Consumer complaint received 2024-04-03 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:
The following complaint was also filed with the Federal Reserve on XX/XX/XXXX. They suggested that I also file it with the CFPB. 

Regarding : Marcus by Goldman Sachs savings account number XXXX. Complaint On XX/XX/XXXX, I transferred {$14000.00} from XXXX XXXX, and {$43000.00} from XXXX XXXX XXXX, to my Marcus by Goldman Sachs savings account number XXXX. On XX/XX/XXXX, I did another ACH transfer from XXXX XXXX XXXX  in the amount of {$16000.00}, to my Marcus savings account. I was adding funds from other banks so that I could fund a new CD with XXXX Bank once all the funds were available to me. When funding a new CD, banks require that all funds come from one financial institution, thus the consolidation of funds at Marcus. 

On XX/XX/XXXX, all my deposits with Marcus were showing online as available to me, so I initiated an ACH transfer for {$140000.00} to XXXX XXXX  to fund my new CD. On XX/XX/XXXX, a representative with Marcus called me to confirm that I initiated the wire, and asked why I was transferring the money out so soon after depositing it with Marcus. I explained that I was consolidating funds for a new CD. He seemed to understand and told me that based on my explanation, and time with Marcus, it shouldn't be a problem, but if it was a problem, someone would contact me in the next day. That evening the funds were showing in my new XXXX XXXX  CD account. It looked like my business with Marcus was complete, and my CD was funded. 

On XX/XX/XXXX I logged into my Marcus account and noticed that the {$140000.00} was back in the savings account. I called Marcus and was told that they recalled the wire that had already funded my XXXX XXXX  CD. They unwound my CD without my knowledge, or permission to do so, putting me at financial risk. I called them three times on XXXX, each call lasting about XXXX minutes. The first rep I spoke with purposely hung up on me when I pressed for an explanation. Each representative I spoke with was less knowledgeable than the next. It was like they were playing a game with me. I couldn't get a straight answer as to why they approved, then recalled the transfer. One of the reps claimed that the new deposits I made in XXXX were required to be in the account for 90 days before they were eligible for transfer. I was told that they planned on returning all the deposits I made to the three banks I originated the deposits from, and that the remainder of my account ( approx {$80000.00} ) would be held at Marcus for 90 days. They did not tell me why they were returning the deposits. They would not let me speak with the person, or department that makes these decisions. Every time I asked a question, I was put on a 5-10 minute hold. They were punishing me. They didn't put anything in writing as to why the recall happened, etc., Basically they approved the transfer, funded my new CD, then changed their minds as if there would be no repercussions because of it.

Based on online reviews I have read since, Marcus by Goldman Sachs has been pulling this nonsense for years. The wire recalls and ninety day holds seem to be part of their obvious attempt to hold funds in their accounts as long as possible. This is a game to them, but it's serious business to their depositors.

Marcus had no right to hold my money once the transfers had taken place, and the deposits were securely in their bank. They showed the full amount available to me online just one week after my last deposit on XX/XX/XXXX. I fulfilled my obligation to Marcus and took care not to transfer the money before it was available.

Company response to consumer: Closed with explanation