Consumer complaint received 2024-06-07 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:
Formal Complaint Against Marcus by Goldman Sachs for Abusive Practices Dear Sir/Madam , I am writing to file a formal complaint against Marcus by Goldman Sachs due to their repeated abusive practices and gross mismanagement of my personal banking accounts, which have caused me significant distress and inconvenience. 

On multiple occasions, I have attempted to transfer funds from my Marcus account to my new bank account. However, I have encountered a frustrating and unending loop of rejections and misinformation that has spanned over three weeks. 

Here is a detailed account of the events : 1. **Initial Attempts and Looping Rejections : ** I have made at least nineteen phone calls to Marcus by Goldman Sachs . Each time, I attempted to transfer my funds, I was told the transaction could not be completed because my previous account, now closed, was the only account they could transfer the money to. Despite verifying that my old account was indeed closed, Marcus representatives assured me that the transaction would now go through. However, each time the transaction was reversed the next day, necessitating a new transfer request and starting the loop again. 

2. **Misleading Information and Confusion : ** Throughout these interactions, Marcus representatives provided conflicting information. They repeatedly claimed that exceptions would be made, only to reverse the transactions later. This cycle happened more than four times. 

3. **Unprofessional and Disrespectful Conduct : ** Today, during two separate calls, the first call continued the cycle of promises and reversals. The second call was particularly troubling. The representative was extremely impatient and ended the call abruptly. Within a minute of this call, I discovered that my account was closed involuntarily by this representative, purely due to her impatience and unwillingness to assist further. 

4. **Inconsistent Responses and Further Delays : ** After this involuntary account closure, I made two more calls. In the first call, I was informed that my account was closed and there was uncertainty about how I would retrieve my funds. In the second call, another representative contradicted this by stating my account was not closed. Eventually, a supervisor clarified that my account would be closed, and my funds would be transferred either via check or ACH. However, even this information was inconsistent and unclear. 

This series of events has not only caused me considerable frustration but also highlighted systemic issues within Marcus by Goldman Sachs. They have repeatedly failed to provide accurate information, adhere to standard banking procedures, and respect consumer rights. This ordeal has wasted hours of my time and caused significant stress, all while I have been unable to access my own money. 

Furthermore, similar complaints about Marcus by Goldman Sachs are widespread across the internet, indicating a pattern of abusive practices and poor customer service. This banks actions are not only unethical but also a blatant abuse of power that undermines consumer trust and financial security. 

I urge the Consumer Financial Protection Bureau to take severe punitive actions against Marcus by Goldman Sachs for these practices. They must be held accountable for their actions to prevent further harm to other consumers. 

Thank you for your attention to this matter. I look forward to your prompt response and resolution.

Company response to consumer: Closed with explanation