Consumer complaint received 2025-08-02 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA
State: NY

Complaint narrative:
I am writing to formally lodge a complaint regarding the improper handling, persistent restrictions, and unexplained withholding of funds in my savings account ( XXXX ) with Marcus by Goldman Sachs. Despite repeated attempts over the past several weeks to transfer my own funds, I have encountered significant obstacles, vague explanations, and shifting justifications from Marcus agents that have left me unable to access or control a substantial portion of my personal assets. 

Summary of Events : XX/XX/XXXX : - My financial advisor at XXXX XXXX notified me that a {$900000.00} ACH transfer from my Marcus savings account ending in XXXX to my XXXX XXXX brokerage account had been declined. I immediately called Marcus and was informed that the transaction was flagged due to supposed suspicious login attempts and an unresolved issue with a check deposit from XX/XX/XXXX. I was advised to open a new savings account and close the existing XXXX for security reasons. I followed their instructions and opened a new account. 

XX/XX/XXXX : - I called Marcus again and, on the agents strong recommendation, proceeded with closing the old account and using the newly created account to transfer funds. I was assured that the XXXX XXXX account would be verified within XXXX business days and that no additional issues should arise. At no point was I warned that opening a new account could trigger further transfer restrictions. 

XX/XX/XXXX : - I was notified that the XXXX XXXX account had been verified. However, my transfer attempt was again blocked. After speaking with multiple representatives, a supervisor stated that although the check was verified, a restriction still remained and could not be removed. I was instructed to call again at a later time. 

XX/XX/XXXX : - I called the Marcus XXXX Department and spoke to a representative named XXXX, who stated that my account was now restricted due to quick money movement. The only reason for this movement was because Marcus themselves had directed me to open a new account due to supposed security concerns. Despite wanting to close my account and transfer the funds, I was told that the restrictions prevented them from honoring even that request. 

XX/XX/XXXX : - After nearly a month of waiting in frustration, I called again. I spoke to a representative named XXXX, who stated that the newest flag on my account was due to a non-residential address - a concern that had never been raised in prior conversations. I was then transferred to XXXX in the XXXX Department, who suddenly informed me that Marcus would be closing my account for undisclosed reasons. I was transferred back to a general agent who attempted to transfer and close the account but was unsuccessful due to ongoing restrictions. I was told to call back on Monday, with no further clarity or progress. 

-- - My Primary Concerns : XXXX. Unjustified Restrictions & Withheld Funds : Marcus continues to restrict access to my legally owned funds, despite my repeated efforts to verify identity and follow all instructions given by their representatives. There has been no formal communication explaining these restrictions in writing. 

XXXX. Inconsistent and Vague Justifications : Each time I call, I am given a different reason for the issue ranging from login attempts, to check verification, to account movement, and now even a flagged address - without any transparency or resolution. 

XXXX. Misinformation & Misguided Instructions : Marcus explicitly advised me to open a new savings account for security, only to use that very action as justification to block fund transfers under the pretense of suspicious activity. 

XXXX. Customer Service Failures : I have spent hours on the phone with various agents and departments, none of whom could provide consistent answers or actionable steps toward resolution. Escalation to supervisors has been ineffective.

Company response to consumer: Closed with explanation