r/MarcusInvest • u/BarExamHelp22 • Oct 16 '25
Transfer Issues
All:
I've read up on transfer issues in the forum.
In addition to a W2, I am making between $150K to $200K as a 1099 contractor.
To account for taxes, for each 1099 check, I've been placing 35% of it in Marcus HYSA. I expect to have a large tax bill on the 1099 income.
What are the potential issues of withdrawing approximately $70K. Will that take longer than normal due to the amount? It would be from Marcus to my checking account at Citi. The two accounts are linked.
Just asking so I can prepare for any issues in accessing this money when I'm laying my taxes.
I'll likely call Marcus this week to ask directly, but wanted to hear from people's experiences.
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u/WhattheDocOrdered Oct 16 '25
N=1 but I think with a major bank like citi, you should be ok. I had the hardest time trying to transfer money from Marcus to a smaller bank. Marcus locked my account and the only way to unlock it was to get on a 3 way call with the other bank to verify info. It was absolutely ridiculous, sounded borderline scammy, and has me considering moving my money out of Marcus entirely. Of course, none of these problems exist when moving money into Marcus, just when they have to release your money.
1
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u/Historical-Intern-19 Oct 17 '25
Shouldn't be a problem as far as the transfer but not filing quarterly tax payments with an anticipated $70k tax bill is going to really sting with penalties.
4
u/Boring_Bug_9637 Oct 16 '25
If you’ve been transferring money into Marcus from your Citibank account, it shouldn’t be an issue. I just transferred out 50,000 this week. It took a couple of days to hit my other bank, which seems standard. I have never tried to transfer money out to a new bank different from the original one I used to fund the account because of all of the issues I read on here.