Consumer complaint received 2021-01-29
Product: Checking or savings account — Savings account
Issue: Managing an account — Problem accessing account
Company: GOLDMAN SACHS BANK USA (TX)

I recently came about an issue where my savings account with Marcus by Goldman Sachs ( Marcus ) was locked up and my funds became inaccessible after a series of fund transfers to XXXX Exchange ( XXXX ). The issue was resolved after a series of calls to supervisors at Marcus. Below are details on the issue. 

On XX/XX/2021, XX/XX/2021, and XX/XX/2021 I transferred {$12000.00}, {$15000.00}, and {$500.00}, respectively, from my Marcus savings account to my XXXX account. 

On XX/XX/2021 I transferred 2 small payments of {$0.00} and {$0.00} from my Marcus account to a XXXX XXXX XXXX  account. The purpose of these two small transfers was because the Marcus site required me to do so before I am able to send a larger sum of money. After verifying the amount transferred I would be allowed to make larger transfers. After these transfers were verified by me, I proceeded to transfer a larger sum between {$2000.00} and {$4000.00}. The reason I can not supply the exact amount is because the transfer history is no longer active in my Marcus account. 

On XX/XX/2021, my Marcus Savings account was locked up and I was left with no ability to access my funds. A phone number was provided for me to reach out to resolve this lock issue. On the first call, I was told that the account had been flagged because I had sent funds to XXXX and they could not verify that I owned that XXXX account. To resolve this issue, I would have to submit a XXXX account statement to Marcus via mail and that I could not send it via email. My account would remain locked until this document reached Marcus and then it would take up to 10 business days to be reviewed. I proceeded to look in my XXXX account to find that there were no account documents that would satisfy the verification requirements asked by Marcus. I relayed this information to a Marcus representative on a second call. After speaking with a superior I was told this new information would be reviewed to see what could be done. I heavily expressed my need to access my funds and how it was preventing me from engaging in personal business activities. As there was no response after a few hours, I called a third time, but there was no change to the situation. I asked if my account could be closed and funds transferred to my personal checking with XXXX bank and was told I would not be able to. 

On XX/XX/2021 I placed the 4th call and was told the account was flagged because I had tried to send funds to another institution, XXXX XXXX XXXX ( XXXX ), which was not discussed in any of the first 3 calls. The Marcus representative tried to verify my account with XXXX, but couldn't because XXXX does not do account verification to external sources. She offered to cancel an ongoing transfer I had to them in order to get my account unlocked. I agreed and my account was unlocked then. 

I asked the XXXX representative to let me file a formal complaint to improve the system and was told there is none. After speaking with her manager, she recommended I file it with the Consumer Finance website. 

Systematic issues : - It is still unclear to me if Marcus flagged and locked my account because of my transfers to XXXX, XXXX, or both entities together. 
- Marcus failed to notify me of my account lock up. I was only alerted after having waited long enough for my XXXX bank transfer, which never occurred, and login into the Marcus website to find that the account was inaccessible. 
- Marcus allowed me to send two small transfers to XXXX as per their system verification process, but flagged and locked my account on a larger transfer after I had already verified my transfers as per their verification process. 
- Marcus representatives gave me different reasons at different times for my account to be locked. 
- Marcus requested a verification by mailing a copy of a statement from XXXX  which I had no power to obtained and left this issue in my hands. 
- Following the verification process would have taken at least 12 business days ( 2 days for mailing the documents and up to 10 days for processing ) when they could have been sent via email immediately should the documents be available. There is no reason for a customer 's funds to be inaccessible for this period of time. 
- I had to speak with 4 different supervisors until my issue was resolved. 
- Marcus does not have a formal process to submit feedback on practices that can improve their business practices. 
- The verification process was solely left in the hands of the customer. 

Things that went right : - The customer representatives were calm and followed processes dictated by their company ; they helped with what tools they were given.