Consumer complaint received 2024-08-02 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: GOLDMAN SACHS BANK USA
State: CA

Complaint narrative:
My savings account with Marcus by Goldman Sachs was initiated in XXXX as a rainy day funding source to be used when my busines checking account ran low. Over the years, transfering funds in and out of the Marcus Savings account was seamless until recently this XXXX. A request to transfer funds to the business checking was initiated and granted on XX/XX/XXXX. It was reversed XX/XX/XXXX without explanation and notification, causing an over draft of my checking account and fees charged for the reversal. A second request for a fund transfer to my business checking account XX/XX/XXXX was made and again, this was reversed XX/XX/XXXX without noticed and explanation. I was only notified about these reversals when my vendors and the business bank notified me that my account was overdrawn and checks that I had writen, along with my auto pay accounts have been nullified. I called Marcus on XX/XX/XXXX inquiring why the transfer requests were reversed. Marcus said there was some issues regarding the phone number on the account and I had to fill out an Affidavit of Identity that they will send to me. They said I should be receiving the form witXXXX XXXX XXXXusiness days. I called back XX/XX/XXXX when the forms never arrived. Marcus said it was too soon and I should wait the full 10 days. I called again XX/XX/XXXX and got the same response. And again XX/XX/XXXX and requested to have the form expedited to me which was to be sent out that day and to be received on the XXXX. XXXX said there was a mix up and they never sent the form.The affidavit of Identity arrive XX/XX/XXXX and I executed the form, had it notarized and returned it via XXXX for a next business day delivery. The return address and XXXX sticker was provided by Marcus. I called Marcus XX/XX/XXXX to confirm the package was receive and whether the affidavit was approved. Marcus had confirmed the package was received and the for was under review and they should be responding within the next 5-10 business days. I had asked if they can respond sooner, but the ples fell on deaf ears. I called back on XX/XX/XXXX, again with the same response, saying the affidait was still being reviewed and should expect a response within 7-10 business days. I called again today, XX/XX/XXXX and got the same response. Just to note, each one of my call, I was put on hold several times and none at Marcus could give me an answer on why it has taken so long. In the mean time, I have no way to access my funds in the Marcus savings account. I still do not know why the funds are frozen although my latest statement says the funds are still there and getting interest. To this date, the issue has not been resolved. I am very frustrated with this process and non-transparency on Marcus part. I am not allowed to have any discussions with the people reviewing the form and thier superiors. The persons answering the phones have no authorization to provide answers. I

Company response to consumer: Closed with explanation