Consumer complaint received 2022-12-31
Company: GOLDMAN SACHS BANK USA
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
I am aware that Goldman Sachs Bank in under investigation for deceptive and predatory practices within their credit card business unit. That said, I would like to share my recent experience as follows : In XX/XX/XXXX, I was approved for a Goldman Sachs Bank Credit Card ( Apple Card ) and given {$30000.00} credit limit based on my credit worthiness. My account was immediately set up for auto-pay of statement balance at the end of each statement period to avoid late fees and interest. My account was paid on time every month from XX/XX/XXXX until my issue with the bank in XX/XX/XXXX. 

In XX/XX/XXXX, I added a new bank account via the credit card website and checked the box next to the new bank account as the new default account for auto-payment. 

I noticed a {$100.00} interest charge to my Goldman Sachs credit card account on XX/XX/XXXX and immediately contacted Goldman Sachs to find out why. The customer service representative said that my auto payment for {$4400.00} ( amount due per my statement ) was pulled from the old bank account and was declined because of insufficient funds. Although I believe it was the bank 's error in pulling the funds from the wrong account, I told the agent I wanted to settle up the account. She manually processed my payment of {$4400.00} ( amount due per my XX/XX/XXXX statement ) and said I was stuck with the {$100.00} interest fee for paying the statement amount " in full '' on XX/XX/XXXX ( 3 days late ). She said my auto pay was now corrected and would pull from the new bank account moving forward. Although she couldn't determine why the error occurred, she said she did not have the authority to waive the fee, even if it was a bank error. At this time she did not alert me that the bank would be taking away the " grace period '' and would begin charging me interest on any unpaid balance. I hung up the phone believing that my account was settled up and the terms and conditions governing interest fees remained as it was for the previous XXXX XXXX years I have had the card. I'm sure the bank has the recording of this conversation to document I was not advised properly. The bank can see a new bank account was entered before the statement balance was due and that this account was always paid on time via auto pay. At a minimum, a logical person can see that the intent was for the XXXX statement balance to be paid, based on previous payment history and proof that the new bank account information was logged in properly prior to payment due. 

On XX/XX/XXXX, I noticed yet another interest charge of {$110.00}. I immediately contacted Goldman Sachs for an explanation, to dispute the charges and to speak with someone that had the authority to reverse the fees. The XXXX balance due on my monthly statement of {$6100.00} was paid on time ( XX/XX/XXXX ) and the XXXX statement balance of {$4400.00} ( paid 3 days late ) was paid in full. However, at this point I have now incurred {$210.00} of total interest charges. How could this be? Unfortunately, Goldman Sachs card specialists could not explain. 

From XX/XX/XXXX to XX/XX/XXXX, I had written and verbal conversations with multiple Apple Card ( Goldman Sachs Bank ) specialists who could not explain why my account was continuing to accrue interest charges and what needed to be done to stop the interest charges. Each rep said that they either understood me or felt the charges looked incorrect, but they didn't have the authority to waive the fees beyond {$25.00}. Each supervisor I spoke with said the same thing and then said a XXXX would call me back within XXXX business days. When a XXXX did call me back, they also said they did not have authority to waive fees regardless of whether they agreed with me or not. Finally, after a XXXX hour conversation with XXXX XXXX card XXXX ) on XX/XX/XXXX, he was the XXXX Goldman Sachs employee that was able to explain the interest charges and that interest was continuing to accrue as we spoke. But, my call ended like all the others. He seemed to want to help and I believe he would have reversed the fees if he could, but he did not have the authority beyond {$25.00}. 

In summary, the Goldman Sachs credit card customer service department is unable to communicate how interest fees are charged, continued to be charged despite paying monthly statement balances and how & when grace periods are revoked & how to restore them. They are well trained in telling customers that they don't have the authority to resolve an interest fee over {$25.00} and that they can't connect you with a XXXX that has the authority. You are told a XXXX will call you back within XXXX business days, however, the individual that calls you back lacks any authority to resolve the dispute ( anything over {$25.00} ) and is unable to explain how interest fees and grace periods work or that interest fees are continuing to accrue. 

Despite my attempts with every representative I communicated with, the organization is unwilling to allow card holders from speaking to the individuals that have the authority to make decisions or resolve disputes.

Company response to consumer: Closed with monetary relief