Consumer complaint received 2024-12-24 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Can't close your account
Company: GOLDMAN SACHS BANK USA
State: MI

Complaint narrative:
Notes : User previously had an account with Goldman Sachs through XXXX as " XXXX XXXX XXXX  ''. This account ended in XXXX. User transferred all funds from account ending in XXXX to account ending in XXXX in an attempt to bank directly with Goldman Sachs instead of going through XXXX. User then proceeded to close the account ending in XXXX with XXXX. 
XX/XX/year> - Account was opened. 
XX/XX/year> - A balance of XX, XXX.XX was transferred into the account ending in XXXX from the account ending in XXXX. 
XX/XX/year> - A deposit from " XXXX XXXX. XXXX '' amounting to XXXX. New balance is XXXX, XXXX. 
XX/XX/year> - Transfer of XXXX.X to XXXX XXXX XXXX ending in XXXX. 
XX/XX/year>, XXXX XXXX - Email received to " XXXX '' stating " Action required : Additional information is needed ''. 
XX/XX/year>, XXXX XXXX XXXX - User called Goldman Sachs through XXXX for XXXX minutes. Goldman Sachs Representative stated that the transfer was flagged for fast money movement, and the money had to settle for an undisclosed amount of time. User stated that on the app and the website, it said that funds were " Available to Use '' which on the site says " What's the difference between your Current Balance and your Available to Use Balance? Your Current Balance is the total amount in your account that's earning interest as of today. It may include funds which are on hold or are not yet available for transfer. Your Available to Use Balance is the amount you can access immediately. ". User was told that the transaction would be reversed, and to let the money settle for an undisclosed amount of time. User asked for a XXXX who stated the same details and that there was nothing else which could be done. 
XX/XX/year> - Transfer of XXXX.X to XXXX XXXXXXXX XXXX ending in XXXX ( Reversal ). 
XX/XX/year> - Transfer of XXX.X to XXXX XXXX ( Successful ). New balance is XXXX, XXXX. 
XX/XX/year> - XXXX XXXX of XXXX. New balance is XXXX, XXXX. 
XX/XX/year> - Transfer of XXXX.X to XXXX XXXXXXXX XXXX  ending in XXXX. 
XX/XX/year> - Voicemail to phone number ending in XXXX from XXXX from Goldman Sachs Representative " X '' stating to call back. 
XX/XX/year>, XXXX XXXX XXXX - User called Goldman Sachs through XXXX for XXXX minutes. Representative stated that the money needs to be settled for an undisclosed amount of time and the money would be reversed once again, even though the money is " Available to use ''. User asked for a XXXX who stated the same details and that there was nothing else which could be done. 
XX/XX/year> - Transfer of XXXX.X to XXXX XXXXXXXX XXXX ending in XXXX ( Reversal ). 
XX/XX/year> - A deposit from " XXXX XXXX. XXXX '' amounting to XXXX. New balance is XXXX, XXXX. 
XX/XX/year> - User attempted to close account through web portal. 
XX/XX/year> - Transfer of XX, XXX.XX to XXXX XXXXXXXX XXXX  ending in XXXX. This amount was the current balance + any accrued interest at that point in time. 
XX/XX/year> - Voicemail to phone number ending in XXXX from XXXX from Goldman Sachs Representative XXXX stating to call back. 
XX/XX/year>, XXXXXXXX XXXX XXXX - User called Goldman Sachs through XXXX for XXXX minutes. Representative stated that the money was flagged for fast money movement and the money had to settle for an undisclosed amount of time. User stated that they were attempting to close the account due to unsatisfactory service as well as deceiving tactics. Representative stated that they would add notes regarding the situation and the closing of the account would be allowed. User asked the representative how long the transfer would take. Representative stated that it was out of Goldman Sachs system and that it was now the responsibility of the external bank. 
XX/XX/year>XXXX XXXX XXXX  - Email received to " XXXX '' stating that " Your Account Has Been Closed '' and " Confirmation of Account Closure ''. 
XX/XX/year> - User logged into XXXX and noted that the account was still open with a balance of XXXX. User then closed the account again through the web portal. 
XX/XX/year>, XXXX EST - Email received to " XXXX '' stating that " Your Account Has Been Closed '' and " Confirmation of Account Closure ''. 
XX/XX/year> - Transfer of XX, XXX.XX to XXXX XXXXXXXX XXXX ending in XXXX ( Reversal ). 
XX/XX/year>, XXXX PM EST - User called XXXX XXXX through XXXX for XXXX minutes. User asked if they could see the pending transaction. XXXX representative stated that there were no pending transactions. 
XX/XX/year>, XXXX PM EST - User called Goldman Sachs through XXXX for XXXX minutes. User stated that they noticed that the transaction was reversed and that XXXX XXXXXXXX XXXX could not see any pending transactions as the previous Representative stated. New representative stated that it was incorrect and that they would have to either call XXXX to verify that the account was closed and then proceed with the account closure OR that they can send me a check with the account balance + any accrued interest to User 's address tied to the account. User opted to get a check sent to their address. Representative stated all terms and conditions and User explicitly provided approval of the closing of Goldman Sachs account ending in XXXX. Representative then stated that the check will be sent in XXXX business days. 
XX/XX/year>, XXXX PM EST - User called Goldman Sachs through XXXX for XXXX minutes. User stated to Representative about the previous correspondence they had with Goldman Sachs. Representative stated that the previous representative was incorrect and that there was no way to get around the verification of the previous savings account being closed. User asked for a supervisor and was connected with her XXXX minutes later. XXXX stated the same, with no way to make up for lost time. User stated to go through with the verification with XXXX. Representative then initiated a XXXX call with Goldman Sachs Representative XXXX XXXX, and XXXX Representative XXXX User verified their identity with XXXX Representative. Goldman Sachs Representative spoke with XXXX Representative and attempted to verify certain pieces of information. However, XXXX Representative was extremely confused and unprofessional. XXXX Representative attempted to attain help from their supervisor but did not help. Goldman Sachs Representative terminated call with XXXX Representative after realizing that the attempt was unsuccessful. Goldman Sachs Representative then stated to User that since the attempt was unsuccessful, the only other option was to provide a valid bank statement. User was extremely frustrated due to " XXXX XXXX '' just being another branch of Goldman Sachs, not an external bank. User asked how they would be able to send the bank statement. Representative then stated the only way was through mailing a copy to a XXXX XXXX XXXX Representative then provided the address of Goldman Sachs Bank USA XXXX XXXX XXXX XXXX XXXX  XXXX. 

This entire experience has been ongoing for more than a month, where I have not been able to access my money. Each time they tell me something incorrect, or now they are making it extremely difficult to change my banking institution. Never have I seen this kind of tactic being employed in the consumer banking industry.

Company response to consumer: Closed with explanation