Complaints

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

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  Marcus by Goldman Sachs

  11850 S Election Rd Draper, UT 84020-6887

  
• 

  Marcus by Goldman Sachs

  PO Box 45400 Salt Lake City, UT 84145-0400

  
• 

  Marcus by Goldman Sachs

  PO Box 1978 Cranberry Twp, PA 16066-0978

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

• Initial Complaint

  Date:05/15/2024

  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.

  I am a client of Marcus by goldman sachs Bank. I called and I requested polish translation. I was informed that " if I could open the account I should speak English" my daughter who speak English explained that I am elderly and I would like to understand questions. I was informed I need to speak English to access my account. They don't have translation service because Bank is in ** and client must speak English.

  Business Response

  Date: 05/22/2024

  BBB Response Koziol 
  ID ********
  **********************, a brand of Goldman Sachs Bank USA (the Bank), received the above-referenced complaint via the Better Business Bureau Complaint Portal on May 15, 2024. The Bank appreciates the opportunity to address the concerns raised by ************************* (the Customer) related to accessing their ************** Account (OSA").
  On May 15, 2024, the Customer contacted the Bank regarding their account; however, the Bank could not successfully authenticate the Customer. The Customer requested translation services, however, unfortunately, the Bank is unable to accommodate the Customers request for an interpreter.
  On May 20, 2024, the Customer contacted the Bank and successfully added their daughter as a Joint Owner on the account,and the Joint Owner will be able to assist the Customer with translation if necessary.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  
  

• Initial Complaint

  Date:05/15/2024

  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 have been an account holder at ******************** for nearly four years. I have two accounts there that total over $260,000. Last week I successfully transferred $249,000 out to another bank and that is when my problems started. The next day I tried to perform an $11,000 transfer between my two Marcus account but the transfer was declined. When I called they refused to tell me why my accounts were frozen but they supposedly started an investigation and asked me to wait up to 3 business days for a phone call. Then I noticed that they had clawed back the $249,000 from the day before. When I called to asked about that, they still refused to tell me anything but insisted that I wait 5 business days for that phone call. Today I called again and they asked me to wait up to 7 business days for that phone call that never comes.This is ludicrous!!! They've illegally seized my money through some insane and misguided "security" policy with no reason and no notification. I need some of that cash to pay my monthly bills. I did learn what might have started all this. Apparently they monitor their account holders' cell phones without permission. When they detect that a number has been ported from one carrier to another, they immediately freeze all accounts of that person. Are you kidding me? Changing carriers isn't illegal and I should not be punished for it. I have another cell phone number on file with them that hasn't been ported but they refused to rely on that one. We're living in a bizarro world.

  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 15, 2024. The Bank appreciates the opportunity to address the concerns raised by ******************************* (the Joint Owner) related to accessing their jointly owned ************** Account (***).

  
  On May 10, 2024, the Bank received a withdrawal request from the *** to an external account. During the transfer processing review, the Bank identified that the funds needed to be returned to the original funding account and attempted unsuccessfully to contact the *************************** (the Primary Owner). ********************* declined the transfer and restricted the ***. The following day, the Joint Owner contacted the Bank regarding their *** access, but the Bank was unsuccessful in authenticating the Joint Owner and the security concerns remained.

  
  On May 16, 2024, the Bank contacted the Joint Owner to address the security concerns. A Bank specialist informed the Joint Owner that the funds needed to be returned to the original funding account. Subsequently, the Bank specialist restored online banking access to the Joint Owner.

  
  On May 17, 2024, the Bank contacted the Joint Owner to advise of the restored online banking access.

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

  
  

  Customer Answer

  Date: 05/21/2024

   
  Complaint: 21717294
  
  I am rejecting this response because it is factually incorrect and does not address my original complaint.

  I understand that banks need to assert a certain amount of what they call "fraud protection" to stop the bad guys.  What they should never do it manipulate a person's funds because of a hunch, guesswork, or faulty procedures.
  

  Here are the facts of this case:

  > I placed my transfer request on May 11.  At that time, most of the money had been sitting in my account for 13 days.  Any holds placed on those funds had expired long before.
  > When I scheduled a transfer to another bank, Marcus slapped an immediate freeze on my money, without any evidence, or even the suggestion, of fraud.  They also froze money belonging to my step-daughter who was uninvolved.
  > Marcus made no attempt to contact me by voice, email, or text message to inform me of the freeze.  I only learned about it from the receiving bank when the transfer failed.  Neither did they attempt to contact the receiving bank to confirm the validity of my transfer request.
  > When I called in, they refused to tell me why my accounts were frozen, but they hinted that it had something to do with my cell phone number being ported to a different carrier, which was not true.
  > There are dozens of ways to verify a depositor.  Marcus relies on only one and that one is unreliable.
  > They offered me no means of resolving this issue except to wait up to 3 days for somebody to call me back.  When I called for a better explanation, they said I had to wait up to 5 days.  When I called to object they decided it could take up to 7 days.
  > A person finally did call me after 8 days.  She admitted that the cell phone thing was a giant mistake and should not have happened.  She lifted the freeze on my accounts with explanation or apology.  Then she assured me that, going forward, my transfer requests would go through without issue.  If that were true, it might have been the end of this story.
  
  New information:
  > Yesterday I got a call from ******* in "Security" (actually the Fraud Department).  She wanted to inform me that another transfer that I had requested was being declined. She was very cagey about any possible reason except that the funds were "too recent".  I reminded her that most of the funds in my account has been on deposit for over 28 days and the rest for about 45 days.  When I asked what they consider "recent", she refused to answer.
  > ******* admitted that she was 100% confident that I was the legal depositor of my funds and that I am entitled to manage my funds.  Yet, she insisted on blocking all of my transfer attempts with no explanation.
  > So, now I'm left with only one way to get MY money back into my hands.. The only transfer Marcus will approve is to send it back to ********** a place with non-competitive interest rates.

  Conclusion: 
  Marcus has put faulty procedures in place that keep their agents busy, but quite often prevent perfectly legitimate transfers from taking place.  They show no respect or consideration for the needs of their account holders.  I still have no idea why they act the way they do, but we know that they arrogantly and aggressively do whatever they want and then lie about it later.  When a bank behaves as if your money is their money, that is not a bank that anybody should trust.  When I eventually get all of my money out of Marcus, I will never go back.  I will advise all of my friends and family members to do the same.

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

  Business Response

  Date: 05/28/2024

  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 21, 2024. The Bank appreciates the opportunity to address the concerns raised by ******************************* (the Joint Owner) related to accessing their jointly owned ************** Account (***).
  As stated in the Banks previous response, on May 10, 2024, the Bank received a withdrawal request from the *** to an external account. During the transfer processing review, the Bank identified that the funds needed to return to the original funding account and attempted unsuccessfully to contact *************************** (the Primary Owner). ********************* declined the transfer and restricted the ***. The following day, the Joint Owner contacted the Bank regarding their *** access, but the security concerns remained.
  On May 16, 2024, the Bank contacted the Joint Owner to address the security concerns. A Bank specialist informed the Joint Owner that the funds needed to return to the original funding account. Subsequently, the Bank specialist restored online banking access to the Joint Owner.
  On May 17, 2024, the Bank contacted the Joint Owner to advise of the restored online banking access. On May 20, 2024, the Customer initiated an outgoing transfer from the *** to an external account. A Bank specialist attempted to conduct a 3-way call with the Primary Owner, the Joint Owner, and the external institution in order to verify the account ownership; however, the external institution could not provide the required information. As a result, the Bank approved an additional withdrawal request from the *** to an alternate external account, which the Bank successfully processed on May 21, 2024.
  Due to the experience, the Bank provided a credit to the *** as a token of goodwill.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

  Customer Answer

  Date: 05/29/2024

   
  Complaint: 21717294
  
  I am rejecting this response because:

  This is a long-winded explanation of what Marcus did to me and my daughter-in-law.  
  It does not explain why they did it.
  
  I continue to reject Marcus's contention that they can do whatever they like with my money.  They aren't likely to reform their bad attitude and faulty procedures anytime soon.
  Therefore, I am pulling all of my money (over $250,000) from that institution and recommending to all my friends and relatives that they do the same.

   

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

• Initial Complaint

  Date:05/15/2024

  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.

  Last Friday 5/10/2024, I attempted to transfer funds out of my Marcus account, into my Robinhood account. ******************** attempted to contact me about this, and I called them to confirm this. They stated they were "unable to verify" my identity, even though I have 2 federally accepted identification methods readily available, I have access to both phone numbers on my account, and the email address. They Blocked my transfer to Robinhood and said they would get back to me within 3 days, they have not. I initiated another transfer today, to a bank they have on file Ally, one that I used to fund the account from the start. They blocked that transfer as well, and offer no solution on how I might be able to transfer my funds to my own bank account. From my perspective, it, appears that Marcus is holding my money because they do not want me to use their competition.

  Business Response

  Date: 05/22/2024

  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 May 15, 2024.  ******** appreciates the opportunity to address the additional concerns raised by ********************************** (the Customer) related to accessing their ************** Account (OSA).
  On May 10, 2024, the Bank received a withdrawal request from the Customers OSA to an external account. During the transfer processing review, the Bank identified security concerns regarding the transfer and attempted unsuccessfully to contact the Customer to address the security concerns. Consequently, the Bank declined the withdrawal request and restricted the **** Later that same day, the Customer contacted the Bank;however, the Bank could not successfully authenticate the Customer and the security concerns remained. Unfortunately, this restriction on the Customers profile impacted the Banks ability to process the transfer request initiated on May 14, 2024.
  On May 16, 2024, the Customer contacted the Bank requesting to close their account and transfer the funds to the original funding account. ******** specialist assisted the Customer initiating the transfer request which the Bank successfully processed. However, during the call the Customer confirmed they would close the account at a later time.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

  Customer Answer

  Date: 05/23/2024

   
  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:05/15/2024

  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 have an account with the bulk of my liquid life savings in it and Marcus has locked me out of my account. they say no one will be in the office until 10 am. that they have a new procedure that doesnt allow them to send two factor authentication to my phone or email or husbands phone. so i have no access or control of MY money. They are doing this bc I was trying to send savings to a different institution.

  Business Response

  Date: 05/22/2024

  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 15, 2024. The Bank appreciates the opportunity to address the concerns raised by *************************** (the Customer) related to accessing their ************** Account (OSA).
  On May 13, 2024, the Customer initiated an outgoing transfer request from their OSA to an external account. During the transfer processing review, the Bank identified security concerns regarding the transfer and attempted unsuccessfully to contact the Customer. Consequently, the Bank declined the transfer and restricted the ****
  On May 15, 2024, the Customer contacted the Bank regarding their account access;however, a Bank specialist did not appropriately assist authenticating the Customer. Later that same day, the Bank resolved the security concerns by authenticating the Customer and verifying that the Customer authorized the transfer. Subsequently, the Bank restored the Customers online banking access. 
  Based on the above details, the Bank kindly request this complaint to be closed.

  Customer Answer

  Date: 05/22/2024

   
  Complaint: 21714664
  
  I am rejecting this response because:
  I want to know how and why this happened and how can I be sure it wont happen again. 
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:05/14/2024

  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.

  Marcus has locked my wife and me out of all accounts claiming "Fraud." There has been no fraud on the account and we have authenticated our identity in ALL FORMS they requested, yet they will not return access to our accounts. We have called every number and department they have told us to, but every agent ***************** included) claims we are not who we say we are even though we have answered all the security questions correctly...again, all answers we provide are confirmed correct and match what they have on file. (Yes, we confirmed we are calling the correct numbers.)

  Business Response

  Date: 05/22/2024

  BBB Response *****
  21712379
  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 15, 2024. The Bank appreciates the opportunity to address the concerns raised by ********************* (the Joint Owner) related to accessing their ************** Account (OSA).
  On May 13, 2024, the Primary Owner initiated an outgoing transfer request from their OSA to a linked account.During the transfer processing review, the Bank identified security concerns regarding the transfer and attempted unsuccessfully to contact the Primary Owner. Subsequently, the Bank declined the transfer and restricted the account until the security concerns could be resolved.
  The following day, the Joint Owner contacted the Bank regarding their account access; however, the Bank was unsuccessful in authenticating the Joint Owner and the security concerns remained.
  On May 20, 2024[RWL[2] , the Joint Owner contacted the Bank to address the security concerns. A Bank specialist assisted with resolving the security concerns by verifying the Joint Owners identity and confirming authorization of the transfer. Subsequently, the Bank specialist restored the Primary and Joint Owners online access.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

  Customer Answer

  Date: 05/24/2024

   
  Better Business Bureau:

  The responce provided by Marcus did not accuratly represent the siutation. We called every day after the problem arose and every agent said their was nothing that could be done the logs on file will prove this. Why? Because their faulty methods of varification would not authenticate on my phone number, my wife's phone number, and countless other coustomer phone numbers. Why? Because Marcus changed their validation procees to require that someone call from a phone number that has never been ported. It is nearly impossible to have a number now days that has never been ported which made this whole thing completely unreasonable. Marcus' system is broken. Every agent acknowledged that this was an issue that was affecting countless customers. This was their own created problem and that is a fact. I am only closing this complaint because we did get our money back and vacated our accounts instantly. We are ready to close this and turn our back on this institurion.

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution, but only in the part that they did return our money to us, is satisfactory.
  
  Sincerely,
  
  *********************

• Initial Complaint

  Date:05/14/2024

  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.

  Im not liable for this debt with discover bank I dont have a contract with discover bank they did not provide me with the original contract as I requested

  Business Response

  Date: 05/20/2024

  Goldman Sachs Bank USA (the Bank) received the above-referenced complaint via the Better Business Bureau Complaint Portal on May 14, 2024. Unfortunately, the Bank is unable to tie the information provided in the complaint to an account at the Bank. We believe this complaint should be redirected to **************

• 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:05/12/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

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

  Answered:

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

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 5/10/2024 I placed an online order with Apple for an iPad and several accessories using my GM Marcus/Goldman Sacs credit card. I used the virtual card for this order. The payment failed except for a small $84.02 pending charge for one of the accessories. I called Goldman Sacs customer service and Apple several times in an attempt to resolve the issue and was told by Goldman Sacs that they see the rejected charge and told me to try again. I then retried and went through the same sequence of (failed) events the next day on 5/11/24 and even tried to complete the order using the physical card instead of the virtual card. On 5/12/24 I called Apple and then Goldman Sacs to resolve the issue. My account now has two $84.02 pending charges for the same accessory even though I ordered only one. The entire order is still waiting for payment. Eventually I was connected to a Goldman Sacs supervisor, Nicole C*** out of St. Louis MO, who told me that my account was completely locked/usable and there was nothing they could do other than advance it to the back office who would contact me in 7 to 10 days. She said there was no way for me to contact the back office or anyone in higher authority.
  
  This is completely UNACCEPTABLE! I rely on and use this card exclusively every day for gas and food. The account has always been paid on time and the available credit is more than adequate. Goldman Sacs is negligent handling their accounts. The reps and supervisors need authority to resolve problems immediately and not waste hours on the phone giving customers the run-around. Customer service is terrible and essentially useless. This company, Goldman Sacs needs to be sanctioned. Please resolve these issues IMMEDIATELY so I can use the card for necessary daily expenses.

  Business Response

  Date: 05/17/2024

  Goldman Sachs Bank USA (the “Bank”) received the
  above-referenced complaint related to GM Card via the Better Business Bureau
  (“BBB”) Complaint Portal on May 13, 2024. The Bank appreciates the opportunity
  to address the concerns raised by ******* ******* (the “Customer”) related to
  declined transactions and a restricted GM Card account.
  The Bank conducted an investigation and confirmed no Bank
  error occurred. As a part of a regular account review process, the Bank placed
  a restriction on the account until additional research could be completed. The
  Bank verified the needed information on May 13, 2024. The Bank confirmed that
  the Customer’s account is active and available for use as of May 14, 2024. The
  GM Card Customer Agreement references that the Bank may decline transactions
  for any reason, including suspected or actual fraud. The Bank confirmed the
  Customer attempted the transaction with the merchant Apple in the amount of
  $1,783.49 on May 15, 2024, and the transaction successfully posted to the
  account.
  Based on the above details, the Bank kindly requests for
  this complaint to be closed.

  Customer Answer

  Date: 05/20/2024

  
  
  Better Business Bureau:
  
  
  
  In reference to complaint ID ********, I appreciate that the BBB escalated the issue and the effort that Goldman Sacs made to resolve it.  This should have been an easy matter to quickly resolve and not required four lengthy phone conversations over four day, but I am satisfied that it was finally resolved.  Thank you.
  
  
  
  Sincerely,
  
  
  
  ******* *******

• 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.