Consumer complaint received 2022-09-09
Company: GOLDMAN SACHS BANK USA
State: SC
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
I previously logged a complaint with the Federal Reserve and their response suggested I log a complaint with CFPB. On XX/XX/XXXX I contacted Goldman Sachs to request that my CD account of $ XXXX be closed. After trying for hours to reach them, it became necessary to try the next business day. On XX/XX/XXXX I tried again, without success in reaching an agent directly. I then used their call back system and received a call back several hours later. After the agent verified me, I respectfully asked that my CD account me closed and that the funds be deposited into my Goldman Sachs savings account. The agent informed me there would be a {$600.00} penalty for early closure and that my funds would be transferred that business day. On XX/XX/XXXX, I logged onto my account but found the closure was not processed. I again reached out to Goldman Sachs and was told the request was in process. On XX/XX/XXXX, I logged onto my account and again found that the closure was not processed. I again contacted Goldman Sachs and was assured that my account would be closed but the agent could not confirm when. They simply told me they were 'busy due to interest rate changes '. I was frustrated as the written CD contract was breached by Goldman Sachs yet they still were charging me {$600.00}. The following week, now Monday XX/XX/XXXX I logged onto my Goldman Sachs CD account and found the closure had still not been processed despite confirmation that it would happen. That day, I spent the better part of the morning contacting Goldman Sachs and waiting for a call back. In all it probably took me close to XXXX hours over 6 days to get them to comply. I finally got a call back on XX/XX/XXXX, and was told by an agent that my request was in progress but that they could not confirm when the account would be closed. They cited that they would give me a good faith credit of {$100.00} because of the delays. I explained this was not acceptable and that I needed the money for a home purchase. The agent said they could not confirm when the funds would be available but that it was in process. I asked to speak to a supervisor. I was told that my request was acknowledged but that it would take approximately 48 hours for a supervisor to call me back. I explained to the agent that they were in violation of their banking policies and those of the FDIC. I also let them know of my intentions to log a formal complaint with the FDIC. I contacted the FDIC who in turn referred me to the Federal Reserve. Following my complaint with the Federal Reserve I have been referred here. Ultimately, I did get a call back from Goldman Sachs and they finally closed my account and remitted the monies to my Goldman Sachs savings account on XX/XX/XXXX - nearly a week after my initial request was submitted, acknowledged and verified. I feel they were in gross violation of federal banking policies and guidelines and knowingly prevented me from gaining access to the money on deposit with them.

Company response to consumer: Closed with monetary relief