Consumer complaint received 2023-07-21
Company: GOLDMAN SACHS BANK USA
State: NJ
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
Marcus By Goldman Sachs has been holding {$20000.00} of my money hostage from me since XX/XX/2023. It has been an extremely awful experience having a savings account with Marcus by Goldman Sachs as their policies and customer service are absolutely atrocious and flat out embarrassing. On XX/XX/2023, I transferred funds from my external account into my savings account at Marcus by Goldman Sachs to fund the account. A few days later, I decided to transfer the funds out of the account via ACH transfer to another bank that I have in my name. Goldman Sachs did not like this. Apparently, I had to of had the funds in the Marcus by Goldman Sachs account for 90 days or more before I could touch the funds and move it elsewhere, which is outrageous and no other bank has this policy. Please keep in mind that this policy was not disclosed to me or else I would have not transferred the funds there in the first place had I would have known it would be locked into the savings account for 90 days or more. This is just the beginning Marcus by Goldman Sachs AUTHORIZED an ACH transfer to my other bank account whilst on the phone with me on XX/XX/XXXX, without saying anything about a 90-day hold on my funds. At that point, the same day, Marcus by Goldman Sachs blocked my access to my account right after I requested it. I called again to report my account access was restricted and to ask why. Marcus by Goldman Sachs stated that the funds MUST return to the bank account where the funds came from I had communicated with them that this action was not possible due to the fact that the account the funds came from, I closed.. Which was the entire reason for the transfer from my bank to Marcus by Goldman Sachs in the first place. At this point, Im expressing to them that the account at the originating banks institution is closed and the funds will not be accepted by that bank. A lot of bank and forth calling between the two banks. I would call the bank where the funds came from and they would express that the account is closed and they will not accept the funds from Marcus by Goldman Sachs. I would then call Marcus by Goldman Sachs and they would persist that the funds would have no choice but to be sent back to the originating bank and that well have to see for ourselves if the bank rejects the funds, after I told them several times and even did a 3-way call with both banks on the phone where they confirmed the funds would be rejected!! Marcus by Goldman Sachs proceeded to submit an ACH transfer to the originating bank against my wishes anyways. Two days later, XX/XX/XXXX, the funds were in fact rejected by the originating bank and sent back to Marcus by Goldman Sachs. Marcus by Goldman Sachs then told me that once the funds were retuned to them, they would issue a check to me or allow me to transfer the funds to another bank ( the other bank I had attempted to transfer the funds to in the first place! ). I then had to wait 5-7 business days for a review on my account to be complete and I was told at the end of the review that I would be receiving a check within 7-10 business days. I was slightly relieved after a full month of trying to retrieve my funds, it seemed like the finish line was finally in sight. Nope, they sent a check to the originating bank instead of me even though the originating bank asked them to not because they would refuse and destroy the check!!!!! Not only did Marcus by Goldman Sachs go against both the originating banks wishes as well as mine, they in fact sent the check to the incorrect address in a different state!! They did not even have the common decency to send the check to the originating bank. They are sloppy and do not care at all whatsoever. I waited 15 business days for the check to be delivered to the originating bank in hopes that they would just forward it to me, instead the check was sent to the incorrect address and also, even if the check was received by the originating bank, the check would have been destroyed as they do not accept physical checks as per their policy, which means I waited another 15 business days for a check to not only not get delivered to the correct address, but not delivered at all Marcus by Goldman Sachs lied and stated that the originating bank stated they wanted a check to be sent to them so that they can forward the check to me.. ( Which makes XXXX sense because Marcus by Goldman Sachs could have just sent me the check directly ).. The originating bank stated several times to Marcus by Goldman Sachs that they never requested a check to be mailed to them and they do not know where Marcus by Goldman Sachs got this information from. They stated that they made this information up as the originating bank will not communicate with Marcus by Goldman Sachs without me on the phone, which means Marcus by Goldman Sachs lied to me when they said that the reason why the sent both the ( Rejected ) ACH transfer and ( Rejected ) check, was because the originating bank requested it. The story gets worse. I contacted Marcus by Goldman Sachs and stay on hold for ridiculous 45-50 minutes every day just to be told We need you to contact your external bank to receive the funds.. How does that make sense!!!!! I already have contacted them! We together, all three of us were on the phone when the originating bank told you several times that they were not going to accept the funds!!! After each and every call, Marcus by Goldman Sachs triggers an account review in order to figure out a way to give me my money back and at the end of each review they do not do anything different besides say we recommend you contact the external bank they clearly do not care!!!! The external bank can not do ANYTHING!!

Marcus by Goldman Sachs has these extremely long and depressing account review periods where they review your account for 5-7 business days every single time something happens. I call and tell them that the funds will be rejected 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that the funds were promised to be returned to me via check or transfer/wire 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that I would prefer a transfer/wire instead of a wire 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that the check was sent to the incorrect address 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that the check is still not in my possession 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that it has been a full two months with no progress or effort from Marcus by Goldman Sachs to give me my funds back 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls. I call and tell them that I still dont have my funds and that the originating bank will not accept a check nor transfer, they wont accept any money because my account is closed and they recommended to Goldman Sachs to give me my funds in a check 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls.

I call and let them know that my account has two credit cards as well in the app that I need access to pay and that have nothing to do with the savings accounts that are now closed. They are unwilling to unlock my online access. I am afraid that I wont be able to pay my credit cards on time! This is a nightmare!!! Not only have I lost a savings account for absolutely no reason, but I may lose two credit cards as well! They allow me to log in once every few days and then whenever they decide to do an account review, they re-lock my online access and I cant access my credit cards and pay them again!!!!! 

They told me they would issue me a check if the originating bank did not accept the check, now all of a sudden, they are unwilling to do so! They lied again! I dont even know where my money is! I am struggling and have been for two full months. I have been struggling to pay rent, I have accrued credit card debt, I am struggling to pay my bills, I am struggling to pay my college tuition. I even had to sell my car to get enough equity to keep myself from drowning. 
To this day I still do not have my funds I so desperately need and deserve. I never did anything wrong besides just trying to do a normal ACH transfer to another bank account in my name!!!!!!! 
On XX/XX/XXXX, I told Marcus by Goldman Sachs that at this point I am going to get an attorney and sue because I have endured an extreme amount of stress, XXXX and XXXX.. 5-7 business day review, with no information from customer service throughout that time, they dont even answer my phone calls.

Company response to consumer: Closed with explanation