Consumer complaint received 2025-01-29 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA
State: NJ

Complaint narrative:
XXXX by Goldman Sachs I have several savings accounts and two CDs with XXXX by Goldman Sachs. I have been a customer for decades. I have enjoyed a mutually beneficial alliance with XXXX by Goldman Sachs. If fact, it is one of my favored financial institutions. 
In XXXX my husband and I sold our house. After doing so, I called XXXX to advise them I would be depositing that check into one of my savings accounts. I was given directions as to how to get the actual check to them, address, postal method, etc. During the conversation with XXXX I explained that after the check was deposited, I would be making two rather large withdrawals to other financial institutions. I wanted to ensure there would be no complication when it was time for the withdrawals. I was told due the amount of the withdrawals, I would need approval from XXXX. I secured the approval on this call. The agent said she notated in my account and assured me there would be no issue when I wanted to withdrawal the funds. I had done everything I could on my end for easy transactions. 
The check was mailed Priority Mail Express on XX/XX/XXXX. See attached receipt. The funds were deposited into my XXXX Account on XX/XX/XXXX. On XX/XX/XXXX XXXX wrote me a letter, attached, stating the funds would be available on XX/XX/XXXX. 
On XX/XX/XXXX I transferred money from this account to another financial institution which was deposited there on XX/XX/XXXX. 
On XX/XX/XXXX, I transferred more funds to another account. Thus ensued calls from XXXX regarding these transfers. One went through without any incident. When making the second and third transfers, XXXX called. At this time I was told I could not transfer money to the account I had previously sent funds. This started several multiple hour phone calls saying I had to put my husband on my account in order for me to transfer funds to his account at another financial institution - even though funds had already been transferred to his account. The agent/s worked diligently with my husband and me to get his name on my account. Hours. At this time there was NO problem with the funds in my account just that I wanted to transfer them to his account. Finally, the agent said she would have to continue to work on the issue and someone would get back to me. Shortly afterward the funds went through to his account. I thought the agent had fixed the issue. When I got the follow up call, this agent wanted me to start this entire process all over. I told him we had been on the phone for hours and wasnt interested in repeating this. He had NO idea why he was calling me back. 
Shortly after this I received a call from one of my other financial institutions that a check had been returned from XXXX as the account was frozen. I was stymied as I had not received a notification from XXXX. I called and was told me accounts had been closed reason unknown. The first agent I spoke with spouted that XXXX had the right to close any account/s it wanted. It was in the agreement I signed. I told her any agreements I had signed with Goldman Sachs ( prior to it being XXXX by Goldman Sachs ) was over decades ago. I pressed as to the reason and was told accounts were closed and she advised accounts are closed for fraud and over drafts to name a few. Neither of those applied to me. I then asked to speak to her supervisor. When she got on the phone she parroted the same reason as her subordinate. I honestly could not believe what I was hearing. Just so you know, these phone conversations take hours because you are constantly being put on hold to check something. I asked if I could please transfer my money out to my choice of financial institutions if they were going to close my account and was told no. Asked about my CDs they were being closed as well. At this time I could no longer open my account online. It just said it was frozen. Neither of these agents were at all pleasant. In fact, just the opposite. 
I placed repeated phone calls to no avail. Each time you have to start from square one and reiterate all that you have gone through trying to resolve the issue. I then called XXXX corporate office. I first got an agent who, after I explained everything and asked to speak to an executive in the corporate office transferred me back to the main customer service phone queue. I called back and actually spoke to someone who at least understood my plight and proceeded to contact a supervisor at the call center. He told me at that time my accounts were not being closed. They had been frozen. Unfortunately, his call to the supervisor did nothing to resolve the problem. I called him again and he was incredulous that the issue had not been resolved. He said in his discussion he was assured it would be. I called back one more time and he was actually at a loss as to what to do. He is not empowered to do anything other than speak to those in charge who should be able to rectify issues such as these. I finally spoke to an agent who told me why my accounts had been frozen. They needed to verify the check they deposited. It was drawn on TD Bank. The agent called TXXXX XXXX with me on the phone and XXXX Bank said they couldnt verify the check because I wasnt a XXXX XXXX  customer. I was not transferred to an executive. They keep themselves well insulated. I can call or email XXXX XXXX when I have an issue but not an executive at XXXX?? By the way, XXXX XXXX or his staff fix issues IMMEDIATELY. 
XXXX had the check since XX/XX/XXXX and deposited it into my account on XX/XX/XXXX. Accounts were frozen in early XXXX, XXXX. Why during that time did XXXX not verify the check? More than that. Why did they allow funds to be withdrawn against this check if they had questions? I told the agent this check was from the sale of my house and multiple attorneys had been involved is this process -the check had to be valid. The buyers of my house are living in my former residence isnt that validation itself? XXXX is doing nothing to unfreeze my accounts. I am not sure what I can do to make that happen. Each supervisor tells me he/she will get it resolved. None do. 
I use the accounts in question and subsequent interest to make pay bills and deposits to savings. None of this has happened since the accounts have been frozen. I need the interest to pay my bills! It is causing me havoc with my finances. Further, I am going to be buying a house soon. In addition to needing the funds to do so, I am concerned this will damage my credit rating as things are bouncing all over the place. Not that there is any reason for them to freeze any of my accounts, why all of them and not the one to which they claim an unverified check was deposited? If they withheld my using the funds until XX/XX/XXXX isnt that enough time to verify a check? That is on XXXX, not me. 
I need your help in resolving this. Apparently XXXX does not realize the urgency to do so. I am having XXXX next week and this has to be resolved before then. 
Thank you in advanced for your timely intervention in this matter. 
Regards, XXXX XXXX

Company response to consumer: Closed with explanation