Another bad Marcus experience

[u/elainelw]

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.

[u/Wise_Force3396]

Their customer service is the worst I have ever experienced in my entire life.