Consumer complaint received 2022-09-19
Company: GOLDMAN SACHS BANK USA
State: MN
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I'm writing to request an investigation into why my Apple Card was abruptly closed by Goldman Sachs on XX/XX/XXXX without warning and only being told account closed for " REGULATORY REASONS '', without any explanation of what that means. When I ask them what " REGULATORY REASONS '' is, all they tell me is " I DON'T KNOW '', and that's unacceptable. Goldman Sachs is refusing to provide me with any reason or cause for closing my account, other than stating account closed for " REGULATORY REASONS ''. I have called Apple Card support and requested an explanation three ( 3 ) times since the account was closed, but Goldman Sachs refuses to provide any explanation why my account was closed, or offered any means to resolve the situation, nor can they in any way explain what " REGULATORY REASONS '' even is, much less why they closed my good standing account for that reason ''. This arbitrary action by Goldman Sachs is seriously damaging my credit, and they refuse to explain why, or help me to fix what I believe is a very serious error in their system. This situation is financially catastrophic for me, please help. 

A supervisor at Apple Card support told me on the phone that my Apple Card is marked in her system as : account closed for " REGULATORY REASONS '', but will not explain what this means or what I can do to resolve this situation. The supervisor stated : " I have no idea what 'REGULATORY REASONS ' is, but that's the reason your account is closed. '' That tells me nothing. Does that even have anything to do with me? They refuse to explain. Because they will not explain, justify, or even give just cause, I believe that my consumer rights are being violated, and I'm hoping that you may have time to review the situation, and help me find answers. 

I do not believe that Goldman Sachs has any just reason to abruptly close my account, because I have always followed the Apple Card Customer Agreement and always paid on time, never late. Additionally, I was given a {$1800.00} credit line increase just two ( 2 ) days before they closed my account! It makes no sense to me as to why they would close my account like that, just 48 hours after they decided to increase my credit line?? Why? I've always been an excellent card holder, since receiving the card in XXXX of XXXX for the following reasons : 1 ) Regular Card Use : I have used the card regularly, almost daily, since I received it in XX/XX/XXXX. Furthermore, I have charged and paid ( on time ) over {$30000.00} in XXXX, so I use the card a lot. 
2 ) On Time Payments : I have always paid on time, and in fact I have always paid early, and have never been charged even a XXXX of interest by Goldman Sachs. In the card app it's suggested to " pay early to avoid late fees '', which is exactly what I have done since receiving the card in XX/XX/XXXX. 
3 ) My Stable XXXX XXXX : My income exceeds $ XXXX per year, and my credit score *was* around 725 when they abruptly closed my Apple Card, so my credit score is good. Therefore, I believe that I'm more than qualified to be a holder of this card, and it makes logical sense to me that I was approved to receive one. 
4 ) Followed Apple Card Customer Agreement : I have always followed the Apple Card Customer Agreement, have always been an active user of the card, and have always paid on time. Isn't that exactly what I'm expected to do? Additionally, I haven't been able to find anything in the Apple Card Customer Agreement about " REGULATORY REASONS '', so how are they justified in closing my account and destroying my credit? 

Therefore, Goldman Sachs must have made a very serious error and closed my account by mistake. 


Here 's a timeline summary of my Apple Card experience, start to end : XX/XX/XXXX Was approved for Apple Card by Goldman Sachs, and was given a {$1500.00} limit. Received an email that card will be delivered in 4-6 days. Once I received the card, I began using it for daily purchases immediately, and making on time payments starting in XX/XX/XXXX. 

XX/XX/XXXX Requested a credit line increase and my credit limit was raised to {$3500.00}. 

XX/XX/XXXX Received a credit line increase and my credit limit was raised to {$5300.00}. 

XX/XX/XXXX Received email : " Your XXXX statement is ready to view. '' Everything appears normal on my statement. 

XX/XX/XXXX ( XXXX XXXX ) Received email stating : " Your Apple Card account has been closed as of XX/XX/XXXX and can no longer be used for purchases because : You are no longer able to make purchases with your Apple Card at this time. If you would like a record with specific reasons your account was closed, please reach out to an Apple Card Specialist within 60 days of this communication. Documentation will be provided to you within 30 days of receiving your request '' ** NO REASON GIVEN ** XX/XX/XXXX ( XXXX XXXX ) Called Apple Card support. Support representative said they didn't understand, and transferred me to a supervisor. The supervisor said the reason in her system was ACCOUNT CLOSED FOR " REGULATORY REASONS '', but didn't understand what that meant so she couldn't explain. She said that she would start an investigation and would also escalate the issue, so someone would be calling me with an explanation " within 10 days ''. 

XX/XX/XXXX ( XXXX XXXX ) Called Apple Card support again, and the support agent said : ACCOUNT CLOSED FOR " REGULATORY REASONS '', but didn't understand what that means so they couldn't explain. They also said that the investigation is ongoing and that someone would call, eventually. 

XX/XX/XXXX Received letter via XXXX stating : " Your Apple Card account has been closed as of XX/XX/XXXX and can no longer be used for purchases because : You are no longer able to make purchases with your Apple Card at this time. If you would like a record with specific reasons your account was closed, please reach out to an Apple Card Specialist within 60 days of this communication. Documentation will be provided to you within 30 days of receiving your request '' ** NO REASON GIVEN ** XX/XX/XXXX ( XXXX XXXX ) Called Apple Card support, and the support agent said again : ACCOUNT CLOSED FOR " REGULATORY REASONS '', but didn't understand what that means so they couldn't explain. Spoke to a supervisor, and she started another investigation and said that someone would call, eventually. 

XX/XX/XXXX Received letter via XXXX stating : " Your Apple Card account has been closed because : REGULATORY REASONS '' How can Goldman Sachs close my account and destroy my credit for something they can't even explain called " REGULATORY REASONS ''?? I strongly believe that there has been a serious error within Goldman Sachs system that caused my account to be closed by mistake, possibly by computer system failure or human error. I also strongly believe that if a senior account manager at Goldman Sachs would take the time to personally review my account history and my exact situation ( this letter ), they would be able to find the problem and fix it, and would then reinstate my Apple Card. What is " REGULATORY REASONS '' and why was my account closed for this 'reason '? I believe that Goldman Sachs has made a serious error and someone needs to fix the problem, and restore my card.

Company response to consumer: Closed with explanation