Consumer complaint received 2024-08-12 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Closing an account — Funds not received from closed account
Company: GOLDMAN SACHS BANK USA
State: OR

Complaint narrative:
I am writing to file a complaint about my recent experience with Goldman Sachs. 

I had a XXXX with Marcus by Goldman Sachs with a XX/XX/XXXX maturity date. I intended to close my account when the XXXX matured and have the funds transferred to a XXXX bank account that was on record with Marcus. 

I attempted to set up that process via the Marcus website but discovered that the amount exceeded their limit of {$120000.00} for such transactions. I was instructed to call their toll-free number, which I did the week before my CD was due. 

My instructions, to close the account and have the funds transferred back to the XXXX account on record, were met with resistance and incoherent comments by the agent. After repeated attempts failed to get the agent to carry out my instructions I gave up. I called back XXXX later and spoke with a second agent. I confirmed with the second agent that the transfer would take place ( on XX/XX/XXXX because the maturity date was a Saturday ) and saw documentation about the transfer details on my Marcus website account. 

On XX/XX/XXXX at XXXX I received a XXXX voicemail from the Marcus toll-free number XXXX The message indicated that I needed to call back, which I did at XXXX. 

I was informed that there was a hold on my account and I was transferred to an agent who said that he worked in their security department. I repeatedly asked why I had been called but he was unable to answer my question. He stated that their system was going through a software upgrade, so he couldnt access my records. He did offer, multiple times, to speak with me about Marcus products rather than doing anything to assist me with my requested transaction or explain why there was a hold placed on my account. 

I was on that call for almost XXXX minutes and spoke with XXXX different Marcus employees. I was informed that the hold on my account was lifted but that the transfer from Marcus to XXXX had already been reversed, so a new XXXX  would have to be opened at Marcus. I was told that I would need to call to request the XXXX be closed and initiate a new process for the funds transfer. I asked to speak with a supervisor and she informed me that the transfer reversal was their mistake, that I would nonetheless be assessed a penalty because of the fund transfer reversal, and that she was opening up a case because of the employee error. 

My Marcus account statement shows the following : My XXXX was closed on XX/XX/XXXX and the correct XXXX account was noted for the transfer. 
The fund transfer reversal occurred on XX/XX/XXXX, so XXXX days after I was told the transfer had been reversed. 
Interest was paid on XX/XX/XXXX ( {$65.00} ) but reversed on XX/XX/XXXX. 

The XXXX agent that contacted me on XX/XX/XXXX contradicted many of the statements that were made by the supervisor and other agents on XX/XX/XXXX. She indicated that there would be no charge for the account reversal and that the funds would be transferred to my XXXX account in XXXX business day ( though other representatives stated XXXX days and as long as XXXX days ). The funds finally appeared in my XXXX account on XX/XX/XXXX including an interest payment of {$130.00}. 

I believe the {$130.00} interest payment is an underpayment. I base this on the following. The posted interest payment for the XXXX period between my XXXX  came due ( XX/XX/XXXX ) and the original transfer to XXXX ( XX/XX/XXXX ) was {$69.00}, so around {$34.00} per day. That interest payment was reversed on XX/XX/XXXX. 

The XXXX period between when my XXXX came due ( XX/XX/XXXX ) and when the transfer ultimately occurred ( XX/XX/XXXX ) should have generated around {$170.00}. The interest posted was {$130.00}, so I believe I am owed interest of approximately {$43.00}. I have been given no explanation for this discrepancy and wonder if what appears to be an error is actually a deliberate business practice. 

What should have been a simple and straightforward transaction involved unprofessional behavior by several Marcus employees, what appeared to be several attempts to stop me from moving my funds elsewhere, and the unauthorized closure of my XXXX account before the funds were transferred to my XXXX account. The supervisor who mentioned a case being opened because of the employee error never followed up. 

I believe that what I encountered was a deliberate attempt to prevent me from moving my funds to another institution. Such behavior is, at a minimum, a grossly unethical practice unworthy of a legitimate banking institution. I would appreciate your looking into this issue.

Company response to consumer: Closed with explanation