Consumer complaint received 2024-06-11 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Problem accessing account
Company: GOLDMAN SACHS BANK USA
State: CA

Complaint narrative:
Summary : I've been banking with Marcus by Goldman Sachs for more than 8 years and I currently have a significant amount of money with them. On XX/XX/year> my account was locked, and after 13 days with hours spent on the phone with their customer service and being told someone will contact me for the next steps, I was finally contacted on XX/XX/year> only to be told that I need to wait *another* XXXX to 10 days while they " review my account ''. There is no proposed path to a solution, only delays. I am losing money every day and I urgently need access to my money! 

Details : On XX/XX/XXXX, I initiated an ACH transfer from my Marcus Bank savings account to my linked XXXX brokerage account to pay for a {$220000.00} bond that I purchased through XXXX which was settling on XX/XX/XXXX. Both accounts are in my name. 

On XX/XX/XXXX, I checked my XXXX account and the {$220000.00} transfer was successfully received by XXXX, then reversed by Marcus. The bond that I purchased on XXXX was an irreversible transaction and this put me in a {$220000.00} margin ( borrowing ) situation with XXXX which costs about {$80.00} in interest per day at the current margin rate. 

I immediately called the Marcus Bank customer service hotline and successfully went through the verification process ( birthdate, ssn #, secret word ), then was transferred to a separate authentication XXXX who claimed inability to send an authentication pin to my T-mobile phone number, which has been associated with my Marcus account for XXXX years. She said I would need to wait up to XXXX to XXXX business days to hear from them. Ive been using this normal T-mobile phone number for 2 years and it is the phone number that is associated with my Marcus account for the past 2 years. I asked to speak with a supervisor and I explained my situation and the urgency/cost involved. The supervisor said the exact same thing as the first person -- she said that I need to wait for them to call me in 5 to 7 days, but she would enter into the system and ask for my case to be expedited. I asked to speak to the supervisors XXXX and she said she is the top person that I could speak with. I also asked her to connect me directly to the people that will be getting back to me in the next XXXX to 7 days or for her to contact them to let them know the urgency of my particular situation, but she said its impossible, she has no one to contact, and can only type some things in to the computer. This made me feel very helpless and extremely annoyed. After much frustration, I decided to accept it and wait it out since I was given no other option. 

On XX/XX/year>, I was very anxious since I am losing money every single day so I called the Marcus Bank customer hotline again to see if there is any update. I thought and hoped that it would be taken care of earlier because the supervisor told me she marked my case to be expedited, but I was again told to just wait to hear from them and there is nothing they can do. I have never felt so helpless and powerless with my own money. 

On XX/XX/year> I called customer service for an update. I was told once again that my case is in the system and marked to be expedited. I asked the representative why it is taking so long. She said she has no idea what the others are doing, she is unable to communicate directly with them, and I just need to wait. My unnecessary losses caused by Marcus Bank are adding up and Marcus Bank doesnt care. This is extremely frustrating since I did nothing wrong. 

On XX/XX/year>, I called Marcus again. I explained my situation to the representative and asked to speak with a supervisor. It took XXXX minutes to get a supervisor on the phone. The supervisors name was XXXX and she told me that I received the wrong information in my previous calls now she says it actually takes XXXX to XXXX business days* to hear from her back office. This made me very angry obviously as I was told many times by various specialists and supervisors that not only would it take up to XXXX to XXXX business days, but that my case would be marked to be expedited. I asked her to speak with her boss and was denied because she is the highest person allowed to speak with me. 

On XX/XX/year>, I received a call from XXXX at Marcus Bank about my case and answered all the personal questions that were asked of me. XXXX told me she will update my case and to call back in XXXX hours. When I called back XXXX hours later, XXXX was the XXXX that answered. She put me on hold while she was going to remove the restrictions on my account. I thought it was finally resolved. XXXX minutes later, she came back on the line and said she's sorry but my answers that I gave to XXXX were not acceptable and she can not remove the restrictions on my account. She said I need to wait another XXXX to 10 days while my account is " under review ''.

Company response to consumer: Closed with explanation