Consumer complaint received 2024-05-28
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA (CA)

My issue has been resolved, but this complaint is being written to inform Marcus by Goldman Sachs of the privileged nature of their account management and to ( hopefully ) assist a variety of other Californians and Americans from being forced to undergo stressful times as the result of structures of power that have oppressed marginalized Americans seeking the opportunity to grow their savings. 

Tuesday, XX/XX/XXXX ( XXXXXXXX XXXX ) I learned that my Marcus by Goldman Sachs account had been " temporarily restricted '' through the app and was told to contact a variety of numbers ( I figured I would contact the number labeled " Savings '' ). 

In this phone call, the agent I spoke to ( at around XXXX ) told me that all I had to do was " talk to a specialist '' during the business hours of XXXX to XXXX the next day. There was no information provided to me that, by that point, my account was locked. With no urgency being displayed from the agent, I requested information for my checkings and account number to input for my new job as a direct deposit ( something I would never have done had the original agent been upfront about my issue rather than skirting around it. ) This is my first complaint : I'm sure others like me would like intervention on the agents half that, if our account were locked, to inform us. I've now had to speak to my summer internship about holding off on stipend deposits and also go through the hassle of contacting my HR department for my new job to get the information changed to my original bank. In what world would an agent see my account is locked and not tell me anything as I politely asked her to give me my account information for a direct deposit form -- knowing that these funds would be locked and I would not find out until later? Apparently, this one. Therefore, ( 1 ) Train agents to be situationally aware of issues that come with accounts being locked. 

Wednesday, XX/XX/XXXX ( XXXX XXXX  ) I called the next day under the belief that all I had to do was " speak to a specialist. '' With all of the good stories I had heard about Marcus, I figured that this was possibly an agent who was interested in helping me manage my savings and how to manage a HYSA. However, I was then met with an agent ( whose name I will omit for now as I find that this is an issue with Marcus by Goldman Sachs rather than the agent ), who told me that my account was flagged for fraud and I would need to undergo a " verification process. '' She told me that my phone number connected to my account ( the same one that I was calling their line with ) was " unable to receive a one-time PIN code, '' even though I have received prior one-time PIN codes from Marcus by Goldman Sachs with the exact same phone number. Therefore, ( 2 ) Be able to explain these kinds of discrepancies to callers besides blaming it on your system. Or, if it truly is the system 's fault, then ( 2a ) Update your systems to be less outdated. 

This agent then asked me if I had a driver 's license for identification. I explained that I had a RealID ( a federally recognized form of identification, soon to be rolled out nationwide, that has all of the same aspects of a driver 's license for ID purposes BESIDES being able to validate my ability to drive -- which is not needed from a banking institution ). I was told that " the RealID will not work in our system '' ( this will arise later ). 

For Americans who are not interested in driving ( such as myself, who prefers public transportation after the trauma of driving from a car accident that happened in my life ), how else are people interested in Goldman Sachs able to open accounts without worrying about their account being flagged for fraud and having, potentially, their entire savings account locked? The fact that only driver licenses are accepted, rather than RealIDs ( though an agent told me that " California RealIDs do not work but other states do '' ) is, inherently, a privileged system that emphasizes the privilege of mobility and being mobile to access these HYSAs ; without the privilege of being mobile, individuals such as myself have our accounts locked and are deemed " unable to be effectively verified. '' Therefore, ( XXXX ) Expand the types of identification over the phone to include RealIDs, which are soon to be federally mandated anyways, so that Californians without the privilege of driving ( since, apparently, other states RealIDs work in their system ) can access and verify their accounts when flagged. 

When I explained that I did not have a drivers license, the agent asked if I " had someone nearby with the same last name as me '' to confirm my identity. When I explained that my father is out of the picture, for the most part, but I had my mother whose last name corresponds with my middle name, I was told this would not work either. 

For Americans, especially the more financially aware youth, those who are either in foster care, living in single-parent households, emancipated, or more could be subjected to being unable to validate themselves promptly and further oppressing these marginalized groups. Therefore, ( 4 ) Find ways to expand this form of identification validation ( the presence of others ) to include supporting those who live in family structures that are not nuclear. 

I ended the call after being told there was nothing I could do but wait. 

Wednesday, XX/XX/XXXX ( XXXX ) I called again, about half an hour later, to understand why my RealID would not be accepted after speaking to my mother about the issue. I was transferred to a specialist ( a male whose name I do not remember and therefore am unwillingly omitting ), who went through a very similar process as the former agent. 

Then, I asked if I could simply close my account and receive my funds back. After all, my account had been made just five days before these interactions ( XX/XX/XXXX ). No money had been added besides a singular transfer from my original bank to the new account ( around {$3900.00} ). I was told that, because the account was flagged, they would be unable to close my account. I was confused! I explained that the only money that was in was my savings, and he explained that the account was locked and there was nothing he could do. I understand the merit behind these issues, but ultimately, especially for new accounts where only one transfer has been made, ( 5 ) Agents should be trained for situational awareness and understand that issues may arise that should be determined case-by-case with a supervisor or someone with higher authority than them. 

In this call, this agent also told me that he could contact the fraud department to give a call to my registered phone number linked to my account. I obliged. 

I waited for the next 6 days ( three business days ), and the call never came. 

Tuesday, XX/XX/XXXX ( XXXX XXXX ) At this point, no action had been taken and I needed my money to pay for my college tuition for the upcoming semester. I called again and was transferred to the same agent who took my call on Wednesday at XXXX XXXX 

In this call, this agent kept repeating that " action would be taken soon '' from their fraud department despite my continued urgency that I needed the money I deposited as soon as possible with payments being needed in a few days. I explained all my grievances ; I was never contacted with a phone call ; I was confused why XXXX does not qualify for recognition ; the agents I've spoken to have been extremely unhelpful ; all before I decided to escalate and basically had to plead to speak to someone with more authority. I explained that I had attempted numerous times to identify myself, and yet, it felt as though they did not have even the slightest empathy for addressing this problem and I just wanted to close my account to receive my money back ( no interest had been built through the XXXX, no deposits had been made, etc. ) Finally, I was transferred to a supervisor who allowed me to close my account after the stress I went through while trying to pay my tuition and credit card bills. 

This story reveals the grossly negligent and privileged attitudes of Marcus by Goldman Sachs. For an XXXX-year-old, low-income, working XXXX  who just wanted to grow the small amount of money I had in savings ( compared to other users of Marcus ), I was shown firsthand the discrimination against low-income Americans, immobile Californians, Americans with few family members, and more that this system of verification for flagged accounts has. 

All of this has happened to me, and I'm sure it has happened to others. And even after all of this, I still don't know why my account was flagged for fraud in the first place.