Consumer complaint received 2020-05-28
Company: GOLDMAN SACHS BANK USA
State: IA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I made a transfer from my Marcus Online Savings account in the amount of {$1000.00} on XX/XX/2020. I was buying a car and this was the amount required for a down payment. I received confirmation on Marcus that the transfer was approved. Generally the funds arrive the following business day at XXXX. I went on with my purchase and wrote a check for my new car and let them know I was transferring money and it may take a day for the transfer to complete. The dealership was fine with that. Today, XX/XX/XXXX at XXXX, I noticed that the funds were still not transferred from my Marcus Online Savings account to my XXXX XXXX  Account ( checking ) ending in XXXX. I thought it was odd, as usually the funds would have been posted by XXXX on the XXXX or XXXX on the XXXX. I decided to log in to my Marcus Online Savings account on XX/XX/XXXX at XXXX. When I attempted to log in, I was met with a greeting that said my accounts at Marcus had been locked. I have ( had ) 9 savings accounts with them. The greeting provided a phone number to call. I called the number. While on hold, I checked my email and phone records. I had no notifications or calls from Marcus indicating my accounts had been frozen or why. I found that odd. Most banks Ive been with will notify you if they see suspicious activity on your account. 
The first representative verified my identity but said he wasnt sure he could unlock my account, but would try. I told him that the transfers were initiated by me for the purchase of the new vehicle. I told him I had a lot riding on this, as these funds have been used to purchase a new car and the check will bounce if the transfer doesnt go through. This could result in fees or even criminal charges for me. The agent repeated he will try. I advised this issue needs to be corrected and asked to speak with a supervisor. He argued with me that I should allow him to try to fix the issue. I told him given how important the situation is, I would feel more comfortable with a supervisor handling the transaction. He told me to stop repeating myself. I told him I wanted a supervisor. He put me on hold without another word and never came back on the line. I had to hang up and call again. 
When I called the second time, I spoke with a representative named XXXX. He got a supervisor on the line for me. The supervisor was very blas and clearly did not care to help me with my issue. He said he understood my frustration but it was a different department that handled account locks and he had to wait to get in touch with them. He said the transfer for {$1000.00} had been denied and the accounts locked as a security measure. I asked him why I was not advised that the transfer had been denied. He said sometimes they do not notify their customer. I asked him why I did not get advised that my accounts had been frozen. He said he sometimes they do not notify their customers. I asked why my accounts were frozen and he said it was due to suspected fraud. I asked him, if they suspected fraud on my account that was enough for them to deny my transfer and freeze my accounts, why did I receive no phone calls or emails regarding this issue. He said sometimes they do not notify their customers of these issues. 
I asked him to close my accounts and wire transfer my funds to my central bank account ending XXXX. As a result of them holding my funds and not notifying me, I may bounce the check for my new car. They did nothing to resolve the issue and I had to reinitiate the transfer. A notification ( phone call, text or email ) should have been sent to me for 1 ) the transfer denial 2 ) the accounts freezing 3 ) suspected fraud. Had I not attempted to log into my accounts, I would not have known. My car dealership is aware that the check may bounce. I am hoping the funds arrive on time now and that Marcus is doing what they promised and initiating the transfer.

Company response to consumer: Closed with explanation