Consumer complaint received 2023-09-16
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: GOLDMAN SACHS BANK USA (GA)

CFPB, _VOID WHERE PROHIBITED BY LAW_ In Response to Apple Card XXXX Goldman Sachs Bank. , Subsidiary of Goldman Sachs Group Inc. , Loan originator regarding original CFPB complaint ID # XXXX First, I would like to advise that Ive received no documents from Apple Card Goldman Sachs Bank. , Subsidiary of Goldman Sachs Group Inc., and for proof please provide a certificate of making or a mail carrier tracking # to prove these documents were indeed sent and received by me with a signature. If no certificate of mailing is available, it is to be, notably assumed, that it is because the company is fabricating in order to save face. 

Second, To provide a clear understanding of the violations, I would like to present the following definitions and references : 1. Fixed-Income Securities : As per the Uniform Commercial Code ( UCC ), fixed-income securities are financial instruments that represent a loan made by an investor to a borrower. These securities include corporate bonds and payment coupons, wherein the bondholder is entitled to periodic interest payments and eventual repayment of the principal amount upon maturity. 

2. Uniform Commercial Code ( UCC ) : The UCC, adopted by all 50 states in the United States, provides a standardized framework for commercial transactions, including the issuance and trade of fixed-income securities. It promotes fairness, consistency, and consumer protection in such transactions.

3. United States Codes ( U.S.C. ) : The U.S.C. is a compilation of federal laws enacted by the United States Congress. Pertinent sections within Title 15 of the U.S.C. outline regulations and protections related to consumer finance and securities. 

4. Code of Federal Regulations ( CFR ) : The CFR is a codification of rules and regulations issued by federal agencies. Title 12 of the CFR, specifically, provides guidelines for consumer protection in relation to banking and finance. 

Based on my research and analysis, it has become evident that the aforementioned company has violated consumer rights in the following ways : 1. Profiting off Fixed-Income Securities : The company in question appears to be exploiting fixed-income securities for its own financial gain, potentially to the detriment of bondholders. This exploitation may involve unfair practices, such as exorbitant fees, deceptive marketing, or undisclosed risks associated with the securities.

2. Stripping Consumers of Equitable Interests : By engaging in unfair practices, the company is effectively denying consumers their rightful equitable interests as holders of corporate bonds and payment coupons. This denial undermines the principles of fairness and transparency that should govern such financial transactions.

3. Denying Convertibility of Coupon Bonds : Coupon bonds typically grant bondholders the option to convert their bonds into shares of stock at a predetermined ratio. However, it appears that the company is denying this convertibility feature to its consumers, thereby limiting their ability to exercise their rights and potentially depriving them of potential benefits. 


Per Apple Cards Response to the original complaint : The Bank received a document on XX/XX/2023, including a treasury security note. The Bank does not accept this as a payment method for Apple Card. 


CFPB Please keep in mind, Apple Card speaking on behalf of Goldman Sachs Bank, subsidiary of Goldman Sachs Group Inc., is admitting that a form of payment ( a treasury security note ) was indeed sent, received and not accepted as valid, but are also omitting the fact that the form of payment was destroyed and not returned as per the phone conversation I had with the Corporate Secretary of The Chief Financial Officer of Goldman Sachs Bank, subsidiary of Goldman Sachs Group Inc., from the office of XXXX XXXX XXXX XXXX. 

My rights to remedy are being denied even though Uniform Commercial Code 3-603 tender of payment states : b ) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, 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. 

Code of the District of Columbia 28:3604. Discharge by cancellation or renunciation states : ( a ) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument ( i ) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the partys signature, or the addition of words to the instrument indicating discharge, or ( ii ) by agreeing not to sue or otherwise renouncing rights against the party by a signed record.

15 U.S. Code 1666d - Treatment of credit balances states : Whenever a credit balance in excess of {$1.00} is created in connection with a consumer credit transaction through ( 1 ) transmittal of funds to a creditor in excess of the total balance due on an account, ( 2 ) rebates of unearned finance charges or insurance premiums, or ( 3 ) amounts otherwise owed to or held for the benefit of an obligor, the creditor shall ( A ) credit the amount of the credit balance to the consumers account ; ( B ) refund any part of the amount of the remaining credit balance, upon request of the consumer ; and ( C ) make a good faith effort to refund to the consumer by cash, check, or money order any part of the amount of the credit balance remaining in the account for more than six months, except that no further action is required in any case in which the consumers current location is not known by the creditor and can not be traced through the consumers last known address or telephone number.

I have read the Service Agreement for Apple Goldman Sachs Card, and would also like to note that full disclosure was not presented during the initial transaction, nor was the agreement endorsed, to be considered a legally binding contract agreement. Please note that a Terms of Use Agreement is not a contract and that I technically have no financial obligations to Apple Inc or Apple Card as a financial entity. But it is all semantics, a play on words, double speak, for the purpose of defrauding well-meaning consumers. 

With that said ; yet after further review, states no where that Federal Reserve Notes are the only form of acceptable currency. If the instructions sent along with the security were read in its entirety and understood, then the following communications should have been to direct my treasury bond to the appropriate parties for remittance OR return the treasury bond in-tact to the return address and I would then proceed with sending it to the appropriate Trustee address listed on the SEC filings XXXX 

It has come to my understanding that Apple has turned over all its lending responsibilities to Goldman Sachs Bank but it was not clear that The Goldman Sachs Bank, subsidiary of Goldman Sachs Group Inc., was not the Trustee of Apple Inc. Once that was understood, I was expecting the security to be returned but without request for clarity on what was sent, it was already stated to have been destroyed per the Corporate Secretary of the Chief Financial Officer of Goldman Sachs Bank XXXX subsidiary of Goldman Sachs Group Inc. XXXX XXXX XXXX XXXX XXXX 

Please help me understand why an instrument would be sent to the Corporate Office of Goldman Sachs Group Inc. without good faith and intention to fulfill my duties as the Holder in due course of this payment coupon? 

Also, Please note that if my account is closed, charged off, not placed in a Do Not Collect status, then that IS an adverse action and violates 12 CFR 1026.13 - Billing error resolution ( d ) Rules pending resolution. Until a billing error is resolved under paragraph ( e ) or ( f ) of this section, the following rules apply : ( 1 ) Consumer 's right to withhold disputed amount ; collection action prohibited. The consumer need not pay ( and the creditor may not try to collect ) any portion of any required payment that the consumer believes is related to the disputed amount ( including related finance or other charges ). If the cardholder has enrolled in an automatic payment plan offered by the card issuer and has agreed to pay the credit card indebtedness by periodic deductions from the cardholder 's deposit account, the card issuer shall not deduct any part of the disputed amount or related finance or other charges if a billing error notice is received any time up to 3 business days before the scheduled payment date.

( 2 ) Adverse credit reports prohibited. The creditor or its agent shall not ( directly or indirectly ) make or threaten to make an adverse report to any person about the consumer 's credit standing, or report that an amount or account is delinquent, because the consumer failed to pay the disputed amount or related finance or other charges.

( 3 ) Acceleration of debt and restriction of account prohibited. A creditor shall not accelerate any part of the consumer 's indebtedness or restrict or close a consumer 's account solely because the consumer has exercised in good faith rights provided by this section. A creditor may be subject to the forfeiture penalty under 15 U.S.C. 1666 ( e ) for failure to comply with any of the requirements of this section.

I kindly request that the Consumer Financial Protection Bureau REOPEN this case and forward documents of this to the following Government Agencies, SEC, FTC, FDIC, and launch an investigation against Apple Card, Goldman Sachs Bank., Subsidiary of Goldman Sachs Group Inc. , into these violations, ensuring the protection of consumer rights within the fixed-income securities market. It is crucial that appropriate actions are taken to rectify these violations, hold the company accountable, and safeguard the interests of bondholders and consumers at large. 


Without Prejudice XXXX XXXX XXXXXXXX