Consumer complaint received 2025-08-20 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: PA

Complaint narrative:
My CD at XXXX XXXX  matured and I sought to reinvest the funds into another CD. I found a good rate with Marcus by Goldman Sachs ( 14 mo. for 4.40APY ). I opened an account at Marcus on XX/XX/XXXX. I received my funds from XXXX on XX/XX/XXXX via check and sent that check to Marcus to fund my new CD.

I received email confirmation XX/XX/XXXX that the new account was funded. 

I received an email on XX/XX/XXXX asking me to call about my account " as soon as possible. '' I called right away. I was asked where the check came from and how I acquired the funds. I answered their questions and the call concluded.

I continued to receive welcome materials via email, " Your money is already growing! '' and provided account details, including the balance, rate etc.

From XX/XX/XXXX through XX/XX/XXXX, I received no correspondence and I believed all was well. 

XX/XX/XXXX, I went online to check my account balance and found that I was locked-out. A message appeared that directed me to call the bank, which I did promptly that same day. I was told that a fraud restriction has been placed on my account and that they would be forcibly closing my account. They refused to provide ANY details about the restriction and would not verify that my funds were safe. I became concerned that I had been defrauded and that my money was gone.

I called XXXX XXXX  to confirm that they honored the check they issued and they confirmed that it was cashed XX/XX/XXXX by Marcus Bank. I continued to try to log-in to my Marcus account, expecting that the issue would be resolved, but was repeatedly denied access. 

XX/XX/XXXX I called Marcus Bank to check the status of my account. I was told that the fraud restriction remained active and that my account would be force-closed and I would incur an early withdrawal penalty of greater than {$880.00}. I indicated that such would be entirely unacceptable and that THEY were making the decision to close my account. I was transferred FIVE times and was eventually told that Marcus Bank " could not verify '' the XXXX XXXX  check. 

XX/XX/XXXX, I called XXXX XXXX  to ask why there was any question about the validity of the check. I confirmed AGAIN that it had been paid. XXXX indicated that Marcus Bank called them almost a month after cashing the check, on XX/XX/XXXX, to verify the check and their process/policy was to provide only a one-word answer ( yes or no ) to a 3rd party, since the check was already cashed ( XX/XX/XXXX ). I also confirmed with XXXX that my account with them was closed. 

XX/XX/XXXX, I called Marcus Bank to check the status of my account and was told that there would be " NO outgoing transfer to me '' and that the fraud restriction was still in place. 

XX/XX/XXXX, I received a call from Marcus Bank telling me that the ONLY way to resolve this was for them to send the funds back to " the funding institution, '' XXXX XXXX. This was concerning, as I had already confirmed that my account with XXXX had been closed once the check was issued. I would have no way to retrieve MY funds! They wouldn't tell me where my money was ; they were rude, dismissive, and disrespectful.

The same day, I called XXXX XXXX  and explained the situation as I was concerned about what would happen to my funds ( XXXX XXXXXXXX ) should Marcus return them to XXXX. They suggested that I initiate a three-way call with Marcus, XXXX, and myself to resolve the situation. I did exactly that. XXXX explained their process for verification to Marcus and asked why Marcus waited so long to verify the check, after it had been cashed and honored. Marcus had no answer for that question.

During that 3-way call, Marcus was unable to explain how, when, and where the funds would be returned, or how they would be identified as mine, since I no longer had any account with XXXX. I asked for Marcus to call me back with the answers to those questions. I received no calls from them.

I waited until XX/XX/XXXX to call Marcus Bank back. I asked for an update on the status of my account and the transfer of my funds. I was still locked-out of my account and was told that my account was going to be force-closed. I requested that any funds come back to me via check or wire transfer, NOT XXXX, as I did not have an account with XXXX any longer. They said they would call me back that same day with a final action but they never called. 

I called them on XX/XX/XXXX and they indicated my account was still pending closure due to them not being able to verify the XXXX check through their process. However, I facilitated a three-way call with XXXX and XXXX on XX/XX/XXXX during which verification occurred! I asked that any funds being returned come to me directly via check or wire transfer, NOT XXXX. Marcus made no commitments, wouldn't acknowledge my requests, and wouldn't answer my questions. 

From XXXX XX/XX/XXXX, I heard nothing. I received no calls from Marcus Bank. I called Marcus Bank XX/XX/XXXX and they finally agreed to send the funds to my " external bank '' and I provided all necessary details. I was told that the transaction couldn't be finalized due to a " glitch '' in their system update ( that pushes out security codes via text. ) They said I needed to call them back in 24-48 hours, which I did.

I called them back XX/XX/XXXX and was transferred five times between different departments. I was given 6-7 different scenarios about how my funds would be returned to me over the course of this nightmare.

I contacted my state Senator 's office for help after months and countless hours of trying to resolve this outrageous situation. His staff participated in multiple three-way calls with permission and acknowledgement by all parties. His staff was a witness to the mistreatment I endured and the refusal of Marcus Bank to provide any clarity of the situation and their refusal to confirm when, if, and how I might EVER get my money back. We were told that there was an open investigation and that no information could or would be provided. The Senator 's staff was outraged and offered to reach out to state and federal regulators, in hopes of securing appropriate resolution. 

The following day, ( XX/XX/XXXX ), I received a call from Marcus Bank, asking to initiate a three-way call with XXXX XXXX to ( again ) verify the XXXX check that had been cashed in XXXX. XXXX explained their process ( again ) to Marcus Bank during this call. Finally, on XX/XX/XXXX, the " resolution specialist '' unlocked my account. The restriction was removed and I confirmed that no early XXXX penalties would apply. They indicated they would wire transfer my funds. I provided all necessary information. I was given two case numbers ( one for the account closure and wire transfer of my funds ) and another for a " good will credit '' of {$50.00}.

I received another call from Marcus Bank that same day, indicating they could not, in fact, send my funds via wire because the funds were " moving too fast. '' They would issue a check, instead.

Initially, Marcus Bank refused to send the check via Express Mail with tracking, but eventually agreed to that after hours on the phone with state senate staff and myself. We were given another case reference number and were told that the check would be sent out XX/XX/XXXX and that tracking would be provided. I heard nothing and received no tracking. 

Monday, XX/XX/XXXX, I received a call from a resolution specialist who indicated they would now be wiring my funds the same day. Again, I provided all necessary information, and the funds were finally received.

I spent months and countless hours, trying to correct a procedural error on the part of Marcus Bank. I did nothing wrong and acted in good faith at all times. I responded promptly at all times, in stark contrast with Marcus Bank and their nearly one-month long delay in verifying a check that already been cashed! They refused to listen to anything I had to say. I was forced to start over with each new person I spoke with, each transfer. Phone calls lasted 1-3 hours and were physically and emotionally exhausting. I was locked out of my account for an extended period and have endured untold stress related to the uncertainty about my ability to ever receive my hard-earned funds.

I did NOT engage in any fraud but was accused of such. I was treated like a criminal, not a valued customer. I provided all requested information and was given the run-around and conflicting information every time I called. There was no consistency in what I was told from call-to-call, and day-to-day. The story was always changing. I'm retired and living on a fixed income, so the reality of losing them was devastating.

My experience with Marcus Bank was and is shocking. I'm still in disbelief. I'm sure I'm not the only one that has been victimized by their faulty and abusing practices.

Company response to consumer: Closed with explanation