Consumer complaint received 2023-11-28
Company: GOLDMAN SACHS BANK USA
State: CA
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Closing an account
Sub-issue: Funds not received from closed account

Complaint:
On XX/XX/XXXX, I opened a CD account with Marcus by Goldman Sachs. I wanted to transfer money directly from my savings account ( at another financial institution ) into my Marcus CD, but unfortunately the electronic transfer software used did not work between the two institutions. I contacted Marcus about other options and was told I would need to send a check. I was given very explicit instructions about the information that needed to be written on the check. I don't have physical checks ( my other bank is a small online only bank ), so I requested a check from my bank for {$2000.00} be mailed to me, and then endorsed the check with all the required information Marcus had provided and put it in the mail. Unfortunately, this process took longer than expected, and by the time the check actually arrived at Marcus, the month-long CD funding window had just closed and Marcus closed the account. I called Marcus on XXXX  to ask about how to handle this, and they said since I no longer had an account, when my check arrived, it would just be sent back to me. On XX/XX/XXXX, however, I was shocked to see that {$2000.00} had been withdrawn as a check deposit. And my Marcus account was still closed, so it didn't go there. The money had been taken out of my account and was no longer in my possession in any way, it had just disappeared into Marcus 's coffers. I contacted Marcus to find out what had happened, and why my check was not just mailed back to me. They said it was " being processed '' and they would need to cut a new check to send the money back to me. I was told to expect it in 7-10 business days. I did not receive it. I called again on XX/XX/XXXX and it was like I was starting all over again, nobody knew anything about my situation. They told me the check was received for processing and asked me what I wanted to do with it. I told them I wanted my money mailed to me, and had been told this was already in process. They apologized, said they were starting the process, and I would receive it in 7-10 business days. Again, no check. I called again on XX/XX/XXXX and had a VERY long phone conversation where I was told it was understood how frustrated I was, and they weren't sure why it hadn't been put in properly but it wasn't, but now they were going to expedite my check and would try to get it to me sooner, but at latest, 7-10 business days. On ALL of these calls, I asked about SOMETHING to make this easier ( could they wire the money to my account?? no, of course not ) or confirm the info ( could they at least provide a tracking number when they mail the check so I know it's been mailed? nope ). I was on a trip during the " 7-10 business day '' window of the last call, so I did not call again until today ( XX/XX/XXXX ), when I was told that there were verification steps on the check that had not been completed, and they weren't sure why, but once the verification was complete they could send me the check. They said the verification was done at the end of this call, and that they are going to send me the check, but they can't confirm anything, and I no longer have faith in their process.

Company response to consumer: Closed with explanation