Consumer complaint received 2024-02-27
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA (MA)

Executive Summary ; Marcus by Goldman Sachs locked my account. They have intentionally reduced my certification options and also delayed the certification process, refusing to refund my remaining funds. 

XX/XX/XXXX. 
Using Marcus ' website, I transferred {$25000.00} from Marcus ' Saving account to XXXXXXXX XXXX XXXX  Checking account, both in my name. The transfer was successful. 

XX/XX/XXXX Attempted to transfer the entire balance of {$20000.00} to XXXX XXXX in the same manner, but the account was locked ; called Marcus ( XXXX ) ( 1st call ), and after verifying his identity by phone number, the other party agreed to perform the electronic funds transfer. 

XX/XX/XXXX. 
The next day, the money ( {$20000.00} ) was returned to the same account. I tried to transfer the money myself via the application, but it also came back, so I called ( 2nd call ) to inquire the reason. They insisted that the cell phone authorization was no longer available. The reason is that the owner of this number had made a suspicious transaction ( presumably referring to the previous day 's transaction conducted by Marcus after our agreement ), which means that they consider the act of withdrawing the full amount as suspicious without a reasonable reason, even if the request came from someone who had completed the authorization. In order to unlock the account, they ask me to notarize and send back an affidavit of identification to be mailed to my home. 
Since the affidavit of identity is probably the last means of authentication, I called again ( 3rd call ) because I realized that if my account was subsequently locked again for unexplained reasons, I would have no means left to authenticate my account and would be at high risk of having the remaining funds wrongfully detained. Here, I asked them to wire the remaining amount as I wanted to close the account. Marcus agreed to wire the remaining amount to my XXXXXXXX XXXX  account within 3 business days and then close the account. 

XX/XX/XXXX. 
I called ( 4th call ) for an explanation as the money transfer was not done. They contradicted their previous agreement and explained that the account is still locked and the transfer could not be processed. Since our agreements with the reps were repeatedly overturned, I requested to speak directly with a supervisor who had the authority to control the lock of my account. The supervisor was not available to take my call, so I agreed to call back at a time when someone would be available. I checked to see if there was another authentication method, but was told that my wife 's phone number and my Massachusetts driver 's license would not work. 
I called at the specified time ( 5th call ), but the supervisor never showed up and another person told me that she would send a check for the balance to my address and then close the account. Two representatives joined the call at the same time, with one directing the process, and proceeded to temporarily release the hold on the account and send a check for the remaining amount via USPS Certified mail ( but in fact, they haven't done anything, they are just acting ). She indicated that the check would arrive within 7 to 10 business days and that I should present my ID to pick it up in person. 

XX/XX/XXXX. 
I called ( 6th call ) and requested to speak to a supervisor because the check had not been sent. A person claiming to be the supervisor appeared and told me to return the affidavit of identification that was mailed on the XXXX ( no such agreement was made in the previous phone call ), which should arrive by XX/XX/XXXX, contradicting the previous promise. I asked for the tracking number of the document, but was told that it did not exist. I was told again and again that after returning the documents, my account would be unfrozen through Marcus ' internal approval process, and that I would then be able to transfer the money again. I insisted that I could not agree to this because of the risk of being locked again after the authorization. She hung up the phone unilaterally.