Consumer complaint received 2024-01-05 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Funds not received from closed account
Company: GOLDMAN SACHS BANK USA
State: NV

Complaint narrative:
This is a subsequent complaint send to the XXXX XXXX XXXX Consumer Affairs, The Office of Comptroller of Currency, and now the CFPB. If possible, I would request CFPB review for themselves ( not just me making the statements ) the copious amounts of complaints for Marcus by Goldman Sachs about my situation that many others have experienced. I understand a few bad reviews are expected, but when you have multiple, I stopped reading them after XXXX complaints were logged online through XXXX  ( XXXX complaints alone through the Better Business Bureau XXXX, Consumer Reports, Deposit Accounts by XXXX and other Internet testimonies which I know can be very biased. The reason for the multiple complaint approach is predicated on the similar types of complaints and the lack of customer service capability that prevents a customer from getting money to them in a legal and timely manner. 
First off, it my fault for not thoroughly researching Marcus by Goldman Sachs as a friend referred me to them. Their high interest savings was attractive and he had no problems with the company ; however, in speaking to him, he never tried to move funds out of the account. My complaint is threefold : 1. ) Although pleasant, the customer service representatives have given me erroneous information on two occasions, promising something would be done, but only to later find there was an issue and they admitted they are not required to notify the customer of a freeze or problems with the account. After establishing my savings account, I wanted to move funds around. I called and was told ( they record all of their calls ) I could attach a credit card account to my savings account and basically pay for a credit card bill. I have never normally done that, but I made some larger purchases to earn credit card travel points and I pay my credit card early or on time with my autopay. I have never been late with any bills in my life. I received communication asking me to contact them, which I did. I was informed that transaction ( although accepted by my XXXX XXXX account ) would be reversed as that was against their policy. No problem, but I wouldn't have attempted that had I been given the correct information the first time. I chalked it up to inexperience from that customer service agent. When I attempted to move saving funds to a checking account already attached to my Marcus account, they denied that as well, stating they could only transfer funds to the original bank account that I sent them money from. I use XXXX XXXX  and had a high interest checking account- I sent Marcus XXXX XXXX from that account. My second checking account linked to Marcus on the day I opened it is the same bank, same name, no other account holders. I explained to Marcus when I moved all of the money from XXXX Bank to Marcus, they closed the account because you needed a {$50000.00} minimum balance, which I didn't care as I was going to use Marcus as my savings account. Frustrated with the lack of ease and availability of my money, I told them to close the account on XX/XX/23. After explaining they couldn't transfer the money to the original account from my bank because they closed that, one representative said they could to an ACH transfer to the second bank account already linked to my Marcus account. I received an email from Marcus asking me to contact them, which I did, and after explaining the whole story again, the second representative on their recorded line confirmed they would transfer my money into my linked checking account on file with them. When I did not received funds on the fourth day after the ACH was supposedly initiated, I called, told my story again three times on three different calls, to three supervisors. All they could tell me was my account was frozen and could not tell me additional information because the cell phone number they have on file didn't match my name. I confirmed I didn't change my phone number and when I was able to log on their website, my contact information was correct and current. Their explanation was their database showed my cell phone account wasn't in my name. I subsequently contacted XXXX and checked my app and confirmed it was still in my name. Their claim was their system wasn't able to send a text/ping to me to verify my identity, but was able to receive two from the two prior representatives and one when I logged online to my account. I don't know what database they have to confirm who the cell phone subscriber is, but if that is true, it would show it was me. When I offered to provide that information to Marcus, they merely stated I had to contact XXXX and change the name to me. I called XXXX and reconfirmed again it was in my name. Looking through the online complaints, XXXX customer found a way to get around the text/ping verification called a " Manual '' where their fraud department contacts the customer and does a verification. When I called back a fourth time and brought that up, one supervisor hung up on me, when I called back again, I was told they don't do that. Their resolve was to mail an affidavit of identity to my home and to get notarized and send back ; however, the complaints surround not only a long time to get their affidavit, but many never received it or alleged attempts to contact the customer after receiving the affidavit. As a result, I will be paying 21 % credit card interest totaling {$4200.00} in late fees. My " mistake '' for putting the vast majority of my funds in one place, but Marcus by Goldman Sachs, with their erroneous information to me, a lack of a secondary verification process and apparent unwillingness to use a secondary method of verification has cost me XXXX XXXX XXXX 

XXXX. ) The company uses a text/ping verification system to validate who they are talking to. That is a great additional security measure, but as previously mentioned there is a lack of a contingency protocol to verify a customer 's identity. If their system crashed or had a glitch, there should be another way to verify the customer. Sending a document through non priority mail ( they won't do overnight or express mail even if I paid for it ), then to have it notarized and sent back with the vast majority of XXXX  complaints being they don't efficiently process the affidavits and will not call the customer once they receive it to address the matter is extremely frustrating. I expect to be one of the literally hundreds of customers who will face long delays with this process and although I don't stress about too many things, the company needs vast improvements with this process. Again, I am not alone- to reiterate, the XXXX XXXX XXXX alone has over XXXX complaints for matters just like mine. This is not an isolated incident. 

XXXX. ) I have never filed a complaint before for any matter ( bad food, poor service, etc. ), however this involves $ XXXX of my funds that are needed and delayed past their promised dates with a series of protocol excuses. I'm sure the employees are following their rules, but I would expect if it was their money involved, they would panic, especially after the hundreds of combined complaints by customers. I don't wish this experience on anyone and I'm hoping the CFPB and XXXX  can put some pressure on the company do change their process of doing business.

Company response to consumer: Closed with explanation