Consumer complaint received 2023-12-17 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Deposits or withdrawals
Company: GOLDMAN SACHS BANK USA
State: CA

Complaint narrative:
I moved XXXX out of my newly opened Marcus by Goldman Sachs savings acct into a high interest bearing 10 month CD a little before mid XX/XX/XXXX on the Marcus bank online portal. Marcus was advertising on their online portal a 5 % interest rate on this CD. It is to be mature in mid XX/XX/XXXX. I had no issues doing this on the online portal. One week later my online access to check on my three Marcus accts was completely cut off and I was locked out of my accts and they were frozen, restricted. I called Marcus as they have no brick and mortar locations. I was passed from representative to representative at what sounded like a large call center. No one seemed to know why or what I could do. I was repeatedly put on hold and told so and so has to look over the notes, and for me to call back in three business days. That scenario went on for two months every time I tried to get answers. Finally in XXXX XXXX XXXX I was told when I called after being passed from person to person over a two hour time frame that they would mail me an affidavit of identity form to fill out and have a notary sign it. The form never arrived. I called two weeks later to say they never sent me the form. Finally I did receive the form in the mail at the end of XX/XX/XXXX. I filled out the one page form asking me every detail of my three Marcus banking accts, including their account numbers. It also asked extremely private details of my identity including dob, all names used over lifetime including married and status. It asked my mothers maiden and my complete SS #, addresses and previous addresses. And then I was to take it to any notary to look it over and sign it after I presented my valid ID to the notary. In my experience during XXXX XXXX during a real estate sale I was involved with the notary at that time took photographs of all documents that she notorized. I assumed thats what they do these days. Since this seemed to be the case I was not at all comfortable having a random notary who I had no personal knowledge of, look over and photograph every detail of my banking data with my complete SS # in plain view along with as stated previously all my account numbers, addresses, phone number, XXXX XXXX XXXX. since this was my entire retirement funds, it caused me great XXXX to reveal all this information to a perfect stranger, so to try and protect my assets from possible theft I did not put the complete SS # on the form. As is often customary when Ive had concerns like this in the past I xed out all the numbers but the last four of the SS #. I figured this was acceptable common practice and no where on the form did it say it must be filled out completely or it would be rejected. Also the bank already knew my SS #. That was not the issue. The issue was with my name. Marcus was unclear if my first name was XXXX XXXX XXXX Anyhow I returned the completed and notarized form back to Marcus with a USPS return receipt. Which I got confirmation Marcus received it on XX/XX/XXXX. Nothing seemed to change and I was still locked out of my accounts and still had not received any paper statements for any of my Marcus accounts that I opened the beginning of XX/XX/XXXX. By mid XX/XX/XXXX I started calling Marcus again but got even more of a run around then previously with no one seeming to know what was going on and why I had no knowledge or access to the status of my funds. I got so frustrated and XXXX over the whole situation I decided for my own peace of mind I would take a wait and see approach since I was at a complete loss about how to gain access to my money again. This went on month after month since XXXX of XXXX. Whenever I called XXXX I got absolutely no answers about anything. Just now in XX/XX/XXXX I have found out through numerous recent calls to Marcus and numerous different representatives spoken to, that my affidavit of identity form that they received from me in XX/XX/XXXX was not accepted by them because I did not put my complete SS # on it. Yet for 6 months they failed to inform me of this or send me a new form to complete to their satisfaction. They had my correct address, mailing address, email address and phone number. Yet they failed to tell me that my affidavit was rejected and all my retirement funds would stay frozen indefinitely. This was for those entire 6 months my only source of money to pay my bills and expenses. I have had numerous expenses over that 6 month period that I could not take care of. I have suffered a considerable financial hardship as a result. Even today I have bills mounting up and businesses angry with me for not paying those bills. It is terrible to be put in this situation after spending my life working and saving to be able to retire. It is only now in XX/XX/XXXX that I have been told this by Marcus that my form was rejected. This week when I called to tell them Ive already lost my car and I may be homeless soon, because of this horrible situation with my savings accts at Marcus. I told them I would like my CD account closed and the money moved into my new account at my new brick and mortar bank. I was told by one of the numerous reps I was passed around to, that they can not send me a cashiers check for my funds or close my account because the affidavit was rejected by them. I am at my wits end, I have no idea what to do to get access and knowledge of my retirement funds again, it has already been nearly ten months at this point.

Company response to consumer: Closed with explanation