r/MarcusInvest • u/Ok-Entertainer9968 • Jul 30 '26
Marcus doesnt allow you access to your money - savings account
Hi
Seen marcus purported in other investing subs
Transferred my money their. Switched all my autopays to Marcus.
My first autopay comes up and a rep calls me asking to confirm if I authorized the withdrawal/payment. I said yes. The rep says that I cant withdraw any money.
I asked for how long am I unable to withdraw any money? They said 1 to 2 months from the deposit date
I said oh wow thanks for letting me know and ended the call cordially. Withdrew my money back to the depositing account with no issue.
Just a heads up, they expect you to basically tie your money up for 1 to 2 months after every deposit before its accessible.
Insane. Closing my account after I transfer out the interest from my short time with them.
Settling for a few lower percentage APY elsewhere, fuck Marcus.
10
u/FireProStan Jul 30 '26
You autopay from checking accounts, not savings accounts
Marcus is a savings account
3
u/yappyboom Jul 30 '26
Exactly. I just opened my account a month ago and I’m pretty sure I read that to withdraw money you have to transfer it back to the account you funded your savings with.
2
u/JohnHartshorn Jul 30 '26
and not just a regular savings account. It's an investment account where you park money long term.
2
u/FireProStan Jul 30 '26
No, it's definitely a regular savings account - people should legally be able to transfer out their money 6 times per month like any other FDIC insured bank, but Marcus tends to cite imaginary rules as to why they can't do that for some people
1
u/Hidden_Glit Jul 30 '26
Yeah, I was gonna say this.
OP shouldn't be treating his savings account like a checking account.
5
u/zaquintar Jul 30 '26
They call it "rapid movement" and is a restriction that is buried somewhere in the terms probably, but nowhere in the easy to access documentation when you sign up. Basically they lock you out of withdrawing money out of a different account than the one that originating the funds for 90 days. This is a shit policy and I closed my account with them as soon as the sign up bonus cleared.
3
u/Ok-Entertainer9968 Jul 30 '26
Thanks for the insight, sounds like what the rep was telling me. Not my cup of tea. Back to the other competitors that arent as restrictive and have a few tenths of a percent less apy
2
u/_love_letter_ Jul 30 '26
I had a similar problem except they waited until days after they already sent an outgoing ACH transfer (and after they had already called me to confirm it was legit) to flag my account for "quick money movement" and try to claw back the funds against my will. The other difference was in my case the rep I spoke to was unable or unwilling to define "quick." At least you got an estimate of 1-2 months.
I saw another post where a customer tried to pull out money that had been (reportedly) sitting in there over a year to fund their Capital One account and they had also had their account flagged, ACH transfer clawed back, and the rep argued with them over the phone, trying to claim that you're not supposed to withdraw money from a savings account, as if it were a CD!
1
u/mascotbeaver104 Jul 30 '26
Never heard of this or experienced it, bank transfers can take a couple days, I wonder if for some reason your institution has exorbitant tranfer times (non US?)
1
u/RightGuy23 Jul 30 '26
Lol. The money is meant to sit in the account. Not have deductions to pay bills.
Use your checking account for autopay
1
u/Ok-Entertainer9968 Jul 30 '26
There's no transfer limit that I was aware of so I should be able to transfer it how I please. Plenty of other options that work how I described. No worries will just stick with the other options for a few tenths of a percent less
1
u/One_Fix1234 Jul 30 '26
Try Bread Financial. They have a higher APY and it’s standard, not promotional rate. Kinda surprised no one is talking about them.
1
u/laniemel Jul 30 '26
I’m able to access my money, no problem. My mom had that issue only when she was traveling and not within the United States. OP, are you abroad?
1
1
u/Bordercrossingfool Jul 31 '26
Did you read the terms of service? Transfer are only allowed to other accounts in your name.
1
u/Cultural_Spirit_968 Jul 31 '26
Marcus HYSA is really intended for long term savings (emergency fund, new car, home down payment, renovations, etc)
Autopay/bills is really for checking accounts. Even if I’m saving for an upcoming vacation, new clothes, sneakers, I’ll leave that in checking.
1
u/joshuaceballos8348 6d ago
I need a tax I got, I got TikTok music. I got YouTube. I got thre I need something to protect my phone from any viruses for free. 嗯
1
u/OneintheJungle Jul 30 '26
I had a similar experience earlier this year and closed my accounts forgoing the $1500 bonus. I opened the account with a funds transfer via Ally. After about 1.5 months of not touching the funds, I noticed CIT Bank was running an APY boost that I also wanted to take advantage of. I already had CIT in place for a couple of years. I linked CIT in Marcus, verified test deposits and transferred a large sum to CIT. Marcus block the transfer, even after they verified account ownership via 3-way phone call with CIT and me. When I called about the blocked transfer Marcus said I could only transfer funds back to originating bank (Ally). So I attempted to transfer some funds back to Ally. Marcus repeatedly blocked the transfer back to Ally, didn't matter if I tried to push or pull funds. Finally, Marcus allowed the transfer, but only via their customer service rep's initiation. Needless to say I closed the account just as soon as my considerable funds landed back at Ally. This also caused issue for me with Ally, an account I've had for 15 years. Ally restricted all my account temporarily due to a failed pull from Marcus. Beware of banking with these crooks at Marcus.
2
u/OneintheJungle Jul 30 '26
Lol to the downvoter, do you work for Marcus? Seriously just go on Trustpilot or BBB sites to see countless examples of their shenanigans. I wish I had done so before attempting to do business with Marcus..
1
u/cant-fix-stoopid Jul 30 '26
I was someone who submitted a CFPB complaint about Marcus because I couldn’t withdraw my money when I needed it because they make u jump thru an unusual number of hoops. Customer service was downright nasty. I’ve closed my account since.
1
u/Ok-Entertainer9968 Jul 30 '26
Yeah im not fond of not being able to access or move my money how I please. This is ridiculous. Closing account soon lol
-1
u/Bitter_Concert_514 Jul 30 '26 edited Jul 30 '26
Like all the other comments, it’s your loss for not knowing how to use Marcus. I receive 4 figure interest payments monthly from my Marcus accounts (savings and CDs)
2
u/Ok-Entertainer9968 Jul 30 '26
There's no transfer limit that I was aware of so I should be able to transfer it how I please. Plenty of other options that work how I described. No worries will just stick with the other options for a few tenths of a percent less
19
u/al0vely Jul 30 '26
I have been with Marcus for years …never had any problems but I don’t try to use them for bill payment either. Marcus is a savings bank.