Checking or savings account -- Managing an account -- Complaint #5536041
Complaint Overview
Complaint ID: 5536041
Company: Goldman Sachs Bank USA
Product: Checking or savings account
Sub-Product: CD (Certificate of Deposit)
Issue: Managing an account
Sub-Issue: Banking errors
State: Oregon
ZIP Code: 97306
Date Received: 2022-05-03T12:00:00-05:00
Date Sent to Company: 2022-05-03T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I opened a 10 month CD with a stated APY of 1.10 % and stated interest rate of 1.094 %. On that same day, I funded the CD with {$120000.00}. On XX/XX/XXXX I received a letter stating that the CD would mature on XX/XX/XXXX and that the estimated balance at maturity was {$120000.00}. Based on simple math ( i.e. ignoring the impacts of compounding ), I felt the balance at maturity was understated. My simple math was as follows : {$120000.00} initial balance x 1.094 % interest rate/365 days per year x 306 day term ( XX/XX/XXXX through XX/XX/XXXX ) = {$1100.00}. Based on that math, I felt the balance at maturity should be at least {$120000.00} ( {$120000.00} initial balance + {$1100.00} interest ), which suggests to me that the balance at maturity I was provided was understated by at least {$270.00} ( {$120000.00} per my math less {$120000.00} provided by Marcus ). On XX/XX/XXXX ( i.e. the day I received the letter ), I called Marcus Customer Service, explained my concerns and requested that they provide details as to how they derived their figure. I spoke with a gentleman named XXXX and ultimately asked to speak with his supervisor ( XXXX XXXX. Both told me that they could not provide specifics about calculations for my account. However, they said that they would submit a request and that someone would get back to me within two business days ( either by phone or email ) and provide me with a day by day summary of their interest calculations. It has now been four full business days and I have had no response. With that as background, my request is to either get supporting detail for the {$120000.00} balance at maturity they provided or to acknowledge that their calculations were incorrect and to provide me with corrected ones.
Frequently Asked Questions
What is Complaint #5536041 about?
Complaint #5536041 was filed against Goldman Sachs Bank USA regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-05-03T12:00:00-05:00.
How did Goldman Sachs Bank USA respond to this complaint?
The company responded with: "Closed with non-monetary relief". 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.