Consumer complaint received 2024-03-10 00:00:00
Product: Checking or savings account — CD (Certificate of Deposit)
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: GOLDMAN SACHS BANK USA
State: VA

Complaint narrative:
I received on XX/XX/year> a notification from Marcus at Goldman Sachs that my 10 month jumbo CD would mature on XX/XX/year>. With XXXX days, XXXX did not want the CD to rollover, I followed the email instructions and used their online system to instruct that upon maturity, the funds in the CD should be transferred to an external account. I linked the external account. 

On XX/XX/XXXX, I noticed the funds had not transferred. 

I waited for the transfer to occur, but on XX/XX/XXXX, I called the banks customer service line to ask why the funds had not yet moved. I was advised that due to my external bank having an official address different from the address I had registered with Marcus, the funds transfer had been denied. Marcus never notified me of the issue or the denial. I explained to the representative that I am a XXXX XXXX XXXXXXXX posted to XXXX with the XXXX XXXX XXXX XXXX, and that I have multiple mailing addresses that I utilize for different purposes ( XXXX XXXX XXXX XXXX XXXX XXXX XXXX address, and a family residential address ). After conducting a XXXX way call with the external institution, I was assured the issue had been resolved and that the funds would be transferred within XXXX business days. 

I waited again for the transfer to occur, but by XX/XX/year> I became concerned by the lack of action. I again called the Marcus customer service line, explained my concern, was but on hold while the representative researched the issue, and was eventually told that the transfer was in processing and would occur soon. When I asked for a specific date, the representative insisted she could not provide one but that it would be soon. Nor would she provide a transfer tracking number. 

On XX/XX/year>, still without a transfer, I again called customer service. I was told by the representative that the division that handles the transfers is located and would not open for business until XXXX XXXX, and would I please call back after XXXX XXXX. I called back again later that morning, and after long holds was informed that due to the original transfer not occurring as scheduled upon maturity ( due to the address issue ), the transfer had to be entered manually and that it had been entered, and I should see the transfer, again, in a few days. I asked for a wire confirmation number and was told there would be no number as the funds would move through XXXX. 

XX/XX/year> after no receipt of transferred funds, I called a XXXX time and immediately asked to speak to a supervisor when the representative again insisted my funds transfer was in processing. The supervisor put me on a long hold, and indicated she had spoken to the processing unit and that my transfer request was under review and should be processed expeditiously. I asked to be transferred to a supervisor at the processing unit, but was refused and the supervisor stated there was no one else in higher authority I could speak with. 

Frustrated by the lack of progress and my funds being held XXXX for more than a month, I tried posting a warning on the XXXX by Goldman Sachs XXXX XXXX, as well as several other XXXX groups focused on financial planning within the XXXX XXXX. This resulted in an immediate response from Marcus asking for private messaging correspondence. I replied to them on XX/XX/XXXX, and followed up again with inquiries via XXXX on XX/XX/XXXX and XX/XX/XXXX. Through the XXXX XXXX, I have learned I am not the only victim of their deceptive business practices and unwillingness to let money move out of their institution.

Company response to consumer: Closed with explanation