Product: Checking or savings account

Im filing a formal complaint in regard to systemically malicious customer practices at Marcus by Goldman Sachs. 

My experience is just one of many similar cases that likely go undocumented, but Im ensuring my case is recorded. My hope is that this complaint works to address the systemic malfeasance ongoing at Goldman Sachs retail banking subsidiary. 

Retail customer funds must be protected from malignant corporate actors. 

Below is a timeline of events : XXXX On XX/XX/year>, two Certificates of Deposit I held, issued by Goldman Sachs XXXX matured. I opted to leave the proceeds from the maturities on Goldman Sachs balance sheet for a few days via my savings account there. 

XXXX On XX/XX/year>, I withdrew $ XXXX that Ive held at Goldman Sachs for years to my brokerage account at XXXX. This was driven by a change in my savings strategy. 

XXXX On XX/XX/year>, I instructed $ XXXX to my brokerage account out of Marcus via ACH. My Marcus account was funded with $ XXXX, so there was enough funds for settlement. 

XXXX On XX/XX/year>, Marcus reversed my withdrawal without my consent and placed the funds back on their balance sheet. 

My initial thought was that perhaps Marcus was concerned about fraud or XXXX, due to the large transfer size, but this was not the case. Surely if this was the case, they would request XXXX such as source of wealth or proof of employment or do a call back. None of those things happened. 

When I reached out, a Goldman Sachs representative informed me that any new funds from an external bank must remain in Marcus for a period of 90 days per the deposit account agreement. The representative was referring to the proceeds from the Goldman Sachs CD maturities that were now fully liquid ( see # 1 above ), all along on their balance sheet, in my savings account. 

There were several issues with the representatives statement. First, this clause is not documented in the deposit account agreements. Second, even if it was, such clauses need to be clearly communicated to retail customers, ensuring that theyre aware of the key risks in any Goldman Sachs marketing literature. Third, the funds were on GSs balance sheet the entire time, so even if such a clause existed, the claim would be invalidated. And fourth, savings accounts that dont have a term element ( e.g. CD/TD ) are not subject to such withdrawal restrictions. 

In light of the argument above, one can deduce this to be at best a malicious commercial practice, or at worst, fraud. Goldman Sachs attempting to hostage customer funds on its balance sheet for its own financial benefit, through willful disregard of a valid client instruction, should be prohibited.

The most egregious action was that the funds did leave Goldman Sachs and ended up in my brokerage account at one point. However, Marcus then immediately debited my funds from my brokerage account, leaving my brokerage account in a net debit. The funds ended up back at Goldman Sachs, without my consent, as they maliciously intended. 

The net debit on my brokerage account exposes me to the risk of my holdings being liquidated involuntarily, and experiencing unintended capital gains or losses. 

I hope Goldman Sachs works to review and improve their commercial practices and treatment of customer money. 

Sincerely, XXXX XXXX