Checking or savings account -- Managing an account -- Complaint #11358198
Savings Account Closure After Deposit/Withdrawal Issues
Complaint Overview
Complaint ID: 11358198
Company: Goldman Sachs Bank USA
Product: Checking or savings account
Sub-Product: Savings account
Issue: Managing an account
Sub-Issue: Deposits and withdrawals
State: Texas
ZIP Code: 78746
Date Received: 2024-12-31T12:00:00-05:00
Date Sent to Company: 2025-01-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: medium
The closure of a savings account due to deposit and withdrawal management issues suggests potential problems with account activity or bank policy adherence, which could impact the consumer's financial standing.
Consumer Sentiment: neutral
Topics: Savings account, Account management, Deposits and withdrawals
AI Analysis
CFPB complaint 11358198 was filed against GOLDMAN SACHS BANK USA regarding Checking or savings account (Savings account), specifically about "Managing an account". A consumer's savings account with Goldman Sachs Bank USA in Texas was closed with an explanation after issues with deposits and withdrawals. The complaint was received on December 31, 2024 from Texas. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should carefully review their account statements and bank policies regarding deposits and withdrawals to avoid potential account closures.
Legal Context & Consumer Protection Laws
While banks generally have the right to close accounts, they must do so in accordance with consumer protection laws and their own stated policies.
Regulatory Insight
Banks may close accounts for various reasons, including excessive transactions, suspected fraudulent activity, or failure to meet account maintenance requirements.
Resolution Likelihood
mixed
State-Specific Consumer Protections
In Texas, as elsewhere, bank account closures are subject to state and federal regulations governing financial institutions.
Industry Comparison
Account closures due to transaction disputes are not uncommon across the banking industry, affecting various types of accounts.
Related Issues
Frequently Asked Questions
What is CFPB complaint 11358198 about?
CFPB complaint 11358198 involves Checking or savings account (Savings account). The consumer reported an issue with "Managing an account", specifically "Deposits and withdrawals". This complaint was filed against GOLDMAN SACHS BANK USA on December 31, 2024.
Which company is complaint 11358198 filed against?
Complaint 11358198 was filed against GOLDMAN SACHS BANK USA. You can view all complaints against this company on their profile page at /company/goldman-sachs-bank-usa.
What was the company's response to complaint 11358198?
GOLDMAN SACHS BANK USA responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 11358198 filed?
Complaint 11358198 was received by the CFPB on December 31, 2024. It was sent to GOLDMAN SACHS BANK USA on January 2, 2025.
What state was complaint 11358198 filed from?
Complaint 11358198 was filed from Texas. You can view all complaints from this state at /state/TX.
Was the consumer satisfied with the resolution of complaint 11358198?
Dispute information is not available for complaint 11358198.
What product category is complaint 11358198 about?
Complaint 11358198 is categorized under "Checking or savings account", specifically "Savings account". This is one of the product categories tracked by the CFPB.
How was complaint 11358198 submitted?
Complaint 11358198 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 11358198?
While banks generally have the right to close accounts, they must do so in accordance with consumer protection laws and their own stated policies. This relates to a Checking or savings account complaint against GOLDMAN SACHS BANK USA involving "Managing an account".
How likely is complaint 11358198 to be resolved?
Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 11358198?
This complaint is rated as medium risk. The closure of a savings account due to deposit and withdrawal management issues suggests potential problems with account activity or bank policy adherence, which could impact the consumer's financial standing.
What regulatory actions apply to complaint 11358198?
Banks may close accounts for various reasons, including excessive transactions, suspected fraudulent activity, or failure to meet account maintenance requirements. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 11358198?
Consumers should carefully review their account statements and bank policies regarding deposits and withdrawals to avoid potential account closures.
Are there state-specific protections for complaint 11358198?
In Texas, as elsewhere, bank account closures are subject to state and federal regulations governing financial institutions. This complaint was filed from Texas.
How does complaint 11358198 compare to industry norms?
Account closures due to transaction disputes are not uncommon across the banking industry, affecting various types of accounts.
What specific reasons might lead to a savings account closure related to deposits and withdrawals?
Reasons can include exceeding transaction limits, suspected unauthorized activity, or frequent overdrafts/negative balances, even in savings accounts.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.