Complaints

This profile includes complaints for Marcus by Goldman Sachs's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Marcus by Goldman Sachs

  11850 S Election Rd Draper, UT 84020-6887

  
• 

  Marcus by Goldman Sachs

  PO Box 45400 Salt Lake City, UT 84145-0400

  
• 

  Marcus by Goldman Sachs

  PO Box 1978 Cranberry Twp, PA 16066-0978

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:02/11/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On May 11, ****, I opened a CD account ending **** with interest rate at *******% (2%) for 24 months with an initial deposit of $250,000 (fund was raised from the entire family).Unfortunately, I had to close the CD account due to family emergency on Oct. 14, 2022. I understand that there would be 2 month interest penalty but Marcus charged me 6 months instead. I couldn't review any statements after account was closed. Instead of earning interest for the 5 months (May-Oct 2022), ended up I had to pay over $2000. That's a rip off, in sin and unacceptable. I strongly believe Marcus is a big SCAM on this penalty. I wish BBB could step in and help to get my hard earned money back. Thanks.

  Business Response

  Date: 02/17/2023

  BBB Response ****
  ID ********

  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 11, 2023. The Bank appreciates the opportunity to address the concerns raised by ******************* (the Customer) related to closure of a Certificate of Deposit (CD) account with Early Withdrawal Penalty (***).

  
  On October 11, 2022, the Customer contacted the Bank and requested to close their CD account with an internal transfer to their Online Saving Account. A Bank specialist created a CD closure case and informed the Customer that 180 days of simple interest would be charged as ***, as outlined in the Banks Deposit Account Agreement (DAA). On October 13, 2023, the Bank closed the CD with an $2,441.46 *** applied. On February 13, 2023, the Customer contacted the Bank inquiring about the amount *** being charged. The Bank reviewed and confirmed that the *** was calculated and assessed correctly, per the terms of the DAA.

  
  Based on the above details, we kindly request this complaint to be closed.

  Customer Answer

  Date: 02/21/2023

   
  Complaint: 19389284
  
  I am rejecting this response because:  I was not informed of such a high penalty of 180 days = 6 months when opened the CD account. This is a ripped off.  A big scam.  Unfortunately,  I have no choice but to close the CD due to family emergency.  
  

  comparing with other reputation banks like *********** ***************** they only charged 60 days = 2 months penalty.  
  I strongly believe Marcus Goldman Sachs is a huge shark.  How can we allow such a scam business exist?  Shame on Marcus!
  

  I will not close this case until Marcus returns my hard earned money.  Ill definitely sharing my awful experience with others. 

  
  Sincerely,
  
  *******************

• Initial Complaint

  Date:02/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Tried to wire transfer and it took 3+ days to process (still ongoing) when it was supposed to be same business day. When I called I was put on hold for 45 minutes and the agent finally put me off hold and immediately hung up on me.

  Business Response

  Date: 02/17/2023

  BBB Response ******
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 10, 2023. The Bank appreciates the opportunity to address the concerns raised by *************************** (the Customer) related to the delay in an outgoing wire transfer from their ************** Account (OSA).

  
  According to the Banks records, on February 6, 2023, the Customer contacted the Bank and requested an outgoing wire transfer from their OSA to an external bank account.A Bank specialist initiated the transfer request and advised the Customer the transfer may take 1-3 business days to process, in accordance with the Banks Deposit Account Agreement. However, the Bank subsequently identified security concerns regarding the Customers account. The Bank contacted the Customer and successfully verified the information requested that same day. Unfortunately, a Bank specialist inadvertently failed to clear additional security concerns and the Bank did not process the transfer. On February 10, 2023, the Customer requested a new outgoing wire transfer to a verified external bank account, which the Bank completed that same day.
  
  Based on the above details, the Bank kindly request this complaint to be closed.

• Initial Complaint

  Date:02/10/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have 3 accounts with Marcus ( 1 savings and 2 CDs) I have been trying to close my account and get my money back since Dec 2022 . Everytime I call, I get a different answer. I have spent hours ( 3 hours just today.. and they hung up on me ) being on hold with customer service trying to get an status update and get my money : Standard response : " account closure is under review and Marcus will contact you if we have any questions " No response to how long this process is and when I can expect to receive my money back .

  Business Response

  Date: 02/17/2023

  BBB Response *************
  ID ********
  **********************, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 10, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************************* (the Joint Owner) related to closure of two joint Certificate of Deposit Accounts (CD) and a joint ************** Account (OSA) held by the Bank.
  Per the Banks records, on October 14, 2022, the primary owner requested to fund their CD account from an unverified external bank account. Subsequently, the Bank identified security concerns related to the external account ownership;accordingly, the Bank reversed the transfer. On October 25, 2022, the Joint Owner initiated another transfer and it was also declined. On November 10,2022, the Bank closed the CD as it was unfunded for 30 calendar days.
  On November 17, 2022, the Bank received a check for deposit into the closed CD. On November 22, 2022, a Bank Specialist confirmed with the Joint Owner that the check can be deposited in to a new joint CD account. After further review, on November 30, 2022, the Bank identified that the check deposited contained inaccuracies and the external check issuing bank was unable to verify the Joint Owners identity; therefore the Bank restricted the account.
  On February 7, 2023, the Bank Specialist contacted the external check issuing bank and they confirmed the check did not clear. On February 15, 2023, due to the unresolved security concerns, the Bank made a business decision to close the **** CD, and move the funds to an internal holding account. The Customer may call the Bank at ************** ***************), Monday to Friday, 8 am - 10 pm, or Saturday to Sunday, 9 am - 7 pm ET to receive additional information.
  Based on the above details, the Bank kindly request this complaint to be closed.
  
  
  
  

  Customer Answer

  Date: 02/21/2023

   
  Complaint: 19385318
  
  I am rejecting this response because:

   

  Dear Marcus Representative,
    Thank you for providing response to my complaint.
  This is the first time I am hearing anything about check issue or account verification . During my countless calls to Marcus, no one mentioned it to me.  To point out ,Marcus never initiated any communication to me in any format email, call,message etc, to even let me know that there was an issue. Only time I got any communication was when I called and even then  All I was got  was cryptic messages, due to security reasons , we cannot discuss it with you:. Which was hard for me to understand , as it was my account and if they are refusing to discuss with me, who  will they discuss it with.
  Your statement: Per the Banks records, on October 14, 2022, the primary owner requested to fund their CD account from an unverified external bank account. ********************* identified security concerns related to the external account ownership; accordingly, the Bank reversed the transfer. On October 25, 2022,the Joint Owner initiated another transfer, and it was also declined. On November 10, 2022, the Bank closed the CD as it was unfunded for 30 calendar days. 
  My Response : Per my bank statement , ******** account was verified on 13 oct 2022 ( amount **** cents and **** cents).   Only after this  we  were able to initiate the *** transfer [ else it was not even an option on your website] .   that being said, when I kept seeing that the online transfer was not being successful, I had called Marcus to find out what the issue was.  At that point I was told to send a paper check as Marcus was unbale to do Ach transfer from this bank .  I followed the instructions that were given to me. At no point I was told not to send the check as the account will close if unfunded for 30 days. I was not aware of this rule.
  Your Statement: On November 17, 2022, the Bank received a check for deposit into the closed CD.On November 22, 2022, a Bank Specialist confirmed with the Joint Owner that the check can be deposited into a new joint CD account. After further review, on November 30, 2022, the Bank identified that the check deposited contained inaccuracies and the external check issuing bank was unable to verify the Joint Owners identity; therefore, the Bank restricted the account.
  My Response: I was never made aware of any inaccuracies or that ************* back had any issues verifying our identity. Furthermore, I was on a three way call, between,Marcus, check issuing bank and me when the account and identity was verified. 
  
  your Statement: On February 7, 2023, the Bank Specialist contacted the external check issuing bank and they confirmed the check did not clear. On February 15, 2023, due to the unresolved security concerns, the Bank made a business decision to close the **** CD, and move the funds to an internal holding account.
  My Response: The check has cleared on 17th November. I have bank statement stating two checks (check number 1030 and 1031) of $100,000 each were posted on 11/17/22. If you need, I can provide bank statements.
  I understand all of this might be of no value since we have decided to close the account, however, I wanted to provide the information I have to ensure that both parties have their records correct.
  In Closing, Thanks for confirming that the accounts are now closed. Can you please let me know by when I can expect to get my funds back .
  
  If any further information, is needed from my end to make this process go smoothly, Please feel free to contact me.
  
  
  Sincerely,
  
  *************************************

  Business Response

  Date: 03/01/2023

  
  BBB Response *************
  ID ********
  **********************, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 22, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************************* (the Joint Owner or Customer) related to closure of two joint Certificate of Deposit Accounts (CD) and a joint ************** Account (OSA) held by the Bank.
  As stated in the previous response, due to unresolved security concerns, the Bank made a business decision to close the Customers OSA and CD and move the funds to an internal holding account. On February 24, 2022, after further review, the Bank approved reopening the accounts to allow the funds to be sent back to the funding bank account; however, a portion of the funds remained restricted until the Bank could verify the deposited checks had cleared with the other bank.  
  On March 1, 2023, the Bank contacted the check issuing bank and confirmed that the checks had cleared; the Banks prior statement that they could not be verified was due to an inadvertent error by the Bank. The Bank removed all restrictions on the accounts; however, the Bank requires that the Customer transfer the funds the original funding account in order to close the account.  To complete the transfer to the original funding account, the Bank requires the Customers verbal authorization.  The Customer may call the Bank at ************** ***************), Monday to Friday, 8 am - 10 pm, or Saturday to Sunday, 9 am - 7 pm ET to proceed with the closure process.
  Based on the above details, the Bank kindly request this complaint to be closed.
  
  
  
  
  
  

  Customer Answer

  Date: 03/07/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************************

• Initial Complaint

  Date:02/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I opened the Marcus account from my friend's referral and the experience is awful. I transferred all my money into the account and NO IDENTITY AUTHORIZATION is needed. HOWEVER, when I transfer a small amount of my money out. It's LOCKED!!! This is so bizarre and confusing. I contacted the customers' service and the 'specialist' is super UNPROFESSIONAL! I was told to verify through some paperwork and they don't have any further information to provide to me. WHAT?? It's a personal account and the transfer external account is always the same. I need a reason for it and I need the money NOW for some other payments. If this is delayed, I will pursue legal actions against Marcus.Some questions that NEED your answer:Why this inappropriate verification happen when I open the account?Why people have different methods in unlocking the account? Some friends of mine got unlocked via making phone call.Why the specialist from the customer service being so unprofessional? I was asked if I have a work phone for verification. I provided a lot of information that turns out to be useless. Haven't you consider that's my privacy??? Also, it took ages for me to get to a specialist. Please GET BACK to me ASAP. I need my money from the account NOW for other timely payment.

  Business Response

  Date: 02/16/2023

  BBB Response Feng
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 10, 2023. The Bank appreciates the opportunity to address the concerns raised by *************** (the Customer) related to accessing funds from an ************** Account (OSA) held with the Bank.
  
  On February 9, 2023,the Customer initiated an outgoing transfer from their OSA to an unverified external bank account. The Bank allowed the transfer since the funds were returning to the funding account. However, the Bank identified security concerns with the Customers identity, and in accordance with the Banks Deposit Account Agreement, restricted the Customers Account. On February 10,2023, after failed attempts to verify the Customer, the Bank requested the Customer submit an Affidavit of Identity ***** to confirm their identity. The Customer declined the *** process and requested to close the Account and transfer the funds to the originating funding account. On February 14, 2023, the Bank closed the Account and transferred the funds to the originating funding account.
  
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  Date:02/05/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In December 2022, I opened a Marcus by Goldman Sachs ******** ************** account and a CD. I linked two bank accounts to this online savings account including **** of America and *************** I also set up bi-weekly transfers from those two banks into the ************** account. On January 30, 2023, (in anticipation of purchasing a 2nd CD), I used the "two trial deposits" method to verify ownership of my PERSONAL checking account and transferred additional funds from Commerce **** into the ************** account that same day.On 2/2/23, I purchased a second CD from MbGS using the funds available in the ************** Account. The next day I decided to cancel the incoming transfers and transfer the remaining funds out of the ************** Account and into my Commerce **** PERSONAL checking account via an online transfer (on 2/3/23). MbGS sent an email on 2/4/23 stating that I needed to call them but I didn't read it until Sunday morning (2/5/23). On the afternoon of 2/5/23, it took 3 phone calls and 6 people to answer my very basic CD withdrawal penalty question. Additionally, MbGS froze my online account (I don't have access to their promised 24 hour website) and they froze my funds transfer from ************** into Commerce ****. They told me that they will cancel the transfer, which is now STEALING, unless I perform a silly and tedious 3-way call with Commerce **** (or I can mail them a bank statement...unreal). I don't appreciate being intimidated by MbGS with them taking unsubstantiated action and using a flimsy excuse that accuses me (without any proof) of using a business account (I don't have any). That is 100% false and slanderous! I even suggested that we simply cancel the transfer into Commerce but also unlock the online account so I can transfer the money into my **** of America personal account. MbGS still unreasonably insisted that the conference call had to happen.

  Business Response

  Date: 02/13/2023

  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 06, 2023. The Bank appreciates the opportunity to address the concerns raised by *************************** (the Customer) related to an account restriction and the Early Withdrawal Penalty (***) on a Certificate of Deposit (CD).
  On February 2, 2023, the Customer opened and funded a CD account via the Banks website. On February 3, 2023, the Customer attempted to transfer funds from an ************** Account held with the Bank to an external bank account. Due to security concerns, the Bank required external account verification before processing the transfer. Per the Banks Deposit Account Agreement (DAA), the Bank may restrict an account at any time for additional review.
  The Customer contacted the Bank on February 05, 2023, requesting to close the CD account. A Bank Specialist  inadvertently provided incorrect information regarding the amount of the *** that would be applied.  On February 6, 2023, the Customer called in and was able to complete a 3-way call with the external bank, and the Bank removed the restriction. On February 09, 2023, the Bank approved an exception to reduce the *** for the Customer. Due to the experience, the Bank provided a credit to the Customer as a token of goodwill. On February 13, 2023, the Bank closed the account, as requested by the Customer.
  
  Based on the above details, the Bank kindly requests this complaint to be closed.

  Customer Answer

  Date: 02/15/2023

   
  Complaint: 19337372
  
  I am rejecting this response because:  Marcus by Goldman Sachs is now LYING in their response to the BBB.  The promised $25 credit, promised on 2/9/23 by Supervisor AL still has NOT been applied to my account (deposited into *************** as of 2/15/23.  I was called by MbGS on 2/10 and told the $25 credit would be in my ************** account soon.  Additionally, the *** (Early Withdrawal Penalty) per AL was only supposed to be 83 cents but MbGS took out over $9 for the *** (possible reason for the credit amount).  I called on 2/13/23 and asked for the timeline on when the $25 credit process would be completed and was told it would take 1-3 business days.  I called again today on 2/15/23 (3rd business day) and was told to check the account after ANOTHER couple (2) more business days.  This was an unacceptable response so I told the person on the phone that the $25 credit must be applied be end of business 2/15/23.  MbGS must keep their promises and stop moving the goalposts (as they tried to do when locking my account).  They are now holding/borrowing my money without my permission.
  
  Sincerely,
  
  ***************************

  ************

  Business Response

  Date: 02/22/2023

  BBB Deposits ******** ******** (Recd February 15, 2023)
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 15, 2023. The Bank appreciates the opportunity to address the concerns raised by *************************** (the Customer) related to an account restriction and the Early Withdrawal Penalty (***) on a Certificate of Deposit (CD).
  As stated in the Banks prior response, on February 2, 2023, the Customer opened and funded a CD account via the Banks website. On February 3, 2023, the Customer attempted to transfer funds from an ************** Account held with the Bank to an external bank account. Due to security concerns, the Bank required external account verification before processing the transfer. Per the Banks Deposit Account Agreement (DAA), the Bank may restrict an account at any time for additional review.
  The Customer contacted the Bank on February 05, 2023, requesting to close the CD account. A Bank Specialist inadvertently provided incorrect information regarding the amount of the *** that would be applied.  On February 6, 2023, the Customer called in and was able to complete a 3-way call with the external bank, and the Bank removed the restriction. On February 13, 2023, the Bank closed the CD, as requested by the Customer, without an ***. The Bank subsequently provided the Customer with a credit to the Customers ************** account as a token of goodwill.  
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  Date:02/05/2023

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My wife, ********, and I established a joint savings account with Marcus in early 2019; there have been only interest earnings postings to this account since mid-2021. We established two joint CD accounts in late 2019, for which the only account activity has been interest earnings. These CD accounts involve thousands of our savings. Several months ago, when attempting to log into online accounts, I received a message stating:'Your account is temporarily locked.For security purposes your account is temporarily locked. For assistance, please call our **************** Since the condition was temporary, I expected it to resolve soon. However, when trying to login over the next several months I continually received the same message. Finally, I ran out of patience in expecting the temporary condition to be resolved. At that point, being hearing-impaired, I asked my wife to join me in calling the ************** on January 26, 2022. In the course of two telephone calls, which involved over forty minutes, much of which was wait time, we were told our accounts were locked, for reasons we were told couldnt be explained to us. Then we were told our accounts were being closed, again for reasons that couldnt be divulged to us. I asked for more information, for which I was apologetically told there was nothing more we could be told. I wasnt even able to confirm when exactly our accounts were closed and when we would receive our funds. We've haven't heard from Goldman-Marcus since the call ten days ago, and are very concerned for the safety of our funds. In the meantime *** received a message that our income tax documents can be found online. Of course, when tried, I was still locked out, and am not sure how to get those documents. This is a banking abomination! We would like the immediate return of all our funds, by electronic transfer if possible, to provide us assurance were just ex-depositors, and not victims.

  Business Response

  Date: 02/10/2023

  BBB Response ********
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 05, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************* (the Customer) related to accessing an ************** Account (OSA).
  
  On November 29,2022, the Bank identified security concerns related to account owner identity and restricted the account until the security concerns could be cleared.  For security purposes, the Bank may conduct a review of a customers account for the protection of customers, and the Bank has the right to restrict or close an account at any time without notice, per Banks Deposit Account Agreement.
  
  On January 6, 2023,the Bank sent correspondence to the Customer requesting a call to clear the security concerns. On January 26, 2023, the Customer contacted the Bank to clear the security concerns; however, the Bank could not verify the Customers identity. The Customers account remained restricted. The Bank Specialist inadvertently advised the Customer that their account needed to be closed. On February 9,2023, the Bank attempted unsuccessfully to contact the Customer. The Customer may call the Bank at ************** ***************), Monday to Friday, 8 am -10 pm, or Saturday to Sunday, 9 am - 7 pm ET to clear security concerns.
  
  Based on the above details, the Bank kindly requests this complaint to be closed. Tell us why here...

  Customer Answer

  Date: 02/19/2023

  Complaint: 19336584
  
  I am rejecting this response because:

  
  Marcus indicates it identified security concerns on November 29, 2022 and restricted account access until security concerns could be cleared, which is pointed out to be it's right.  On December 2, 2022 I received notice indicating my statement for the month of November was available to view online,and could be accessed by logging in to my account at marcus.com.  I received the same message for the following December and January.  On January 3, 2023 my wife received from Marcus a message indicating that 'For security purposes, we recently had to remove a an external account that was linked to your Marcus account.  We did this because we could not confirm that you were an owner of the linked account, a measure that helps us protect the funds our customers have with Marcus.'  the message went on to say ' If you want to link your Marcus account to one you have ant an external bank, please log in at marcus.com, select "My account" and then select 'External Accounts.' Please make sure your name is on the account you're linking with your Marcus account.'  

  
  In the meantime, during this above period, Marcus prevented us being able to login to our accounts to see what external account information might have been involved with this action.  We were perplexed by this condition, since we have never linked an external account that didn't include at least one of our names for any banking or other financial account.  Being hearing-impaired,I avoid the struggle of phone conversations insofar as possible.  But, it being clear Marcus wasn't going to allow online access to deal with this condition, I enlisted my wife's assistance, and made the call to Marcus, as suggested in  its messages which misleadingly indicated online access to our accounts was available. 

  
  As described in the complaint filing, that call was placed on January 26,2022.  As also described in the complaint, 'we were told our accounts were locked, for reasons we were told couldnt be explained to us.  Then we were told our accounts were being closed, again for reasons that couldnt be divulged to us.  I asked for more information, for which I was apologetically told there was nothing more we could be told.  I wasnt even able to confirm when exactly our accounts were closed and when we would receive our funds.'  Never once in the conversation were we asked for any information that might have been relevant to clearing a security concern of any type! Marcus now chooses to characterize their associate's statement that our accounts have been closed as 'inadvertent,' and indicates we should again place a call to them to talk about this matter.  I'm afraid I can't at all understand why Marcus would feel I should want to call them and risk another such wasted effort and awful experience. 

  
  Meanwhile, I still have none of the 2022 income tax information I need for these accounts.  Even more important, I'm increasingly concerned for the safety of all funds in our Marcus accounts, and want them all to be returned promptly. Marcus can resolve this complaint by sending me checks or instructions for accomplishing this want, using express mail sent to the **** home address on file with them. 
  
  

   

   

  
  Sincerely,
  
  *************************

  Business Response

  Date: 02/28/2023

  BBB Response ********
  ID ********

  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the "Bank"),received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 21, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************* (the "Customer") related to accessing an ************** Account.

  
  As stated in the prior response, on November 29, 2022, the Bank identified security concerns with the Joint Owners account and restricted both the Customer and Joint Owners online banking access. On February 23, 2023, after further review of the security concerns, the Bank removed the restrictions from the Customers account and unsuccessfully attempted to contact the Customer to advise. However,to restore the Joint Owners online banking access, the Bank requires the Joint Owner to contact the Bank to reset their account password.

  
  Additionally,the Bank determined that a previous notice from the Bank stating that the Bank had removed an external account was sent in error.
  If the Customer would like to close the account, the Bank requests the Customer to contact the Bank to proceed. The Customer and the Joint Owner may contact the Bank at 1-855-730-SAVE ***************), Monday to Friday, 8 am - 10 pm, or Saturday to Sunday, 9 am -7 pm ET for further assistance.

  
  Based on the above details, the Bank kindly requests this complaint to be closed

  
  

  Customer Answer

  Date: 03/05/2023

   
  Complaint: 19336584
  
  I am rejecting this response because:

  On or about February 24, 2023 my wife went through the time and trouble required to restore access to her accounts, which includes one joint savings account we held on which I'm primary.  We never were provided information regarding reasons for our being denied access to our accounts.  However, Marcus now has now determined that a previous notice stating it's removal of an external account was sent in error.  I'm unsure whether to be appreciative of the admission, or further aggravated that this has all been done to us for no known fault of ours!  Regardless, afterward, I was able to get online access.  I used that access to close one of our CD accounts and have the balance transferred to our external account, which has since been credited.  In connection with this closing, it appears the early termination penalty was abated.  All this, at least, is well! 

  However, I also went about, I thought, closing our savings account, and having that balance also transferred to our external account.  However, several days later I discovered that this account remained open, and in fact had been credited for a small amount of interest in the meantime.  I've since processed another transfer, which should zero the account out and, I hope, close it. 

  And, for our other CD account, I believe I followed the same process, and at the same time, as for the one referred to above.  However, unlike the other CD account, I found no proceeds deposited into our external account for this CD.  When I went online I found the maturity plan for this account has merely been changed to have this account closed on its mid-May maturity, when the proceeds would be transferred to our external account.  This is not acceptable to us.  We have clearly said we want our funds returned to us promptly, which this isn't.  I'm not sure why it is that another trying call need be made to accomplish this, as those are mostly time-consuming and not especially effective.  It's remains up to us to do things we wouldn't have to do but for error made by the bank!  It may be the only thing we can do to end this unpleasant and painful experience! 
  
  Sincerely,
  
  *************************

  Business Response

  Date: 03/13/2023

  BBB Deposits ********
  ID ********

  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the "Bank"), received the above-referenced complaint via the Better Business Bureau Complaint Portal on March 6, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************* (the "Customer") related to closing an ************** Account (OSA) and a Certificate of Deposit (CD).

  
  On March 9, 2023, the Customer initiated an outgoing transfer from their CD account to their linked bank account and closed the CD. Later that day, the Bank attempted unsuccessfully to contact the Customer to assist with closing their OSA. The Customer may elect to close the account on Marcus.com or call the Bank at 1-855-730-SAVE ***************), Monday to Friday, 8 am - 10 pm, or Saturday to Sunday, 9 am - 7 pm ET.

  Customer Answer

  Date: 03/14/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********.  All of our accounts have now been closed and all proceeds received, which was our objective.  Therefore, I find this matter to be resolved, and that the complaint can now be closed.  
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:01/30/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I tried transferring money out of my Marcus Account on Jan 30, 2023 only to find that they closed my account. I received no notification of this. I still have 800k USD in my account. After waiting hours on the help contact line, I still cannot transfer my money out, or get a reason on why my account was closed. When on the phone, the operated went on hold after every question. This is very poor customer service, and they are preventing me in transferring my own money out. I still don't have an answer on how to transfer my money out. Please help.

  Business Response

  Date: 02/06/2023

  BBB Response Shen
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on January 30, 2023. The Bank appreciates the opportunity to address the concerns raised by **************** (the Customer) related to accessing an ************** Account (***).

  
  On January 26, 2023, the Bank made a business decision to close the Customers ***. On January 30, 2023, the Customer contacted the Bank to inquire about the status of the account. The Bank advised that the Customer may still withdraw funds from the **** but within 30 days of the closure decision, the Bank will close the account and send any remaining funds to the Customer via check. Per the Bankss Deposit Account Agreement, the Bank has the right to close or restrict any *** at any time without notice and without the Customers consent for any reason unless prohibited by applicable law.

  
  The Customer requested to close the *** and transfer the funds to a linked account.On February 1, 2023, the Bank closed the *** and transferred the funds as requested.

  
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  Date:01/28/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Thur, Jan 12, 2023 I shipped to Marcus a completed notarized completed Marcus durable Power of Attorney (POA) form along with the attorney drafted, executed and notarized POA for me to act on behalf of my 91 year old mother with Alzheimers dementia, as she needs help with her online savings account. On Sat, Jan 14th, I verified by USPS tracking that Marcus received it on Fri, Jan 13th at the designated return address indicated on Marcus' POA form. On a call with a Marcus rep on Jan 20th (Fri) she told me that Marcus received the form to process Jan 20th, which is a lie, and that it would take 1 to 2 business days to process. I called Marcus on Mon, Jan 23rd and the rep and she THEN told me that it would take 5 - 10 business days to process. I called Marcus again on Tues, Jan 24th, and the rep said that she would prioritize for processing the POA to complete the processing by Thur, Jan 26th, and call me on Jan 26th. I waited until mid afternoon on Thur, Jan 26th and called Marcus. The rep then told me that Marcus did receive the completed POA from me until Wed, Jan 25th (another lie), and that it would take 1 - 2 business days to process. I called Marcus back on Fri, Jan 27th and was told by the rep that the POA is being processed and she then told me that there is NO timeframe which Marcus has for processing the POA, and that someone from Marcus will call me after it is processed. I have been repeatedly lied to and told different stories by Marcus. This is the worst bank I have ever dealt with in my 63 year old life. Marcus does not. care what anxiety and emotional problems their inaction is causing my very ill 91 year old mother and I. Do not do business with this bank.

  Business Response

  Date: 02/03/2023

  BBB Response *******
  ID ********
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank USA (the
  “Bank”), received the above-referenced complaint via the Better Business Bureau
  Complaint Portal on January 29, 2023. The Bank appreciates the opportunity to
  address the concerns raised by **** ******* (the “Customer”) related to
  accessing an Online Savings Account (“OSA”) held by the Bank.

  
  In December 2022, the Customer made a series of transfers to their
  OSA from three unverified external bank accounts. Subsequently, on January 3,
  2023, the Bank identified security concerns related to the external account’s ownership
  and the Customer’s identity; therefore, the Bank placed a restriction on the
  account, in accordance with the Bank’s Deposit Account Agreement.

  
  On January 5, 2023, the Customer contacted the Bank regarding
  their account access, but the Bank was unable to verify the Customer’s identity
  and clear the security concerns. As an alternative method of identity
  verification, the Bank mailed the customer an Affidavit of Identity (“AOI”) on January
  13, 2023. On January 20, 2023, the Bank received the AOI, and the security
  concerns were cleared along with the Customer’s online banking access being
  restored. On January 30, 2023, the Customer initiated an outgoing ACH transfer to
  the same unverified external bank account which again raised security concerns.
  On the same day, the Bank contacted the Customer and was able to clear the
  security concerns and the transfer was successfully completed.

  
  Additionally, the Bank is still processing the Customer’s POA
  documents to ensure due diligence. The Bank will contact the Customer once the
  POA processing is completed. For additional assistance, the Customer can
  contact the Bank at ************** (###-###-####), Monday to Friday, 8 am -
  10 pm, or Saturday to Sunday, 9 am - 7 pm ET.

  
  Based on the above details, the Bank kindly request this complaint
  to be closed.
  
  

  
  

  Customer Answer

  Date: 02/06/2023

  
  
  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  
  
  
  Sincerely,
  
  
  
  **** *******

• Initial Complaint

  Date:01/28/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My wife and I have a joint savings account with Marcus by GS ending with ****. On Dec. 20, 2022, we requested $10K to be transferred to our Chase account to pay our credit card balance. On Dec 21, we requested $62K to be transferred to pay our kid's tuition. Both transaction were reserved by Marcus without a reason. On Dec 22, we made a call to Marcus. The representative told us that our account were locked without giving an explanation. On the phone, the presentative said she would need to send us an affidavit to our address before unlocking the account. We waited until Jan 6, 2023 without receiving the affidavit. We called to representative and again was promised an affidavit to be sent right away. Without receiving anything we then called on Jan 16, 2023. The supervisor on the call admitted that the affidavit was sent on Jan 11, 2023, 23 days after they locked our account. We finally received the affidavit on Jan 19, 2023. But when we called on Jan 20, 2023 and let them know we sent back the letter. The supervisor said they could unlock our account without receiving the affidavit. What kind of bank is this? The whole ordeal was terrible and we suffered $3,240 in financial loss because of the delay of paying credit card and our kid's tuition. Throughout the whole process, no one in the bank avoided explaining why they locked our account in the first place, why they needed to have us to fill an affidavit, and why they later decided to reverse their decision on the affidavit on their own, without letting their customer know, etc. ******************** by GS is worse than a bank in a developing country. We ask Marcus to pay back our financial loss immediately. We also call for the banking authorities to launch a formal investigation into their business practice.

  Business Response

  Date: 02/03/2023

  BBB Response ****
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on January 28, 2023. The Bank appreciates the opportunity to address the concerns raised by ********************* (the Customer) related to accessing funds in an ************** Account (OSA).
  
  On December 19 and December 22, 2022, the Customer initiated transfers to an unverified external account. Due to security concerns, and in accordance with the Banks Deposit Account Agreement, the Bank reversed the transfers and restricted the Customers account access until the security concerns could be cleared. On December 22, 2022, the Bank requested the Customer complete and return an Affidavit of Identity ******* in order to verify the Customers identity; however, the Customer declined.
  
  The Customer contacted the Bank on January 6, 2023, and the Bank mailed an *** to the Customers address on file. However, on January 25, 2023, the Bank was able to clear security concerns via authentication with One Time PIN by and unrestricted the customers account. Due to the Customers experience, the Bank provided the Customer a credit as a token of good will.
  
  Based on the above details, the Bank kindly requests this complaint to be closed.

  Customer Answer

  Date: 02/12/2023

   
  Complaint: 18944871
  
  I am rejecting this response because the bank did not tell the facts: 1) on Dec 22, the client DID NOT reject the affidavit requested by the bank. In fact, the bank failed to mail out the affidavit on time; 2) on Jan 6, the bank again failed to mail the affidavit to the client, promised by the agent on the phone. This led to a 37 days delay in releasing the lock to the client's account, causing a $3,500 financial loss to its clients. Marcus by Goldman Sachs again lied to BBB to these facts. I believe they have the intention to delay releasing the funds. All these are to achieve their goal to pop up their balance sheet at the year-end. We have heard many complaints similar to our situation. Again, ******** ******************** should investigate into their illegal practice in this regards. 
  
  Sincerely,
  
  *******************

  Business Response

  Date: 02/17/2023

  BBB Response ****
  ID ********
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on February 13, 2023. The Bank appreciates the opportunity to address the concerns raised by ********************* (the Customer) related to the ability to access funds in an ************** Account (OSA).

  
  On December 22, 2022, the Bank requested the Customer to return a completed Affidavit of Identity ******* to verify the Customers identity; however,the Customer informed the Bank that they were out of the country, therefore an *** could not be sent. After further review, the Bank can confirm the *** was unable to be mailed due to the Customer stating they did not have a residential address available for mailing.

  
  On January 6, 2023, the Customer contacted the Bank inquiring about their account access and requested to get verified via One Time Pin (OTP) phone, but the Bank could not verify the Customers phone number. Although, the Bank specialist communicated that an *** was going to be mailed to the Customers address on file on January 6, 2023; however, due to processing times, the Bank mailed the document on January 11, 2023. However, on January 25, 2023, the Bank was able to clear the security concerns via authentication with OTP via email and unrestricted the Customers account access. Due to the Customers experience,the Bank provided the Customer a credit as a token of good will and allowed a one-time exception to clear security concerns via OTP email.

  
  Based on the above details, the Bank kindly requests this complaint to be closed. 

• Initial Complaint

  Date:01/26/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Around the 1st week in January 2023, I noticed that I could not transfer money from my Marcus Goldman Sachs Savings account. I am trying to transfer the $215 dollars that I have in the bank to my one of my connected banks. I am also trying to cancel all future transfers from my credit union to Marcus Goldman but I have not been able to do that for at least 3 weeks. I can log in the account and see the balance but I get an error page when going to the "Transfer" section of the account. After waiting about a week, I called the bank's customer service. ******************************************* customer service rep tried to troubleshoot the issue but could not access my account, then she contacted another level support department but they could not fix the issue. She said a ticket was created and it should be handled in about 3 business days. I have called back about 4 other times and I get the same exact "template" troubleshooting from customer service, however, no one can fix the issue with my account. As a result, I cannot access my money that I really need, for almost a month.On 24 January 2023, the last time I called, I requested a supervisor (******) to assist, but had the same "template" troubleshooting with no resolution. I asked if they can get my money to me another way and she said they cannot. My only option is to wait for my ticket to be resolved by the tech department. I asked for the ticket numbers to be emailed to me for status updates and she she she cannot do that but can tell them to me. I asked for a higher level supervisor to contact me and no one has contacted me. The ticket numbers are ************ and ************ A person should not have to wait weeks to access their money. If there is a technical issue, that last days or weeks, I should be able to obtain my money through another means (check, ATM card, wire transfer)I am requesting my credit union to stop the recurring ACH transfer which costs me $29. However, I need your assistance to get my $215 from MGS.

  Business Response

  Date: 02/02/2023

  BBB Deposits ********** ******** (Recd January 26 ,2023)
  
  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on January 26, 2023. The Bank appreciates the opportunity to address the concerns raised by ************************************* (the Customer) related to accessing an ************** Account (OSA) to make an outgoing transfer.
  
  On January 13, 2023, the Customer contacted the Bank due to receiving an error message when trying to submit an outgoing ACH transfer online. On January 27, 2023, a Bank Specialist contacted the Customer, and they were able to make a successful outgoing transfer via the Banks website and can confirm the Customer has full online banking access.  The Bank provided the Customer with a credit as a token of goodwill, while it continues its investigation.
  
  Based on the above details, the Bank kindly requests this complaint be closed.

  Customer Answer

  Date: 02/03/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.  I was contacted by the technician; he was polite, very professional and was able to resolve my issue quickly. I am also grateful for the Goodwill Token.

  
  
  Sincerely,
  
  *************************************