Consumer complaint received 2023-05-18
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA (CA)

On XX/XX/XXXX, I initiated a transaction of {$14000.00} from my Marcus account to my own XXXX checking account. I needed my money to arrive by XX/XX/XXXX in my XXXX  account. On transfer Marcus said it would take 1-3 business days to transfer my money. So I had one buffer day as XX/XX/XXXX would be the third business day. 

On XX/XX/XXXX, Marcus locked me out of my account. They made their first communication attempt to me on XX/XX/XXXX but since I am out of the country I could not take the call. I have been trying to reach out to them since XX/XX/XXXX. I have called them 4-5 times total but they did not provide any resolution. They told me they will call me. Since I am out of US, they said they cant unlock my account because they cant reach to me on my number. I told them to contact me on my email or alternate phone number but they said to me to give them a call back when I am back in US. When I told them I am filing a complaint on CFPB, they gave me a call back right away on my alternate number. The agent told me that I can withdraw money to my funding account only, to withdraw money to my non-funding account I need to wait for 90 days. I had used my XXXX account to fund about {$9700.00} and the one of the other funding account was XXXX. I had closed my funding account ( XXXX  ) when I transferred my money to Marcus so essentially I have my money locked with Marcus for 90 days. 

XXXX told me that according to their deposit agreement ( Section VI : Deposits and Withdrawals. Subsection XXXX ) they XXXX place limits to my withdrawal and they will let me know of such limits at the time of scheduling my XXXX transfer. 

heir first attempt of communication from XXXX was made on XX/XX/XXXX and I scheduled my XXXX transfer on XX/XX/XXXX. So they XXXX have take at least XXXX day to try to communicate the limit. I did not get to know about this limit till XX/XX/XXXX when I called them back. There is a violation of the agreement I should have been told on XX/XX/XXXX itself about the limit. On confronting them about this they told me that they needed time to research about this. 

So at the end of the day I am not allowed to use my OWN hard earned money. I do not have freedom to withdraw my money to my own accounts and XXXX comes up with random restrictions on withdrawals and they violate the deposit agreement causing trauma to me. I have spent about XXXX hours on phone with their agents to get money moving from my account. 

On XX/XX/XXXX, they allowed me to withdraw {$9700.00} to my XXXX account saying that this was the cumulative amount that came from XXXX to XXXX, so they can let me withdraw only that much and it should reach to my chase account in XXXX XXXX business days. I have to deal with the uncertainty of getting money into my account by XX/XX/XXXX. And even if I do get {$9700.00}, I have to manage {$5000.00} ( $ XXXX {$9700.00} ) in my XXXX account to avoid the loss of {$600.00}. On top of that XXXX XXXX not pay me the interest on {$14000.00} from XXXX XXXX XX/XX/XXXX as they kept my money on hold. 

This is a pathetic display of financial service by XXXX causing trauma to its customers. Strict action should be taken against them.