Consumer complaint received 2023-11-12
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 opened a high yield savings account with Marcus by Goldman Sachs for their high yield savings interest. When I tried to withdraw a bulk of the money out of Marcus, it was reversed.

My first attempt in calling Marcus was a 1
.5 hrs call ending in a dropped call. During that 1.5 hours on the phone, the first representative said that I was being transferred to another representative that can better assist me. The next representative had no idea what the call was about and proceeded to ask me security questions as if I just called in. After multiple holds to " check to see what's going on with my account '', I was again transferred to another representative that again asked for my personal information for verification. At this point, I'm starting to believe none of the previous representatives knew the problem and proceeded to put me back in the queue for another representative to " help '' me out. Then after being held on hold for a few mins, the phone disconnected. 

After trying to call again, I was finally told that there is a hold in my account. The first representative told me that there is a hold on my account due to some garnishment but could not tell me who or what is putting that hold. They said it could be the receiving bank ( XXXX in this case ) or some other agency/institution but they do not have visibility on that. They did mention that they can usually see if it's the IRS and that there was no indication that it was that institution that put a hold on my account- I never heard " IRS '' spoken after this representative. I've asked to speak to supervisors but even they would just say that they do not have any additional details and have no idea how to help me out. They can not give me ANY information about the " garnishment '' on my account and I am told there are no other departments, or any other person I can talk to to try to figure out how to resolve the problem. 

I proceeded to contact XXXX, and they saw that there was a hold that could potentially have been from being flagged as a potential fraudulent transaction but they immediately resolved this. I was able to link my Marcus account to my XXXX account within the XXXX app and tried to initiate the transfer from XXXX instead for the same amount. After a few days of processing, it was reversed again. I called XXXX again - the Marcus linked account was suspended in their system but they were able to lift it again.

I went back to my Marcus app and tried to initiate the transfer once again from the Marcus app. At this point, I am not even able to initiate the transfer. I just end up getting a constant error telling me to " please try again ''. I figured if it's an issue with XXXX, I can try to transfer it to a different bank. But I am now also unable to link new accounts to my Marcus.

Called Marcus again and just like the last time, they see a hold but they are unable to give any information. My money is with them but they can't tell me how I can be able to get access to that at this point. They say there is no department within Marcus that can give me that information because of the sensitive nature. I would think it may be sensitive at their level or for their team but there should at least be some team that would be able to tell me this information - information about my money that is being held by them. I should be entitled to information about my own assets. They make it seem like whatever this institution is that has put this hold will need to lift it, but I would not be able to figure out how to resolve it because they wouldn't be able to tell me who is putting the hold- I can only sit, wait and hope while they keep my money that whoever this mysterious institution is suddenly decides to lift whatever hold is put on my account. I asked if I can just close my account altogether but even that I apparently can't do. 

On my part, I have not received any letter or any notification of a potential garnishment to any of my accounts. I have no kids which means I am not responsible in paying child support and I pay my student loan every month. I've gone as far as finding a way to contact the IRS to confirm that I have no balances I owe to the government - I don't. The agent confirmed that I have XXXX balance. 

None of this makes sense as I also just closed on a house which did an extensive check on my personal and financial situation. I also have multiple bank accounts, but somehow Marcus by Goldman Sachs is the only bank that has a garnishment under my name and holding my money.

Company response to consumer: Closed with explanation