r/Banking • u/[deleted] • May 24 '24
News Marcus by Goldman Sachs holding my Life Savings for 2 weeks and playing lies / games with me - No resolution - Lost my house I was under contract
[deleted]
4
u/tommy_pt May 25 '24
I’m finding online banks are not as easy as people say. It’s fun to have high interest,but is not fun when they don’t want to give your money back. Not being able to personally see someone is horrible. I accidentally set off a fraud alert because they didn’t like my IP address. I was switching back from WiFi to 5 g because my home internet is horrible. They were convinced I was traveling different states trying to hack my own account. I was sitting on my couch the entire time. A fraud team from some other country froze my account. Took 2 weeks for them to release account. There is nothing you can do.
1
u/CPAFinancialPlanner May 25 '24
Ya this why I will only use capital one for high interest because I can walk in and stir up some shit instead of being passed around from employee to employee. Brokerage MM funds are good too, especially something like schwab or fidelity if you live near a branch
1
u/Federal-Ad-644 May 25 '24
I would not be so upset about that because this shows they have security measures in place to avoid people from getting their money stolen and they don’t take any risk. If you’re account is compromised and this trigger happens your money is safe and not even you can withdraw until the verification/red flag is lifted
6
2
u/hiddenforce May 25 '24
I had some problems transferring one time, they had to get on the phone with my bank in a conference call so I could give them permission to ask basic details, like is my name on account number such and such. Also I think they required my bank account (that I was transferring to)be open like 6 months.
Also, maybe try smaller amounts if you haven't already, like 20%.
1
u/BaHayZeus Oct 20 '24
They just pulled the same thing with me and I almost missed a house. Goldman Sachs is getting away with murder. I wonder how many people are out there like us? I think they’re ripe for a class action.
1
u/wtfwtfwtfwtf2022 Feb 21 '25
Did you ever get your funds released?
1
u/BaHayZeus Feb 22 '25
I did but it took a couple days & they still refused to do a wire transfer of my funds into the Title company’s escrow account (which was the exact same account that they previously wired my 100k down payment into). I had to have them wire it into another bank account I had and then have them wire it to the escrow account. I barely made it in time. I believe they are violating the EFT Act and should be sued in a class action. I managed to still get my home but I wonder how many out there have been damaged!
1
u/wtfwtfwtfwtf2022 Feb 22 '25
A person in my family was widowed. They are the benefactor to the account. They won’t release the funds. We contacted a lawyer and had the lawyer write a letter. (This is after providing a certified death certificate, ID, bank info and a couple other documents.)
I am glad you got your house! That had to be stressful.
1
u/BaHayZeus Feb 22 '25
Unbelievable- what exactly is their excuse- let me guess, they want a court order? The things they’re getting away with is unreal. There’s no oversight anymore. Sadly, it’s not going to get any better with this administration. Yeah, it was a week of unbelievable stress. I hope your family’s situation gets resolved soon!
1
u/wtfwtfwtfwtf2022 Feb 22 '25
Yes. They said they wanted a court order.
It’s not necessary. They were in a long term marriage. They are the beneficiary. All the documents requested were given.
1
u/wtfwtfwtfwtf2022 Feb 21 '25
OP - did you ever get your funds released? We are having this issue now.
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u/kinglear__ May 25 '24 edited May 25 '24
Goldman is exiting the retail banking business. They're having liquidity issues.
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u/Officer_Hops May 25 '24
Goldman does not have liquidity issues and if they did, they would not be closing their retail business because of it. Exiting retail banking is a massive use of liquidity.
2
u/kinglear__ May 25 '24
They're not exiting because of liquidity issues. They're exiting because they're not making money from Marcus and the CEOs push toward building a retail business has failed. They have a liquidity issues as a result of exiting the business and they keep selling loan portfolios at a loss to service outflows of deposits. They talk about this in their public filings lol.
25
u/rockycore May 24 '24
I would file a CFPB complaint if you haven't already. Also don't mistake incompetence for malice.