Consumer complaint received 2022-08-06
Company: GOLDMAN SACHS BANK USA
State: CA
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
On XX/XX/2022, I opened a high-yield savings account ( HYSA ) with Marcus by Goldman Sachs XXXX Marcus ) with {$72000.00}. Shortly after, on XX/XX/2022, I transferred an additional {$1000.00} for a total of {$73000.00} in my Marcus by Goldman Sachs HYSA. 

On XX/XX/2022, I made a purchase of XXXX through XXXX using my HYSA. Two days after, on XX/XX/2022, Marcus made a transfer reversal. I called Marcus the following business day ( XX/XX/2022 ) to understand the reason for the reversal, and the Marcus associate explained that the reversal was done by XXXX. I called XXXX the same day, and they said that the reversal was done by Marcus. I then called Marcus back and spoke to a different associate, who explained to me that Marcus HYSA is an account that only serves to save cash, earn interest, and make transfers between financial institutions, not necessarily to make purchases e.g., purchase of an XXXX Therefore, that was the reason for the reversal of the funds. 

Keeping in mind what the Marcus associate explained, I decided to then transfer funds back to my linked account in Marcus ( my XXXX XXXX checking account ) on XX/XX/2022, and on XX/XX/2022 the funds were, once again, reversed into my Marcus account. I called Marcus and the associate, once again, mentioned that the transfer was reversed by XXXX XXXX, and that I need to talk to XXXX XXXX in order to resolve the issue. When I called XXXX XXXX they mentioned that they did not make any reversals and that I need to call Marcus back. I called Marcus and after waiting in line for an hour, I was then transferred to a specialist. The specialist explained that my account was going to be closed and the reason for closure could not be disclosed, per the agreement. I immediately asked the specialist about my funds and what was going to happen to them, whether they were going to be transferred back to my linked account in Marcus or sent via check. The specialist assured me that once the account closure is finalized that the funds were going to be reversed back into the account that originally funded the Marcus HYSA. 

Moreover, I explained to the specialist that I closed my XXXX XXXX savings account ( which is the account that originally funded the Marcus HYSA ) in order to avoid monthly fees from XXXX XXXX since all my funds were now sitting in my Marcus HYSA. The specialist said that they will then send the funds to the linked account in Marcus, which is my checking account with XXXX XXXX, and the associate confirmed the account number via phone. After waiting for the arrival of the funds for a few business days, I decided to call Marcus back and check on the status of my account and funds. The associate explained that my account is still being under review and the closure can take up to 10 business days and that the only way they can send my funds back to me is via a reversal of the funds to the account that originally funded the account or a check. I explained the issue again to the associate, and how the account that funded my Marcus account is no longer active, and the associate said that they will then have to send a check. After waiting a few weeks for the check, I called Marcus the week of the XXXX of XXXX. The associate said that my account was still under review and that no check had been issued yet. I escalate the issue to a manager/supervisor since the associate mentioned that the reason for the delay was not being disclosed to him by the account reviewer. Further, once I was transferred to a supervisor, the supervisor said that the reason for the delay can not be disclosed and that she will try her best to speed up the process. 

On XX/XX/XXXX, I received a call from a Marcus associate. The associate mentioned that my account is still under review and confirmed my mailing address via phone. This is the last time I spoke to a Marcus associate. Almost three mo
nths after the creation and funding of my Marcus HYSA, I still do not have access to my funds. Ive called Marcus several times to get an explanation ( or an update ) and the issue has not been resolved after three months. The bank is withholding access to my funds.

Company response to consumer: Closed with explanation