Consumer complaint received 2023-06-05
Company: GOLDMAN SACHS BANK USA
State: NY
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
My complaint pertains to the new Apple Savings product offered by Goldman Sachs. From the day I opened the account on XX/XX/2023 to the time I called customer service on XX/XX/XXXX to close the account, I have faced almost every single scenario featured in this XXXX XXXX XXXX -- plus more. 

XXXX XXXX XXXXXXXX Parallels to the XXXX include XXXX inability to verify external checking accounts for more than one week, moving money leading to " vanished '' money for more than one week, several deposits/withdrawals taking more than than two weeks to close, being told that I couldn't have " triangular '' transactions and yet blocking me from making the proper transactions ... and inconsistent advice at almost every turn. Impacts that I personally experienced mirror those faced by the customers featured in the XXXX article, such as : having to borrow against our XXXX for an emergency expense and missing the cutoff for final bids on a multiple-bid house because our good-faith deposit check was stuck. We were almost grateful our bid was not accepted, since the money is STILL stuck at Goldman Sachs three weeks later .... 

In all of these cases, Goldman Sachs made absolutely no effort to provide updates on pending actions or activities that required my inputs or approvals -- no phone calls or emails, no websites offering status updates, no requests for authorization. When I pro-actively reached to Goldman Sachs out via text or hotline, the customer service reps provided inconsistent, non-existent or incorrect advice. During several of these calls, I received the impression that had I not called, account verifications or ACH transactions would have just stayed " pending '' and would not have moved at all. 

On several occasions, when I requested status updates on pending or missing transactions, they literally had no records -- in spite of these same transactions being clearly documented by the sending or receiving external banks. 

There are two additional examples of poor actions, even beyond the examples reported in the XXXX : XXXX ) After two-plus weeks and multiple attempts to withdraw {$110000.00} from Apple Savings to an external checking account ( initially requested on XX/XX/XXXX ) the deposit finally landed in my external checking account the morning of XX/XX/XXXX. But by the afternoon, the money was GONE from the external checking account. According to the external bank, the deposit had been reversed by Goldman Sachs... for no reason and no notice. Goldman Sachs didn't inform me or ask for my approval. When I called Goldman Sachs, the customer service rep had no record of this transaction. 

2 ) I promptly requested to close my account on XX/XX/XXXX. The customer service rep informed me that the account would be closed and I would be getting a check of the balance in the mail via XXXX. She specifically told me that I need to be home to sign, etc. I asked whether I could just transfer the money and she said, No, it has to be a paper check. Three days later, my online Apple Savings dashboard shows no indication of being closed. The deposit still shows the full amount. When I spoke to two customer service reps about this, both of them informed me that what I needed to do is " transfer out '' the money before I can close the account. They literally had no record that I had already requested an account closure, and moreover, that the first customer service rep that told me that they had to send me a check. If I had only been able to transfer the money in the first place, I wouldn't have requested closing the account. As of XX/XX/XXXX, money that I had wanted to withdraw on XX/XX/XXXX is still in the Apple Savings account.

Company response to consumer: Closed with non-monetary relief