ComplaintsforMarcus by Goldman Sachs

• Initial Complaint

  09/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  9/9/2024 Received “Online Savings Account Statement” letter in the mail on 9 September. Called the number on the letter 855-730-7283. Was transferred 3 times – just trying to cancel the account #*********** that was listed on letter. My wife nor I started this account! Each time transferred the individuals kept asking for SSN last four -and- “The secret word”??? Each time explained did not open this account! Even given the Hint: word “TIL” we could not give the secret WORD because we did not open the account! They also asked for email address … ours did not match what they said was in the account. And, again we explained BECAUSE we did not open this account!!!!! The third person finally said they would send a letter stating that the account was closed. - - - I hope this happens!?! These customer service individuals kept asking the repeated questions with no personal statements about sorry this has happened, but kept asking for information we did not have, this experience was very disturbing! Made us feel that the whole calling experience was fraudulent. WE asked if there was other information they would accept other than the “Secrect WORD” and e-mail address, they said no! After receiving notice of cancelation of account ...

  Business response

  09/16/2024

  BBB Response Soto
  ID 22261136
  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 September 9, 2024. The Bank appreciates the opportunity to address the concerns raised by Nadiya Soto (the "Consumer”) related to the unauthorized opening of an Online Savings Account (“OSA”).
  On August 12, 2024, an individual opened an OSA with the Consumer’s information. On September 9, 2024, the Consumer contacted the Bank with concerns regarding the OSA and informed the Bank specialist that the OSA had been opened without the proper authorization. Subsequently, the Bank specialist opened an investigation into the Consumer’s concerns.
  On September 12, 2024, the Bank completed its investigation and closed the unauthorized OSA. The following day, the Bank mailed documentation to the Consumer confirming the account closure.
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  09/09/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My husband and I own an Amazon business that has a Marcus Line of Credit in his name. When he passed away two years ago, Marcus locked the account, which also locked our linked Amazon account, preventing me from running the business. Marcus is refusing to let me pay the remaining balance on the line of credit and unlock our Amazon account. Everything is frozen. They refuse to unlock the Amazon account, refuse to let me pay the balance, refuse to meet with me or my attorneys, and refuse to acknowledge the multiple documents I have sent proving I own the business and am the executor of my husband's estate. Again, I'm trying to PAY THEM. In full! What should be a 5 minute phone call has been an 18-month nightmare with no end in sight. I have talked to them on the phone literally dozens and dozens and dozens of times and we get nowhere. All I want is to pay my outstanding balance and unlock my Amazon account.

  Business response

  09/16/2024

  Marcus by Goldman Sachs, a brand of Goldman Sachs Bank USA (the “Bank”), received the above referenced complaint via the Better Business Bureau (“BBB”) Complaint Portal on September 9, 2024. The Bank appreciates the opportunity to address the issues raised by Carol Thomson on behalf of Andrew Thomson.
  

  The Bank has confirmed the receipt of valid documents on September 9, 2024. The Bank apologies for any inconvenience caused by this delay.   
  

  The Bank has asked Amazon to unlock the mentioned account.
  

  The business’ payoff quote amount is $13,878.26. To make a payment by mail, please send a check with the loan number in the memo to:
  Marcus by Goldman Sachs                                                                   

  Lockbox 6104                                                                                                                                                                       

   P.O. Box 7247 

  Philadelphia, PA 19170-6104.

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

• Initial Complaint

  09/09/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  In February I closed my Apple card and account with Goldman Sachs Banking after a payment of $1,146.78 was remitted. The account was to show a zero balance and paid. Since then Goldman Sachs has been reporting a negative balance to all 3 Credit Bureaus as of Feb 26, 2024. Due to this negative impact I have been able to finish the purchasing of a refinance of my home. I was told it would be resolved in 7-10 days with a letter mailed to address. As of which neither have been completed.

  Business response

  09/16/2024

  Goldman Sachs Bank USA (the “Bank”) received the above-referenced complaint related to Apple Card via the Better Business Bureau (“BBB”) Complaint Portal on September 9, 2024. The Bank appreciates the opportunity to address the concerns raised by Derek Abel (the “Customer”) related to credit reporting for the Apple Card.
  The Bank conducted an investigation and confirmed no Bank error occurred. According to the Bank’s records, the Customer opened an Apple Card and consented to the Apple Card Customer Agreement on March 23, 2022 for the account ending in 6822. 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 account was charged off on January 31, 2024, as a result of the Customer failing to make a payment to satisfy the amount due by July 31, 2023. As a result, the Bank reported the account past due to the Credit Reporting Agencies. The Customer contacted the Bank as of February 23, 2024, to enroll in a Recovery Payment Plan. The Customer agreed to settle the account for a one-time payment in the amount of $1,146.78 to resolve the account.  The Customer was sent an email detailing the terms of the payment agreement. The Customer paid the account in full as of February 26, 2024, in the amount of $1,146.78. The Customer was sent an email on March 4, 2024, to confirm the account will be reported as paid in full for less than the full balance to the credit bureaus.
  The Bank confirmed the account was reported accurately to the Credit Reporting Agencies. However, during the investigation the Bank confirmed Transunion and Experian were not reflecting the Apple Card tradeline accurately. The Bank submitted a request to Transunion and Experian to reinstate the tradeline on the Customer’s credit report. The Customer should allow up to 30 days for the updates to reflect on their credit report. The Bank is obligated to report accurately to Credit Reporting Agencies and are unable to update the Customer’s credit reporting.
  Based on the above details, the Bank kindly requests for this complaint to be closed.

  Customer response

  09/16/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22259447, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  Derek Abel

• Initial Complaint

  09/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I used Marcus by Goldman Sachs online saving account to store and pay my college tuition fee. I tried to make a small amount first to ensure it worked ($0.19 to UM-Ann Arbor), which was successful. And I made the rest transaction ($33,008 also to UM-Ann Arbor, the exact same account) on 8/30, which I was told that it failed on 9/4 because my account was locked / frozen. So I called Marcus on 9/4 and they could neither tell me the reason why my account was locked nor they could unlock the account for me even after they checked everything that proved I am I (birthday, SSN, secret word, etc). They said they would call me back in 1-3 business days, which they never did, and I am really urgent to have my tuition paid so I could study without interferences and trouble at school. I called several times afterwards, but they never did consistent things, and they just put a new case anyways and had me wait for another 1-3 business days. They even did not know what happened afterwards, like what I should do and how long it took after I communicate with the person that should be calling me back. I just want to have my account unlocked and have my tuition successfully paid on time, and that's all I request.

  Business response

  09/16/2024

  BBB Response Zhong
  ID 22258398
  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 September 9, 2024. The Bank appreciates the opportunity to address the concerns raised by Ancheng Zhong (the “Customer”) related to accessing the funds in their Online Savings Account (“OSA”).
  On September 3, 2024, the Bank received a withdrawal request to an external account from the Customer’s OSA. During the transfer processing review, the Bank identified security concerns regarding the withdrawal request, declined the transfer and restricted the OSA. Later that same day, the Customer contacted the Bank regarding their account access, but the security concerns remained.
  After further review of the Customer’s profile, the Bank sent a notification to the Customer’s e-mail to assist in addressing the security concerns. On September 11, 2024, the Customer contacted the Bank and a Bank specialist assisted in resolving security concerns by using alternate methods to verify the Customer. Subsequently, the Bank specialist restored the Customer’s online banking access. On September 12, 2024, the Bank completed the Customer’s request to transfer funds to a linked account.
  Based on the above details, the Bank kindly requests this complaint to be closed.

  Customer response

  09/17/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID 22258398, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  Ancheng Zhong

• Initial Complaint

  09/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 6/4/24 I assisted my mother with opening a account with Marcus. On 6/4/24 deposit of $25,518.52 was made, on 6/6/24 deposit of $50,0000 was made and then 6/17/24 a deposit of $57,368,96 was made. All 3 deposits were transferred from her local bank. Then on 6/29/24 a deposit of $244,987.47 was added to the account, this was from a real estate transaction. On 8/16/24 we initiated a transfer of $130,000 to a different financial institution so we could not have her funds all in one account. On 8/19/24 I received a call from Marcus asking to speak with my mother. I advised that she was unavailable as she was residing in a Assisted Living home. The CSR advised me that because she could not speak to my mother that the transfer was being rejected. OK I thought what do I need to do here. She advised me to send in the Durable Power of Attorney form that I hold for my mother. I sent the form on 8/21/24 via overnight mail service. I contacted Marcus on 8/26/24. I was advised to leave a message for the department reviewing the POA, which I did. They called me back on 8/27/24 and advised that they would regular mail documents that I needed to sign. I sent those documents along with my POA via overnight service on 8/29/24. We assumed all would be processed very quickly so on 9/4/24 we initiated a transfer in the amount of $150,000 to another financial institution. Having issues the last time around I (with my mom present to give voice approval) I contacted Marcus on 9/6/24 to check the status. On this date things got worse. Long story short is that 2 different CSR's advised me (with my mom present) that her account and funds had been put on hold and that we could not access any of the funds. Complete shock summed up what we thought. After thinking the transfer was just on hold I (with mothers approval) requested to close out the account entirely. We were advised no funds could be dispersed, not even $1.00. My mother has bills that need paid, we need access to her account ASAP!

  Business response

  09/13/2024

  BBB Response Blankenship
  ID 22256394
  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 September 8, 2024. The Bank appreciates the opportunity to address the concerns raised by Shawn Blankenship (the “Consumer”) related to adding Power of Attorney to an Online Savings Account (“OSA”).
  On August 27, 2024, the Consumer submitted documentation to be included as Power of Attorney on an OSA. On September 6, 2024, the Consumer contacted the Bank to inquire about the Power of Attorney documentation and a Bank specialist opened an investigation into the Consumer’s concerns. On September 12, 2024, the Consumer contacted the Bank and a Bank specialist informed the Consumer that the investigation is in progress and to allow 7-10 business days.
  For security purposes, the Bank is unable to share any details or account information with a third party. If the Consumer requires additional assistance, the Consumer may call the Bank toll-free at 1-855-730-SAVE (1- 855-730-7283), Monday to Friday, 8 am – 10 pm, or Saturday to Sunday, 9 am – 7 p m ET.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  
  
  

  Business response

  09/24/2024

  BBB Response Blankenship
  ID 22256394
  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 September 17, 2024. The Bank
  appreciates the opportunity to address the additional concerns raised by Shawn Blankenship (the
  “Consumer”) on behalf of Ava Blankenship (the "Customer”) related to accessing the Customer’s Online
  Savings Account (“OSA”).
  For security purposes, the Bank is unable to share any details or account information with a third party. If
  the Consumer requires additional assistance, the Consumer may contact the Bank toll-free at 1-855-730-
  SAVE (1- 855-730-7283), Monday to Friday, 8 am – 10 pm, or Saturday to Sunday, 9 am – 7 p m ET for
  further assistance.
  Based on the above details, the Bank kindly requests this complaint to be closed.

  Customer response

  09/25/2024

   
  Complaint: 22256394
  
  I am rejecting this response because:

   

  Technically I am accepting the response; however by clicking "Reject" it allowed me to leave a summary. After speaking to probably the 15th person at Marcus over a 5 week period the account was finally able to be closed and I as the Power of Attorney for the account holder was able to receive the funds in the account. The manner in which Marcus treated me over the 5 week period could never be explained with the word count that is allowed within this complaint response. Marcus must think it is ok and almost a joke to mess with people and their finances. Marcus can say what they want about protecting the account holder, privacy related items, etc. etc. etc. As a POA for my mother Marcus is not the first, second or even third financial institution I have dealt with however Marcus is by far the worst financial institution I have ever dealt with. There is really no point here going on and on as it would not matter. Marcus is a plus billion dollar company who cares about their bottom line and NOT taking care of the customer.
  
  Sincerely,
  
  Ava And Shawn Blankenship

• Initial Complaint

  09/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I opened an account for my mother to earn more interest (I have POA for her - she has dementia). After ~ 2 weeks, Marcus placed a "security hold" on the account. I sent POA to them on August 2, 2024. Since that time I have spoken to them weekly. Apparently a POA cannot open an account for someone else. OK. We decided to close the account and send the money back to the originating account. It has now been 5+ weeks since the security hold and the money is still frozen in the opened Marcus account. I am getting no where with them.

  Business response

  09/13/2024

  BBB Response Andersen
  ID 22254099
  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 September 7, 2024. The Bank appreciates the opportunity to address the concerns raised by Robert Andersen (the “Consumer”) related to an account held for a third-party.
  The Bank completed its review of the Power of Attorney (“POA”) documents received from the Consumer; however, the Bank is not able to approve the documentation and recognize the Consumer as a POA. Unfortunately, the Bank is unable to provide any information related to a third-party’s account.
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  09/06/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I made a transfer from this Marcus account of mine to my Capital Savings account and they have debited the money out of my Marcus accountsm but now say it was declined. My money has not returned to my Marcus acc, and I don't have it on my Capital One account either. Money is in limbo and its a large amount which I need ASAP. 19k!!! Also, I first made a trasnsfer of $1,000 from Marcus to Capital One to ensure it would go through smoothly before I did the larger transfer, and It did post successfully so I don't understand why they declined my $19,000 transfer. I need the money ASAP.

  Business response

  09/13/2024

  BBB Response Pombo
  ID 22252086
  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 September 7, 2024.  The Bank appreciates the opportunity to address the concerns raised by David De Pombo (the “Customer”) related to an outgoing transfer from their Online Savings Account (“OSA”).
  On September 5, 2024, the Customer initiated an outgoing transfer from their OSA to an external account. During the transfer processing review, the Bank identified security concerns regarding the external account. On September 6, 2024, the Bank attempted unsuccessfully to contact the Customer to address the security concerns; therefore, the Bank restricted the Customer’s OSA until the security concerns could be resolved. Consequently, the Customer contacted the Bank regarding their OSA access and a Bank specialist assisted with resolving the security concerns and advised the funds could only be sent to the funding account. Subsequently, on September 7, 2024, the Bank reversed the transfer. On September 9, 2024, the Customer re-initiated the outgoing transfer to their funding account and the Bank successfully processed the transfer the same day.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

• Initial Complaint

  09/05/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  A month ago, I opened a savings account. A day later I tried accessing my account and it was locked. I've called the savings helpline and talked to their security department & supervisors countless times. I have received the same response of them not being to provide an answer as to why my account was locked or the timeline that it will be fixed and that they've made a case that will be reviewed at some point. I have no way of paying for my college or housing and they could care less. This has been the worst costumer service of my life with something that is truly so crucial. I am extremely disappointed and will make sure to warn everyone at the college I go to and all of my networks to never bank with this institution.

  Business response

  09/13/2024

  BBB Response Christensen
  ID 22247310
  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 September 6, 2024. The Bank appreciates the opportunity to address the concerns raised by Brody Christensen (the "Customer) related to accessing funds in their Online Savings Account (“OSA”).
  On August 28, 2028, the Bank conducted an account maintenance review and identified security concerns regarding the Customer’s identity. Subsequently, the Bank restricted the Customer’s OSA until the security concerns could be resolved. From August 30, 2024 to September 4, 2024, the Customer contacted the Bank regarding their account access, but the security concerns remained.
  On September 6, 2024, the Customer contacted the Bank to resolve the security concerns. After further review of the Customer’s profile, a Bank specialist assisted in resolving security concerns by verifying the Customer’s identity using alternate methods. Subsequently, the Bank specialist restored the Customer’s online banking access.
  Due to the experience, the Bank provided a credit to the Customer’s account as a token of goodwill.
  Based on the above details, the Bank kindly requests this complaint to be closed.
  

• Initial Complaint

  09/04/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I'm filing this complaint because Marcus by Goldman Sachs has hold on to more than 220 thousand dollars of my money for no good reason (they refuse to disclose). I would like my account unlocked by Marcus as soon as possible. On Sept. 4th, I received an email from Marcus by Goldman Sachs that my account was locked and I should call them at 855-730-7283. I did not try to login with a wrong password or withdraw money before my account was locked, so I have no clue why they locked my account. After calling the number given to me, the customer service representative, Cashmere (might have spelled the name wrong), asked me to provide my name, date of birth, social security number, and the secret word. In addition, she asked me to give her my phone number to receive a one time passcode. I gave her my personal phone number and corporate phone number, both of which she said "do not qualify" to receive their their one time passcode. She refused to disclose why my numbers did not qualify, so I had to keep trying with my friends' phone numbers, which also did not qualify. After I tried 5 numbers, she said she could not let me try more and had to create a case with the review team to unlock my account, and she claimed would take 3-7 business days, but in reality people with similar experience reported it took them more than 2 weeks to unlock their account. At the end of the call, she still refused to let me know why they locked up my account. I am in negotiation with a car dealer to buy a Mclaren 570s, and I need to withdraw money in the next few days. With Marcus locking up my account I cannot proceed with my deal.

  Business response

  09/11/2024

  BBB Response Song
  ID 22240067
  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 September 4, 2024. The Bank appreciates the opportunity to address the additional concerns raised by Ziyang Song (the “Customer”) related to accessing their Online Savings Account (“OSA”).
  On September 3, 2024, the Bank received a withdrawal request to an external account from the Customer’s OSA. During the transfer processing review, the Bank identified security concerns regarding the external account and attempted unsuccessfully to contact the Customer. Consequently, the Bank restricted the OSA until the security concerns could be resolved.
  The following day, the Customer contacted the Bank regarding their account access, but the security concerns remained. On September 9, 2024, the Customer contacted the Bank and a Bank specialist assisted with resolving the security concerns by verifying the Customer’s identity utilizing alternate methods. Subsequently, the Bank specialist restored the Customer’s online banking access. During the call, the Customer then requested an outgoing transfer request from their OSA to a linked account which the Bank successfully processed the same day.
  Based on the above details, the Bank kindly requests this complaint to be closed.

• Initial Complaint

  09/04/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I have had money in my Marcus account for over a year now. Yesterday, I tried to transfer money back to the same account I deposited it in, Marcus blocked the transfer and locked my account because they thought it raised some security issues. I don't understand why transferring money back to an existing account that I've already linked to Marcus for over one year would cause some security issues? Could it be that Marcus only allows me to deposit money in their bank and does not allow customers to transfer money away? Now they wanted me to wait. That's so frustrating and I just want my money withdrawn from Marcus. I hope you are able assit me in obtaining my funds from this banking institution.

  Business response

  09/09/2024

  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 September 4, 2024. The Bank appreciates the opportunity to address the concerns raised by *************** (the "Joint Owner)related to accessing their ************** Account (***).
  Per Bank records, on September 3, 2024, the Primary Owner initiated an outgoing transfer request from their *** to an external account. During the transfer processing review, the Bank identified security concerns regarding the external account and attempted unsuccessfully to contact the Primary Owner. Consequently, the Bank declined the transaction and restricted the *** until the security concerns could be resolved.  
  The following day, the Primary and Joint Owners contacted the Bank to regarding their account access. A Bank Specialist assisted with conducting a three-way call with the account holders and external institution successfully verifying the ownership of the external account. Subsequently, the Bank specialist restored the account holders online Bank access. During the call, the account holders then requested to re-initiate the transfer, which the Bank successfully processed on September 5, 2024.
  Based on the above details, the Bank kindly requests this complaint to be closed.

*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. ↩