Consumer complaint received 2025-02-02 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA
State: CA

Complaint narrative:
I opened a Marcus account on XX/XX/XXXX with an intial deposit of {$1000.00}. On XX/XX/XXXX i deposited an additional {$20000.00}. Due to an unexpected financial emergency on XX/XX/XXXX I transferred {$7000.00} to my checking account that is with a credit union ( XXXX XXXX XXXX XXXX ). The following day ( XX/XX/XXXX ) I missed a call from Marcus asking me to call them back, with no other detail provided. I returned the call the same day only to be told that my transfer had been blocked. The explanation I was told was because my account had been opened recently it was a fast money transfer and it was being blocked for my own safety and security. It is worth noting I had gone through and passed multiple identify verifications in order to speak to them. I asked what the window of time is that I can not withdraw after opening an account and also reminded them that this was not made clear before I set up the account. One of the reasons I opted for Marcus was that they do not limit how frequently or how much you withdraw. I additionally pointed out to them that their website advertises unlimited withdrawals in multiple places ( including their FAQ ) and no where mentions any waiting period or holding period for transfers. I have attached screenshots from their website for reference. There was one reference to deposited fund availability for new customers however they defined a new customer as an account less than 30 days old. Since the funds had been deposited into the account nearly two month prior, I would not be considered a new customer.

I asked to close my account but was told I should wait until the transfer was reversed because if my account was closed before the funds were returned the system wouldnt know where to put my {$7000.00} and it would be stuck in limbo. I asked if they could move the current balance back to my original external account and then move the remaining {$7000.00} once the funds were returned and was told no. I was again told that basically if I closed the account that day I would lose the {$7000.00} I attempted to transfer. It seems wrong that a company would block the closure of an account and threaten to essentially steal my money due to a system limitation on their end.

I was escalated to a manager who reiterated the same information I had been told. When I asked for more information on when I would be able to transfer funds freely, she said she did not know as that was determined by the system. I found this response unacceptable and continued to ask for an answer or to be transferred to someone at Marcus who did have access to that information. I was then told that the time period varies by customer as it is determined by the system and no one would have access to that information. I told her I did not believe that but if true its extremely alarming that an arbitrary system had full control over when my money would be available with no possibility for human intervention. I was also to that she was the last point of escalation to which I informed her that unless she was the CEO of Goldman Sachs she was certainly not the last point of escalation. After continuing to press for additional information or to be escalated to someone who could provide the information I was looking for, she said she could transfer me to her peer manager although she said that he would say the same thing. I asked to be transferred only to be placed on hold for several minutes and for the same manager to return to the call saying she spoke with the manager and that the decision to deny the transfer was a business decision that would not be reconsidered.

I would like to highlight that throughout the entirety of this interaction I was extremely respectful to all of the people I spoke with and every time I was told something couldnt be done or information couldnt be provided I politely requested to be escalated to someone that could help me. The only person who raised their voice and interrupted was the manager I spoke with. Several times she raised her voice, interrupted and talked over me. Each time I remained calm and polite.

Marcus should be held accountable for their misleading advertising, lack of transparency to customers and for holding my money hostage as a business decision. This is completely unacceptable and unethical and I would encourage your agency to investigate and apply the necessary penalties to protect current and future customers. I assume that I am not the only one who has unfortunately experienced this situation at the hands of Marcus by Goldman Sachs. 

Thank you for your time, XXXX XXXX

Company response to consumer: Closed with explanation