Consumer complaint received 2023-09-24
Company: GOLDMAN SACHS BANK USA
State: IN
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Indiana XXXX XXXX XXXX XX/XX/2023 XXXX XXXX XXXX XXXX XXXX XXXX Complaint - Release of Funds from Marcus Goldman Savings Account Dear , CFPB I am writing to seek your assistance in resolving an issue concerning my Marcus Goldman Sachs Savings Account . Goldman Sachs has been withholding my funds, which are held in a savings account. My name is XXXX XXXX, and for the past 24 days, starting on XX/XX/, I have been diligently attempting to address this matter through numerous phone calls and the submission of documentation to Goldman Sachs. Unfortunately, my funds have remained frozen and inaccessible during this time and this has caused much undue stress as a single mother, small business owner who makes a living based on commission, and as a full-time XXXX XXXX 
To provide further context, I am unable to access my Marcus Goldman Savings Account. Not only can I not transfer or obtain my own funds, but I can not check my account number, balance, transaction history, or anything related to it. When I attempt to log in, I am met with a notification indicating that my account has been locked and that I should contact the institution for resolution. 
Upon contacting Marcus Goldman, I was informed that their verification process necessitates an outbound call to the transferring bank and in this case its XXXX XXXX XXXX XXXX, where I had requested my funds to be transferred. However, XXXX XXXX XXXX XXXX, like many other financial institutions, has a policy against disclosing confidential information during inbound calls. 
It's worth noting that Marcus Goldman 's policies regarding their verification process is the same as XXXX, where they do not allow inbound calls and will not provide confidential information to another external banking institution by phone. Although, this is part of their current standard practices. 
Since XX/XX/XXXX, and after the representative breached their confidentiality agreement and provided me with my secret password- I have repeatedly requested that Marcus Goldman promptly close my account, but they have failed to do so. During one phone call with a Goldman representative, I was informed that Marcus Goldman would close my account due to alleged fraudulent activity, with my funds returning to the original account. However, another call contradicted this statement, with Marcus Goldman explaining that they were not closing my account. 
Subsequently, I was advised to send my XXXX XXXX XXXX XXXX account statements to Marcus Goldman by mail as part of the verification process. The representative explained the verification process would take at least 10 days and if this was an accurate statement Goldman Sachs should have released my funds by XX/XX/. A representative did confirm receipt of both my final notice and account statements, and she explained they were received on XX/XX/. After receipt of the final notice and account statement Marcus failed to call me to resolve the issue until I called them on XX/XX/, where she explained they did in fact receive the documents. 
In my efforts to resolve this issue, I have contacted Goldman Sachs customer service on numerous occasions, providing detailed records of each call : - XX/XX/XXXX  at XXXX XXXX  ( Duration : 14 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 29 minutes ) - XX/XX/ at XXXX XXXX  ( Duration : 24 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 18 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 23 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 39 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 14 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 15 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 12 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 13 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 11 minutes ) - XX/XX/ at XXXX XXXX  ( Duration : 26 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 2 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 14 minutes ) - XX/XX/XXXX  at XXXX XXXX  ( Duration : 43 minutes ) Despite my persistent efforts to resolve this issue, my funds remain unreleased for 24 days since my initial request on XX/XX/. 
On XX/XX/, I visited the XXXX XXXX XXXX XXXX in person as Marcus Goldman explained they needed to speak with my banking institution to transfer the funds. I called Marcus Goldman, placed the call on speaker phone as I sat with XXXX XXXX, the Vice President of XXXX XXXX, at XXXX XXXX XXXX XXXX, while speaking with Goldman Sachs. During this call, both XXXX and I were surprised by the comments made by the Goldman Sachs representative and the uncertainty regarding the release of my funds, as there was no apparent reason for their continued withholding. Additionally, Marcus Goldman made statements around their contradictory verification process, and policies during this time. While on the phone, I also explained that the first time I spoke with a representative they had breached their confidentiality agreement by disclosing my secret password over the phone after I had provided an incorrect one. 
In response to this ongoing situation and the resultant overdraft fee I incurred at my personal bank due to Goldman declining the transfer of my funds, I sent a formal notice to Goldman Sachs on XX/XX/, urgently requesting the release of my funds. Alongside this notice, I included bank account statements from my XXXX XXXX XXXX XXXX account, which unequivocally confirm my ownership of the account and its non-business nature. Regrettably, my funds have yet to be released. XXXX at XXXX did say that we could discuss the overdraft fees once the issue relating to Goldman Sachs was resolved as she quickly understood that it was no fault of my own. 
During a recorded conversation with a Goldman Sachs representative, I was informed that it would take approximately 10 business days to address and rectify these concerns for the release of funds. In accordance with this information, I allowed a total of 14 business days from the date of that letter for the initiation of the transfer, which equates to XX/XX/. 
However, as of the date of this letter, my funds remain unreleased, causing not only financial hardship but also significant stress and inconvenience. This situation has placed an undue burden on me and my children, as I am a full-time mother, business owner, and XXXX. 
In one of the many phone calls to Marcus Goldman I did request transcripts of each phone call and they have failed to provide these as of XX/XX/. I am currently and actively trying to seek legal counsel on this matter, and I am writing to you urgently asking if you can help in anyway? My house payment is due on XX/XX/, and the unavailability of my funds in my Marcus Goldman account will undoubtedly lead to further stress in the near future. Any assistance or guidance you can provide would be greatly appreciated. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation