Consumer complaint received 2021-06-14
Product: Checking or savings account — Savings account
Issue: Managing an account — Problem making or receiving payments
Company: GOLDMAN SACHS BANK USA (NY)

At the time of this issue, I held multiple savings accounts with Marcus by Goldman Sachs ( Marcus ), all of which were in my name. Since opening these Marcus accounts, they have always been linked to a XXXX checking account, also in my name, and I have sent money between the two accounts many times in the past. 

In XXXX of 2020, I changed my personal cell phone number the number that had been linked to my Marcus account and ensured that my new number was on file with Marcus. Approximately three weeks ago, I changed additional contact information in my Marcus account, including changing the phone number on the account once again. Every time I have changed my information with Marcus, there were no issues whatsoever. 

On Monday, XX/XX/XXXX, I called Marcus to transfer {$140000.00} from a savings account with them to my external XXXX checking account. The {$140000.00} needed to be sent to my checking account so that I could then wire it to my attorneys escrow account to close on a property I was in the process of purchasing. The closing was set for Thursday, XX/XX/XXXX so I was calling with 72-hours notice. Again, note that the XXXX account was already linked to my Marcus account, and I had sent money between the two accounts many times in the past with no problems.

During the call with Marcus, and in an effort to verify my information, they sent a code to the number of the mobile device that they had on file. I received the code on my cell phone, the verification was successful, and I was then told the transfer would occur within 1-3 business days. The Marcus representative informed me that because my XXXX checking account was already linked to my Marcus savings account, it would likely only take one day, but he could not guarantee that. I said this was fine, knowing that I had until Thursday for the funds to arrive in my XXXX account. 

On the morning of Tuesday, XX/XX/XXXX, I checked my online accounts with Marcus and XXXX and did not see any transfer activity. I again called Marcus, and I was told the transfer was in review. The Marcus representative told me recognizing that time was of the essence that he would change it from an account transfer to a wire transfer, as wire transfers happen quicker. He assured me that the funds would be in my XXXX account by the end of the day, Tuesday, XX/XX/XXXX. 

I checked my XXXX account throughout that Tuesday, and around XXXX XXXX EDT I became worried since no funds were in my XXXX account. I again called Marcus, at which time I was told that the wire transfer was still in review by their security team. It was only at this point more than 24 hours after my initial request that Marcus provided a reason for the review : because I had recently changed the contact information on my account. They told me that they had attempted to call me twice that day to work through the issue, at which time I learned the number that they had been calling was the old cell phone number of mine that I had taken off of my account in XXXX of 2020 and that was now out of service. To be certain : the number they called had not been affiliated with my Marcus account for nearly six months. I have no idea why they called that number when they had a valid number on file a number they had used to verify the transfer request during my initial call the previous day. To make matters worse, no one at Marcus could explain to me why I hadnt been contacted at the number associated with my account when they couldnt reach me. 

After being transferred to multiple people within Marcus, begging to speak with someone who could help resolve the review of my wire, I was told that someone at Marcus would call me Wednesday morning to review the wire and resolve any outstanding issues. At this point I had been on the phone with Marcus for nearly two hours, and with no other options at my disposal, I agreed to this. I stressed that whoever made the call had to call the number associated with my account, as the number they had previously tried to use was not in service. The person with whom I was speaking made note of this and ensured me that the number on file would be used. 

Around XXXX or XXXX XXXX. ( EDT ) on Wednesday morning. I began to get nervous yet again, as I had not received any call from Marcus. Just as I had the previous afternoon, I called them trying to get some explanation. After speaking with a supervisor by the name of XXXX, I was told in no uncertain terms that my case was being escalated and that someone would be calling me back ASAP to try and resolve the issue and get my wire transfer executed. I again told them multiple times that they must call the number on file. XXXX and I confirmed that number, and I was told that they would absolutely use that number to call me. While XXXX could not confirm a time when I would be called back, he assured me that it would be sooner rather than later, and certainly that day. 

At no point on Wednesday did I get a call from Marcus to resolve this issue. Please keep in mind that at this point the closing on the purchase of my property was happening the very next day, and I still was unable to provide my attorney with the necessary {$140000.00} to make this closing happen. 

Faced with the near certainty that I wouldnt have the funds from my Marcus account in my XXXX account by the end of the day Wednesday, I scrambled to pull together the {$140000.00} from other personal funds, including having to borrow money from family members at the very last minute. They rushed to wire the money, and thankfully I was able to have the full amount in the attorneys escrow account by Wednesday evening. 

By the end of the day on Wednesday, I had still not heard from Marcus. I did not hear from them on Thursday. Shocked at their lack of responsiveness, and still uncertain where my money was, I called Marcus again on Friday, XX/XX/XXXX around XXXX XXXX EDT to try and understand what had happened. At this point, I was fed up with Marcus, and during this call I informed the Marcus representative I would no longer do business with them and that I was withdrawing all my money from them and closing my accounts. 

At my request, my call was escalated to a supervisor whose name was again XXXX. While I can not confirm with certainty that it was the same person that I spoke with on Wednesday, I believe that was the case. XXXX again reviewed my file and told me on Wednesday they had, in fact, called me twice but they again called the out-of-service number that had not been listed on my account in six months! They called this number even though I had begged, and they had promised, that they would call the number listed on my account. Again, I have no idea why they would continue to call a number that had not been associated with the account in nearly six months. It begs the question why they wouldnt, in the very first instance, simply call the number listed on the account? 

XXXX profusely apologized and said, yet again, that they would investigate this issue and call me back with some sort of explanation during the day on Friday. At no point on Friday, XX/XX/XXXX, did I receive a call from Marcus. 

At this point, there was nothing left to do, so I called Marcus on Friday evening, and told the woman who answered my call that I wanted to immediately close all of my accounts and have my money transferred to my XXXX checking account. Despite never having been able to process my initial request, there were no issues in closing the accounts, and in a cruel bit of irony, Marcus was able to close my accounts and transfer the money to XXXX by using my mobile number on file to verify the transaction. To summarize : they couldnt call this number to handle a time-sensitive matter, but they could use it to verify the transferring of all my money out of their institution. 

After waiting several days, all my funds from Marcus were deposited into my XXXX account on Tuesday, XX/XX/XXXX. To date, no one has ever explained to me how this happened. I now write to the CFPB in the hopes that this matter will be investigated so that other consumers dont have to experience the same XXXX that I went through.