Date Received: 2019-05-14
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: Hi, I have been generally satisfied with my Marcus by Goldman Sachs savings account. I ran into an issue on the morning of XX/XX/2019when I attempted to transfer funds from my Marcus account to my regular usage account with another bank that I regularly transfer money in and out of via phone call with a Marcus rep. The reason I had to call was because it was a large amount of money that I needed available for buying a house. I called, was treated well, and the transfer was established. I was told it could take 1-3 business days ( call was on Tuesday, Reasonable to arrive in my account by Thurs/Friday ) which would have been in appropriate time for closing on my house. On Thursday, XX/XX/2019, I check my accounts and there was no transfer, no pending transfer showing in either account. I decide to call in as something is clearly wrong. I am told by the rep that I had canceled the transaction. I verified with the agent that I had done no such thing. The rep apologized for the mistake and processed a wire transfer which caused me to incur a fee with my receiving bank. Marcus refused to reimburse me {$15.00} for the wire fee. The wire was required because of a mistake Marcus made. I was redirected to a " supervisor '' and was treated poorly. The supervisor acted as if I was lying about never canceling the original transaction. They went through the notes on my account and confirmed multiple times that I had never spoken with an agent after my initial establishment of the transfer. The supervisor claimed that I returned a call about the transfer and was verified by their rep. I vehemently explained that I never called in and confirmed the account I was transferring to was a regularly used account with my Marcus account. I asked about how they could have verified someone claiming to be me and asked if they were going to have this reviewed by their fraud team. The supervisor confirmed that she didn't think it was fraud so, no. This is unbelievably ridiculous at this point. I, as a verified client, am confirming I never made a second call on XX/XX/19 and never spoke with the rep they claimed I did, and they won't investigate for fraud! The wire transfer went through and I was charged a fee. I called back and reached a different supervisor who was a little more helpful. This call was made XX/XX/2019. The supervisor said he would credit me the wire fee of {$15.00} and would have the fraud team review and reach out. Today is XX/XX/2019, I have not been credited and have had no outreach from a fraud team with any update on my case. This is incredibly poor client support. I can't believe I had to fight so much with the supervisors to be credited {$15.00} because of an error by the XXXX when I keep thousands of dollars with this bank. I am near to closing my accounts and advising every person I recommended this bank to do the same.
Company Response:
State: UT
Zip: 84065
Submitted Via: Web
Date Sent: 2019-05-14
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-05-10
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I manage all of my mother 's financial affairs under a Power of Attorney. She is XXXX, is in poor health, and lives in an assisted living community. I utilize the power of attorney to manage her day to day living expenses, health care, etc. with funds and investments maintained in several other financial institutions. My father passed away in XX/XX/XXXX and he had a policy which I deposited in my mother 's checking account at XXXX XXXX. Since Marcus offered substantially higher rates, i opened several accounts ( 2 types of Savings Accounts, and one 12 month CD ). I opened the account with Marcus on-line and provided all of the requested information on-line in my mother 's name and Social Security Number ( and all other relevant information. I used the Marcus system to move & XXXX from the proceeds deposited at her XXXX account over to Marcus in early XXXX ( not sure of exact date ). Around XX/XX/XXXX, I went on-line to check on a transaction I made and found that Marcus had temporarily blocked my access. I called Customer Support and explained the situation. They requested that I send a copy of the Power of Attorney, which I did immediately. They informed me that it would take up to 10 business days to respond. After I did not hear back from Marcus, I again called Customer Support. Each time I called their phone support I was put on hold multiple times as it seems the people who answer the phones are not well trained and constantly have to put you on hold to get instructions from other areas. In any case, I very upset to find that they would not accept the notarized POA that our attorney executed, and that I would need to sign their durable power of attorney. After some debate and escalation, they agreed to send me the forms via XXXX in and a self addressed return envelope so that I could return the forms to their Utah office for review. The forms were Marcus ' Durable Power or Attorney, and an Affidavit and Indemnity of Attorney in Fact. I had to make special arrangements to have a notary come to my mother 's facility and we executed both forms and sent the back to Utah. After several more days, I called Customer Support on XX/XX/XXXX, was put on hold several more times, cut off 2 times after being on hold for about an hour ... each time having to navigate through their automated phone system. Each time I provided all of the required answers for authentication including a secret password. Marcus acknowledged receiving the documents but claimed that there was a problem in that I did not put the account number on the form. I told them that I was not able to obtain the account number because they had blocked my access, and since I opened 3 accounts I intended the POA to refer to all accounts opened in my mothers name. In fact, each time a CD with a different maturity is transacted, there would be a new account number assigned. Then they said they needed a medical form explaining why my mother ( XXXX years old ) could not provide the numbers. I explained again my mother 's condition and what the purpose of a POA is but they did not seem to understand. I requested escalation and they told me that it would take another 2 days until I could speak to someone of authority. All of these conversations were recorded so I know there is a record which would show that I followed all of their instructions. To date, I have not had access to the account for about a month. I am fairly sure that they have broken some laws, not the least, exhibiting atrocious customer service that seems to be manned by under-trained personnel. I would like them to provide immediate access to my mother 's account, not the least, I intend to move the funds to another institution ( NOT an Internet Bank ).
Company Response:
State: NJ
Zip: 07753
Submitted Via: Web
Date Sent: 2019-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-04-27
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: You did not offer an appropriate response, so I will explain. I went to open 2 new CD accounts at a bank I already had an online savings account. When I went to fund them, it insisted that I enter dollar amounts for all 3 accounts, but I didn't want to add money to my savings account, so I entered {$0.00}. I found out days later that this actually created a 2nd Online Savings account, which I did not ask for and do not want. I also found out that instead of funding the 2 new CD accounts from my external bank, it funded 1 of them from my external account, but withdrew the other money from my online savings account, which again, I did not want. There was no warning that this would happen. I think their software is messed up and not properly tested. You can not contact this bank electronically, which is a major problem, since I have a hard time doing this during business hours and do not have access to my data from my workplace. I would suggest you ( CFPB ) add " Other '' to your choices.
Company Response:
State: MI
Zip: 48083
Submitted Via: Web
Date Sent: 2019-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-04-23
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: When I opened this account I told them that I was wire transferring the money that I had from my XXXX XXXX XXXX account thier account and they never informed me that they where going to put a hold on the funds so I completed the transaction and they have a hold on it know and it still has a hold still on it untill the XXXX they are telling me. The wire transfer happened on the XXXX. They got the money out then is thier any way you can help me with this? On top of that they have even placed a lock on my account and I can't view it online. They told me that it would take 24 to 48 hours for them to take the lock off.
Company Response:
State: FL
Zip: 346XX
Submitted Via: Web
Date Sent: 2019-04-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-04-18
Issue: Managing an account
Subissue: Problem accessing account
Consumer Complaint: Unethical Bank - DENIED me access to my CD and savings account online unless I agree to " paper statements ''. Forced to telephone to get access to online account. Then person claims can agree. Dishonest to deny full-time access to online account. Representative did not know when account would allow me access but would send request to not select paperless option. Still account access my {$250000.00} account. Second problem : Highest CD withdrawal penalties in the nation at 270 days. MY goal : Leave this dishonest institution when my CD is UP! " Withdrawing Your Electronic Acceptance of Documents You understand that you have the right to receive Documents in paper form. You can request paper copies and/or withdraw consent by contacting us at XXXX ( XXXX ). Any withdrawal of your consent to receive electronic Documents will be effective only after we have a reasonable period of time to process your withdrawal. If you withdraw your consent, you may not be able to use certain online functionality with respect to your Products or complete actions with respect to your Products online. ''
Company Response:
State: WA
Zip: 98112
Submitted Via: Web
Date Sent: 2019-04-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-04-06
Issue: Problem when making payments
Subissue:
Consumer Complaint: I got a Loan from Marcus Goldman Sachs. The agreement was I would receive a statement every month and mail in my payment with a check. The payment is due on the XX/XX/XXXX of every month. It is now the XX/XX/XXXX and still have not received a statement in the mail.I called them and brought thin to their attention I have an Option how to pay this bill. They are trying to take one of the three options I have away from me.I still want the option to pay by mail. Do not want to get charged a late fee or interest because they did not receive the payment by the XX/XX/XXXX day of the month because I did not receve my statement on time. They told me they mailed out the statement on the XX/XX/XXXX. They also said I can pay by phone or online! It seams to me they are deliberately trying to get me to pay by phone or online so to save on paper work and collect a little bit more interest if they get my payment late.
Company Response:
State: NJ
Zip: XXXXX
Submitted Via: Web
Date Sent: 2019-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-25
Issue: Opening an account
Subissue: Unable to open an account
Consumer Complaint: Marcus by Goldman Sachs are verifying my identity with a vendor who uses public and private information. They are declining me when verifying my identity. They are REFUSING to disclose which agency or contact they are using and are refusing to take other efforts to verify my identity.
Company Response:
State: CA
Zip: 90046
Submitted Via: Web
Date Sent: 2019-03-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-19
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: On XX/XX/19 I got rejected for a loan with Marcus by Goldman Sachs Bank USA. One of the stated reasons is that there is a series delinquency on my report, however I have checked my credit report and there is no delinquent information. I'd like all parties involved to manually review my credit report and figure out the source of the issue.
Company Response:
State: CA
Zip: 953XX
Submitted Via: Web
Date Sent: 2019-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-11
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: A delinquent notice was put on my credit report from this company saying for {$20000.00}. I never did make a contract or apply for this loan. I'm tried to talk to the company. They said everything for applying was all electronic and they have no proof that I took out a loan with them except for some of my information which anybody could obtain and use they have no physical proof. I believe someone fraudulently used my information to take a loan from this company.They said they sent it to a bank account I do not have. They asked me to file a complaint so they could investigate. The account is with Marcus by Goldman Sachs Bank and was sent to XXXX XXXX for collection. They only gave me last four digits of account number XXXX. I have called and asked for verification and documentation showing that I took out a loan from them and they can not provided because everything was done electronically. They claim the loan was issued in XX/XX/2018. Which I was in XXXX at the time. I have not made a contract or signed an agreement to take out a loan or account with this company. I would please like it removed from my credit report and deleted as fraudulent or inaccurate.
Company Response:
State: TN
Zip: 37040
Submitted Via: Web
Date Sent: 2019-03-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-03-08
Issue: Getting the loan
Subissue:
Consumer Complaint: I received a PRE-SELECTED loan offer, after Goldman Sachs accesses my credit and needed to provide a firm offer of credit. They declined my application because I have over {$500000.00} in a CD with them, and apparently their system is unable to handle two accounts to the same email. Im totally fine if you cant make me a loan, because of your incompetent systems inability to allow two products. BUT, do not illegally access my credit and send me a false preselected offer if you are unable to fulfill it.
Company Response:
State: CA
Zip: 946XX
Submitted Via: Web
Date Sent: 2019-03-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A