| 5 star: | (35) | |
| 4 star: | (13) | |
| 3 star: | (6) | |
| 2 star: | (12) | |
| 1 star: | (75) |
This use to be GE Capital before Goldman Sachs took over. After being with them for over 10 years and telling all my veterans and my child's friends about them, their customer service has went to trash:
- they froze my account from withdrawing my own money because they said my money went to an account I didn't own
-- I took my name off the external account prior to GS verification & instead of them calling or emailing me, they froze withdrawals to pay my bills etc but kept my incoming disability checks
- GS now states that they must verify my external linked accounts of over 10 years prior to me transferring my money between accounts
- they also called me on another occasion to "snitch" that the money I transferred to a GS account I'm joint on, that the owner transferred the money to their own external account
I worked too hard saving my money for GS to act as if they're my legal guardian over my funds.
I worked in the Air Force in Finance for 20 years. I'm going to tell you the truth of how "our" money works:
- your paycheck/pension/disability check is sent to your financial institution approximately 5 days before its available to you
-- the financial institutions invest your funds and make money off of it before they deposit your funds
-- by law, the financial institutions do NOT have to release your funds prior to the payment date listed on the "check"
- if the financial institution offers a dividend interest rate, it's lower than what they made on your funds (i.e. you get anywhere from .01% - 4% APY while the institution earns 10% APY; institutions give you a fraction of what they make off your funds)
- credit cards: institutions make money off of the businesses you use your credit card at AND off of you if you don't pay statement balance in full every month
-- credit card companies double dip in making money; the business you shopped at doesn't ever get the full amount of what they charged because the credit card company charges the business 3-6% to get their money from the credit card institution; they then charge the credit card holder 9% or higher on unpaid balances while you possibly receive approximately 1-5% cash back rewards but get charged 20% in interest on unpaid statement balances
Financial institutions like Marcus of GS, don't like to see external transfers because that's less money they can "play" with to make money off your money. Go to a place that appreciates you entrusting a PENNY of your money. Do NOT stay with an institution who's own greed clouds their appreciation and wants to hold your funds hostage behind their fake smile.
Bank with Marcus by Goldman Sachs for approximately 3 weeks. After they broke company policies and procedures by accepting a deposit that was not in my name they refused to allow me access to my funds that they never should have accepted to begin with. So after 2 weeks of going through verifications and this and that and the other they finally unlocked my account and still denied me the soldier of the account they denied me the ability to send my funds to my other banking firm without being able to authorize or verify my other account first. So if you have funds or an account with Marcus by Goldman Sachs you're not allowed to transfer your money anywhere that you want to in the world to any account or anyone that you want to send that money to. Staff is untrained unprofessional and don't know the entire company policies and procedures at all you get told One thing by One representative and another by another representative even the supervisors don't know the company policies and procedures. Worst banking firm ever
Average bank watch out when making transfers to external bank accounts cause they tend to lock down your account for verification reasons...never experienced this with any other bank before...
Marcus by Goldman Sachs closed my accounts without any notice — no letter, email, or phone call. I had full legal authorization from my elderly father to manage our joint account, and it was suddenly revoked after the closure. When I finally reached someone, I was told the bank “has the right to close accounts at any time.” They gave me incorrect contact info, refused to provide an interpreter for my father, and offered no support. This was handled with zero transparency or care. My account was closed on02/11/25- I still don't have access to my savings. I would not trust them with your money.
Marcus Bank's rates on CD's are only .10% lower than most smaller regional banks & that can make a significant difference on larger deposits. Marcus website is better than any bank I've experienced in over twenty years. They post your interest at the first of every month and show it to you. They show you an estimate of your CD's total earnings at maturity.Your deposit is compounded daily .They give you 30 days to add to your CD. You can withdraw the interest every month , if needed . You can direct the bank as to what to do upon maturity with your funds . ACH transfer went through the next business day, no problems.....If their rate was just .10% higher today, I'd be back there. ...I've found higher rates, I haven't found a better place to do business.
This is a follow up to my Jan 27 2025 post. Had a CD that matured on 3/30/25. Made an online request to transfer funds to my credit union account. No customer service contact. By next day funds were in the credit Union. Very satisfied with them.
I've had a good experience with Marcus. You start earning interest right away when you pull funds into your HYSA. Use this referral to earn more when you open a new account:
I’m inviting you to receive a cash bonus when you open a Marcus high-yield Online Savings Account. Terms apply. https://www.marcus.com/share/DAN-IL5-NBA1
I recently opened 2 Cd's with Marcus and I plan to open some more of the 14 month specials. Everything went smooth, no problems. Their app is very good too. My only complaint is that the cd's have a 9 month early withdrawal penalty, if you need access to your money early.
Sorry to hear that some had difficulty in pulling their funds out. I have no affiliation with Marcus except I had 2 CDs with them. The first matured a month ago and a week before maturation I chose the option in my CD account to transfer funds to my bank which I had linked when I brought funds for the CD. By midnight of maturation day the funds were in my bank account. My other CD matures in about 3 months. Hope I won't have any issues. Based on that I will write another review.
Marcus by Goldman Sachs Is FDIC Insured.
I Like this bank.
I have had no problems with Marcus Bank.
If you have problems, then call the bank or make a complaint with: www.consumerfinance.gov/complaint/
They are quick, efficient and will handle any banking problem. Banks have to listen to them.
Be careful of these new "BANKS"
that take your money without being FDIC insured and say they are going to transfer the money from their company bank account to an FDIC insured bank.
Ask them if you will get an account number from the FDIC insured bank.
5.1% savings account with referral code.
Get an extra 1% for 3 months with my code:
https://www.marcus.com/share/ERI-7MR-GL8K
After your 3 months you can post your referral code or give it to family and friends.
You will get an extra 3 months of 1 % for each referral.
I recently opened on online CD at Marcus. I went through the process over the phone with a Customer Service Rep from Marcus and everything seemed fine. I went online and saw that interest was posted to my account and it looked like the correct amount. When I went to look at my bank statement I noticed that my actual balance was different than what was appearing online because Marcus was deducting Federal Backup Withholding. When I called to find out why this was happening as no other bank does this, I was given the runaround by different people. First I was told that I signed up for this (which I did not). Then I was told it was listed in the small print. I requested a copy of what I signed and they stated they could not provide it!! I have never heard of a bank that cannot provide you a copy of documents that you completed. I requested this be reversed as i did not want backup withholding and was told they had to MAIL me a signature card to stop this going forward but the process could not be reversed. I requested they email me the signature card and was told they could not do that - yet they accepted my signed application by email. This is the biggest scam bank ever!!
I have been calling them almost every day since and finally received the signature card in the mail on 10/22. I had to return it to a PO box so I called Customer Service again and asked if they could provide a physical address for me to mail it back to so that I could send it certified mail with a signature receipt. I was told that was not possible and that I had to mail it to the PO box. On 10/22 I mailed the signature card back. Today is 10/30 and I called Marcus again and they claim they have not received my signature card yet and to allow 10 - 14 business days for receipt. I will NEVER do business with this bank again!!
It took over a month or more to close an online savings account held by my deceased parent. It became apparent that Marcus Goldman Sachs was trying to hold onto his account as I had to call several times to confirm the required documents were received and verified. Then, I called several times to ensure that they closed his account as the final check was delayed. Their interests rates may be competitive, but trying to close an account with them is a challenging task at the least.
If there is something that I learned in the past 10 days, this business is an Ultimate Joke. From the Customer Service to the Fraud Department to the Complaints Division all the way to Management. If you a smart investor, DO NOT USE this company.
This is the most unprofessional bank as ever, DO NOT DO BUSINESS WITH THIS BANK.... RUN FAR AWY FROM THEM. All of them will be exposed as crooks in the near future with a huge lawsuit coming against them! DO YOURSELF A FAVOR AND FIND SOMEONE ELSE!
I've had positive experience with Marcus overall! The site and mobile app works great and easy to navigate, At first there was a delay in my funding of accounts but once that was established transfers went quicker within 1-2 business days. I did enjoy the ease of the IRA account option but needed to transfer it out (May'24) to another of my established banks with the IRA product when they discontinued the service. Do take advantage of the extra 1% on your HY Savings with referrals which I've done 4x!
I will be brief in my 1 STAR review. The issue is log in errors to the online customer portal. For 5 days I called for technical support to resolve the log in error message I began receiving 5 days ago. After speaking to no less than 5 Marcus agents their ONLY resolution is to stop using use my PC to log in. The account has been open for 90 days. Prior to this week there were no issues logging in on my PC running Windows 11 using a Chrome browser. As soon as I am able both accounts will be closed. The CD and Savings account balances will be transferred.
I Like this bank.
I have had no problems with Marcus Bank.
If you have problems, then call the bank or make a complaint with: www.consumerfinance.gov/complaint/
They are quick, efficient and will handle any banking problem. Banks have to listen to them.
Be careful of these new "BANKS"
that take your money without being FDIC insured and say they are going to transfer the money from their company bank account to an FDIC insured bank.
Ask them if you will get an account number from the FDIC insured bank.
5.1% savings account with referral code.
Get an extra 1% for 3 months with my code:
https://www.marcus.com/share/ERI-7MR-GL8K
After your 3 months you can post your referral code or give it to family and friends.
You will get an extra 3 months of 1 % for each referral.
It's hard to beat Marcus current rate of 5.4% APY (which includes the 1.00% referral bonus that's good for 3 months) unless you're willing to sacrifice customer service or lack of access to your money by going with another bank. I researched all the top paying HYSA's for hours and this was the highest paying of the no-headache bank choices!
Here's a fresh unused promo code for that 1.00% bonus: https://www.marcus.com/share/STA-JSV-XNN5
Thank you!!
For avoiding a frozen account it is important to send your money back from the originating account (the external account that funded your Marcus account). If you send it to another external account your account might be frozen. At least this is what happened to me.
I only have one external account and this works for me.
A general comment about Marcus. This is the equivalent of Spirit Airlines but for banks. People fly in spirit because of the fares not because of the service. Marcus is attractive because of the interest rates not the service. Lower your expectations and you won't be disappointed.
I can't stress this enough. This bank is the most incompetent I have ever dealt with in my entire life. I had numerous issues trying to send funds to a linked external account. I spent over an hour on the phone with customer service and got nowhere. At a later date I tried to send a wire and they sent me the wrong form and the money almost went to someone else's account. Please dont ignore these reviews. Their rates are enticing but you can do better at competitors without the hassle.
** Here is my referral code:
https://www.marcus.com/share/SHA-2JU-4FYL
I only have CDs but am considering re-opening a Savings Account given you and I can receive 1% extra APR. As of April 9th, the savings rate is 4.4% APR, so with that additional 1% bonus, you are getting a nice deal. Fyi, the extra 1% is for 3 months, but still beneficial.
Also, I have been with Marcus for over a year, and I am not disappointed. The customer service is great, but I knocked off one star for their customer service because once they really did not understand a transfer issue. I dropped it, because it was so borderline and caused me no real monetary loss.
I have found it so easy to open accounts, transfer and retrieve my statements. One thing about the statements is that if you have several accounts, you will receive several statements per month, and personally for me, I find it tedious to download individually. I hope Marcus can consolidate these monthly statements into one, but not a dealbreaker.
I have had CDs expire and renew without issue, and for the ones which expired, the funds were transferred without issue. I opened my account with ease, so the reviewers who have had issuers, probably had something unique, as my account opening was simple. The same for external transfers, incoming and outgoing, no issues. I also like the fact that your incoming transfers as long as initiated via Marcus and not your external account, starts gaining interest immediately.
Anyway, hope my review helps and I sincerely hope you use my referral code. Happy to answer your questions.
** Here is my referral code again:
https://www.marcus.com/share/SHA-2JU-4FYL
I had several colleagues recommend Marcus to me and I finally did my research and opened an account, and I'm so happy I did! Their rates are good compared to others, with no deposit required and transfers have been seamless. Customer service has been great as well, which I can't say the same for other's I have come in contact with.
For extra 1%, just use this link to open your account.
https://www.marcus.com/share/CHE-C4S-DFBZ
Just giving some credit where credit is due. Been with Marcus about 5 years, maybe more. Have had no trouble and no complaints. Their rates aren't stellar, but all else is good. Transfers are quick and games are kept to a minimum.
I was trying to add an external bank account on their online portal it said, at this time this bank/institute is not available to add and also tried with a customer support agent she didn't know anything about Marcus products she was putting me on hold for every question and afterward when told her to add my institute she tried the same thing which did it and reading the same error message which I got it no explanation why it happened nothing, worst response ever and also for withdrawal and deposit it will take 7 days from both sides to get your funds available be careful about it, still you want to open this account because they have 4.5% APY then you can use m link to open the High yield savings account, https://www.marcus.com/share/DHR-G7N-46GL
Looking for a professional and reliable bank? Look elsewhere. Marcus is an unbelievable mess.
Here are just the highlights of my experience:
1) Without any notification, Marcus put a hold on my funds. A Treasury Bill that I’d scheduled to purchase was nullified. After calling Marcus to learn why they blocked the U.S. Treasury, I was informed that it was because I’d recently changed address. Had this Treasury Bill purchase gone through a brokerage firm instead of Treasury Direct I would have been slammed with high interest payments on a margin loan until the funding issue was ironed out. If moving to a new address raises doubts, then why not simply phone to clarify any concerns?
2) Without (again) any notification, Marcus put a hold on my funds. A debit to pay my credit card balance was bounced. Had there not been additional days before the balance was due, it would have caused the first late payment in my life, hitting me with a penalty, and damaging my credit score. Also, an ACH withdrawal to an external account was reversed two days after it had successfully been completed. Unfortunately, during the interval, I had transferred those funds elsewhere. This created a large negative balance in the external account which raised legitimate suspicions of fraud by that bank. The reason Marcus gave for putting a hold on my funds was that I had originated the credit card payment from an external financial institution (Marcus does not provide a bill payment service). Yet previously I had debited credit card payments originating from that same account without a hitch. If initiating another withdrawal from that external credit card account raises uncertainties, then why not simply phone to clarify any concerns?
3) Without (again) any notification, Marus reversed an ACH transfer to an external account. The day before Marcus had verified my ownership of this external account through a three-way call to that bank. When I phoned to learn the reason for blocking this funds transfer, I was told a myriad of falsehoods. First that the external account was open less than 90 days. Yet during the three-way call with that bank, it was confirmed that the account was open for more than eight months. Then the excuse was that my Marcus account was less than 90 days old. This was absurd as it’s been open for over a year and a half. The next reason was that I had a deposit on hold, however I pointed out that besides those funds, I had an available balance far above the amount being transferred. Inexplicably, the reply was that once a deposit is on hold, then zero funds are accessible regardless of how long the other past deposits have been sitting in the account as an available balance. These bizarre excuses went on and on. It was like dealing with a relentless sociopath. If transferring funds to a recently linked and verified external account raises questions, then why not simply phone to clarify any concerns?
When I went to file an online complaint with the federal Consumer Financial Protection Bureau, I saw there were close to three thousand complaints lodged against GOLDMAN SACHS BANK USA (i.e. Marcus Bank). I’ve dropped my balance there to $1 and switched to institutions which practice old fashion banking values such as honesty and respect towards the client, competency and assiduity towards the work.
Be careful of these new "BANKS"
that take your money without being FDIC insured and say they are going to transfer the money from their company bank account to an FDIC insured bank.
Ask them if you will get an account number from the FDIC insured bank.
5.1% savings account with referral code.
Get an extra 1% for 3 months with my code:
https://www.marcus.com/share/ERI-7MR-GL8K
After your 3 months you can post your referral code or give it to family and friends.
You will get an extra 3 months of 1 % for each referral.
After a year, suddenly no one will speak with me or answer my questions, because their "secret system" says my phone number is not in my name. IT IS. I have my PIN, password, secret word and it's the same number I created my account with, however I cannot access my account or get any help. They recommended calling the phone company??? Of course they had no idea what the bank is talking about. Even a Supervisor refused to send a pin to my phone number. Now I had to fill out a notarized affidavit just to access my money again. Will take weeks. Ridiculous!!!!
I removed one star because they removed one cd functionality for the 14 mount special cd. You can not update the maturity option for 14 mount cd from the app anymore. There shouldn’t be any reason why you shouldn’t be able to do this. Other wise the cd rate is ok “5.4 APY”, the iOS app is clean and easy to use. No problems so far.
I deposited $100,000 with Marcus on 1/15. On 1/27-28 I tried to access to add more funds, only to find that they had locked my account. I called, the rep had no information, other than they will not allow access to my funds, and will not tell me when they will either allow me access or return my funds. I have called 4 times, 2/7, 2/8, I have spent HOURS on hold, spoken with William, Kayla, Tatiana, Calique(sp?) and Audrey, and nobody there can give any answer other than to wait another 5-7 days and call back. This is unacceptable behavior from a supposedly professional company.
How do I get my money back?
I did my research before choosing to go with Marcus for my HYSA. There are banks out there with higher APY, however, I felt most comfortable using Marcus than some of the others. I wanted to ensure I could access and transfer funds as needed using a good interface. I feel secure with them.
Get yourself a higher APY when you sign up using my referral! Please feel free to pass it on as well. www.marcus.com/share NID-IWR-UL4I
We opened a HYSA back in November and the rate has been fantastic. Don't let your money sit around!
Please use my referral link so you can get an extra percentage on your rate when you open an account!
https://www.marcus.com/share/JOS-SWP-DNSG
Use the following link to get additional 1% interest to the current rate for online savings.
https://www.marcus.com/share/PET-AXZ-NWTB
I needed to do a wire transfer to a new bank account that I could not wait to set up as an external account. This was unachievable for obscure and impenetrable reasons. It would have helped if there was someone identifiable within the organization who could actually listen to and resolve problems. I was fine as long as I operated within the online system. Today I necessarily ventured out of that cocoon. I had so bad an experience I found it necessary to close my account.
CD rates were competitive and account opening process was really quick; money was funded and started earning interest the same day.
Compared to my experience with Bank of America, which sat on my money for almost two weeks during an archaic "account review" process and now seems to be requiring me to bring signed signature cards into a physical branch, Marcus was super smooth. I will say, however, that I added a joint owner after the fact rather than at account opening. That was a bit of an ordeal that required calling in, listening to long disclaimers, getting transferred to a credit card division by accident, and then starting the whole process over again.
During that process, the rep I spoke with accidentally got my "secret word" and "hint" mixed up when verifying on a call, so she gave me the secret word rather than the hint. A little concerning, but I think it was an honest mistake. Edit: I think maybe I set them up in reverse. I'll give them the benefit of the doubt.
Their online savings rate is also decent, and at the moment if you sign up via a referral we both get an extra 1% for a period of time which makes it comparable to or better than a CD, but without tying the money up in the meantime.
Here's my link: https://www.marcus.com/us/en/savings/referral?referralcode=MAR-SZE-TMDR
I tried to open a New CD on Marcus Bank. Could never log in, change password etc. Just was on phone with the 6th Marcus Rep. to try to figure out what is going on. They at one time had two profiles for me, but Rep said that is resolved and what had caused the old conflict. Today, tried to open account with Representative as she said better that she does it so that there would be no problems. Log in email address was fine, but password not working. Tried to reset with Rep seven times. Never got the email from Marcus to confirm the reset. Then, Marcus Website went down during all of this debacle. Rep was baffled and horrified as this entire situation. I told her, Marcus Bank CD Application process is WORST Bank experience in the history of my life. I opened 7 CD accounts in past 30 days with not one issue. Her bank the WORST of them all. All of the others took minutes for the application. What a sheer waste of time this was.
Right now, Marcus is paying 4.5% which is one of the highest rates. They have 24hr customer service and they respond quickly. Deposits made online earn interest the day you enter it and transfers out of your account process by the next business day.
Now I'm currently earning 5.5% for the next 90 days because I was referred by a friend using their link. You will receive an extra 1% for 90 days for each friend you refer (up to 5) and they open up an account plus they receive the bonus rate too . You will see other people on this forum giving you their link to get another 1% bonus for the next 90 days. If this review has been helpful, I'll give you my link below so both of us can get an extra 1% for 90 days.
https://www.marcus.com/share/MIC-TDQ-6LUY
If you do not want to feel that you cannot get money out of your bank, DO NOT USE THIS BANK. I linked the Marcus account to a brokerage account and initiated a transfer of funds from the Marcus account to the brokerage account inside the brokerage account. It was reversed by Marcus on the same day without giving any reason or any notification to me. I only found out several days later by checking my brokerage account. When I called Marcus, they said they reversed because the account has not been verified. I thought ok, then I just transfer the money to a bank account I have already linked to within Marcus, which was the bank account from which I initially funded the Marcus account, and that should be no problem, right? Wrong, I was trying to do this transfer online when I was on the phone with Marcus bank to find out about the first issue and found that I could not do that transfer either. So I asked Marcus on the phone, which I am glad I did because otherwise it would have resulted in wasting even more of my time, I was told by Marcus that I could not do any transfer to any account until they verify the brokerage account - so what they told me was that I could not transfer any funds out of my account until they verify this other brokerage account that I no longer want to transfer money to. Does that make any sense at all? No. And to boot they said the only way to verify the account is to do a three-way bank phone call with the brokerage, with Marcus Bank, the brokerage and me all on the phone at the same time. Luckily my brokerage was one where you can get a live person on the phone quickly, so they were able to complete that call. BUT ONE THING THAT THEY DID THAT REALLY IRKED ME AND MAY BE ILLEGAL WAS BROADCASTING MY ENTIRE SOCIAL SECURITY NUMBER TO A REGULAR BROKER THAT THEY WERE TRYING TO VERIFY MY IDENTITY WITH, WHO I DO NOT THINK EVEN HAVE ACCESS TO THAT INFORMATION. From that, I am not sure how well they guard their customer's sensitive information, including SOCIAL SECURITY NUMBERS. I am taking all my money out as soon as possible and closing the account. Marcus's way of operations are so archaic and out of ordinary, never want to feel that I could not get my money out of my bank account ever again, and that can happen especially when using an online bank.
Before opening the account, I was wary due to the low reviews, but I have had a great experience. Easy to open, use, and transfer money with outside linked bank. With the referral bonus that I received from this site, the account is making 5.5%.
My referral link for an additional 1% for 3 months: https://www.marcus.com/share/RAC-SBL-A7RX
I have been a client since they started. My honest opinion is that they have issues if you move money a lot, you will have to verify your external accounts on a call and such. Otherwise they are decent. They give free Wire Transfers which hardly any bank gives and their ACH is also pretty fast. I see lot of complaints regarding the low rate but there are ways to fix that if you see below. The other option is to keep opening new accounts with the small banks. They give good rate for a while but then dont keep up and it becomes a pain to keep switching.
For extra 1%, just use this link to open your account.
https://www.marcus.com/share/SAN-PVH-1BHH
You can also get an extra 0.1% with an AARP membership which is pretty cheap.
So the overall rate becomes 5.60 percent which the highest these days for savings accounts. You can create an account here and message me if you have any questions.
I have had excellent experiences with my Marcus savings account. I am currently earning 4.9% (which is their 3.9% rate + an extra 1% per year) through referring new customers. In addition, when you pull funds to Marcus savings, you start earning interest right away.
I’m inviting you to receive a cash bonus when you open a Marcus high-yield Online Savings Account. Terms apply. https://www.marcus.com/share/DAN-IL5-NBA1
I opened a 12 months CD at 5.5% APY (5.35 APR).
The process was smooth. It is really a pleasant experience when you have a true online bank making the customer journey better than most banks here.
I chose the two small deposits to my external bank as the means to fund the CD. Upon verification of the two small deposits, my CD at Marcus was instantaneously credited the exact amount without waiting for days. That was an unexpected plus. This is the only bank I know that does this. Most banks will make you wait for days after the small deposits verification to actually deposit your money to your CD.
They have a "close my account" button when logged into your account. If you press it, it literally closes your account (I tried it and it would have closed my account, had it not been for the fact that the account was not funded yet at the time). I believe this is the button you press after maturity (you do not have to call service rep).
You can link more than one external bank. I only have one linked, but there is an option to add another if you like. You can add beneficiary online as well without speaking to a rep, another plus.
I recently closed my CC account and asked for a payoff balance. Paid it off, closed the account and the rep said "GOOD TO GO"................ Two months later I have a balance with late fees. Call them up and explain the situation and absolutely nothing they can do. Wouldn't credit me anything, wouldn't transfer me to someone who could help me. Just had to pay them AGAIN because of their stupid asinine employees. If I could give this company negative stars, I would. For the record, they are not 1 Star, they are ZERO stars. Will never ever ever ever do business with them again. I hope they go bankrupt and everyone in the world takes their money from them. Horrible website, horrible customer service, horrible rates, terrible credit card benefits, entire company just SUCKS ASS. I had a couple different credit cards and when this company took over the buy power, it went to total shit. All they had to do was credit my account due to THEIR mistake, but they wouldn't help me in any way. Disgusted beyond belief with every aspect of this shit ass company. PLEASE PLEASE PLEASE DO NOT DO BUSINESS WITH THEM IN ANY WAY!!!! I BEG OF YOU
Failed to wire money and failed to close an account after conformation.
Customer service has little knowledge of banking and process, nor how their own website works.
I am closing all my Marcus accounts and moving on. Plenty of banks with better interest rates.
One of the few online banks that starts paying interest on the day (i.e. business day) that you enter a deposit and also transfers money out in one business day. Many of the other online banks hold your money 2-4 business days before paying you interest for a deposit or before actually sending out the money. The other online banks don't allow beneficiaries on your account and/or they don't allow multiple accounts linked together (like saving envelopes). Lastly Marcus has 24 hour customer support which many don't.
You may see some reviews complaining about their accounts being locked. Here's what's happening due to Marcus' anti-money laundering controls and how to avoid the locks since it happened to me:
1. Don't transfer all of your money from another bank to Marcus and immediately close that bank account, because they have to verify with the other bank that you are the owner of the account. Keep that account open even with a small amount. If you don't, they will need to make a 3 way call to your old bank with you on the line to confirm.
2. When you transfer money to Marcus from another bank, you cannot transfer that money to another outside bank for 90 days. So which ever bank you transferred the money "from" can only be the bank you can transfer "to" for 90 days.
3. So keep one outside "funnel" account so that all transfers go in and out of Marcus. I hope this helps.
When you sign up they will send you a link to offer to your friends or strangers to get an extra 1% interest for 3 months. If your friends or strangers sign up, you will also get an extra 1% interest for 3 months up to 5 times. That's how I earned the extra 1% when I signed up using one of these reviews. If you want to earn the extra 1% interest for 3 months now, just copy and go to the referral link below and we both win.
https://www.marcus.com/share/MIC-TDQ-6LUY
Watch out for these guys. Their customer service staff has ZERO accountability. They have told me twice on previous occasions that I could wire funds to an escrow account.
On the day of the wire suddenly they say I can't wire to an escrow account and that each situation is handled on a case by case basis. They said they can't tell me how they decide whether they can wire to an escrow account. So I guess it's kind of like rolling the dice on whether they can actually move my money when I need it. Just what I want in a bank!!!
Now I may not get the money in time for a real estate purchase and they say there just aren't any managers that can talk on the phone.
Don’t like the fact that, if you do a transfer from Marcus savings to your bank, your funds are not released right away. When I did a transfer on Saturday, it says it will be in my account on Monday, that was not the case. It’s amazing that when you want to transfer money from another account into theirs, they receive it immediately. They actually blame it on the bank receiving. When I called my bank, they stated they do not hold funds being transferred from another, unless it’s a check.
You get + 1% APY for 3 months if you use open the savings account by using the referral code.
https://www.marcus.com/us/en/savings/referral?referralcode=JOO-2P6-5NBE
Please use my link! I opened from someone's referral code and this bank is great. And you start earning interests on the day your deposit is received (even though it says processing, you earn interest)
Great experience with Marcus by Goldman Sachs. High interest rate.
Use my referral link below for 1% bonus interest. Currently at 5.4% APY using my link.
https://www.marcus.com/share/JON-E89-SJEQ
I'm Happy with Marcus.
Great Rate.
No problem with deposits or withdrawals.
They are part of Goldman Sachs.
Much better than those new non-bank holding companies that are not FDIC insured until they transfer the deposit into the FDIC insured partner bank.
The bank has no concept that people need their money *ON A SPECIFIC DAY*.
They will hold, the will not transfer it, they will not expedite a transfer, they will not wire your money, they will do NOTHING to help you.
You WILL have problems if you are trying to do ANYTHING related to a specific date.
Do not use this bank if you have to pay a mortgage, close a house, close ANY deal, pay taxes, whatever. Anything. Just don't use them.
I had an account here due to a premium 0.10% that was offered through AARP. Recently, I closed my last account there, problem-free.
The good: intuitive website that even allows you to provide CD renewal instructions online, which not all competitors do.
The okay: occasionally, they offered a competitive CD rate.
The needs improvement/the bad: their interest rates are far behind too many competitors.
I agree that some of the criticisms are not justified. You don’t need a checking account. Marcus is a place to park money not perform your daily banking. You can link your account to an outside checking account if desired. The only major issue I have is the trouble with the app and website on my iPhone. Online banks need to realize they as much a tech company as a bank. Don’t tell your customers to “clear your cache” and other trite solutions that don’t work. Test your website and apps after every minor upgrade.
I'm Happy with Marcus.
Great Rate.
No problem with deposits or withdrawals.
They are part of Goldman Sachs.
A few months ago, I opened savings accounts with CIT Bank, Marcus, UFB Direct and Capital One. Most of these banks have lower reviews and I'm glad I did not rely on those reviews. Marcus has a low rating on this site which really surprised me.
Do your own research and look at the bank stat or their parent organization's health. I'm not sure if I've just had the best of luck with the four accounts I opened with the four different banks but I just don't understand all the negative reviews. Some just silly like the transfer limits, transfer times, etc. Most info are available online and if not, ask before opening your account. Also, online banking does not mean faster banking. And if you want a live person and constant/immediate access to your money, go to a Chase branch and earn 0.1% on your money.
Marcus' site is pretty easy to navigate and everything went smoothly from opening the account to transferring funds. They had a good rate when I opened my account but then other banks started to offer higher rates and I need my money to make money so I had to leave Marcus. Every little bit helps nowadays. Closing my account took exactly 1 minute and I saw my money in my other bank account as pending the day after. I was surprised how quickly that went through. Overall, I had a good experience banking with Marcus and will return should their rates go higher.
As many others stated here I ran into massive troubles getting my money back from Goldman Sachs. I could not transfer it to my linked accounts and it almost jeopardized closing on my mortgage.
Horrible bank that I will never deposit a dime into again.
I'm like a person counting every penny, and have compared a lot of saving account to find the best interest rate. I wanna keep my cash liquidity in case I need for emergency. So I keep money here, with no penalty CD aside (4.9%)
Goldman-Sachs is well known and legit. Obviously there are higher interest rates online bank, but with referral bonus, this hits 5.15% which is amazing. (https://www.marcus.com/share/ELL-WEN-3488)
Transfer was easy from other banks like chase or discover. So far not connected to CIT bank. No fee or minimum balance required! And their app is very comprehensive and very easy to visualize all my accounts (if registered)
You will get additional 1% automatically to make up to 5.15% if you use the link to sign up the saving account.
https://www.marcus.com/share/ELL-WEN-3488
My savings account has been locked for 15 days. I was not notified of the lock and I have not received a reason. I have submitted a notarized affidavit of identity, 7 days ago. I do not have access to my account.
Not worth the interest if you can't get a "supervisor" to help you transfer funds. The highest person I can reach cannot get a pin to my phone to verify the transfer. I only wanted $15,000, I did the transfer online and my account was IMMEDIATELY locked. Now I want it all back but, so far, no luck getting ANY of my money back out. NEVER AGAIN using Marcus by Goldman Sachs!!! Still on the phone....
They locked my 88 year old mother's account 2 months ago and never notified her about the lock or why it was locked. They have her phone number, home address and email address and have not once contacted her about this issue. We've talked to their customer support and identity verification teams five or six times over the past 2 months and they are clueless. They've unlocked her account 3 times only to lock it again without any explanation. They made her submit a notarized affidavit to verify her identity about a month ago and never followed up after receiving it. We called them and were told that their identity verification team found a DOB that did not agree with my mother's DOB and told us they would contact us regarding next steps in 1-3 days. A week has passed and nobody has contacted my mother. Totally despicable company. I guess we're going to have to hire a lawyer.
Worst banking experience ever!! I’m trying to withdraw money to close my new house. They first won’t allow me to move the money. They only allow me to transfer the funds back to where it came from. They blatantly told me they’re not familiar with me. I have the account for a while and the money has been there for more than two months. How familiar do you want to me with a customer?! Do you need me to move in with you? Ok, now I asked them to get the funds back to my original account through wire transfer. It’s supposedly arrived in a day. Of course, it didn’t happen!! I’m sure they’ll come up with some other excuses. Now I’ll have to miss our closing day. And I’ll have to waste time on the phone with them again next week just to try to get back my own money. What a joke! Ridiculous!!
Been a client for years and still use them slightly.
Pros:
- Very fast (request early in am and recieved by 4pm same day) ACH in and out
- reasonable interest rate but lagging from many others
- no limit on debits like say PNC (6)
Cons:
- no check photo deposits
- poor customer service and lengthy automated phone system
- hard to find transactions on app
- no alerts whatsoever
My wife and I both have had accounts at marcus for years. Never had any problems or concerns accessing the accounts or withdrawing funds. That said, there are simply more competitive options out there that are equally safe and also have minimal restrictions as well. so do your homework if you want to maximize your returns. Marcus does have occasional account bonuses or special rates so it is good to have an account with a couple bucks just to keep it active for when these bonuses or special rates come along. Not saying their non special savings rates are bad - they aren't. But you can do better (example citbank platinum 4.75% for savings.) I haven't bought a cd from them in years but their 10 month @ 5.02% seems pretty competitive.
I’ve been very satisfied with my Marcus High Yield Savings account. They raise rates quickly when the Federal,Reserve does, and notify you promptly. The app platform works well and is easy to use. I have more than one account open with them and can easily and with no issues move money between these accounts and my external checking account. When you transfer money into your Marcus account, it begins earning interest immediately, even before your funds are available for withdrawal. The only issue I have is that my Apple Card cannot be linked to their app for tracking my overall net worth and debt levels. This is a problem, I believe, having more to do with Apple and not Marcus/Goldman Sachs Bank. Marcus/Goldman Sachs knows very well people want their Apple Card balances included. I have every confidence in my Marcus accounts and look forward to a long relationship with Marcus by Goldman Sachs. It has been an enjoyable experience.
Marcus will treat you like criminal.
Linked an external account to get a higher interest rate (jumped through all their hoops - micro deposit verification, etc). It was approved by Marcus.
Only to find out the transfer didn't go through (after 2 plus hours on the phone with a horrible customer service rep). Reason? The funds in the Marcus acct. hadn't been in there FOR 90 DAYS!!!!
WHAT???
Citizens Access and Cit Bank/First Citizens Bank have much better policies regarding availability of your funds and substantially higher interest rates as well. Choose them instead.
I’ve had an account with Marcus bank for several years now and had no complaints with the bank until recently. A few weeks ago, I initiated a transfer to a linked account at another bank that was well below the daily limit. Later that day, my husband received a phone call about the transfer. The CSR claimed that they wanted to make sure that he authorized the transfer, which is odd since it is a joint account. The next day, I logged into the account to make sure that the transfer went through and saw that Marcus had reversed the transfer. I talked to a CSR on chat and another one via phone and both of them told me that they couldn’t talk with me about the transfer. They could only talk to my husband about it. Since this is a joint account and they had already talked to my husband the day before about this same transfer, this made absolutely no sense to me. My husband wasn’t around at the time so I demanded to talk to a supervisor. The supervisor claimed that the transfer was reversed because they needed to do a 3 way call with our bank to verify that the account was ours. If this is true, why didn’t they tell my husband about this the day before when they called him about the transfer and why is a verification phone call needed when test deposits had already been verified to prove ownership of our account? After the supervisor talked with our bank, they finally approved the transfer and the funds hit our external bank the next day. Total time wasted while chatting with Marcus about this transfer was approximately 2 hours. I don’t trust Marcus after this so I plan on closing the account soon.
My experience with this bank so far has been similar to other people who’ve also had negative experiences. I opened up the account no problem and transferred some money in without any problem as well. Next thing I know my account is locked and when I called in to get it unlocked, they told me they couldn’t use the phone number on file and that they would have to mail me a form to sign. I explained that I was traveling right now and would not be back home for about a month. They said there was nothing they could do but they could have a manager call me on the phone number that I have on file. I said that makes no sense that you will not send me the code that I need to the phone number on file but you will have the manager call me on that number. Customer service is completely unhelpful. I asked her just to close the account and send me a check but she said they cannot do that. I would not recommend this bank to anyone. Customer service is not helpful and their practices are very shady. I wish I would’ve read these reviews before I opened the account.!
Of late, there have been several negative reviews posted for Marcus by Goldman Sachs. I have done business with them for several years and have had both a savings account and a certificate of deposit. I have had no issues in completing transitions online. Further, when I have called to speak to a representative, the wait times were short. I can't recall a time when a representative was anything but courteous, professional, knowledgeable and helpful.
I cannot believe that I've only had this account for about 2-3 weeks and have had as many issues as I have already. I had some minor issues setting up the account, but nothing to scare me off. I had no issues initially funding the account. Then the fun started.
The first thing that in retrospect should have tipped me off, they claim you cannot link your Sofi account via Plaid to Marcus accounts ("technical issues"), however they have no such problem linking Sofi via plaid for their Marcus Insights account monitoring. In other words, my Sofi accounts show up on the Marcus app, which requires them to connect to Sofi with the routing and account #, but somehow cannot actually link for easy money transfers? Could this have something to do with Sofi having a higher default interest rate? I digress.
Next, I had to transfer some money, nothing huge, out to my DCU credit union account to cover some autopays set up years ago. You would think this was the first time they have ever heard of an ACH transfer. They put my account on hold, called me first to notify me of the hold but said they didn't have enough information yet to actually help. Then they called me back to tell me it was DCU's fault because some "older" institutions require additional verification.
I spent about half an hour with 3 different Marcus employees setting up a 3 way call with DCU to verify who I am and why I am actually trying to send money to another bank. DCU rep was baffled ("why are you asking this? what is the issue?). DCU clears me as an actual human and ok's the transfer. Marcus tells me now I'm good to go but my account will remain on hold for some reason until their "manager" approves the transaction, but they will approve it because it's all been established. Great. I'm on hold but maybe you will start acting like a normal bank?
Nope. Account on hold for hours, checked until night, gave up. In the AM, I could get into the account. I waited several business days (note the money was debited from Marcus days earlier) to complain to DCU about the money not showing up. Called them, and they said they had no record of an ACH, and need the transaction ID.
I call Marcus, 30 minutes, to find out they cancelled the transfer, and she has no idea why and can't find out because there is no reason indicated.
Enough about that. If that isn't bad enough I still had open transfers to add $ to my Marcus account, and found out Marcus cancelled those incoming transfers? So you don't want to be a bank, I guess. You don't want me to add or remove money.
I pray I can figure out a way to get my money out at this point because it is starting to seem like an established con game.
I have had a savings account and several CDs with Marcus for over 4 years now, and have not had any negative experiences. I have had no problems taking money out or putting money in. Their rates are excellent and they are very good at raising them and sending a notification. I have no idea what other people are trying to do or perhaps just lying about their negative experiences. Have over 350k there presently.
Had money here for a couple years, seemed fine. But recently they locked an account for no reason (had not been linked recently nor used in any way). When I called to unlock, they spent half an hour telling me they couldn't figure anything out, then hung up on me. After another 45 minute call, the finally got me to a department that claimed to be doing a security check by sending me a code to a phone number -- that they asked me to give them. (I could have been anyone!) I gave them my number (it's on the account) and they said their service would not send a code. Just wouldn't do it. That makes no sense, I told them, I've gotten security codes from Marcus on that number for months. Nothing doing. So they say I have to fill out a notarized form (they won't send it via email for printing, only snail mail) THEN get it notarized, they mail it back THEN wait a few days THEN call them back again and go through all that and hope someone will actually unlock the account. Needless to say I'll be closing it immediately after that. Worst online banking experience I have ever had.
After dealing with this bank for many years and up to the FDIC level, I have now left this institution.
For many years in the near zero environment rate it was a good choice with a very easy to use website and customer service was very good until COVID. Since rates climbed last year I kept waiting for attractive rates but it never happened. Customer service is all remote and many agents are poorly trained. American Express has been the same and have left them for better rates and service also. ALLY, VIO, Citizens, CFG are just a few with far better rates and service.
I have a similar experience with GS. When I requested to make transfers to my LINKED accounts, per their deposit transfer agreement, they locked my account without notifying me and did not do them. When I called them and asked them to do the transfers, and unlock my account, they unlocked my account after more than one hour on the phone and after going through a very detailed identification process. Most of this hour was waiting with brief talks with several representatives. They kept issuing new requirements in order to do the transfers, none of which are stated in their customer transfer agreement. As I completely lost my confidence in them, I requested to close my account and send me a check with the entire balance. They agreed to send me the check, I am waiting for it and am keeping all legal options open. There are many banks with better rates which are actually following their customer agreements. Stay away from GS.
I opened a savings account with Marcus by Goldman Sachs to hold funds to be used for the down payment of a house. I funded approximately 40% of the account from a domestic ACH from JPMorgan Chase Bank N.A. and 60% from Bank of America. I instituted a domestic wire transfer of approximately 25% of the total funds bank to the JPMorgan Chase Bank N.A. account used for funding. To be clear, the amount wired back to Chase was less than the amount originally sent to Marcus. This domestic wire was initiated at 2PM EST / 1PM CST. When I called to initiate the wire transfer, the agent informed me that wires are concluded by 4PM EST the same day. When this timeframe came and went without funds transfer, I called again and was informed that sometimes, wires can be instead processed at 9PM EST. Once again, that timeframe came and went without Marcus wiring my money to my external institution. The third agent I called told me that it would likely process overnight. You can likely guess what happened next! The wire did not process yet again and Marcus continues to retain my funds against my wishes and will do nothing to process this wire transfer in an expeditions manner. It's insane for a bank to refuse to wire back to the initial account funding source.
For anyone reading, the marginally higher rates are decidedly not worth this hassle. They operate in a way well outside of industry norms; a wire transfer in an amount less than funding back to original funding source should be fully automated and should take hours, not take multiple days. There is a negligible amount of risk in such a transaction and to have that class of transaction manually reviewed is - again - not industry standard.
For anyone in the same boat with $ already at Marcus, just ACH pull from a normal bank and close the Marcus account ASAP. Their risk management/KYC is either stuck in the stone ages or operates as a way to purposefully delay access to funds to generate higher returns on capital for GS.
I hope this review can help someone.
My wife and I opened an online savings account with Marcus last year and things were fine until last week when we needed to get money out for a home purchase.
We originally attempted a wire transfer via phone. No confirmation was given and there were no funds the following day at the external bank. My wife called back and they told her that we can only wire transfer to an external account in our own name. So she went through that process, but again no confirmation and no funds in our other bank account. She proceeded to have the same call 3 more times where the representative said they would try to do the wire transfer but couldn't guarantee that it would work and couldn't provide a confirmation. She was given multiple warnings on the phone after growing frustrated with them despite them being demeaning to her (she gave a rep her own warning lol).
We finally decided to attempt ACH transfers (submitted through our external linked banks) with the highest dollar amount allowed. The first one appeared to work so we tried another. Since it was a Friday we had to await the outcome. Monday came and both transfers appeared in our external accounts. Things still got interesting...
I logged into our Marcus account Monday morning and there was no sign of our savings account and it showed nothing about our transactions. We still had money with Marcus after the 2 transfers. I quickly rushed to our other bank account and submitted another ACH transfer for what I thought was the remaining balance. I then called Marcus and was extremely polite and asked where my account went. She proceeded to tell me that my account had been closed and a final transfer had been initiated by Marcus to one of our external accounts. CRAZY they just decided to close our account without saying anything. All of this because we wanted to withdraw money FOR A HOME PURCHASE.
Long story short: if you are having trouble getting your money out, try to ACH transfer by submitting through your external bank.
Good luck and good riddance Marcus.
Been using Marcus high yield savings for a couple of years with no major complaints. When I transfer money out of account via ACH to my BOA checking account the transaction is always done in no more than 1 business day. Only issue occurs when using online site and trying to transfer out more than $125,000 in one transaction...then the questions begin .Heard they might be changing their limits for withdrawals in the future.
Beware, two things are easy, the 3rd is hard if not impossible:
1 Easy to open an account
2 Easy to send them your money
3 Hard/impossible to get access to what was once your money
They readily accept your money but then lock you out from accessing it. I'm planning a flight from Hawaii to Utah to show up on their doorstep to protest.
refuse to process ACH transfer to other banks
long holding customer time on the phone more than one houre
Have been with GS since before Marcus. Stopped using account due to low interest rates but they didn't close it, so when reapplying, I didn't have to, they just assigned a new acct number.
Best features:
- can withdraw more than 6 times per month with no fees unlike others like PNC (fees)
- ACH early in the AM and receive at other end before 4 PM
Worst features:
- no photo check deposit
- no alerts for deposits or debits, just transactions
- lower interest rates unless you use promos I got 4.4% + $100.00
- no hook up for payment like Zelle,etc.
- no bank card for ATMs
So I had came across the high yielding savings account 3 days ago. Skeptical, I linked my primary bank account via Plaid continued to fund my account. No problem. I was told because my account is new I'd have to wait a week before the funds became accessible but I'd still be earning interest on the deposit. Completely understand, everything is on the up and up. 2 days pass by & I try to login to check my account, but was told my account was locked & I needed to call customer service. On the phone I was told because of "Verification Issues" the transfer I've made will be reversed to my bank once it clears their own hold which is a week! Not only that but once my account is empty they will force close it. No more details were given & the customer service agent wouldn't transfer me to the specialist she was getting this information from. Very appalling to have my account for virtually no reason benounced to me. More frustrating is the transferring and holding waiting on my own money due to this discord.
As reflected in most other reviews Marcus is an offensive joke for a financial service. I opened an account based on Goldman Sacks big name and figured they won't perform worse than the market; and that was. for a conservative profile and preference for an IRA I indicated.
They did worse than the market by a mile. I tracked the performance for several months and noticed that on up market days they did not do as well as rest of the market and on down market days they did worse. How they accomplish this level of incompetence is beyond me. I took a 25% loss and closed the account and with hindsight and looking at their investment, I would have been down 35 to 40% had I kept it. This is a borderline scam.
MARCUS IS THE EASIEST ONLINE BANK TO OPEN AND CLOSE ACCOUNTS ONLINE. YOU STILL NEED TO CALL IN TO BREAK A CD EARLY BUT MOST THINGS CAN BE DONE ONLINE. COMPARED TO DISCOVER WHERE EVERYTHING ONLINE IS A NIGHTMARE OF PROBLEM AFTER PROBLEM AND ALWAYS ENDS UP REQUIRING HELP FROM CUSTOMER SERVICE, MARCUS IS EXCELLENT. IF MARCUS WOULD FIX THEIR APP I WOULD GIVE THEM 5 STARS. WHILE MARCUS HAS A GREAT ONLINE SET UP THEIR APP IS TOTAL CRAP. WHY COMPANIES CAN'T MAKE APPS THAT WORK IS UNBELIEVABLE AND THE MARCUS APP GETS ONE STAR. THE MOBILE APP IS ALWAYS HAVING TECHNICAL DIFFICULTIES BUT I MOSTLY RELY ON THEIR WEBSITE. STILL FOR ALL THEIR PROBLEMS THEY ARE FAR AND ABOVE CAPITAL ONE AND DISCOVER FOR EASE OF USE. THEIR RATES HAVE BEEN SLOW TO INCREASE BUT ARE SURPRISINGLY COMPETITIVE RIGHT NOW.
I attempted a transfer out to my primary bank (which was already linked) and they called me and said they were cancelling it because they couldn’t contact my other financial institution where the funds came from originally to verify something. If they needed to perform additional due diligence on my account funding, they should have done that AT THE TIME IT WAS FUNDED. Not when I need the money to pay the title company. Got the total runaround and no good solutions to access MY OWN MONEY. Avoid this place like the plague. Will be closing my account once I can figure out how to get my money out. I will probably have to transfer it back to the bank where I transferred it from.
Marcus has been disappointing for me so far. The savings account has been fine. I've pushed smaller amounts out without issue. I did read some warnings on Bogleheads about pushing large amounts, so I usually pull those from the target bank. Their CD's suck to be honest. The rates are fine short term, but they are cheap on long term rates. The CD accounts also lack an online disbursement feature. That is a big drawback for me. Calling into customer service is kinda of average for the disbursement. The callback feature is good, but reps can range from good to bad. I got hung up on a few times, so just keep trying. I do think at the end of my CD term, I will be moving out of Marcus to something a lot more online friendly.
Except for an issue with an internal transfer where I had to contact a government banking advocacy group to get them to fix the transfer, I have had a really good experience with them. External transfers are fast in and out, my balances are in real time. I can give maturity instructions on CD's up to a year in advance and almost everything can be done on their website easily and quickly. I only have to call in if I am transferring interest off of a CD or want to close a CD early with a penalty. Rates are good but trail some other online banks. I have read bad things about most of the banks offering higher rates and how those banks play games with delaying transfers. Marcus has never done this and I feel they have proven to be highly reliable.
First, not sure what all the negative reviews. Lot's of them have grammatical errors, so maybe their understanding of backing systems is also challenging.
I've wired funds from by credit union several times and the deposit to my Marcus savings account occured the next business day. I was then able to fund new CD accounts via their website and the funds transferred immediately from my Marcus savings to my new Marcus CD.
Website is easy to navigate and I do like the ability to manage your CD maturity plan for each CD right on the website.
Rates are great so I park my money here and every so often I will transfer money to my full service bank with an external transfer I had set up.
Never had to speak to a representative on the phone, just via chat. This bank has worked fine for my needs.
They sent my huge wire transfer to the wrong bank and that 2 after a delay of 3 days.
Even after I alerted them about it, they told me it was just a display issue, stay away these IDIOTS.
Great online savings and customer service. I would deposit more money with them but Synchrony Banks rates are always higher. As of Nov 4, 2022 Marcus savings rate is 2.5% vs Synchrony 3%.
They typically pay higher interest rates than other banks I've used. However, I went to make a large purchase and could not get my money out of their bank. I spent hours on the phone with their customer service. Got a different answer every time. It's scary when you need your money and you can't get it. I immediately closed my account and will never do business with Marcus or Goldman Sachs again.
Worst customer service in the banking industry! Their customer service line people have to be some of the worst, intellectually lacking people in the business. Whatever you ask them to do, they will screw up, and make matters worse. Avoid Marcus like the plague. Get your high interest rate somewhere else.
Marcus gives excuses after excuses for delaying wire transfer out to an external bank after being transferred over the phone multiply times and long hold. First level of CSRs are poorly trained and not experienced. Getting anything done, requires multiple calls, long hold time and elevated to higher levels of CSR. Stay away, there are better banks/CUs with much better CSR experience and higher interest rate.
I can't understand all of the negative reviews. I have a couple of accounts with them and have never had an issue.
I don't use them for immediate access to funds, so I may not understand all the issues. They do transfer my CD interest to my local checking account monthly and have never had an issue.
Great CD rates and savings rates.
I am also a long time customer with Marcus and have had similar issues attempting to transfer funds OUT of Marcus. First an email says that the funds were transferred. Then an alert arrives to call Marcus. This has happened twice. Each time I must spend over 30 minutes on the phone re verifying that I am me, and then listening to an explanation of how the accounts that I verified were not really verified. It is scary that this bank which seemed very customer friendly at first, puts up signficant road blocks when customers try to tranfer money to a different bank. This is NOT a good banking practice. You can report the bank to the Federal Reserve. They have an easy form.
I’ve had an account at Marcus for years but what happened today really infuriated me and I will now close my account. Similar to the previous reviewer, this morning I requested an ACH transfer of 30,000. to my linked account at CIT to take advantage of CIT’s higher rate. I received a call and voice mail this afternoon asking me to call Marcus. While I was on hold I tried to log in to my Marcus account and I was locked out. After being transferred to another department I was told that they could not verify with their system that the account at CIT belonged to me. Why did they approve the linking of the account if they weren’t sure it belonged to me? That does not make sense. I was told they had to do a three way call with CIT to verify I was the account owner but the hold time at CIT was 58 minutes so the rep at Marcus said he could unlock my account if he could unlink and delete my CIT account so I can no longer make transfers to that particular bank. He said the 30,000. will be back in my account tomorrow. When it is back in the Marcus account the whole balance will moved and the account will be closed. Who needs this kind of headache? I’m done with Marcus. I will post an update if the money is not back in my account tomorrow.
Today Marcus sent an email with this stupid offer to give a 2.7% interest rate for 3 months if I go grovel to someone else to open a new account. Talk about scraping the bottom of the barrel. Fortunately I just opened the online Citizens bank account and have linked Marcus account to it to transfer all the funds over in one transaction. After that shitty offer from Marcus, I will take the additional 80 dollars per month in interest from the Citizens account at 2.10%. Go find your own dam customers Marcus! Here is an idea, offer better rate and maybe they will sign up! There was zero problems getting the new bank account opened and the help desk is based in Tampa FL and all spoke perfect english and were extremely helpful.
I've banked with them for years using them sometimes for savings and always as a hub. I wired out money to a bank no longer linked to Marcus and two days later received an email saying that they had to speak to me. They claim that the money came from two other linked banks and they couldn't release it to this new bank until they verified via a three-way call that these 2 linked accounts were owned by me even though linking them and receiving funds from them had no problems. Meanwhile this money had been sitting in my Marcus account for well over a month. It is Friday and one of the two banks is almost impossible to reach on a Friday so if they couldn't get through to that bank they would have reversed the wire and kept my money! I was on the phone for over an hour and couldn't even get to speak to a supervisor. Time to find a new hub.
On Monday before 4pm Eastern, I closed a CD and opened another with the funds from the first CD. Bye Thursday the had failed to fund the new CD. This was and internal transfer from Marcus to Marcus. Just pathetically slow. I closed my account. I was embarrassed for them when they tried to justify this insane amount of time for a transfer. They had to calculate the interest and early withdrawal penalties. You don't want a bank that can't instantly figure that out.
They forced closed my account and said over the phone that the money would “stay with the closed account”. I am waiting for a letter in the mail hoping it will have a check with my funds and they were just not permitted to say that over the phone. Terrible customer service and might have lost most of my savings. I strongly recommend avoiding their services at all costs.
Wow, where do I begin? Aside from the customer service issues (what kind of bank doesn’t have online chat these days?) they also do not let you log into your account while outside the US. That’s right: need to transfer money to a checking account and withdraw cash while on vacation? Tough luck! I spent $10 in international charges to CALL and request a transfer, after which I promptly closed the account.
Even in the US, it was a nightmare to transfer funds out of Marcus. I added a new Citi account, completed the trial deposit verification process, and initiated a transfer only for Marcus to manually reverse it due to ‘potential fraud.’ When I called, they said I needed to call to inform them I had added a new account to transfer money (like they’re a nosy parent). Making the trial deposit process useless!
Stay away, stay away. No interest rate is worth this incompetence.
they make it very easy to open an account and transfer money from an external account to their account. But be aware: they make it hard and inconvenient to reverse the process. Supposedly to protect the customer. No protection to transfer money to Marcus accounts but lots of protection to withdraw money from Marcus accounts. The time hassle to withdraw money from a Marcus account isn't worth the slight higher interest you get
I deposited $250,000 into a high-yield savings Marcus Golden told me. "since I put my money into their bank it is their business what I do with it" They have held my money hostage for the last week, after telling them I wanted to close the account. I've never seen a bank do this before. They lied to me about doing so and said, "My money would be back in my primary bank account after 1-3 business days" After the money was not refunded I called back. The account had been locked the entire time. This time they told me "they could not send the money back to my account" which is what I'd been waiting on. Thye did unlock the account but still will not allow me to transfer the money out. They said "they'd call in 1-3 business days for a 3-way call to the primary bank. I'm not holding my breath and think I will call them Monday morning. Thieves..do things like this not banks.
If I could give Marcus by Goldman Sachs negative - stars, I would.
This company is horrible. It does not empower its employees with the ability to do anything helpful for business customers. Business customers can only contact customer service through one line, via phone - not email, chat, etc - and the phone representatives have no power to make anything happen other than tick buttons in a system and tell the customer on the other end of the line that they're actually doing something.
There is no email when you close your account.
There is no email when you make your final payment.
There is no email with a pay-off letter, often needed to unlock certain items.
Everything is by snail mail. Everything is antiquated. Everything requires you wait 2+ weeks to even know if something has been done.
I will NEVER recommend Marcus, and I will ALWAYS recommend people RUN.
I agree with previous reviews that they really have the worst trained teenager customer service in the entire world. They are poorly trained and have basically no knowledge of banking and proper customer services. They are so young and inexperienced, and most likely very poorly paid as well. Marcus Bank, please do better!!!!
Marcus By Goldman Sachs has an independent contractor that employs severely undertrained teenagers as customer representatives who seem to be intentionally deceive you by keep giving wrong information despite the fact that they put you on hold -- basically after every question -- in order to talk to a supervisor. Stay away.
Very poor logistics. Be careful with your finances when you use this company. They charge for each cents. Their financial transactions are ridiculous long, compare with other financial companies. After they overcharge and pay late fee when I did not get the statement and card with this company that I was not aware that Capital One change it to. I try to cancel my accounts after a charge and paid in full. Still received statements with interest charge of interest of cents. Spoke with a CS and said that she has to open a dispute for cents. Explained that I did paid the full amount and clearly ask not to deal with this company again. It will take 30 days. and Later they changed it for 90 days. so the statement balance 0.20 will have late charges for two more months if I will not paid because that happen before. Time, procedures, work ethic and logistic worst company ever. ZERO Star from me.
I just noticed today that the interest rate has been increased from 0.70%
I just redeemed a two year CD and am pleased with my experience.
When I purchased the CD online the application process was flawless. But after reading some of the negative reviews, I was wondering if I would have a problem redeeming the CD when it matured.
I set the option to close the CD and have the funds transferred to my outside bank account.
On the day that the CD matured, the funds were in my account that afternoon.
During my round trip transaction, I did not once have to seek the help of customer service.
I moved all of my savings to Marcus at the end of 2021. Fast forward to April 28th 2022, and I am buying a house and need the money. I called on 04/28 to close the account, went through the verification process, provided my bank details, and was all set. Two days passed and the money was still in my Marcus account, so I called again. I was told that my account hadn't been closed on the 28th, as requested, but they were force closing it on the 30th. They wouldn't give me a reason, they said it was with another department but the money would be returned to the originating bank. I couldn't understand what I was hearing but as long as the money was on its way back, I figured I would be ok. But something wasn't right about the call - they were so vague and the whole attitude of the customer service was off so I called again on May 2nd to be told that it could take 2 - 4 weeks to return my money, and they still wouldn't give me any details, a reason, or a firm deadline. They won't tell me who's handling my case or put me through to anyone who will help. I have filed complaints with the FTC, the FDIC, the CFPB and the BBB trying to get to the bottom of it. I called back today (05/05) and was told that my money may now take up to 6 weeks to be returned. It's getting longer and longer and vaguer and vaguer and there is no one who can help other than the generic customer service rep. I am beside myself. I don't know what to do. I have asked for a manager to call me back, but my next option is to go to the press.
After trying to open a High Yield CD ($300k+) three times I am still not a client and never will be now.
1 - every time placed on hold its for 3 to 4 minutes
2 - never received the email for verifications (4 times)
3 - the voice command system is inadequate
4 - they issued a 15 digit application number that they couldn't find and asked me to start over for the 4th time
5 - their customer service people talk like their mouths are filled
6 - that actually asked for my whole SS#
Now they will start defending each item above, versus looking at their processes, software, and procedures that DO NOT WORK.
If I was Goldman, I would be embarrassed to be associated with Marcus.
My account has been locked by trying to transfer to an external account after connecting the account via Plaid. All my money is locked until they talk to my other bank. Beware!
Yield is low relatively to what others offer. Sofi checking will get you double the yield.
Huge waste of time.
Attempted to open an on-line savings account and take advantage of the $100 offer . During the account creation process it requires you to login using the credentials provided on an earlier screen. Those credentials don't work. Resetting the password doesn't work. Called CSR and like so many others here, received excuses and suggestions, nothing worked. CSR can not unlock or reset the account, they could only open a ticket with the technical department and resolution takes up to 48 hours. I kindly told them 'no thank you, I'm no longer interested'. My GM credit card will be transitioning to Marcus next week, hopefully that won't be as problematic.
Had my rental assistance for my renter deposited from the state. Woke up to account locked. Called and was told my account would be closed as a business decision. Would not tell me why or anything said for security reasons said they were sending the funds back to the state agency and I asked how long that would be they refused to say anything at all . DO Not open the savings with these people they are rude and are in my opinion crooks. Depositar beware and deposit at your own risk. What a joke account closed less than 9 hours after the deposit. Call the state they said when it is returned I can update them to deposit at another bank I have
I closed a CD account on 1/15/22The person who assisted in the closing was very much under the influence of some substance. After waiting ten days for a check, I called to discover that the man had made a mistake in the way that he handled the closing. Supposedly, my check was then expedited. But, on February 7, there was still no check. I called to inquire about the status of the check delivery. After having waited over 20 minutes for some sort of answer, I was told that the check would be delivered by FedEx some time on February 7. My greatest issue is that the expedition of the check’s being forwarded to me should have not taken from January 15 to February 7. I will NEVER have anything else to do with Marcus by Goldman!!!!!!!!!
This company has to be an absolute scam and a fraud, and I've reported them to the Better Business Bureau. I have never heard of this company before until I received a recent letter from it saying that it denied "my" recent application for a loan. When I called the number on the letter to inquire about the alleged loan that I applied for, which I never did, the representative stated that she was not able to give me any information other than what was in the letter. More specifically, I explained to the representative that I never heard of them, that I did not apply for a loan with them, that I was unfamiliar with their company and was seriously concerned about possible identity theft. I also asked for details about what information they had in their system about me, such as when did I allegedly apply for this loan, where or how the loan was applied for, and did the company work on behalf other companies that may sound familiar to me. The representative actually reiterated to me that she was unable to give me any information (even though she clearly had all of my personal information, including my social security number, date of birth, address, etc.) but that she "understood concerns". i explained to the representative that I found it completely insane and suspect that their company could be a legitimate company if she is unwilling to provide me with the information that I am requesting in light of the letter that was sent to me. I asked to speak with a manager or someone above her and she said that she was a manager. Since I know that I did not apply for a personal loan and still have no knowledge who this company is or how they received my information, I clearly believe this company is a complete fraud. If I could rate them as a zero, I would.
I originally opened an account with this bank in Dec 2014 when it was GE Bank & I linked it to my local small town bank account upon opening. The transition from GE Bank to Marcus seemed to go with no problems & everything continued on as usual. This week I purchased a boat & needed to transfer funds to my linked account of 7 years. I proceed to Marcus online system to do a transfer & was unable to do a transfer after several attempts.
I had to call them & after 2 hours on hold with multiple CSR’s they told me my linked account was not verified (after using it for the last 7 years). Not a single person could explain to me how my linked external account that I set up when opening Marcus & has had hundreds of successful ACH transfers over the years, with some in just the last month, would no longer work.
After hours of working CSR’s on the phone they agreed to ACH $50G to my linked bank account, the rest I need to find an alternative such as a wire transfer. Goodbye Marcus, our 7 year relationship is over. If you are a long term customer like me, they see no problem in randomly shutting down your connected account & taking your money hostage, which in my case happen to come when I needed to access it the most.
Ive bad this account for literally a week with $200. And literally the first time i try to sign in the app, my account gets locked. So i sit on a 30 min call trying to unlock my account and see whats going, jumping from one hoop to another because apparently my cellphone number was invalid to send a pin to. (Makes zero sense) just for these people to tell me theyve closed my account and when i ask why, they say they cant give me a reason due to "security safety." Bro stay tf away from this bank. If yall have any suggestions for a better savings account, please let me know.
There certainly is a wide variation of opinions on the Marcus offering. I wonder who is behind each of these reviews.
I opened my savings account in 2017 and have opened 36 CDs since then as well. While it is true that you had to call CS at maturity to change CD terms or balances at one time that functionality is now online. I have spoken to CS a handful of times over the years and have always had a pleasant experience and have had my issues resolved quickly. I find the rates to be competitive and I have no real need to cross shop rates due to my lower balances. I have never had an issue with the website and find it be intuitive and easy to navigate. I would have no issue recommending the services I have used to other people.
Requested a payoff letter for my consolidation loan….we mailed the check and followed their instructions in the payoff letter. We included the four digits listed in the payoff letter. The check cleared on 10 August 2021 but my account still shows a balance and payment due. I’ve called Marcus 3 times. They can only open a case to look for the check and ask the payment team to process it faster…so they cash checks without applying them to your account and there is no one you can even talk to.
I read a few blogs, nerdwallet reviews and decided that Marcus was going to be amazing- WRONG. Let me tell you how I got robbed. I opened an online savings account with Marcus by Goldman Sachs on June 23, 2021, I transferred $1000 from my personal bank checking account and $8000 from my savings account ($9000 total) on June 23. The money left my personal bank account. I went to log in my Marcus account on June 25 to find that they locked me out of my account. I called customer service and they said they don't know why it's locked and nothing can be done until Monday June 28 because the team that unlocks accounts isn't here on the weekends. So I call on Monday, they say they are force closing my account and I can't get my money back. I called my personal bank and they said nothing can be done because the money left the account and is in the Marcus account. The representatives at Marcus would not tell me why they closed my account, when or how I will get my money back. All they say is the account is closed and no transfers can be made, and they can't transfer any money back. I have been calling my personal bank and Marcus everyday, several times a day to find out where my money is and what the he11 is going on and it's July 4th and I still have no answers or my money back. This is theft. Marcus bank literally stole my money. They should not be allowed to operate. The customer service is useless and rude. They just give me the run around. I have now called in recording the phone calls on my end. I filed a complaint with the Federal Reserve. I literally cannot believe this is happening.
Most people I see with issues are lazy. All banks suck, but this is money - you need to pay attention and use caution. Example - the $100 bonus for $10K deposit - scheduled in, waited, and did not transfer out for an extra 10 days beyond the required date - no problems. Got the bonus. With CDs, watched the maturity date, set them to close instead of a rollover, and had no issues with funds. Can't comment on customer service because in 2+ years, have not needed to talk with them. It's an online bank. These are process-driven. Show caution and extra care and there should be no problems.
Long and short, manage your money. Don't leave it up to someone else.
I have had no issues with transfers in or out and have found Marcus to actually be a little faster than some others, especially for clearing the transfers.
Their schedule transfers and how they display are a little flakey, but I have been able to deal with it. I have also found it is better to cancel a schedule and set up a new one instead of trying to edit future transfers.
I have had 3 CDs with them in the past, currently, just use them for the high-interest savings product. Frankly, with interest rates so low, I really don't see a benefit to have CD products. It was one thing if you were locking in 3 yrs ago,. but today, if you are not getting half to a full point better on interest, it is better to have the flexibility with your money.
The website is decent, and I have never had an issue with interest calculations or amounts.
Good rates on some promotional products. Easy to open a CD account.
Deception (omission of important facts) starts when CD nears maturity and they want to renew at a MUCH lower rate despite dishonest promo emails.
Some CSRs try to be helpful but "back office" people interfere. Get what you can from them but DO NOT TRUST THEM OR EXPECT FAIR TREATMENT ONCE THEY HAVE YOUR MONEY!!!
I see by the reviews Marcus is getting that I am not the first person they duped. When one of my CD's matured I contacted them to have them send the money to our Trust. When I didn't hear back from them I called and was told they don't send money to a trust. They have a 7 to 10 working day window in which conveniently corresponds with their 10 day rollover policy. They NEVER contacted me to give me that info and then rolled the money into another CD at a much lower rate. I had to pay what I call a "ransom" to get my money from them, which by the way I'm still waiting to get!
I, like almost all the people who wrote reviews, will NEVER use Goldman Sachs again. There is a lot more to this story regarding a lot of other misinformation along the way that I will spare you the details. I would give them zero stars if it was available.
i opened an account at a certain guarantied rate and they told me i had 30 days to fund it...when i went to fund the account they dropped the rate and told me that i missed the 10 day deadline. i told them that i was never told about the 10 day limit..they said that they will listen to the phone call and get back to me.
they called me back and said that they were wrong .but they still wouldn't honor the advertised rate...
i am putting the cash into a different online bank.
a have 4 cd's with them but it looks like customer loyalty means nothing to them...
Good news: Marcus does no-fee wire transfers both outgoing and incoming.
Bad news: Marcus robot refuses any 3rd party withdrawal; but this policy is hard to know about. An outside bank where I wanted to open a CD said they could go to Marcus and pull the money so long as I gave outside bank the Marcus routing # and my Marcus act #. But outside bank pull got rejected by Marcus causing outside bank to impose $35 fee. I phoned Marcus; they explained policy but told me they do wire transfers free. And outside bank forgave the $35 fee. All's well that ends well! Note: Marcus allows up to 4 linked accounts for ACH transfers; no problem. But if you don't want to cancel one and go through trial deposits to set up linked account for one-time use, then beware that outside bank cannot do a 3rd party pull.
They lie about almost everything I deposited money into saving with $100 offer promotion kept 90 days, but they never gave me anything and I called they gave me all kind of bs excuses and not gave me $100 also, apr will drop soon as you deposit your money and I heard they will change you made-up fees (If the money drops less than 5k or close the account.) be aware.
I opened a Marcus savings account a couple weeks ago to improve interest rate on my savings. The website and overall opening experience were ok. Unfortunately there is a big hidden deficiency in their accounts. We have a family trust and my other accounts, Ally, Amex, and CapitalOne all let us name our trust as the pay-on-death beneficiary. I figured Marcus would be the same.
After I got some money moved into Marcus I tried to set up the trust as beneficiary but they only accept individuals as beneficiaries. Deal breaker.
I'm going to have to undo hours of work, move my money back where it was and close the account.
Terrible company. Corrupt. I paid off my principle then it magically jumped 450$. Don’t male the mistake I did. Go elsewhere
Not sure how to describe my epxerince with Goldman Sachs bank, but l can proudly tell you that its one of the worse bank l have ever deal with in my life, l hope none will experience what l do over $6. such poor leadership .
l will highly recommend to stay a away from this bank.
After 5+ years of funding new CDs and money market accounts, this morning I was told that outbound wires are no longer permitted to accounts not already linked to my Marcus account. The maximum is 4 linked accounts. With outbound wires no longer available, there is little incentive to keep this account going forward.
Total slight of hand with your money. It will typically take 7 days for funds to become available after depositing them. Same the other way. I was told all this "bla,bla,bla FDA" BS for why it took so long, which does not hold up. My old online account, Dollar Savings Direct never took more than 3 business days in either direction. The money took 1 day to be withdrawn from my US Bank account which means Marcus has been hanging on to this money for at least 4 days.
Marcus has good cd rates, but I will never do business with them again.
They make it really easy for you to send them money (their key concern).
They make it really hard for you to get your money back upon maturity (your key concern).
I notified them that I wished to withdraw my money upon maturity - at least two weeks ahead of time. They assured me I would get a wire to my bank account. Instead, they renewed the cd for another year. I had to repeatedly call (not easy to get a live person on the phone) and talk to several people before my money was sent two days later. Delaying payment appears to be their business strategy - read other reviews on this site. I asked about interest that I was owed for the extra days and was told that would have to be approved by a manager. I truly believe they purposefully make it hard to withdraw money. A plaintiff's attorney should look into this practice and file a class action lawsuit.
Does anyone have a way to reach them via email for savings account??? I opened a savings account with Marcus by Goldman Sachs and have my unemployed benefits paid into it I needed some part of the money and I moved it to my linked account but i didn’t get no money in my account and it locked me out I called them and they told me they don’t know who I am. They said my account could not be found. Wtf someone help out on this. What’s can I do to get my money back please.
Marcus has failed to close a CD and transfer to external bank account. It's a larger balance, so could not change the maturity plan online, so I was forced to call into the tele-center (makes no sense for an online bank). I called in and placed the maturity instructions to close the CD upon maturity a couple weeks before the maturity date - actually did this twice over the last two weeks before maturity, and they have still failed to process the request and just rolled over the CD, at a much lower rate of course. Do not use this online bank.
Stay away from this particular online bank. It locks and closes one's account without notice and justifiable cause. The staff is incompetent. The staff members don't return telephone calls. The bank's staff takes forever to process transfers once account is closed and makes it difficult to receive one's own money, even to an account that is linked to it for transfers. The people who run this particular online institution should be fired and the bank itself should be shut down. This is not a financial institution that values its customers and treat everyone equally. Don't believe the hype.
Bank has terrible customer service. Consistently you speak with a robot. Once you reach a real person that person has no idea what they are doing. Had several transactions reversed incorrectly. Incorrect phone number placed on account by bank. Website is almost useless and provides little detail as to what is going on with your account. Does not provide mobile banking capability. Not a 21st century bank. Completely stuck in the past.
Marcus has some competitive rates on occasion, but be prepared for an above average time commitment / hassle moving your money out.
In preparation for pulling a balance out of Marcus following maturity of a Marcus CD, I attempted (twice) to set up a new ACH link between another bank and Marcus. Marcus never showed the micro deposits from the other bank so I was unable to establish this ACH pull link.
I had ACH links at Marcus to other banks, but I was unable to make a transfer online from my Marcus savings account to any of these other previously linked accounts without calling (an error message to call was displayed when selecting my Marcus savings account as my transfer “from” account).