Consumer complaint received 2022-09-27
Company: GOLDMAN SACHS BANK USA
State: NJ
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I have a substantial balance with this bank. But their Customer Service has been very horrible and criminally incompetent recently. Here are my exact complaints- First. For about a month I am struggling to get a simple conformation that Marcus 's account titling requirements meet the FDIC requirements revocable trust accounts as listed FDIC 's website ( details below ). I have spent about 11+ hours on the phone with these guys and the amount of sheer ignorance, incompetence and stupidity ( I'm sorry to use this word but no way to sugar coat this ) I have seen is unbelievable. And I have heard all this nonsense on recorded lines. To this day, I have not received anything in writing that sys that Marcus meets these requirements. 

https : XXXX Coverage and Requirements for Revocable Trust Accounts 1. The account title at the bank must indicate that the account is held pursuant to a trust relationship. This rule can be met by using the terms payable on death ( or POD ), in trust for ( or ITF ), as trustee for ( or ATF ), living trust, family trust, or any similar language, including simply having the word " trust '' in the account title. The account title includes information contained in the bank 's electronic deposit account records.

- Second. Before I transferred my substantial saving to Marcus, I checked, double checked, and triple checked that if they want to check my ownership of my external accounts, please do it now and don't give any hassle later if I want to move my money out. And again, I have been lied to multiple times on recorded lines. Just in last week itself, first they put some sort of restriction where I can't even move {$50.00} from my one Marcus account to another Marcus account. If that wasn't bad enough, the website shows this restriction as a technical error and keeps asking me to try again. Finally after trying like an XXXX multiple times, I had to waste an hour on the phone. Please see the attached image. Then 2 days later, they again put some different sort of restriction where I cant even log on to the website. When I called, I was told that they tried to call me which was a flat out lie and I can prove that. Again had to spend like 45 minutes on the phone. I filed complaints for all these cases but they go into a black hole and no one ever contacts you back.

- Third. Since last week, whenever I try to link and external account through the instant
linking option, it just shows me a blank pop up with no text or message on it. I have called them about 5 times and I keep getting the same stupid answers. Just today one agent told me that it works " sometimes ''. I needed to do an urgent ACH now but I am unable to do it. I cant even ask them to do a wire as the other bank charges wire transfer fees and manual external account linking takes days. They keep telling me that there is no restriction on my account and that it is a website issue but I just checked with 2 other people who have Marcus accounts and they dont have this issue. So obviously these Marcus agents are either clueless or simply lying again which is like a habit for them. Please see the attached pdf. 

- Fourth. They simply refuse to link certain bank accounts e.g. XXXXXXXX XXXX  ( Routing number XXXX ) without providing any reason. If I had the option to do an ACH transfer, I wouldn't even bother with the hassle of doing a wire transfer. 

- Fifth. I was told on a recorded line by 2 supervisors that if I ever want to do a wire, all I need to do is call and they will verify my information and ask me to verify a code sent through text and that would be all. Again a flat out lie. Tried to do a wire transfer today because they wont let me link the account for ACH and had to spend at least an hour with their security department on 3 way calls with the external banks. I told that lady to verify the other external accounts as well so that I don't have to go through this hassle again but of course no. This is the same exact thing that I was told wont happen by Marcus 's agents on recorded lines.

The whole thing is set up so that they do minimal verification when the funds are coming in but when the funds want to go out, they throw in all sorts of hassles and then hide all that non sense and incompetency in the name of security. They wont verify anything proactively even when a customer requests them to repeatedly. They will repeatedly put restrictions on accounts without any notifications and will put the onus on the customer to call them and waste hours on phone to get them resolved. They have no qualms about repeatedly lying to customers on recorded lines.

To the Marcus person who is responding to my complaint, I can prove every single thing I have stated above with the dates times and names of the people involved. So please dont even bother saying that none of this happened to try to present an alternate reality of this. Thanks

Company response to consumer: Closed with explanation