Consumer complaint received 2023-06-12
Product: Checking or savings account — Savings account
Issue: Closing an account — Funds not received from closed account
Company: GOLDMAN SACHS BANK USA

Complaint:
In XX/XX/2023 I opened an HYS account with Marcus by Goldman Sachs as it came recommended by my financial advisor. My request to open the account was promptly approved on XXXX XXXX and I transferred {$100.00} as an initial deposit to make sure everything was was working fine. The transfer went smooth and without any problem so after almost two weeks, I transferred {$20000.00} of savings into this account. Following that transfer I categorized the money into three separate categories/sub-accounts. 

On XX/XX/XXXX I received an email informing me that my account and funds were frozen and that action was required. I promptly called customer support and to my surprise they claimed that Goldman Sachs had trouble verifying my identify without specifying why. It was agreed that I was to be sent an affidavit to verify my identify with a notary. As I split my time between the XXXX and XXXX it was necessary for me to go to the US consulate in XXXX ( XXXX ) as that per definition is US soil. My identity was successfully verified and notarized with the name and authority of the notary as well as the seal of the US government. The original documents alongside a verified copy of my US passport were overnighted to Goldman Sachs. Contrary to customer support claiming that this procedure would be fine, Goldman Sachs dismissed the evidence submitted and permanently closed my account. This endeavour alone cost me around {$300.00}. Goldman Sachs did not reach out to resolve the issue and I was only provided with an automated e-mail notifying me of the closing on XX/XX/XXXX after having attempted to reach out multiple times via phone in order to try and resolve the issue. At least 6 attempts by myself to resolve the issue over phone were dismissed by both customer support and specialists claiming there was either nothing that could be done or that no information could be provided over phone. In addition, no one was willing to discuss why I was allowed to be able to transfer funds and fully use a bank account and associated services without Goldman Sachs apparently having even verified the identify of the bank account holder. 

I was never given back the funds that I initially transferred and Goldman Sachs showed no meaningful willingness to resolve the issue claiming that the bank was unable to transfer back the funds.They informed me that the only way to obtain my funds back was by filing a claim with the bank where the funds originated from ( XXXX XXXX ). Upon multiple requests Goldman Sachs claimed they were unaware of where the funds were and that the account could not be accessed. On XXXX XXXX, one customer service representative told me that my funds ( including interest ) had been transferred back to the XXXX XXXX account the funds originated from on XXXX XXXX. I was provided with this input after having received misleading information about the whereabouts of my money for about 1.5 months. I was provided with the transferred amounts and transfer numbers and promised to receive more detailed information by mail. Goldman Sachs considered the situation resolved and claimed this issue was now between me and XXXX XXXX. I never received the promised information by mail and XXXX XXXX specialists were puzzled over the ( 1 ) Goldman Sachs ' handling of the situation and ( 2 ) their claim that this was a XXXX XXXX issue. XXXX XXXX never received the funds and was unable to verify the Goldman Sachs provided information. XXXX XXXX informed me that unless money was fraudulently taken there was nothing that could be done on their end. Confronting Goldman Sachs with this information yielded no success and it was repeatedly attempted to send me back to XXXX XXXX claiming there was nothing Goldman Sachs could do or had to do with the situation. 

I have had no access to my funds since XXXX XXXX. I was never given a reason why my account was frozen, why my identity was not able to be verified, why my attempts to resolve the identity-issue were disregarded ( spent {$300.00} having everything verified at the US consulate in XXXX ) XXXX why my account was closed and how Goldman Sachs managed to lose all of my savings. Goldman Sachs has been either unwilling or reluctant to resolve the issue despite multiple phone calls between XXXX to XX/XX/2023. In addition, I am puzzled as to why Goldman Sachs provides banking services to customers whose identity has apparently not been fully verified and enables large sum transfers over its systems. 

It is now XXXX XXXX and I still do not have any answers. As per my last call with customer support a week ago Goldman Sachs is searching for my money and promised to have a supervisor reach out. This has not happened yet. After 5 months of desperately trying to receive my funds back I have been mislead and not taken serious by a large bank. As per Goldman Sachs I have no reason to expect the return of my money in the near future which is inflicting significant financial pain on my family. 

All contact with Goldman Sachs happened via phone. I requested the sharing of all our calls in order to have evidence to make my case. Goldman Sachs refused to provide me with transcripts of our phone conversations claiming they were unable to share that information with me as a customer. All calls were held on recorded lines. The only documentation I have are the automated e-mails from Goldman Sachs informing me of the freezing and closure of my accounts. I can provide bank statements from XXXX XXXX that prove that the money was never received after the alleged transfer by Goldman Sachs on XXXX XXXX. I may also be able to provide receipts for the US consulate notarial services and the overnighted documents. Confusingly, I still received automated emails regarding monthly account statements even after the alleged account closure.

Company response to consumer: Closed with explanation