Consumer complaint received 2022-10-19
Company: GOLDMAN SACHS BANK USA
State: OH
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Problem accessing account

Complaint:
I opened a new checking and savings account at XXXX XXXX  in XXXX of XXXX. I had previously opened a Saving account with Marcus by Goldman Sachs with a promotional offer in XXXX XXXX  I believe. I attempted to transfer a large sum XXXX from my Marcus account to my new XXXX account. Marcus by Goldman Sachs is an online only bank. I'm unable to conduct transactions at a physical retail location. Additionally, I had a savings account and thus was unable to use a monetary instrument like a check to draw on my account. So my only capability was to leverage Marcus by Goldman Sachs External Transfer function. Using this external transfer via ACH tool required that I enter my other Institution 's Acct and Routing Numbers. Then assuming those were valid I would receive trial deposits at my other banking institution. As you know this is all fairly standard practice. 

Some time passed and I checked on my new XXXX account balance. I noticed I didn't have my funds transferred but I did notice the trial deposits which reminded me to check my Marcus by Goldman Sachs online banking and to verify the deposits. Unfortunately, when I went to login it said my accounts were " temporarily locked ''. So I called and spoke to a representative, they fully verified me. The first rep then transferred me to someone who could help with this particular situation ( read fraud department ) .This new fraud department rep fully verified me again, I believe even with the use of knowledge based questions, there should be XXXX doubt that they are speaking to the real account owner, me. The rep states that I simply needed to confirm the trial deposits associated with my transfer. So I do that, and I pass. Despite the fact that only the account owner at the other bank would know the trial deposit amounts. Unfortunately, the bar is then raised. I'm now asked to do a three way call with my other bank so that the other bank can verify my identity over the phone and confirm that I'm the owner of those accounts and that the account information is correct. I'm assured again, that this is all that needs to be done before my account hold is released. This seems unduly burdensome but I oblige. The three way call is successful and all pertinent information is verified. Unfortunately, the bar is then raised a third time. They now need to verify my original deposit from 3-4 quarters ago before they can release my account hold and my funds.

Let 's reflect. I attempted to make a transfer from one of my accounts to another one of my accounts at another financial institution. The amount while of a fair size isn't excessively large, XXXX. I attempt this with the only transfer capability available to me as a saving customer at Goldman Sachs. The computer device that I attempted this transfer from was from the same registered device that i've always logged into my Goldman Sachs app with before ( read no account takeover concern ). My Funds had been collected for several quarters in my Goldman Sachs savings account. The original deposit had not been returned by the paying institution. No affidavits of fraud had been sent to Goldman Sachs with regard to my original deposit. I assume that my transaction tripped some logic for a fraud queue review ( which i'm grateful for ), unfortunately for me, it was a false positive, doubly worse for me the Goldman Sachs fraud group seems to have hedged a bet that they've identified fraudulent activity and decide to place a hold on my funds and lock my account. When I verified that I am the real owner of the Goldman Sachs account my holds are not removed. When I pass the second challenge of verifying the trial deposits at the other institution my holds are not removed. When I pass the third challenge of having my identity and ownership of the intended transfer recipient account confirmed by the other bank my holds are not removed. I am now made to verify my funding deposit for no legitimate reason other than an analyst presumptuously placed a hold on my account out of an over abundance of caution. This final request in my opinion is unwarranted and an egregious abuse of power. I did not comply. I did however ask for my account to be closed because I have XXXX interest in continuing a banking relationship with a bank that treats real customers as if they are fraudsters even without evidence and when there is actually evidence to the contrary. I asked that as part of the closure that the balance of my account to be mailed to my address on file in the form of a check. This was denied to me. The fraud department has no evidence of real fraud but insists on holding my account and my funds on hold. 

Additionally I filed a formal complaint and was assured that I would receive some communication, I have not received any communication from Marcus by Goldman Sachs with regard to this matter.

Furthermore, given that Marcus by Goldman Sachs is an online only bank, I completed e-consent forms at the time of origination. However, due to my online account being 'Temporarily Locked ' for nearly two months, I have been unable to receive any e-statements or digital correspondence that would otherwise only be available to me via my online banking account portal. 

This has been an absolute disaster of a situation for what is really a common banking transaction. My online account portal is still 'temporarily locked ', see the attached photo.

Company response to consumer: Closed with explanation