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 1978 Cranberry Twp, PA 16066-0978

• 

  Marcus by Goldman Sachs

  PO Box 45400 Salt Lake City, UT 84145-0400

  

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:05/13/2024

  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.

  I have not been able to access my money for about two weeks and as of today, 5/13, I have been locked out of my account. I have not been told any reasons behind either of these actions. I have been contacting customer service since I was made aware of the problem after I reached out to inquire why my transfer was not going through. I originally tried to transfer out money and saw that my balance had changed but no money had been transferred. After speaking with someone, the balance went back to what it was before I attempted the transfer and I was told to call about it. I have been told that there is no number on my account connected to my name and that they were unable to send a code to the number on file. I went as far to change my number to resolve the problem but that did not work either and I was told the number was inactive. How I could call from an inactive number, Im not sure. I also reached out again today to my service provider to see if there were any problems with my number being registered but everything is in my name. I gave my drivers license number and someone was meant to reach out to me in 1-3 business days which turned into 3-5 and now 5-7. I

  Business Response

  Date: 05/20/2024

  BBB Response **********
  ID ********
  **********************, a brand of Goldman Sachs Bank USA (the Bank), received the above referenced complaint via the Better Business Bureau Complaint Portal on May 13, 2024. The Bank appreciates the opportunity to address the concerns raised by ******************************* (the Customer) related to accessing their ************** Account (OSA).
  On April 28, 2024, the Bank identified security concerns regarding the Customers identity and restricted the account until the security concerns could be resolved. The following day, the Customer contacted the Bank regarding their account access; however, the Bank could not successfully authenticate the Customer and the security concerns remained.
  On May 14, 2024, the Customer contacted the Bank regarding their account access and a Bank specialist assisted with resolving the security concerns using alternate methods to verify the Customers identity. Subsequently, the Bank specialist restored the Customers online banking access. The following day, the Customer initiated a transfer request from their OSA to a linked account which the Bank successfully processed later that same day.
  Due to the experience, the Bank has provided the Customer with a credit to the account as a token of goodwill. 
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  Date:05/10/2024

  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.

  Failure to transfer my money without penalty as promised.

  Business Response

  Date: 05/17/2024

  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 May 10, 2024. The Bank appreciates the opportunity to address the concerns raised by ************************************* (the Customer) related to the Early Withdrawal Penalty (EWP) accessed on the closure of their Rate Bump Certificate of Deposit (****).
  On April 12, 2024, the Customers **** matured and renewed into a ******** term. On April 22, 2024, the Customer contacted the Bank to close their **** and transfer the funds to a linked account within the grace ******* Unfortunately, a Bank specialist inadvertently did not initiate the closure of their account.
  On May 2, 2024, the Customer contacted the Bank regarding the closure of their **** and a Bank specialist informed that an EWP would be applied for closing the account, as the grace ****** had lapsed.  Subsequently, the Customer requested the Bank to waive the ****  After further review, the Bank approved to the Customers request to waive the ****
  
  On May 15, 2024, the Bank successfully closed the **** and transferred the funds to another CD account held at the Bank. 
  
  Based on the above details, the Bank kindly requests this complaint to be closed.
  
  
  
  
  

• Initial Complaint

  Date:05/10/2024

  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.

  Hello,I have been in communication with Goldman Sachs about the multiple fees associated on my account and have been provided no resolution. I was told last that they escalated my case and that they would have a manager reach out to me within 14 days. It has been close to a month now and I have not received a call back. I just spoke with a rep today 5/10 who told me that they checked my notes and that someone had already closed my case which is extremely disrespectful. I do not understand why I was lied to, nobody in leadership reached out to as I was advised but had the nerve to just close my case without speaking to me. This is not a great business practice, I have had this card for years now and now that I need help, the company completely turns their back on me without even a phone call. I am requesting an immediate call from someone in customer relations and now want all fees on my account reversed. Once that is done, I would be more than glad to pay my balance.Best,

  Business Response

  Date: 05/17/2024

  Goldman Sachs Bank USA (the Bank) received the above-referenced complaint related to ** Card via the Better Business Bureau (BBB) Complaint Portal on May 10, 2024. The Bank appreciates the opportunity to address the concerns raised by ***************** (the Customer) related to interest and late fees assessed on a ** Card account.
  The Bank conducted an investigation and confirmed an inadvertent processing error occurred. The Customer contacted the Bank on April 12, 2024, and May 2, 2024, to request a Bank representative to contact to discuss the late fees. A Bank representative did attempt to contact the Customer on April 16, 2024, but a callback request was not escalated on May 2,2024. The Bank regrets the frustrations the Customer experienced. The Bank contacted the Customer on May 13, 2024, to address the concerns.
  The Customer did not make a payment to satisfy at least the minimum amount due by November 9, 2023. As a result, the account was assessed late fees and interest in accordance with the ** Card Customer Agreement. As a courtesy, the Bank applied a credit in the amount of $10.96 on April 16, 2024,to partially reimburse the interest charges assessed to the account and a credit in the amount of $25.00 on May 13, 2024, to partially reimburse the late fees assessed to the account. The Bank is unable to provide the Customer with additional interest or late fee reimbursement.
  Based on the above details, the Bank kindly requests for this complaint to be closed.

• Initial Complaint

  Date:05/04/2024

  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.

  I had a filed a dispute with my AppleCare against apple for my trade in credit. The first red flag is you always get transferred to didnt rep when they dont have the answer you are looking for and two one of the representatives stat that apple refunded me but then they didnt. These people wont give my $650 credit towards my account so I can pay these people the rest off. I dont have money to give away.

  Business Response

  Date: 05/10/2024

  Goldman Sachs Bank USA (the Bank) received the above-referenced complaint related to the Apple Card via the Better Business Bureau (BBB)Complaint Portal on May 05, 2024. The Bank appreciates the opportunity to address the concerns raised by ******************* (the Customer) related to a transaction dispute with the Merchant Apple in the amount of $650.00.
  The Bank conducted an investigation and confirmed no error occurred. The Customer initially disputed the transaction on October 27, 2023,December 22, 2023, February 21, 2024, and April 23, 2024, due to not receiving an expected credit from the Merchant. The Customer advised that the Merchant agreed to provide the Customer with a $650.00 trade-in credit, although the associated trade-in device was stolen and never traded in. The Bank applied temporary credits while the disputes were investigated. Based on the investigation and a review of the evidence provided, the Bank resolved the disputes in favor of the Merchant because the Merchant evidence confirms the Customer did not provide the necessary trade-in device to receive the trade-in credit,and the Customer did not provide any evidence confirming the Merchant agreed to issue the $650.00 credit without the trade-in device. As a result, the temporary credits that were applied to the Customers account were reversed on December 22, 2023, February 20, 2024, April 23, 2024, and May 09, 2024. The Bank sent the Customer emails detailing each dispute outcome.
  Based on the above details, the Bank kindly requests for this complaint to be closed.

  Customer Answer

  Date: 05/13/2024

   
  Complaint: 21667969
  
  I am rejecting this response because:

  I spoke to ***** and representative from Apple Card said that the merchant credit me the $650 in December and AppleCard took the monies away and the provisional credit. These people are not telling the truth. The date I spoke its the representative was on April 22, 2024
  
  Sincerely,
  
  *******************

• Initial Complaint

  Date:05/03/2024

  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.

  been sending payments to pay on said account as listed as mine. All the payments since September of 2023 has been posted and reversed. Started sending payments by mail cause someone hacked my iphone stole all my passwords and stole 50k out of the bank account. Been sending the monthly payments by mail money order, cashiers check drawn on my children's account, however, these payments been posted in the apple credit card account , then reversed out made to look like they are declined payments. Goldman Sacks has not sent the monies back to me nor posted it to the apple credit card account and non of the agents can explain where the money is. I keep sending payments after payments to save this account from being closed in good faith that I can bounce back from the theft intrusion that alredy happened to me. Now this company is cheating the account out of the payment they received with no answers to why the payments was not posted, where the monies went and why they closed the account, when the payments were received on time put in on the account and then reversed out to lower my credit score or close the account. I want my money back and my account reopened without a credit check because this company received the payments on time and not posting the money to the account and keeping my hard earned money. Then reporting to the credit bureau that they were non payments or late payments. I have all the receipts. Then the company dropped my credit line from $3000 to $1000 without my consent to run my credit. Interesting

  Business Response

  Date: 05/10/2024

  Goldman Sachs Bank USA (the “Bank”) received the above-referenced complaint
  related to Apple Card via the Better Business Bureau (“BBB”) Complaint Portal
  on May 4, 2024. The Bank appreciates the opportunity to address the concerns
  raised by ********* ******** (the “Consumer”) related to payments made on the
  Apple Card.
  The Bank conducted an investigation and confirmed no Bank error occurred. The
  Bank received physical check payments in the amounts of $19.00 and $70.00 on
  August 30, 2023. Due to the Customer sending the payments to the incorrect
  address, the payments were posted to the account on September 5, 2023. On
  October 13, 2023, the Bank backdated the payments of $19.00 and $70.00 to
  August 30, 2023. The Bank received ACH payments on September 29, 2023, and
  October 12, 2023, in the amounts of $85.00, $59.54, and $55.40. However, all
  three payments were unsuccessful due to insufficient funds. The Bank received
  a physical check payment in the amount of $55.40 on October 25, 2023, and it
  posted successfully. The Bank received a physical check payment in the amount
  of $80.00 on November 22, 2023. Due to the Customer sending the payment to
  the incorrect address, the payment was posted to the account on November 26,
  2023. On November 30, 2023, the Bank backdated the payment of $80.00 to
  November 22, 2023. The Bank received a physical check payment of $99.00 on
  December 27, 2023. Due to the Customer sending the payment to the incorrect
  address, the payment was posted to the account on January 16, 2024. On
  February 14, 2024, the Bank backdated the payment of $99.00 to December 27,
  2023. The Bank received a payment in the amount of $60.00 on March 6, 2024,
  and a payment in the amount of $59.54 on March 14, 2024. The payments posted
  successfully to the account. The Bank advises the Customer to send any
  physical check payments to the following address:
  Goldman Sachs Bank USA, Salt Lake City Branch
  Lockbox ****
  **** *** ****
  Philadelphia, PA 19170-6112
  
  The account remains open. The Customer opened the account on July 27, 2021,
  and consented to the Apple Card Customer Agreement. As stated in the Apple
  Card Customer Agreement, the Bank may report information about the account to
  the Credit Reporting Agencies, which includes but is not limited to Late
  Payments, Missed Payments, or other defaults on the account. The Bank
  successfully delivered Statements, Payment Due Reminders, Missed Payment
  Reminders, and Eligible for Credit Bureau Reporting reminders to the email
  address on file. The Customer did not make a payment to satisfy at least the
  minimum amount due by September 30, 2023, until November 22, 2023. The
  Customer did not make a payment to satisfy at least the minimum amount due by
  December 31, 2023, until March 14, 2024. As a result, the Bank reported the
  account past due to the Credit Reporting Agencies.
  During the application process the Customer is provided with and must consent
  to the Apple Card Customer Agreement including the Credit Report
  Authorization which discloses that the Customer agrees that the Bank may
  review the Apple Card account history and credit bureau information regularly
  to maintain and service the account. This is a standard practice for
  financial institutions, as it helps to assess the Customer’s creditworthiness
  and manage any potential risks associated with the account. On March 13,
  2024, the Bank reduced the Customer’s credit limit as part of a standard risk
  assessment. Consequently, and in adherence with applicable law, the Bank sent
  the Customer an email notifying them of the change and detailing the reasons
  for the new credit limit. The Bank is unable to reverse previous credit limit
  decisions. The Bank occasionally evaluates all Apple Card accounts for credit
  limit increases, and the Customer’s account may be considered at that time.
  Customer’s may also choose to apply for a credit limit increase at any point,
  though the Bank recommends waiting 12 months. The Bank attempted to contact
  the Customer on May 8, 2024, and May 9, 2024, but was unsuccessful.
  Based on the above details, the Bank kindly requests for this complaint to be
  closed.

  Customer Answer

  Date: 05/21/2024

   
  Complaint: 21664767
  
  I am rejecting this response because:
  

  Do not close this complaint. I only received the reply today May20,2024 from Marcus Goldman Sachs. I am not satisfied with the response. The account is not active thanks to Apple card services not posting the payments they receive for the payment to the active account. There were no cancellations for the payments on my behalf. In September 2023, my iphone got hacked and I had problems with my accounts, so Itel started sending cashiers checks and money orders to make thw payments on the Apple Card account. Apple Card decided to post the payments and then reversed the payments to make it seem like the payments were late or had been cancelled. How can one cancel a western union money order or a cashiers chech drawn on a bank? The bank these transactions were drawn on said that these checks and money orders have been cashed out for release to the company it was sent to which was Apple Card Goldman Sachs. I can swnd the receipts of the payments and I can also send the statement that Goldman Sachs posted then reversed my payments not posting them to the Apple Card Account. Since September of 2023 there were no more payments drawn from a bank account because the two payments $70 and $19 was never posted to my account. They were posted and then reversed like all future payments after September 2023. This was why the cashiers checks drawn on a bank account was mail to the address supplied by a Goldman Sachs representative via chat. I would like a full refund of the money for the credit line plus taxes and fees or my Apple Card account reinstated without a credit determination and the information that was sent to the reporting credit bureaus be charged to reflect positive credit reporting. Because there was no error in sending the payments for the account on my end and I have the receipt records, bank statements showing that all payments submitted to Goldman Sachs Bank posted as payment received. Reopen the claim because the email was received just today and no other dates. Also, no one contacted me in regards to this complaint for Goldman Sachs since the complaint was submitted to the BBB.
  Sincerely,
  
  ******** ********

  Business Response

  Date: 05/24/2024

  Goldman Sachs Bank USA (the Bank) received the above-referenced complaint related to Apple Card via the Better Business Bureau (BBB) Complaint Portal on May 21, 2024. The Bank appreciates the opportunity to address the concerns raised by *********************************** (the Consumer) related to payments made on the Apple ******************** conducted an investigation and confirmed no Bank error occurred. The Bank received physical check payments in the amounts of $19.00 and $70.00 on August 30, 2023. Due to the Customer sending the payments to the incorrect address, the payments were posted to the account on September 5, 2023. On October 13, 2023, the Bank backdated the payments of $19.00 and $70.00 to August 30, 2023. The Bank received ACH payments on September 29, 2023, and October 12, 2023, in the amounts of $85.00, $59.54, and $55.40. However, all three payments were unsuccessful due to insufficient funds. The Bank received a physical check payment in the amount of $55.40 on October 25, 2023, and it posted successfully. The Bank received a physical check payment in the amount of $80.00 on November 22, 2023. Due to the Customer sending the payment to the incorrect address, the payment was posted to the account on November 26, 2023. On November 30, 2023, the Bank backdated the payment of $80.00 to November 22, 2023. The Bank received a physical check payment of $99.00 on December 27, 2023. Due to the Customer sending the payment to the incorrect address, the payment was posted to the account on January 16, 2024. On February 14, 2024, the Bank backdated the payment of $99.00 to December 27, 2023. The Bank received a payment in the amount of $60.00 on March 6, 2024, and a payment in the amount of $59.54 on March 14, 2024. The payments posted successfully to the account. The Bank conducted a review of interactions and was unable to locate any record of misinformation provided by a Bank representative. The Bank advises the Customer to send any physical check payments to the following address:
  Goldman Sachs Bank ***, *********************
  Lockbox 6112
  P.O. Box 7247
  **************** 19170-6112
  
  The account remains open. The Customer opened the account on July 27, 2021, and consented to the Apple Card Customer Agreement. As stated in the Apple Card Customer Agreement, the Bank may report information about the account to the ************************** which includes but is not limited to Late Payments, Missed Payments, or other defaults on the account. The Bank successfully delivered Statements, Payment Due Reminders, Missed Payment Reminders, and Eligible for ************* Reporting reminders to the email address on file. The Customer did not make a payment to satisfy at least the minimum amount due by September 30, 2023, until November 22, 2023. The Customer did not make a payment to satisfy at least the minimum amount due by December 31, 2023, until March 14, 2024. As a result, the Bank reported the account past due to the ************************** The Bank attempted to contact the Customer on May 8, 2024, May 9, 2024, May 22, 2024, May 23, 2024, and May 24, 2024, but was unsuccessful.
  Based on the above details, the Bank kindly requests for this complaint to be closed.

  Customer Answer

  Date: 05/29/2024

   
  Complaint: 21664767
  
  I am rejecting this response because: The actual payment amonut that were required to be paid every month was paid. Apple reversed payments that were made to the account and credit and reversed the payments again. Apple received all requested payments on time over the monthly amount request of statement. There is no access to utilize the credit account, upon submitting the payments on the account. Breach of contract, account manipulation of payments, damaging credit score. No integrity on company part for membership. I would like a full refund of all payments since start of account open: all payment amount paid on account, taxes and fees. This account was open using my credit and there is no access to use the credit. There is no explanation as to why the the payments were reversed and posted serval times. There is no explanation as to why several declined payments were posted after payments were received. All the payments sent were sent via money order ir cashier's check. Apple card services received the moneys and damaged my credit after receiving the payments but not posting the payments to the account in a timely manner. I have all receipts to prove the payments were received in a timely manner, and the payments shows reversed. Cashiers checks can not be canceled because the money is collected at the time of ordering the check to be paid to. Send all payments received for this account back. Or open the account back, with no credit check at the original balance at the time of opening, changing the report status at the credit bureau upon reinstatement. Breach of contract on behalf of ********** Services not on the customer. Very dissatisfied  loyal customer of these services. Have many other receipts to prove whats said is facts. Need other options or backpay the full amount for the line of credit, fees and taxes to the customer.
  (The website will not let the documents be uploaded, can send them in)
  Sincerely,

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

• Initial Complaint

  Date:05/03/2024

  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.

  Be careful when you are investing, Because trying to recover lost funds or seeking strategies about Crypto future trading and investment, can be very tricky and frustrating when your money is with them. I lost a lot trying to make more income through Crypto trading, after losing over $82,050 I finally met ****** who works with a recovery company AND who was able to help me recover almost all I lost to these online scammers. All thanks to ******. Good work deserves good recommendation. Contact ****** on mail. HARPERJAMESPLATFORM G MAIL COM and their customers' quick response TO YOU.

  Business Response

  Date: 05/06/2024

  Goldman Sachs Bank USA (the Bank) received the above-referenced complaint via the Better Business Bureau (BBB) Complaint Portal on May 3, 2024. The Bank appreciates the opportunity to address the concerns raised by ***************** (the Customer). The details provided by the Customer do not mention an account with our institution and we are unable to locate the customer with the details provided in the complaint. Based on these details, we kindly request this complaint to be closed.

• Initial Complaint

  Date:05/03/2024

  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 April 17, 2024, Marcus Savings account was closed without me asking. I called the company on April 18, 2024 to ask the reason why and it was stated that it was closed due to inactivity, despite the fact that I logged into my account on April 4, 2024 (evidence is email saying that I changed my password). The Marcus representative said that my funds (approximately $750) were sent to the State of California. I called back on April 18, 2024 and spoke to a supervisor who told me that my funds were actually heading to my personal checking account at Chase Bank and I should see it in my account in 3-4 business days. I did not see the deposit and called back on May 2, 2024 and spoke to a Marcus representative who said that my money was in fact sent to the State of California and to call them. I called the State of California and was told that there was no record that Marcus reported anything and that I need to get proof of delivery in writing. I called Marcus back on May 2, 2024 and have spoken to 3 representatives who have been unable to provide me with this documentation, saying that they do not know where my money is. After speaking to the third supervisor on May 2, I was told that the money was in fact sent to the State of California that day. I asked for a proof of delivery and was told that they are opening a case so that they can send me that documentation. I was told that I will receive a notice in 1-3 business days. I was given zero documentation and was told repeatedly that there is nothing they can do.

  Business Response

  Date: 05/10/2024

  BBB *********
  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 May
  3, 2024. The Bank appreciates the opportunity to address the concerns raised by
  *********** ********* (the “Primary Owner”) related to the closure of their
  Online Savings Account (“OSA”).
  On September
  25, 2023, the Bank identified security concerns on the online banking profile
  of the account’s Joint Owner and restricted the OSA. Due to the ongoing
  security concerns, the Bank made a business decision to close the OSA and
  transferred the funds to an internal holding account on April 16, 2024.
  On April
  17, 2024, the Primary Owner contacted the Bank regarding their OSA access;
  however, the Bank specialist erroneously advised that the Bank sent funds to
  the State of California. Unfortunately, due to an inadvertent error, there was
  delay in reopening the OSA.  
  After
  further review on May 8, 2024, the Bank re-opened the OSA and posted funds
  including appropriate interest to the OSA. The following day, the Bank unsuccessfully
  attempted to contact the Primary Owner to inform about the status of the OSA
  and to assist with moving funds out of the OSA. The Bank requires Customer
  authorization in order to assist with moving the funds out of the OSA. The Bank
  may be contacted at ************** (**************), Monday to Friday, 8 am -
  10 pm, or Saturday to Sunday, 9 am - 7 pm ET.
  Due to
  the experience, the Bank will provide the Customer with a credit to the account
  as a token of goodwill in the next five business days.
  Based on
  the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  Date:05/02/2024

  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've been banking with Marcus for many years. The unpleasant experience started Feb 2024.I had a CD with Marcus maturing on 2/12/2024. At that time, I have options to either open an new CD with 5.40%APY, or instruct Marcus to renew the CD to another terms also with 5.40%APY. I contacted Marcus customer service ahead of time on 2/8/2024. Marcus representative on the phone told me clearly to go with "renewal" option and guaranteed with 5.4%APY, and said I always have 10days grace ****** to cancel the renewal if it did not turned out to be the correct APY.On 2/12/2024 I found the CD was renewed with a lower APY, I called Marcus right away and explained the situation. The representative gave a different story - CD is renewed at a lower rate and I DONT have any grace ****** to make changes. To close/change that CD, I was charged a penalty of $97.86. Not agreeing with the penalty I filed a custom complain and requested management review (Case#: ************).Got a call back from Marcus, a supervisor stated that after reviewing the audio scripts of 2/8/2024 phone call, it is clear the representative mis-informed about Marcus CD renewal guideline, they will follow up with that rep for training. And Marcus is willing to give me $25 for their mistake I rejected the $25 offer, stating that if it is Marcus mistake that caused a ~$100 damage on the customer end, ******************** needs to compensate the customer at least for that amount.It follows with many phone calls, complaints, and escalations - my record showed I have spoken to ~10 different managers which I have records with their names. On 3/12/2024, Marcus' rep named ******* called, and stated that after reviewing all the details, Marcus agreed to settle this with a $100 Goodwill credit to my amount, and I agreed.Many weeks passed, and this was no change to my amount, I called on 4/25/2024 and was very frustrated to find out that Marcus backoffice declined the $100 Goodwill due to their internal process, instead I was offered for $50. At that point I said no (complain #************), and decided to take this to BBB help for a resolution.My point and request is simple. This is no dispute that Marcus misguided customers and incurred a $97.86 charge. I am holding Marcus accountable to make this right and compensate its customer for financial damage and possibly all the time and emotions involved working on this case.

  Business Response

  Date: 05/09/2024

  BBB Response ****
  ID ********
  **********************, a brand of Goldman Sachs Bank USA (the Bank), received the above referenced complaint via the Better Business Bureau Complaint Portal on May 3, 2024. The Bank appreciates the opportunity to address the concerns raised by *************** (the Customer) related to reimbursement of an Early Withdrawal Penalty (***) applied to their  Certificate of Deposit (CD).
  On January 30, 2024, the Customer provided the Bank with instructions to renew their CD into a 14-month term and withdraw a portion of the funds at maturity. In addition, the Bank sent a notification to the Customer confirming the instructions provided. As stated in the accounts disclosure, the CDs new Annual Percentage Yield (APY) will be determined at renewal and will be the highest APY Marcus offers on the Customers term during the ten days after maturity.
  On February 12, 2024, the CD renewed as requested by the Customer with the new rate available of 5.25% APY. Later that same day, the Customer contacted the Bank to inquire on the rate change and then requested to close their CD. The Bank specialist informed that an Early Withdrawal Penalty (***) would be applied for closing the account. The Customer agreed to the closure of the CD with the *** applied, which was successfully processed by the Bank the same day. However, the Customer requested the Bank to reimburse the *** charged on their CD.
  On March 12, 2024, the Bank contacted the Customer to advise that the Bank is unable to accommodate the Customers request for reimbursement on their ***. ********************* offered a credit as a token of good will, however, the Customer declined the offer.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  
  
  
  
  
  
  
  
  

  Customer Answer

  Date: 05/10/2024

   
  Complaint: 21659255
  
  I am rejecting this response because:

  Marcus response missed a very critical fact that Marcus representative misguided customer which resulted in this Early Withdrawal Penalty (***):  
  

  The online CD renewal instruction provided on Jan. 30th was a preliminary instruction.   According to Marcus rule, I can always change that instruction before the actual CD maturity date (Feb. 12, 2024).  
  
  On Feb. 8th, many banks including Marcus were still offering CDs with 5.40% APY.  I had options to close the existing CD at maturity, and open a new CD with 5.40% APY guaranteed for 10 days.  I called Marcus customer service, the representative told me to keep the CD renewal instruction as is, and reconfirmed the CD WILL be renewed at 5.40% APY.  The representative also stated that, if for any reason I am not satisfied with it, I have 10days grace ****** to cancel the CD renewed.  Marcus records all customer phone calls, and this Feb. 8th phone conversation was reviewed by Marcus with no dispute - Marcus admitted that the representative over phone provided incorrect information, misguided the customer and said to later reinforce training for customer service.

  On the renewal day, Feb. 12, 2024, the CD renewed at a wrong rate.  I called Marcus and was told the only option was to cancel the CD with Early Withdrawal Penalty (***).  I pointed to the Feb. 8th phone call, but was told that it needed to be reviewed.  A decision has to be made on the phone about the wrong CD, because the longer we drag on this, the higher *** would be.  The CD was closed with a note that the *** will be appealed.

  Over ~3 months now since that date, there were over 10 calls to Marcus and the case is still open.  Marcus offered goodwill of first $25, then $50  I would not accept anything less than what Marcus charged me.  Marcus at a minimum must credit me *** ($97.86) equivalent.
  

  How could Marcus charge its customer for a mistake started by ********************* representative?
  
  Sincerely,
  
  ***************

  Business Response

  Date: 05/17/2024

  BBB Response ****
  ID ********
  **********************, a brand of Goldman Sachs Bank USA (the Bank), received the above referenced complaint via the Better Business Bureau Complaint Portal on May 13, 2024. The Bank appreciates the opportunity to address the additional concerns raised by *************** (the Customer) related to reimbursement of an Early Withdrawal Penalty (***) applied to their Certificate of Deposit (CD).
  As stated in the Banks previous response, a CDs new Annual Percentage Yield (APY) will be determined at renewal and will be the highest APY Marcus offers on the Customers term during the ten days after maturity.
  On February 12, 2024, the CD renewed as requested by the Customer with the new rate available of 5.25% APY. Later that same day, the Customer contacted the Bank to inquire on the rate change and then requested to close their CD. The Bank specialist provided the Customer the *** the Bank charges on renewed CDs. The Customer agreed to the closure of the CD and the *** applied; however, the Customer later requested the Bank to reimburse the *** charged on their CD.
  On March 12, 2024, the Bank contacted the Customer to advise that the Bank is unable to accommodate the Customers request for reimbursement on their ***.Additionally, the Bank offered a credit as a token of good will, however, the Customer declined the offer.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

  Customer Answer

  Date: 05/20/2024

   
  Complaint: 21659255
  
  I am rejecting this response because:
  

  Marcuss May 20 response has nothing new from its May 10 response.  Marcus deliberately tried to avoid key facts of the complaint.  Let me make it clear by requesting Marcus to respond to my simply questions below:
  

  1. Does Marcus dispute the fact that its representative misguided customer on the CD renewal options and process during the February 8 phone call?  Can Marcus disclose the phone recording or transcripts?
  2. If Marcus does not dispute the fact above, how could Marcus charge its customer for a mistake started by ********************* representative?

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

• Initial Complaint

  Date:05/01/2024

  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.

  My wife and I were set to close a house and had major issues wiring the money. First, they don't allow wiring to external accounts meaning we could not send directly to the title company; we had to send the money to our regular checking first. However, one month before, I was able to wire transfer my ******* money deposit to escrow account without issues. They simply said I am no longer eligible for this service. So I initiated wire transfer to my regular checking account then. However, there was no movement on assets the day after. So I called in and talked to many representatives. Marcus Goldman Sachs put my funds on hold for 10 days for no reasons although they said there were no issues with our money and everything was cleared. No one can provide me reasons of this hold, status of this transfer or anything additional verifications they need. When I ask to withdraw any money, they will come up with all sort of made up reasons and delay our transfers. We missed our closing date despite initiating the wire two days before close.

  Business Response

  Date: 05/08/2024

  BBB Deposits Jiang

  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 May 1, 2024. The Bank
  appreciates the opportunity to address the additional concerns raised by ***************** (the Customer)
  related to the delay of an outgoing wire transfer from their ************** Account (OSA).
  On April 29, 2024, the Customer contacted the Bank to initiate an outgoing wire transfer from their OSA
  to a third party. In accordance with the Banks Deposit Account Agreement (DAA), the Bank could not
  honor the request to transfer funds to a third-party as the Bank requires transfers to be completed with
  an external account owned by the Customer. On the same call, the Customer then requested an
  outgoing wire transfer to their linked account. The Bank processed the outgoing wire transfer; however,
  due to a system issue, the transfer reversed to the Customers OSA.
  From May 1, 2024 to May 3, 2024, the Customer initiated multiple outgoing transfers from their OSA to
  a different linked account which the Bank successfully processed.
  Based on the above details, the Bank kindly requests that this complaint be closed.

• Initial Complaint

  Date:04/30/2024

  Type:Customer Service 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.

  Power of Attorney access - MARCUS by Goldman Sachs is required by law to review and reply regarding POA submission within 7 business days of filing submission under the WA State law the "Washington Uniform Power of Attorney Act (“The Act”) which became effective on January 1, 2017." I am legally my fathers POA and was helping him with bills/managing finances. I was locked out of his account when attempting to transfer money and began the POA access process at the end of January 2024. The POA paperwork that is required by MARCUS has the incorrect mailing address (which they still have not corrected) and the paperwork was lost in transit and finally returned to me a month later. Upon receiving I resent to the Utah address as provided by customer service. Once received I was told I needed to submit additional paperwork which was news to me as I had talked to MARCUS customer service representatives 4-5 times regarding access and they never mentioned it. I then submitted Affidavit and Indemnity of Attorney-in-fact as well as my legal POA documentation on March 28, 2024. I have yet to get POA access and it has been 3 weeks since it has been approved by the documents team and has been in legal review. I have been calling weekly for 3 months, sit on hold for it least and hour and have no resolution. I have been told there was a security concern based on being locked I assume, but my father had called and had it unlocked. MARCUS is legally obligated to give me a response and I have a serious lack of clarity as to why it is still in review and has "security" concerns. Based on other BBB reviews it seems this is a consistent excuse for their complete lack of communication, inept customer service and under staffing on the legal team. The customer service team is not trained to deal with these situations. I have asked for a call back 4 different times and have only received a message once, and was unable to get in direct contact as I am sent back once again to the general customer service number where I again start at square one.

  Business Response

  Date: 05/07/2024

  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 April 30, 2024. The Bank
  appreciates the opportunity to address the concerns raised by **** ********** (the “Consumer”)
  related to accessing funds in an Online Savings Account (“OSA”) held for a third-party.
  According to the Bank’s records, a Power of Attorney was submitted for an account; however, the Bank
  was unable to approve the documentation. In addition, the Consumer does not have any active accounts
  or closed accounts in their name that connect to this complaint. For security purposes, the Bank is
  unable to share any details or account information with a third-party. If the Consumer has any questions
  or requires additional assistance, the Consumer may contact the Bank toll-free at ************** (1-
  ###-###-####), Monday to Friday, 8 am – 10 pm, or Saturday to Sunday, 9 am – 7 pm ET.
  Based on the above details, the Bank kindly requests this complaint to be closed.