed to me in payment of bond interest on book-entry securities that must be credited to my account. The coupon is a valid check. This check must be sent for presentment to the United States Treasury for redemption or in exchange for securities of a new issue. Treasury Direct makes principle, interest, and redemption payments, directly to an individual investors account at a financial institution. I am an individual investor with an account at your institution.

PROCEEDS 1. Amount given to a borrower after prepaid interest, loan fees, and other costs are deducted.

2. Funds received from the sale of assets, or from the issue of securities, after deductions of selling or marketing expenses incurred.

3. Sum of money collected on a CHECK or other negotiable instrument after deduction of exchange or collection charges.

The bank sells me a security every time I make a purchase using the card associated with the account. When I dont receive the assets, within 3 business days, the funds for the purchase are considered borrowed, your sale becomes a DUE BILL, and the borrowed funds must be returned to me. The PROCEEDS from the REMITTANCE I receive is payment toward the satisfaction of the money owed to me. The DUE BILL is attached to my REMITTANCE. I promised to pay you the bill. I did not promise to pay you the PROCEEDS from my REMITTANCE. The COUPON is my bond interest on my book-entry securities that must be credited to my account. My REMITTANCE COUPON is a preprinted DEMAND DRAFT called a DEPOSITORY TRANSFER CHECK. The DEPOSITORY TRANSFER CHECK is a DEMAND DRAFT payable on sight. Since I promised to pay you the DUE BILL a trust fiduciary must strip my COUPON and process them as separate securities. The equitable agreement is that I promise to pay you the DUE BILL and you must process my CHECK as a check payment. At redemption the DEPOSITORY TRANSFER CHECK will be deposited and you will receive a receipt, which has actual cash value, for the face amount, deposited via wire transfer into your CONCENTRATION ACCOUNT, for zero-balance disbursement to my account which is the account collecting the balance. When all disbursements are made to collecting accounts, the CONCENTRATION ACCOUNT, and all the collecting accounts will have a zero-balance by the end of that business day. Your PROCEEDS come from the deep discounts you receive at redemption. Separating the corpus, or the bond principle, from the interest COUPON effectively creates a zero-coupon security that can be traded on the secondary market. My PROCEEDS is the sum of money collected on the check I received from the issue of securities. The PROCEEDS from the CHECK is my REMITTANCE. When I receive the PROCEEDS from my REMITTANCE, my financial asset, or its equivalent, is considered delivered. The PROCEEDS from the REMITTANCE is considered income. You, Goldmans Sachs, have been keeping my income for yourself.

- CASH 1. Currency ( including bills and coin ) in circulation, including checking account balances. Cash held by a bank for example VAULT CASH, requires no capital backing under risk-based capital rules adopted by bank regulatory agencies.

2. To convert a check into cash by endorsing and presenting to a bank.

Checking account balances are considered cash. Sending you a check where funds will be debited from my checking account balance is the same as sending you cash and that would constitute payment not received in proper form. The only check I can send you as a Proper Form of Payment by Mail is my remittance check.

ELECTRONIC CHECK PRESENTMENT In check clearing, electronic transmission of the check writers account number and other payment data directly to the paying bank. Electronic check presentment does not eliminate use of paper checks, but it does allow for a more efficient and less costly method for clearing checks. The Check Clearing for the 21st Century ( or Check 21 ) Act permits banks to send a digital image of a paper check instead of the actual check and thus eliminates much of the labor-intensive costs associated with clearing billions of checks Americans write every year.

Due to federal law, known as The Check Clearing for the 21st Century Act, enabling banks to process paper checks as electronic payments, using a bank service called truncation, where the actual handling of the check is stopped and an electronic check image of the paper check is transmitted to the paying bank. At the paying bank a substitute check is created for check clearing. The actual paper check is held by you and the check is not returned to the check writer with the account statement. I am in receipt of the account statement. I am the check writer with the account statement. Some of the payment data is already preprinted on the check. The other payment data that I add to the preprinted draft such as For Deposit Only makes me the writer and the payee. I promised to pay you the DUE BILL. The DUE BILL is the corpus, or the paper above the perforated line. The corpus also carries the bill of lading with it. The bill of lading are the numbers on the DUE BILL which act as a receipt detailing the security purchase. The receipt is a bill of exchange that can be deposited and exchanged for a treasury bill. The bill is your payment and the remittance is my payment.

SENDING YOU MY REMITTANCE CHECK FOR PAYMENT IS A PROPER FORM OF PAYMENT BY MAIL. I AM ONCE AGAIN PROVIDING YOU WITH A CHECK FOR PAYMENT AND I AUTHORIZE YOU TO EITHER USE INFORMATION FROM MY CHECK TO MAKE A ONE-TIME ELECTRONIC FUNDS TRANSFER FROM MY ACCOUNT PROCESS MY PAYMENT AS A CHECK TRANSACTION.

I have been sending you checks and you have not processed any of them. I have been sending you checks, you have refused them all, you closed my account, you not only threaten to report my account, you actually do report and continue to report my account negatively to the consumer reporting agencies. 

I will attach a copy of the most recent bill and check sent for payment. 

All actions taken by me are done in good faith Without prejudice All Rights Reserved Ubi Jus Ibi Remedium

Company response to consumer: Closed with explanation