Consumer complaint received 2024-06-23
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Can't close your account
Company: GOLDMAN SACHS BANK USA (VA)

XX/XX/XXXX - XXXX funded {$200000.00} into a 10 months CD and Marcus confirmed the fund in Email ( Email attached - We have received your deposit ) XX/XX/XXXX - Marcus confirmed the CD product - 10 Months Term, APY 5.05 %, Opening Deposit of {$200000.00}, and the maturity date XX/XX/XXXX via email. ( Email attached - Thanks for funding your CD! ) XX/XX/XXXX - I called and informed Marcus to close my account once my CD matures as they require via phone if the amount is greater than {$120000.00} ( Email attached- Your CD plan has been updated ) XX/XX/XXXX - My CD matured. 

XX/XX/XXXX XXXX - I didn't see my account get closed so I contacted Marcus using chat in app on my phone and was told that my CD account is set to close and the account closure takes XXXX business days. ( Phone Screenshot attached - Chat history XX/XX/XXXX ) XX/XX/XXXX XXXX - Got a phone call from Marcus . Couldn't understand what the agent was saying as I was in a work meeting and I asked her to call me back later the day. 

XX/XX/XXXX XXXX - XXXX called back after my work meeting and asked about the account closure. This is when the agent started to tell me that they can't verify my identity and there is an alert on my account and that prevented any movements on the account, including account closure and fund withdrawal. I requested an explanation on what is causing this but no one can answer this simple question. I was transferred to a different agent in a different department and was basically told the same thing. During the call, they even brought up a different phone number which I have never provided to them and used that incorrect phone number to send authentication code. Very concerning how they got the incorrect phone number and have they been disclosing my information to that incorrect phone number? The back and forth phone calls lasted almost XXXX hour. ( You can request the phone records as they claim they record all phone call ) XX/XX/XXXX XXXX - XXXX realized they shouldn't be holding my money XXXX for no reason as it's causing a financial hardship to a military family. I called back and requested more information on what's really going on. I was told basically the same thing I heard previously, absolutely no help and told me they will be reviewing my case. I requested to expedite this issue since they are holding my {$200000.00} + {$8300.00} ( interest ) XXXX. Again, no promise to expedite the process for me so absolutely helpless at this point. 

XX/XX/XXXX XXXX - XXXX called to check on the process of the case, was told basically the same thing on XX/XX/XXXX. I firmly requested an explanation. The Marcus agent told me I would be asked 3 questions, the questions that only I would know and I only get one chance to answer them. I said " Sure ''. First question : " What is your previous address? '' I answered. The agent then asked for the addresses all the way back to XXXX. I provided 3 addresses correctly and explained we are a military family so we move every 1 or 3 years. Second question : " What is your current address? '' I answered. Third question : " Name a person who is currently living with you? '' I gave my husband 's name. He put me on hold and returned to me and said they are still unable to verify my identity after I gave 100 % correct answers to all 3 questions. I'm not even sure if I should be giving them all the personal information at that point. He asked " What state is your Drive 's license? '' I answered " California ''. Again, as a military family, we didn't change our resident state every time we move, we kept the original state as our resident state. He then said they will be mailing me an affidavit in 7-10 days and have me provide all the identity documents. I requested to have the affidavit mailed to me as an expedited mail since it seemed like they are trying to hold my money longer and not trying to solve my issue asap. He said he will put in request but no promises. 

Note that my husband opened the same CD account on XX/XX/XXXX and he successfully closed his account and withdrew his money back to his external bank account on XX/XX/XXXX. Is there some discrimination here? 

XX/XX/XXXX - I researched Marcus on social media platforms and online forums and found that there are a lot of people dealing with exactly the same issue and their money had been tied up as well! The earliest post I found was 1 year ago so Marcus has been holding customers ' money for a very long time!! I also found some people said they were waiting for the affidavit mail but Marcus never sent it out. Some said that Marcus held their money for months!! I absolutely do not want to waste any days to close my account and get my money back as I have lost trust in them completely. Again, this is causing a financial hardship to a military family. With so many people having their money held up by Marcus after CD mature, there should be a class action filed against them.