Consumer complaint received 2025-12-03 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: GOLDMAN SACHS BANK USA
State: CO

Complaint narrative:
General nature of complaint- Goldman Sachs Bank took in a XXXX XXXX XXXX  wire from me, said they couldn't apply it to my account to earn interest, and has not returned it to originating bank as requested on XXXX at XXXX XXXX  on a recorded line. When calling them on XXXX to try to find out where my XXXX XXXX was, they could not tell me if they still had it or why the wire was not returned as requested on XXXX. They only thing that they would say - spoke to supervisor XXXX on XXXX at XXXX - is that the money would be returned in 1 to 3 business days. If the money had been applied to my account at Goldman Sachs Bank, I could have initiated my own wire back to my bank. However, since Goldman would not apply the XXXX XXXX to my account per their account agreement saying no one account can be over XXXX XXXX, they are simply holding on to my money and earning interest on it to the tune of approximately XXXX a day. They are holding these funds without having acknowledged in writing or email that they have the funds or a timeline for return. When speaking with XXXX on XXXX, i asked the specific questions of - does Goldman still hold my XXXX XXXX XXXX and does Goldman plan to return the money to the originating institution by wire. Goldman could not or would not answer either question for me. She kept saying, funds will be retuned within 1-3 business days. If Goldman Sachs Bank calls me- which they did on XXXX at XXXX - telling me they can not take the money into my account, I believe their duty is to return the wire to originating institution immediately, which is what I requested when they called me on XXXX on a recorded line. While it was my mistake to not understand the dollar limit in the account agreement when sending the wire, it is Goldman 's responsibility to return a wire promptly that they can not apply to my account per the wire instructions. It is highly improper for them to simply hold my funds, claim no knowledge of where my money is and quote a 1-3 business day timeframe for return. I have contacted originating institution both on XXXX and the morning of XXXX to see if my funds had been returned and they had not. I happen to work for a depository in the Treasury area, and we regularly return customer wires immediately that can not be applied per the instructions. For Goldman to confirm they got my funds on XXXX XXXX, not return them immediately in response to my speaking with them on XXXX and claim no knowledge of where my money is on XXXX is highly improper. When I asked to speak to a supervisor there on XXXX to escalate and try to get more information and answers, I was told by XXXX that she has to be put in a request for a call back, which, surprise, surprise, will happen in the next 1-3 business days. Forget that this is Goldman Sachs, the customer care, fiduciary responsibility to banking customers per FDIC guidelines and general " I don't have an answer '' response to a customer trying to recover his XXXX XXXX XXXX  wire is something that should be investigated and punished. I have received nothing in writing or by email from Goldman to confirm receipt of my XXXX XXXX XXXX  wire, it's status or potential return. Goldman has only acknowledged by phone that they have the funds. This should not be allowed to occur by a fiduciary.

Company response to consumer: Closed with explanation