Consumer complaint received 2024-12-18 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA
State: AL

Complaint narrative:
By XX/XX/XXXX, I had created and funded a savings account with Marcus Bank on behalf of my elderly mother in an attempt to secure her a better interest rate. The initial deposits totaled to {$62000.00}. I have durable power of attorney and was acting in accord with her wishes. Unlike other institutions ( e.g., XXXX, XXXX ), Marcus had no problem creating the account, never seeking any additional information than what was initially provided online, never sought to validate my mothers identity ( or my own ) and happily accepted the two initial transfers into the account. 

Prior to XX/XX/XXXX, I tried moving money from the account back to the originating bank after reading concerning reports of Marcus behavior online, but was unsuccessful. I called Marcus to find out why, told them I was POA, and they said I needed to send a certified copy of my durable power of attorney and Marcus 's Affidavit and Indemnity of Attorney-In-Fact, which I did on XX/XX/XXXX. It was delivered in XXXX, XXXX  on XXXX. I called the bank on XX/XX/XXXX ( as well as once before, but I don't have a record of that call ) to check on the processing of the POA. I was told they'd not processed it and that it was in a queue of some sort and that it would be processed by XX/XX/XXXX. 

I called Marcus again on XX/XX/XXXX and spoke with an associate who was unable to tell me anything about the POA paperwork. Nothing. No date of process. Not whether my paperwork had been received. Nothing. This was odd and inconsistent because I had at least gotten some little piece of information the previous call. 

On XXXX I called again and was told they would need to speak to the principal. This was frustrating as I had told them I was in another state, several hours away, and that the principal was currently in a facility for those with significant cognitive decline. After ending the call, I was able to reach my mother, via a nurse at the facility, and arrange for a 3-way call with Marcus. This phone call lasted over XXXX minutes, with the vast majority of it being spent on hold. We were eventually referred to a security specialist, I believe, who couldn't verify my mother 's identity because she failed to accurately answer the security questions. I had to answer on her behalf. As such, she failed the identify confirmation. After about an hour or so, my mother had to get off the call while I continued to seek information and resolution. I believe I was transferred to a POA specialist who, once again, just minutes after my elderly mother had spent XXXX difficult minutes on the phone and had to go, said they needed to do the same thing ( i.e., speak to my mother to get her to answer the security questions which her cognitive state would have prevented her from doing anyway ). I was told something to the effect of " we can't tell you anything about the POA paperwork because the principal was unable to verify her identity '' which, obviously, was a chicken and egg/double bind of a situation. 

After that failure of a phone call, I called Marcus again a week later on XX/XX/XXXX. I spoke with a XXXX ( or maybe XXXX ), and then a XXXX, who seemed to initially suggest they simply didn't have a procedure for verifying principals whose physical conditions precluded them from answering security questions. However, I was at least aware of the affidavit of identity option, which I brought up, and the associate seemed to respond in a " oh yeah, well there's that, but we have to send it to you, you can't just use the one you found online '' ( which was ridiculous because the one I found online was precisely the same as the one they eventually mailed ). Mind you, I was told to call back within 7-10 business days if I'd not received the Affidavit of Identity, as it should take 7-10 business days to send affidavit of identity. 

Two weeks later, XX/XX/XXXX, we had still not received the affidavit. I called Marcus that day, spoke with someone named XXXX, who said it was mailed on XX/XX/XXXX. 

Eventually, we were able to get my mother 's signature on the form, have it notarized by someone at her facility, and send it to Marcus on XXXX. I called Marcus on XX/XX/XXXX and spoke to XXXX, who got document specialist XXXX on the phone. However, the line cut out. I didn't want to hang up and jeopardize the call, so I simply waited on the phone, for 7-8 more minutes, before the call simply dropped altogether. I then called back and spoke with probably the most helpful person, XXXX ( or at least the nicest ), and he transferred me to XXXX, another document specialist who confirmed receipt of the affidavit of identity. I was told it would take 1-4 business days to upload and then another 7-10 business days to review. 

Fast forward to today, XX/XX/XXXX, I called Marcus and spoke with an Al, I believe, on the document review team, who informed me, today, that the Affidavit and Indemnity of Attorney-In-Fact I submitted in XXXX, almost three months ago, was missing a signature from the notary. Actually, the notary had placed her signature in the print line and left the signature line blank. I asked why Id not been informed of this earlier and he attempted to defend the institution in stating that Marcus had called my mother ( my elderly mother who is in a significant state of cognitive decline, which they would have been well aware of by at least XXXX ) on actually two dates - XX/XX/XXXX and XX/XX/XXXX. 

On the one hand, I was pleased that I could actually get more information. And still, I can understand an extremely particular legal system that needs every jot and tittle in its proper place. However, on the other hand, what is most frustrating, and manipulative and exploitative on the banks part, is that Marcus had my personal contact information - physical address, phone numbers, and email address ( because the Affidavit form requires it ) since XX/XX/XXXX. So for over 100 days theyve sat on that information ( in particular, the knowledge that the Affidavit was unacceptable due to the missing signature ), knowing full well the longer they do, the longer they tied things up and made it difficult and burdensome for someone to access funds placed in an account, that they will profit off of it. 

I have secured yet another notarized copy of the Affidavit and Indemnity of Attorney-In-Fact document and will put that in the mail tomorrow, then repeat the process of calling Marcus at regular intervals in hopes that, at some point, we can close this account and simply return the funds to the originating bank.

Company response to consumer: Closed with explanation