Consumer complaint received 2024-03-07
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA (PA)

Marcus Bank reversed a withdrawal of available funds to a verified external bank account. A suspicion of fraud was not involved. 

On Monday XX/XX/XXXX I initiated from Marcus Bank an ACH withdrawal of {$12000.00} to XXXX XXXX ( a division of XXXX XXXX ). 

Marcus Bank advertises that ACH transfers scheduled before XXXX XXXX ET should arrive the same day at its destination barring a delay due to certain conditions. 

The next day, Tuesday XX/XX/XXXX, I saw that Marcus Bank had not transferred the funds. I suspected the reason was because I had recently linked XXXX  ( XXXX ) XXXX to my Marcus Bank account.

I phoned Marcus Bank that evening to learn why the transfer had not been executed, and whether there was an issue with my account. Twice in the past Marus Bank had put holds on my funds without notification. The customer service representative said everything appeared in order, and that the transfer should soon go through. 

The next day, Wednesday XX/XX/XXXX, I saw that once again the funds had not been transferred out of my Marcus Bank account. I phoned its customer service that afternoon and requested to speak with its transfer department. I explained that I suspected that the issue holding up the transfer was because the external account was recently linked and Marcus Bank has a practice of wanting to verify ownership of these newly linked accounts. And again, the customer service representative said there should be no issue with the transfer, and would not let me speak with the transfer department. 

Sure enough, later that day I received a call from Marcus Banks transfer department requesting that I hold a three-way call with XXXX ( XXXX ) XXXX to verify my ownership of that account and to learn how long I had held that account. XXXX XXXX verified my personal information and that the account had been opened since XX/XX/XXXX. 
The Marcus Bank representative then told me the transfer would be approved to go through. 

The next day, XX/XX/XXXX, I saw thar Marcus Bank had not transferred my funds as promised, but instead reversed the transfer. I called Marcus Bank and was connected to its transfer department. I asked why the transfer was reversed despite earlier being told that it had been ( finally ) approved. 

Initially, I was told that because I had a deposit of {$46000.00} into Marcus Bank on hold, until these funds settled I could not make that withdrawal. I pointed out that, excluding the sum on hold, my account had {$200000.00} available to use. 

Then I was told that the reason was because my XXXX ( XXXX ) XXXX account was open less than 90 days. I replied, that the previous day it was verified as opened for over 8 months. 

The next reason given was that at any time a deposit - whatever the sum- is on hold, and regardless of any available funds- whatever the sum - no withdrawal transfers are permitted. I pointed that if she looked at my account ( it was on her computer screen ) she could see thats not true because almost every week I make deposits and withdrawals ( of available funds ) without such a conflict. 

As an example, I asked that if I had {$10000.00} in available funds, but initiated a {$10.00} deposit, would the settled {$10000.00} be now unavailable? Her reply was yes. She could not provide a reason for the term of available funds and why there had never been an issue in previously, repeatedly accessing available funds. She replied these numerous transfers fell within the cracks I asked to speak with a manager, but she refused, and said that she was a supervisor. 

Could Marcus Bank explain this representatives reasoning for reversing the transfer and saying available funds become unavailable when additional funds are being deposited? 

Its web site says, Your Available to Use Balance is the amount you can access immediately.