Consumer complaint received 2023-11-08
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA (FL)

I opened an online marcus with goldmans Sachs high yield savings account three weeks prior I had opened a XXXX XXXX account because I was looking for a hight return rate and I found XXXX before I came across marcus. Once my account was opened with marcus and my bank links were set up I made a XXXXXXXX XXXX  transfer from my XXXX on XX/XX/XXXX and then a few days later on XXXX XXXX XXXX XXXX wire transfer from my long term savings account at XXXX  Immediately after making the large wire transfer ( my entire life savings ) my account at marcus was locked and I no longer had access to it which meant I was unable to see whether my XXXX even made it into account. I called bank and spoke to rep that said I needed to do a XXXX party verification of my XXXX XXXX account with them. So after over an hour on the phone we did just that, I was authenticated, and my account was unlocked with the entirety of my funds showing in my marcus account that night on XXXX XXXX XXXX XXXX XXXX evening I tried to log into my marcus account again to check my funds and I was again locked out of account. I spent over another hour on the phone with them where I was told at 1st my account was sent to fraud and I was under investigation where my account may or may not be closed entirely but they would give no reason for why this occurred then a few minutes later lady said she had " misread '' everything and that the hold was from the day prior when I did my 3rd party authentication and it was still being " processed '' so it would take a little time but that she would unlock my account and to check online again in 5-10 minutes. I waited an hour and the account was once again still locked so I called again spent over 2 hours this time on the phone with yet another rep. This time I was told that my account was officially closed due to a " business decision '' and there was no other explanation other than that. My wire transfer would be returned to original savings account by XXXX XXXX XXXX XXXX  and if I wanted more information of why my account was closed I would have to wait until XXXX XXXX XXXX to call a supervisor at XXXX XXXX because they had all left for the night now and there was nobody who could tell me any other information. So I called XXXX XXXX XXXX XXXX XXXX  and waited hours to talk to a supervisor. They explained to me that they have high security and sometimes it triggers and then they have to investigate to make sure there is no illegal activity ( there is not ) but that if there wasn't my account should be fine my account would stay open and the funds in the meantime would not be transferred back to midflorida until the process was over in 1-3 business days. So I was told that I would be informed no later than today XX/XX/ whether my account was closed or not. I have not heard from them yet, now my entire life savings is somewhere I have no access to and can't even see if it's where they say it is I'm just left to trust a stranger on the phone that it's there and safe. It's been accruing no interest in any account now for over a week and I am unable to access it. If they want to close my account I am fine with that even though XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I'm savings and have done absolutely nothing wrong or illegal. I was just searching for a better place to put my life savings and came across 1 account before the other. My problem now is I need and want to either be cleared or have my life savings returned to my original account. This holding my money and me hostage for weeks on end so they can accrue interest while in the end probably shutting my account down is outrageous. Shut it down and give me my money or clear the investigation and let me see that my money is safe in your account. There's been plenty of time for all of this to happen and the lack of information or urgency is infuriating and unfair.