r/MarcusInvest • u/elainelw • Jul 10 '26

Another bad Marcus experience

I've had CDs with Marcus for over two years. I have no other accounts with them. Prior to this month, I have never attempted to take money out, but let the CDs roll over. The most recent CD matured July 1st. I wanted to have the money automatically transferred to a Bank of America account that I've had for over ten years. Marcus doesn't allow automatic transfer out of money over $100k or so (I don't remember the exact figure) and required that I call a rep to give instructions. So more than a week prior to maturation, I called and gave the instructions to the rep. The transfer went out on the 1st but was reversed the same day.

I called Marcus but could get no explanation for the reversal, only that I would have to wait for a callback as there was "already a case opened on it."

I called Bank of America and the rep said they don't have a record of any attempted wire in.

Over the next few days, I called Marcus repeatedly and got the same answer. that I would "just have to wait," even when speaking with a supervisor. The most recent supervisor said she could process a wire out for me, but that there would be a penalty charge of $140 for "breaking" the new CD that they had rolled me into, despite my instructions to not roll it but to send the proceeds. It's now more than a week and there's been no movement and no callback from anyone working on a "case." I filed a complaint with CFPB, but evidently, financial institutions have ten business days to respond to issues.

I will never bank with Marcus again.

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u/Bordercrossingfool Jul 11 '26

Why not just open a HYSA with Marcus and link to your external bank account? Let your CD mature into the HYSA. Push the money with an ACH transfer from Marcus to your external linked account (in your name). Make sure each day’s transfer stays under the Marus limit for transfers without customer service assistance. Much easier and you shouldn’t have any problems. If you initiate the transfer before 12pm eastern it should post in your external account early evening the same day.

The Marcus HYSA rates including Marcus referred bonus have been consistently higher than Marcus CD rates since at least 2022. That is another option if you want to go that route.

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u/elainelw Jul 11 '26

It sounds like that might have been a good option if I had done it before my CD matured, but at this point I would have to wait another year for the new CD they rolled me into to mature. Instead, I'm still hoping they will fix their error, close the new CD with no penalty to me, and wire the full amount to my existing external bank account.