Consumer complaint received 2024-01-15
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: GOLDMAN SACHS BANK USA (GA)

I hope this message finds you well. I am writing to urgently bring to your attention a matter of concern related to a registered security issued to Goldman Sachs for the Apple Card on XX/XX/2024. I had anticipated a prompt and secure handling of associated processes but have encountered issues that require immediate resolution. 

In reviewing the situation, I find it crucial to draw attention to the applicable sections of the Uniform Commercial Code ( UCC ), specifically 3-309, 3-312, and 4-302, outlining the obligations and responsibilities concerning negotiable instruments and payment processing.

Adding to these concerns, 3-603 of the UCC states that if tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.

Furthermore, if tender of payment is made and refused, 3-603 ( b ) specifies that there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates. 

Additionally, 3-603 ( c ) notes that if tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made a tender of payment on the due date to the person entitled to enforce the instrument. 

Regrettably, the current situation has prompted concerns that may be indicative of a potential securities fraud matter. In the best interest of all parties involved, I urge you to address this issue promptly and rectify any discrepancies. ( b ) Notice of defaults The indenture trustee shall give to the indenture security holders, in the manner and to the extent provided in subsection ( c ) of section 77mmm of this title, notice of all defaults known to the trustee, within ninety days after the occurrence thereof : Provided, That such indenture shall automatically be deemed ( unless it is expressly provided therein that such provision is excluded ) to provide that, except in the case of default in the payment of the principal of or interest on any indenture security, or in the payment of any sinking or purchase fund installment, the trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or responsible officers, of the trustee in good faith determine that the withholding of such notice is in the interests of the indenture security holders. 

( c ) Duties of the trustee in case of default The indenture trustee shall exercise in case of default ( as such term is defined in such indenture ) such of the rights and powers vested in it by such indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

( d ) Responsibility of the trustee The indenture to be qualified shall not contain any provisions relieving the indenture trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that ( 1 ) such indenture shall automatically be deemed ( unless it is expressly provided therein that any such provision is excluded ) to contain the provisions authorized by paragraphs ( 1 ) and ( 2 ) of subsection ( a ) of this section ; ( 2 ) such indenture shall automatically be deemed ( unless it is expressly provided therein that any such provision is excluded ) to contain provisions protecting the indenture trustee from liability for any error of judgment made in good faith by a responsible officer or officers of such trustee, unless it shall be proved that such trustee was negligent in ascertaining the pertinent facts ; and ( 3 ) such indenture shall automatically be deemed ( unless it is expressly provided therein that any such provision is excluded ) to contain provisions protecting the indenture trustee with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the indenture securities at the time outstanding ( determined as provided in subsection ( a ) of section 77ppp of this title ) relating to the time, method, and place of conducting any proceeding for any remedy available to such trustee, or exercising any trust or power conferred upon such trustee, under such indenture. 

If this matter is not handled in a timely and satisfactory manner, I may be compelled to escalate this concern to the Securities and Exchange Commission ( SEC ) and FTC. I am hopeful that we can resolve this matter amicably and promptly to avoid any further escalation. 

Your immediate attention to this issue is greatly appreciated. 

Sincerely,