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Goldman Sachs holding my payment

I made a large payment on 2/21 and as of today (3/1) it is still on hold with Goldman Sachs. My automatic payments are being declined (over the limit) which it wouldn't be if they posted my payment! I was originally told that the payment would be posted two days ago and now today I'm being told that it'll post today. I read some good information from someone else's post on this subject (that I will use going forward) but my Applecard payment on 2/21 to GS cleared my account on 2/22!! Apple/GS you all need to do better by your customers!

iPhone 12

Posted on Mar 1, 2024 10:24 AM

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Mar 1, 2024 10:37 AM in response to gupshaw001

Apple is not a bank and has nothing to doing with the policies and federal banking regulations that Goldman Sachs must follow. It sounds like you did an ACH transfer between your bank and Goldman Sachs Bank. ACH transfers aren’t made over the weekend, funds probably started moving on the 2/22 and normally are received in 1 to 3 business days. The fact your bank shows 2/22 as “clearing” is proof. Banks reduce your account by the transfer amount, when they receive the request for funds, not when they actually leave your account or are received. They did not “clear” in any way shape or form because your bank has 30 days to request Goldman to return the funds.


Is your account relatively new, less than 6 months old? Was it a larger payment than you’ve previously made? Is your account near its credit limit? Is your checking account new? There are probably a dozen other factors that affect when your payment is credited to your accounts available credit. Banks will delay crediting the payment when they are at risk of fraud. Legally, they have 30 days to credit the funds. Legally, you bank has 30 days to demand the return of the funds.


I would chat or call Goldman Sachs and inquire about the availability of funds. If you ask, they may release or all or part of the funds. They are not required to and it’s a goodwill gesture. Please use the contact information below. 


Just as an FYI, your bank has up to 30 days after payment to request return of funds for your payment. Many people believe that once the funds are withdrawn from their bank, it’s paid. But that’s not the way it works. This means I can have a $5000 credit limit, spend it, make a payment of $5000 and spend that. I’ve spent $10000 of the banks money and now I can skip. The original payment bounces or my bank demands it’s return to cover other withdrawals and Goldman Sachs is out $10,000. This happens everyday, but on a large scale. Banks are careful with their depositors money and rightly so. I’m not accusing, just using an example of what an automated system is designed to protect against. 


CONTACTING — Goldman Sachs Bank 




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Goldman Sachs holding my payment

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