Goldman Sachs Bank USA Bank Account Or Service Complaint

Goldman Sachs Bank USA Bank account or service department,

(CD) Certificate of deposit Account opening, closing, or management Illinois

Reference Goldman Sachs Bank ( GS Bank ) ; GS Bank refused to accept written notice to close a CD at maturity. In my opinion this is an overly restrictive and punitive policy. If I were to close a CD that automatically renewed then the penalty would deduct from the principal that was used to " roll over '' the CD -/-/2016. I contacted GS Bank by phone on -/-/2016 and talked to " - '' and again on -/-/2016 talking with " - ''. I knew that I would be out of country when the CD matured and would not be able to call the bank. I told this to - and she said it was company policy to handle account closing by phone only. I made it clear I was not happy and decided I would take action to close the account on my return. On -/-/2016 I called the bank to close the new CD and was told that


- that he was a supervisor and that no one else would change the answer I was given. The penalty would deduct more than one year 's accrued interest in the account. My intent was to either open a GS Bank five year CD or move the principal to an competitive bank paying 1.95 %. I was not offered the opportunity to move the money to a new 1.85 % five year CD at GS Bank. Checking my financial files I found a - page " Deposit Account Agreement '' from GS Bank. Reading this section on Certificates of Deposit it is not clear that a " phone call '' is required to close a CD. Seems to me I should have been offered the opportunity to provide written notice but was denied that option. I have several CDs with other banks and have been required by at least one bank to provide written notice, not a phone call, when closing an account. Simply stated, the GS Bank policy preempted my ability to improve the return on my funds. Because of the policy and the punitive penalty I can not move my money out of GS Bank for another two years. I would now like to close the GS Bank CD without penalty and seek support in getting GS Bank to change their policy. Thank you.