We have been customers of Marcus for 10+ years, from when it was GE Capital.
Mostly used it to hold cash, as in a savings account. ACH in limit of $500,000, out limit $125,000, and four day hold. Most small ACH transactions are same day. So, it had been a good experience in the past.
We transferred $500,000 in on February 14. Tried to transfer most of it other banks when the hold was completed, on February 22. With no notice whatsoever, the outgoing ACH transactions were reversed.
Called the bank Feb 22, 23, and three times on the 24. Each call was maybe an hour long. During two of those calls, Marcus confirmed our ownership of the other accounts during a conference call with those banks. On February 23 and 24, we were told the account was unlocked. So, we initiated new ACH transfers out.
Yet, during our second or third call on February 24, Zachary from the fraud review department told us we could only send the money back to originating bank, not to any other bank. As an example of the absurdity, we had already tried to send $250,000 back to the originating bank. But, cute, glib Zachary, told us that transfer would have to be canceled, and then a new transfer initiated back to the same bank account.
Nobody we talked with at Marcus can agree with what the prior representative told us, as is usual with big companies. Cute, glib, Zachary kept telling me I must have misunderstood, and I told him no, anyone can listen to the recording, and hear that I was told something different, than what you are telling me.
What really is offensive, is when I asked to speak with the Compliance Department, two representatives had never heard the term.
So here, two weeks later, and no access to the funds. I already filed a complaint with the Federal Reserve regarding the failure to give me contact information for the Compliance Department. I understand why banks are concerned about fraud, but if that were their concern, they should have told us immediately on February 22. Having a lot of money sitting at a big, hostile, arrogant bank, and being literally unable to access it, or even told why we can't access it, should not be legal.
Customer Rights - I think it would be reasonable for banks to be required to immediately notify customers in writing if an account is frozen, the specific reasons, and the explicit steps that can be taken to unfreeze the account.
Getting different stories from representatives that each promises to make notations, only to be told something else the next time you call, should not be permitted.
