Checking or savings account -- Closing an account -- Complaint #4655578
Complaint Overview
Complaint ID: 4655578
Company: Goldman Sachs Bank USA
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-Issue: Fees charged for closing account
State: California
ZIP Code: 94112
Date Received: 2021-08-23T12:00:00-05:00
Date Sent to Company: 2021-08-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2021, I received an email from Marcus congratulating me for a new CD account. I called Marcus customer support immediately as I had an old CD account expiring in XXXX and I do not wish to have a new CD. The agent informed me that I was 3 days too late and the CD has already been automatically renewed into a new CD with uncompetitive interest rate under the terms and conditions when I opened the old CD account. I told Marcus that there was insufficient disclosure from Marcus when the old CD was expiring in XX/XX/2021 that it would get automatically rolled into a new account, and this is clearly a UDAAP violation to deceive customers into opening a new account without informed consent. After escalating to customer support manager, I was told that Marcus considered that it was sufficient for them to only include this clause in their terms and conditions when I first opened the CD account a year ago and they did not need to disclose it at the time of CD expiration. I was told by customer support that I would be charged ~ {$19.00} early withdrawal penalty. I consented on the phone of account closure and told them that I disagreed with this fee and would file a CFPB complaint for insufficient disclosure and fees by Marcus on automatic renewal. In addition, Marcus also did not send me any receipt of the early withdrawal penalty it charged my account as the CD account disappeared from its website after closure.
Frequently Asked Questions
What is Complaint #4655578 about?
Complaint #4655578 was filed against Goldman Sachs Bank USA regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2021-08-23T12:00:00-05:00.
How did Goldman Sachs Bank USA respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Goldman Sachs Bank USA?
Yes, visit the Goldman Sachs Bank USA company profile at readthecomplaint.com/company/goldman-sachs-bank-usa to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.