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.

close

Find a Location

Marcus by Goldman Sachs has 3 locations, listed below.

*This company may be headquartered in or have additional locations in another country. Please click on the country abbreviation in the search box below to change to a different country location.

BBB accredited

Near

Country

USUnited States

Please enter a valid location.

Filter

• 

  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:12/19/2022

  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 had fraudulent unauthorized transactions on my Marcus Savings account. I notified Marcus immediately and was told that my account would be put on a "No Debit" hold but was assured that incoming money could still be received by the account because I had pending paychecks that would be deposited the same week. I was also told that an investigation into the fraud would take place. However, neither of these were true. Marcus completely froze my account and none of my payments were able to be deposited into the Savings account. Marcus has not bounced the checks back to the payor even though both payors confirmed that the payments did go out. Because Marcus has not returned the incoming payments, the payors are unable to reissue the payment to me via a different account. When I contacted Marcus, they would not provide me with updates on if and when the checks would be bounced.In addition, Marcus asked that I close my compromised savings account and transfer the balance into a new savings account. I complied and Marcus initiated the transfer. However, when I called Marcus to inquire about the fraud investigation, they told me that they canceled the investigation because the savings account was closed. Not once was I notified that the investigation would be canceled when the account was closed. It is incredibly frustrating because not only was savings account compromised, there is also no trace of where my paychecks are. Some of the agents that I spoke to were incredibly rude and short with me and showed unwillingness to resolve the issue. Marcus has also showed no attempt to investigate the fraud. I would like to request that Marcus please return the payments to the original sender so that they can reissue them to me through a different bank account. I would also request that no return check fee or penalty be charged for both of the returned payments as Marcus was supposed to allow credits into my account.

  Business Response

  Date: 12/27/2022

  BBB Response ****
  ID ********
  **********************, a brand of Goldman Sachs Bank *** (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on December 20, 2022. The Bank appreciates the opportunity to address the concerns raised by ************************* (the "Customer) related to their ************** Account (OSA).
  According to the Banks records, on December 15, 2022, the Customer contacted the Bank to report two unauthorized transfers from their OSA. The Bank assisted the Customer with the dispute process and, on December 16, 2022, the Bank resolved the dispute in the Customer's favor and closed the compromised OSA.
  On December 18,2022, the Customer contacted the Bank inquiring to the status of a direct deposit intended for the compromised OSA. The Bank advised that the direct deposit would be rejected and returned to the sending account. On December 20,2022, the Bank closed the compromised OSA and transferred the funds to a new OSA. On December 23, 2022, to further assist with tracking the direct deposit,the Bank unsuccessfully attempted to contact the Customer to retrieve additional information regarding the direct deposits. The Bank requests the Customer contact us for further assistance.
  Based on the above details, we kindly request this complaint to be closed.

  Customer Answer

  Date: 12/27/2022

   
  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:12/19/2022

  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.

  Rec'd October bill, balance $275.67 due Nov 9, '22, statement period Sept 13-Oct 12. Mailed check $275.67, Goldman Sachs rec'd on Oct 29 '22. Rec'd Dec statement with bal due $2.58. Called ********* stated "trailing interest", however back statement says, "How we calculate interest", we calculate daily interest for each day in month, by multiplying applicable DPR by daily balance of each balance subject to interest within each category for each day in statement period. Therefore since they rec'd balance $275.67 on Oct 29, interest should have already been calculated to Nov 9, so instead of interest being due they actually rec'd more interest than was owed. They stated they calculated "trailing interest" if any pmts were rec'd late, etc, however I have always paid more than minimum due & never made a pmt late. I have called on numerous occasions trying to resolve but 1st 2 people I spoke with wouldn't listen when I tried telling them what was written on back statement regarding "how we calculate interest" which states nothing about "trailing interest ". Next 2 people I spoke with after allowing me to explain the "How we calculate interest" stated on back of statement agreed that no interest should have been due. However, I keep receiving emails stating I still owe $2.58 & that they have now "suspended" my account. I should not owe any balance, statement period Oct *********, so interest was already calculated to Nov 12 & they rec'd balance in full on Oct 29, '22.

  Business Response

  Date: 12/22/2022

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 19, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer)related to interest.
  The Bank conducted an investigation and confirmed no bank error. Interest is incurred daily when an account has carried a previous balance for more than one statement cycle. Once interest is incurred it takes two paid in full billing cycles to be put back into the grace ******* The balance on this statement was a carryover balance from the previous statement and incurred interest daily from October 13, 2022 to October 29, 2022. The payment of $275.67 was received on October 29, 2022 and stopped the daily interest from incurring any further. The statement that received the trailing interest charge of $2.58 was for the dates of October 13, 2022 to November 12,2022. The interest was then applied to the account on November 12, 2022, when the new statement was generated.
  No payment was received for the statement due December 9,2022, which incurred an interest charge of $0.05 on December 12, 2022. As a courtesy the Bank provided credits of the $0.05 on December 14, 2022, and $2.58 on December 19, 2022. The account has been unrestricted but will receive an interest charge on the next generated statement which will need to be paid by the due date or more interest will incur. Additional details regarding how the Bank calculates interest and grace ****** can be found in the ** Card Customer Agreement.
  Based on the above details, we kindly request this complaint to be closed.

  Customer Answer

  Date: 12/26/2022

   
  Complaint: 18603769
  
  I am rejecting this response because:

  When I received my statement & it had the balance due & I made a payment of that amount seems common sense would be that next statement would have no balance due. The back of the statement clearly states "daily interest" is calculated by statement period. Why would a company continue to calculate "daily interest" beyond a statements due date. As a customer I'd prefer to have my interest calculated to the last day to include date payment is due, thereby not needing to make another payment of just a few dollars, cost of check, postage & time to make another payment. The explanation on the back of the statement clearly states "daily interest " is calculate by statement period so it would be reasonable for a customer to believe that interest has been calculated into that "balance due". No where on the back of the statement does it mention "trailing interest " or customer needing to make 2 payments in full to pay balance in full. I believe this to be extremely poor business practice & not in the best interest of it's customers because it obviously isn't clear & is very inconvenient for a customer to make additional payment of few dollars. However,  if this is how this company wants to continue doing business then I'll have no choice but to discontinue doing business with them. 

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

  Business Response

  Date: 01/11/2023

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 27, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer)related to interest and how it is calculated.

  Trailing interest, also known as residual or two-cycle interest, refers to the interest that accrues on a credit card balance after the statement is issued, but before the balance is paid in full. The monthly statement shows how much interest is owing at the time it is generated. The balance then continues to accrue interest until it is paid in full. Since the interest accrues during the billing cycle and is applied at the closing of the cycle, it is seen as a new charge. This charge will be due during the next cycle, in addition to any new transactions posted to the account. Once two statements have been paid in full the account goes into a ***** ******* This ***** ****** is where interest will not be charged if the account is continued to be paid in full, with no carry over balance. At this time the Bank is unable to change which statement the interest accrued will be applied on. More information on interest and ***** ******s can be found within the ** Card Customer Agreement.

  The balance on the statement generated on October 12, 2022,was a carryover balance from the previous statement and incurred interest daily for the statement ****** of September 13, 2022 to October 12, 2022. The interest accumulated daily between those dates equaling $7.78 is part of the statement balance of $275.67 due November 9, 2022.

  The next statement generated on November 12, 2022, was also a carryover balance from the previous statement and incurred interest daily for the statement ****** of October 13, 2022 to October 29, 2022. The payment of $275.67 was received on October 29, 2022 and stopped the daily interest from incurring any further. The statement that received the trailing interest charge of $2.58 was for the dates of October 13, 2022 to November 12, 2022. The interest was then applied to the account on November 12, 2022, when the new statement was generated. Customer was contacted on December 28, 2022 and provided this information.

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

  Customer Answer

  Date: 01/13/2023

   
  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:12/18/2022

  Type:Billing 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.

  Marcus by Goldman Sachs has taken over the credit card for ************** call the ** Card. In the last 5 months I have been charged interest for my purchases even though I have paid the card in full each and every month. No matter when you pay your bill on time or early they still charge interest. I have called to try to understand their process and get nowhere. I have had the ** card for over 30 years and have only had this problem since Marcus took over.

  Business Response

  Date: 12/22/2022

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 18, 2022. We appreciate the opportunity to address the concerns raised by ******************************* (the Customer) related to interest charges.

  
  The Bank conducted an investigation and confirmed no error occurred. To avoid interest charges, Customers are required to pay the statement balance in full by the due date. According to the Banks records, for the August 6, 2022 balance of $109.47, a payment was due by September 3, 2022. A payment was received for $109.47 on September 5, 2022,which resulted in $2.44 in interest. For the September 6, 2022 balance of $110.48, a payment was due by October 3, 2022. A payment was received for $110.48 on September 30, 2022, which resulted in $1.73 in trailing interest.For the October 6, 2022, balance of $84.40, a payment was due by November 3,2022. A payment was not received by the due date which resulted in $1.15 in interest. For the November 6, 2022 balance of $85.55, a payment was due by December 3, 2022. A payment of $85.55 was received on November 16, 2022, which resulted in $0.33 in trailing interest.  As a courtesy, the Bank provided a credit of $1.15 on November 17, 2022, for interest incurred. The Bank is unable to provide any further compensation.

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

• Initial Complaint

  Date:12/17/2022

  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.

  12/17/2022 I was told after having my funds in this bank for the last month and having a difficult time getting access to them that they were closing my account and told me I broke some terms of services but would not specify. They told me I could not access the remaining funds in my account. And that I would receiving a letter telling me why they closed the account.

  Business Response

  Date: 12/22/2022

  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 December 17, 2022. The Bank appreciates the opportunity to address the concerns raised by *********************** (the Customer) related to an ************** Account (***)held with the Bank.
  On December 6, 2022, the Bank identified security concerns with the Customers account. Unfortunately, the Bank is unable to continue a relationship with the Customer. Accordingly, the Bank will close the *** shortly; the *** does not currently have funds available for withdrawal.
  Based on the above details, we kindly request this complaint be closed.

• Initial Complaint

  Date:12/15/2022

  Type:Billing 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 mother ************************ passed away 7/29/22. she had a credit card account with Marcus by Goldman Sachs - GM Rewards Card. she had a rewards balance of $602.08 - card number ending in **** - her address at the time was **********************************************************************. as Co-Executrix of her estate i called all her credit card companies to cancel her cards and pay any balances. Every single company sent a check for her rewards balances. Upon contacting Marcus by Goldman Sachs the run around began. it took 2+ months to get any type of "resolution" while every other company was efficient and resolved the situation within weeks. after numerous phone calls, lots of runaround with customer service, having to provide the same information sometimes 2-3 times per phone call i was ultimately told that the rewards balance is forfeitted upon the customer's death. I feel this is completely unethical. she still has her Estate with bills that need to be paid and that money i feel is due her. I even had one of the other credit card companies say "we don't keep people's money". Dealing with this company has been beyond frustrating and i'll be honest with you i don't even know if the account is closed at this point because i cannot handle contacting them one more time. i have never received any follow-up communication from them. I would appreciate your assistance in resolving this issue with them and having my mother's reward balance refunded in the form of a check made out to her Estate. Please feel free to contact me for additional information and/or questions.

  Business Response

  Date: 12/21/2022

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 15, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer) related to the rewards balance on a deceased parents account.

  
  The Costumers concern references a parents account. The Bank conducted an investigation and did not identify a ** Card account for the Costumer. The proper Estate Administrator documents can be mailed to the following address: Goldman Sachs Bank ***, ********************************************************************************************. If the Customer chooses to do so, the documents need to include the account number, the Customers name, the name of the account owner, and a brief description of what is needing to be done with the account.

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

  Customer Answer

  Date: 12/21/2022

   
  Complaint: 18578643
  
  I am rejecting this response because: As I previously stated, during numerous phone calls to this company they were provided with all of the information that they are requesting above: my mother's name, account number, social security number, DOB, the papers from the court appointing me to handle my mother's estate and whatever other information they might have asked me for during the many phone calls and many transfers to different people. I have mailed things previously on several occasions and gotten nowhere (resulting in this complaint), so i do not see where doing this again will make any difference. If they really wanted to resolve this issue they would provide me a specific contact person and/or reach out to me via phone. 
  
  Sincerely,
  
  ******************* On Behalf ************* Of ************************

  Business Response

  Date: 12/27/2022

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 15, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer) related to a deceased parents account.
  The Customers concern references a parents account. The Bank conducted an investigation and did not identify a ** Card account for the Customer. The Bank is unable to discuss an account with a third party without the verified documents. The proper Estate Administrator documents can be mailed to the following address: Goldman Sachs Bank ***, *********************************************************************************************. If the Customer chooses to do so, the documents need to include the account number, the Customers name, the name of the account owner, and a brief description of what is needing to be done with the account. The Bank attempted to contact the Customer but were unsuccessful.
  Based on the above details, we kindly request this complaint to be closed.

  Customer Answer

  Date: 12/27/2022

   
  Complaint: 18578643
  
  I am rejecting this response because:I received a phone call from a manager at Marcus who left a message on my answering machine with no call-back number. He stated that per GM they would be willing to transfer my mothers reward points/dollars to another GM cardholder card but that is all they can do. I find this curious and ridiculous. I will say again, every single card account my mother had except for her GM Rewards Card refunded her rewards dollars without me even having to ask for most of them. For GM to now say that they would transfer it to another GM cardholder versus just refund the money makes no sense because if I did have a GM card I would then be able to just cash it out which I do not want, nor is it right because the money belongs to her Estate.  Secondly, the message from the manager indicated that they would need an original copy of the Probate court documents in order to discuss the matter with me further. I provided a copy of the original document from Probate (mailed by certified mail with return receipt) when this whole situation started. I will not be sending any further documentation to a company that continues to ask me for the same information over and over and over. I am appalled that this issue has not been resolved. 
  
  
  Sincerely,
  
  ******************* On Behalf ************* Of ************************

  Business Response

  Date: 01/04/2023

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 28, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer)related to a deceased parents account.

  The Customers concern references a parents account. The Bank conducted an investigation and did not identify a ** Card account for the Customer. The Bank is unable to discuss an account with a third party without the verified documents. The valid Estate Administrator documents including a court seal can be mailed to the following address:Goldman Sachs Bank ***, *********************************************************************************************. If the Customer chooses to do so, the documents need to include the account number, the Customers name, the name of the account owner, and a brief description of what is needing to be done with the account. The Bank contacted the Customer on December 30, 2022 and provided this information.

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

  
  

  Customer Answer

  Date: 01/04/2023

   
  Complaint: 18578643
  
  I am rejecting this response because: it is interesting how they claim not to have the appropriate paperwork from probate court to discuss the matter with me but they were certainly willing to close the account and make sure they received their final payment by discussing the matter with me. They received the original paperwork from probate court that was provided several months ago via certified mail and now claim its insufficient. this is the worst company I have ever dealt with and i will make sure I tell any and every one I speak to about them and make sure they know what an awful company this is. While I am rejecting their response because this is all they do is talk in circles and request the same information over and over and over, you can go ahead and close this complaint with a COMPLETELY DISSATISFIED rating because I will not waste one more minute of my life dealing with a company that could care less about its customers.
  
  
  Sincerely,
  
  ******************* On Behalf ************* Of ************************

• Initial Complaint

  Date:12/14/2022

  Type:Billing 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 never applied for a GM rewards Marcus card with Goldman Sachs. I never activated a Marcus Card. I never charged anything with a Marcus. card. I had a GM rewards card with *********** for over 15 years and it was on monthly auto pay. GM changed from *********** to Marcus. Charges that placed on my *********** account were transferred to Marcus. It was not until the second month that I realized that certain charges I had made with My *********** Card were not on my *********** monthly statement but were with Marcus and there were now late fees and interest due. I whet on line and paid Marcus those charges but have refused to pay the late fees and interest. I have called several times and written but have not gotten this resolved. I receive an automatic letter every day from them and when I call the girl says I have to pay. This is not right.

  Business Response

  Date: 12/20/2022

  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the ** Card via the Better Business Bureau (BBB) Complaint Portal on December 14, 2022. We appreciate the opportunity to address the concerns raised by ******************* (the Customer)related to receiving interest, late fees, and requesting an update to credit reporting.

  
  The Bank conducted an investigation and confirmed no error occurred. The Bank sent statements to the address on file and payment cancelation and payment due reminders to the email on file. To avoid interest charges and late fees, Customers are required to pay the statement balance in full by the due date and the minimum due by the due date, respectively.

  According to the Banks records, the Customer had a balance of $2,551.03 due by the due date of March 3, 2022. A payment was not received by this due date, but no late fees or interest were charged by the Bank as a courtesy during the transition from the previous financial institution. The Customer then had a balance of $5,879.95 including new spending due by the due date of April 3, 2022. No payment was received resulting in $91.14 of interest being charged to the account on April 6, 2022. The Customer then had a balance of $7,519.08 including new spending due by the due date of May 3, 2022. A payment of $5,879.95 was received on April 13, 2022. Due to not being paid in full, interest in the amount of $37.72 was charged to the account on May 6, 2022,and the Customer had a balance of $1,676.45 due by June 3, 2022. A payment of $1,547.99 was received on May 9, 2022. The Customer then had a balance of $131.59 due by July 3, 2022. No payments have been received since May 9, 2022,resulting in subsequent late fees and interest charges applying to the account each cycle.

  
  As a courtesy on December 16, 2022, the Bank backdated the two payments received. The payment of $5,879.95 was backdated to March 2, 2022,and the payment of $1,547.99 was backdated to April 2, 2022. This resulted in interest and late fee credits applying to the account totaling $255.80.Additionally, the Customers reporting has been updated which may take up to 60 days to reflect on the Customers credit report.
  Based on the above details, we kindly request this complaint to be closed.

• Initial Complaint

  Date:12/14/2022

  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'm writing to flag a troubling issue with an account I have at Goldman Sachs Marcus. On 10//26//22, I made what I thought was a 35k transfer to another money market account at ************** I received an email confirmation at 8:56 am that morning from Marcus that the transfer had been completed. Later that evening I received an email and phone call from Marcus instructing me to call them about my account. I did just that, and had a couple of puzzling conversations with their agents. From what little I could gather, my account had evidently been locked over some unspecified security concern. After visiting with their agents, I was assured that my account was unlocked and the transfer would go forward. I received another email confirmation at 7:22am on 10//27//22 that the transfer had indeed been completed. On the morning of 10//28//22 I was horrified to discover that the transfer had not been made, and had indeed been reversed, creating untold nightmares. Panicked, I initiated a chat with yet another Goldman Sachs agent, who told me there was no transfer in progress. While I am 110% in support of stringent security safeguards, these eyebrow-raising actions by GS Marcus might lead one to suspect they are using the fig leaf of 'security' concerns as a pretext to slow-walk, delay, or in my case completely stop transfers to their competitors. I ask Goldman Sachs Marcus compliance department to find the bad actor within their organization and take appropriate steps to prevent a reoccurrence. In particular, Goldman Sachs considered ************* an "unverified" bank in this instance, where is clearly false which raises the question of whether there's a systemic issue inside the bank to retain funds and stifle competition. I'd note that I had no previous problem with Marcus prior to this, which makes the incident all the more puzzling.

  Business Response

  Date: 12/21/2022

  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 December 14, 2022. The Bank appreciates the opportunity to address the concerns raised by ************************* (the Customer) related to transferring funds from an ************** Account (OSA) held with the Bank.
  On October 26, 2022, the Customer initiated an outgoing transfer from their OSA to an external account with unverified ownership. The Bank identified security concerns, and in accordance with the Banks Deposit Account Agreement, the Bank pulled the transfer and restricted the **** The same day, the Customer confirmed they authorized the transaction, and the Bank restored the Customers online banking access. Unfortunately, a Bank Specialist inadvertently reversed the Customers transfer. October 28, 2022, the Customer initiated another transfer to the external account, which processed successfully.
  Based on the above details, we kindly request this complaint be closed.

  Customer Answer

  Date: 12/22/2022

   
  Complaint: 18573544
  
  I am rejecting this response because:What training has been provided to this unnamed banking specialist who supposedly inadvertently made this error to ensure this wont happen again? Does Marcus have a compliance department that looks into these mistakes or have a process in place to retrain or counsel their poor employees that cause these problems? It seems like Marcus has no remorse for the unprofessional actions of their employee. 
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:12/12/2022

  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 have 400+k in my Marcus Saving account, with previous funds transferred in with no issue. However, Marcus blocked me from transferring out the funds which I plan to use for mortgage down payment.
  
  12/09 evening, I initiated a transfer to an external bank account linked using Plaids, which triggered my account to be locked. I passed the initial phone number pin verification. The agent told me a 3-party call was needed but I have to call back the next day due to the other bank closed.
  12/10 9AM, I called Marcus but cannot pass the pin verification anymore due to the system not allow my 3 phone numbers to be used. My account was fully locked and I lost all my access.
  
  I made 5+ calls to unlock my account. The initial provided solution was that Marcus mail a form for me to fill, sign, notarize, and ship back to them. How strange a total online banking does not allow online notarization service. It will take 10-20 business days as I was told, and it does not work for my 12/19 house closing day.
  
  After requested multiple times, 1:30 PM I finally got to talk to a manager called Chelsea A.. She confirmed that mail is the only solution and they don't provide the form in any other way. She also confirmed there is no legal process I can do with my lawyer.
  
  I was completely desperate after my call with her, I even thought about very bad thing to do to myself. However, on 12/11 my partner came across the same form on public Marcus website after google search. Another agent Tundra kindly confirmed that online form is what I need to send back to Marcus, so I got it notarized and shipped it out.
  
  Chelsea said to mail out the form on 12/10 or 12/11, but today is 12/12 the form still wasn't shipped. She also failed to point me to the online form that I found later on Marcus website. The identity verification process should get done when creating account instead of when I urgently need the fund. This completely broke the trust and I find no reason to stay with a virtual bank.

  Business Response

  Date: 12/19/2022

  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
  December 12, 2022. The Bank appreciates the opportunity to address the concerns
  raised by ** **** (the “Customer”) related to the transfer of funds from an
  Online Savings Account (“OSA”).
  On December
  9, 2022, the Customer initiated an outgoing ACH transfer from their OSA to an
  unverified external account. Later the same day, the Bank attempted to verify
  the external account ownership via a three-way call however, the external
  institution was closed. The agent was unable to verify the external account and
  advised the Customer to call back when the external bank is open. Accordingly,
  per the Bank’s Deposit Account Agreement, the Bank restricted the OSA.
  On
  December 10, 2022, the Customer contacted the Bank and attempted to verify
  their identity via a One-Time Pin verification which was unsuccessful. As an
  alternative to remove the security concerns the Bank requested the Customer
  complete and return an Affidavit of Identity (“AOI”). Once an AOI is received,
  the Bank will conduct an ownership verification of the unverified external
  account, clear security concerns and unlock the account.
  Based on
  the above details, the Bank kindly request this complaint to be closed.
  
  

  Customer Answer

  Date: 12/19/2022

   
  
  Complaint: ********
  
  
  
  I am rejecting this response because:

   

  Hi there, yes after my account was unlocked today, the day of my home closing day.

  And on this day with the supervisor's help I initiated a wire transfer to my verified external bank account, and my wire transfer has been stalled since then.

  Law requires the wire transfer to be done on the same day, also does GS promise. However, this was not the case for me, and now 8:25PM and the transfer initiated this morning hasn't been completed. I missed the deadline 3:15 PM which is the deadline for me to close my home, now I have to delay to an uncertain date.

   

  I was told by the agent that my transfer request will need to go through a 2nd review with a target timeline of EOD today. I feel my money is taken as hostage now and I have to constantly push GS for mundane banking task.
  

  
  I want to know why my wire transfer to my own external account was stalled even my identify was been verified, and GS knew I'm in a very urgent situation.

  
  
  
  
  Sincerely,
  
  ** ****
  
  

  Business Response

  Date: 12/27/2022

  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
  December 20, 2022. The Bank appreciates the opportunity to address the additional
  concerns raised by ** **** (the “Customer”) related to the transfer of funds
  from an Online Savings Account (“OSA”).

  
  As
  stated in the Bank’s previous response, the Bank required an Affidavit of
  Identity (“AOI”) to clear security concerns with the customer’s identity. On
  December 19, 2022, the Customer’s AOI was reviewed and approved; therefore, the
  Bank restored the Customer’s online banking access. The same day, the Customer
  initiated a wire transfer to an external account. On December 21, 2022, after
  clearing security concerns with the transfer, the outgoing wire processed
  successfully. The Bank has provided the Customer a goodwill credit for their
  experience.

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

• Initial Complaint

  Date:12/10/2022

  Type:Billing 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 have my money at your bank roughly $768,000. I tried to send a wire for $700,000 to another bank with the account in my name and it was denied. I tried again it was denied. It's my money I don't get why I'm able to send a wire. If I need to just close the entire account please let me know. I tried to do that as well but that was denied. as well. Your customer service person ********* last name starts with an A said he could not let me speak with anybody and hung up the phone on me. Just a terrible way of doing business. This has to be illegal, denying me access to my money

  Business Response

  Date: 12/16/2022

  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 December 11, 2022. The Bank appreciates the opportunity to address the concerns raised by *********************(the Customer) related to an outgoing wire transfer.

  
  On December 7, 2022, the Customer contacted the Bank to initiate an outgoing transfer from their ************** Account (OSA) to an unverified and unlinked external account. A subsequent Bank review identified security concerns and, in accordance with the Banks Deposit Account Agreement, the transfer was declined. The next d

  ay, a Bank Specialist advised the Customer that due to the security concerns, the transfer was declined, and the funds would have to be sent back to the initial funding account before being transferred elsewhere.
  On December 12, 2022, the Customer contacted the Bank to re-initiate the outgoing transfer from their OSA to the same external account. The transfer was again declined for the same security concerns and the Customer was advised of the same. The Bank has reiterated to the Customer that the funds would have to be sent back to the initial funding account before being transferred elsewhere.

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

  Customer Answer

  Date: 12/19/2022

   
  Complaint: 18556165
  
  I am rejecting this response because: I tried to send it to a linked account or also close the account all together. Both were denied.

   

  It is ridiculous. I just want my money at a conventional bank 

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

  Business Response

  Date: 12/26/2022

  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 December 11, 2022. The Bank appreciates the opportunity to address the additional concerns raised by ********************* (the Customer) related to an outgoing wire transfer.
  
  Per the Bank previous response, the Bank could not complete the Customers requested transfers due to security concerns. For the protection of the Customer and the Bank, a Bank specialist advised the Customer a withdrawal would only be permitted to the original funding account. On December 21, 2022, the Customer contacted the Bank and successfully initiated a transfer back to the funding account.

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

  Customer Answer

  Date: 12/27/2022

   
  Complaint: 18556165
  
  I am rejecting this response because:  the complaint exists. I took the majority of my money elsewhere 
  
  Sincerely,
  
  *********************

  Business Response

  Date: 01/03/2023

  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 (BBB) Complaint Portal on December 27,2022. The Bank appreciates the opportunity to address the additional concerns raised by ********************* (the Customer) related to an outgoing wire transfer from an ************** Account (OSA).
  
  The Bank is unable to ascertain any additional questions or concerns with the Customers latest response, and the Bank kindly requests the complaint be closed.
  

• Initial Complaint

  Date:12/10/2022

  Type:Billing 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.

  A false credit line is being furnished to my credit report by this company. This account is a billing error and I am requesting documentary evidence of the obligor's indebtedness. I would like a senior executive of your company to certify the accuracy of the information being reported to the credit reporting agencies. I have reasonable cause to believe the information is inaccurate. I am respectfully requesting your arbitration agreement along with the answers to the following questions.1. Was this account FDIC insured? If so, has insurance been filed on this account?2. Has a **** been filed for this account?3. Is this account an extension of credit?4. Is your company contractually obligated to furnish negative information to credit reporting agencies?5. What is your errors and omissions insurance information?I have not given any permissible purpose to furnish any negative information about me to any nonaffiliated third parties. I am requesting the immediate deletion of this false tradeline from my credit report.

  Business Response

  Date: 12/16/2022

  
  Goldman Sachs Bank *** (the Bank) received the above-referenced complaint related to the Apple Card via the Better Business Bureau (BBB) Complaint Portal on December 10, 2022. We appreciate the opportunity to address the concerns raised by **************************** (the Customer) related to credit reporting of the *************************** conducted an investigation and confirmed no Bank error has occurred. The Customer opened an Apple Card and consented to the Apple Card Customer Agreement on October 01, 2021. During the application process, the Customer is provided with and must consent to the Apple Card Terms and Conditions, which discloses that the Customer agrees that the Bank may report information to the credit reporting agencies regarding the account. The Customer is responsible for the balance on the account of $7,410.14 provided in the latest statement from June 2022. The Bank confirmed the account was closed and charged off as of June 30, 2022. The Bank successfully delivered Payment Due Reminders, Missed Payment Reminders, Eligible for Bureau Reporting reminders to the email address on file for the Customer. As a result, the Bank reported the Customers account past due and charged off to the credit reporting agencies. The Bank confirmed the credit reporting was correct and accurate, the Bank is obligated to report accurately to credit reporting agencies. The Bank is unable to update or remove the past due reporting from the Customers credit report.
  
  The Bank provided the Customer documents by mail to the address on file on December 15, 2022, including a copy of the Apple Card Customer Agreement and up to 6 months of statement history showing records of transactions and payments to validate the balance and the debt owed. The Bank is unable to clear the Customers balance.
  
  The Bank has not cancelled this debt and an IRS form ****-C has not been issued for this account. The Apple Card account is not a deposit account and therefore is not covered by FDIC Insurance. Additional details related to privacy policies can be found in the Apple Card Privacy Policy disclosure.
  
  The Bank will cease all communication with the Customer except those legally required or requested by the Customer.
  
  Based on the above details, we kindly request this complaint be closed.