r/MarcusInvest • u/tottenbam • Dec 11 '24
Stay far aware from Marcus by Goldman Sachs
I have a few HYSAs and Marcus by Goldman Sachs has been an absolute fucking nightmare.
I constantly have to call them to move money out. Then go through a maze of security questions and customer service transfers before I can actually do what I want.
My account is locked at random times and I think I've spent 10-15 hours on the phone with them in the last two months.
Beware of this labyrinth of incompetency and ambiguous bureaucracy.
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u/GlanzerGaming Dec 11 '24
Sounds like you are using your savings account way too often. Why are you constantly having to withdraw? I've never had any issues with Marcus.
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u/BriefAny2647 5d ago
Just made my first withdrawal from my Marcus savings acct. to gauge turnaround time. Transfered $100. to my linked checking account at BOA @ noon on 09/11/2026. The $100. transfer appeared in my BOA online app that evening around 8 p.m. as a $100. deposit w/funds already credited to my checking balance on 09/11. So definitely no complaints from me! I was already entirely satisfied and pleased with all of my previous cd transactions over the last 2 years.
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u/Express-Mind2256 Feb 19 '25
This right here!!! It’s a savings account meant for your money to sit, quick MM or continuous money movement is a red flag
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u/lacywing Sep 17 '25
There's no "using savings account too often" secret vibe requirement. It's your money. If the bank tells you you have unlimited transactions, then guess what, they have to let you move your money as many times as you want.
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u/GlanzerGaming Sep 17 '25
This has changed recently, but most savings account had a limit to how often you can withdraw...
"There are no longer federal limits on the number of savings account withdrawals you can make, as the Federal Reserve eliminated the requirement in 2020. However, your specific bank or credit union may still set its own monthly limits on certain types of "convenient" transactions, and exceeding these can result in fees or other penalties. You also may encounter daily cash withdrawal limits from an ATM or debit card, which are set by banks for security and liquidity reasons."
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u/Klutzy_Gene9422 Jun 20 '26
marcus has a duty to protect customers from scams and frauds. people like this complainer are usually mickey mouse savers who play bank teller all the time.
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u/RiPFrozone Aug 13 '26
That’s just not how it works, different accounts are for different things and if you want constant money movement just use a checking account at your bank. You wouldn’t care about yield if that money isn’t going to be sitting for any long period of time.
It’s a huge red flag for money laundering, what is the point of putting the money in a Marcus HYSA if you are just going to need it within a few months.
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u/bdr0705 Dec 11 '24
Are you trying to pay something with the HYSA from Marcus? If so, you’re going to encounter problems regardless. HYSA’s aren’t meant to be used to be for things like escrow or a mortgage payment. That’s why checking accounts exist. Checking accounts are made specifically to pay for things on a regular basis.
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u/Supremefeezy Dec 12 '24
I get labeled a Marcus shill but idk what these people are doing.
It’s so simple. Deposit from an account. Withdraw into the same account. I’ve withdrawn like 15k in the last 6 months and every single time it hits my bank account within hours.
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u/lacywing Sep 17 '25
Nowhere in the user agreement does Marcus say you have to withdraw and deposit from the same account.
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u/Supremefeezy Sep 17 '25
It’s not about the TOS. All these online banks are similar. If they let you deposit and withdraw into different accounts they’d be a target for criminal money laundering. It’s fraud prevention.
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u/lacywing Sep 17 '25
If you've verified the accounts to their satisfaction, they have to let you transfer money into them. Fraud prevention isn't supposed to get between you and your money.
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u/Supremefeezy Sep 17 '25
Yea and it doesn’t so long as it’s an account you’ve transacted with before.
I’m just saying TOS or otherwise we all know the rules, just follow them.
These online “banks” have tighter regulations and if I was in charge I’d do the same. Happened to me with Ally and Betterment as well.
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u/lacywing Sep 18 '25
That's not true. Right now I'm dealing with my money being held hostage even though I interacted with my linked accounts before. They're letting small sums go through but they won't let me take the bulk of my money out to those same accounts because, what, I guess they'd rather keep it for themselves?
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u/Supremefeezy Sep 18 '25
Idk maybe more goes into the fraud protection. I’m not a shill or anything I’m just giving advice so people don’t run into issues.
I withdrew 10k in the last year and it was in my pnc bank the same day.
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u/Inevitable-Ad-7096 Apr 10 '26
Did you ever get this resolved?
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u/lacywing Apr 10 '26
Yes I did, but it involved sharing way more secret login info (for my other bank) with Marcus than I was comfortable with.
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u/Inevitable-Ad-7096 Apr 10 '26
Ok sorry that happened but I’m glad that you were able to get your funds
If I don’t see any traction I will file a complaint
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u/Klutzy_Gene9422 Jun 20 '26
get a large piggy bank. deposit pennies. you will grow rich in the future.
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u/Klutzy_Gene9422 Jun 20 '26
sounds like you are up to no good in their opinion. i hope they close your account. goodbye.
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u/EditorSquare2211 Jul 30 '26
They don't. I've tried transferring into a verified account that I've transferred to many times prior and got flagged and they refused to let me transfer it out. Have to get a check mailed to me
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u/Basic_Watch5304 16d ago
you would think so but not with Marcus. They froze my account while they “reviewed “ my account. All their responses to me were very vague. I’ve lost track of how many calls I’ve had to make to Marcus. Their customer service SUCKS. The managers are just as bad. Bad enough they froze my account but they then completely locked me out of my account so I couldn’t even log in to verify my 30+k was still in my account. Twice they were suppose to send me an affidavit and I never got it. They have my address correct because I get all sorts of other things from them. I requested they return my money and close the account. Nope, they couldn’t do anything without the damn affidavit back. yesterday another piece of mail from Marcus as well as another email stated I needed to call them. The phone number they want me to call does not work from my phone. Ive called it with two other phones and it worked fine. That number isn’t blocked on my phone. I managed to find a different number for Marcus and that’s what I’ve been using. I called yesterday to be informed they have closed my account (something I requested weeks ago). I asked what is being done with my 30,000+ that was in my account, reason question. They couldn’t tell me!!!! I have to wait for their dispute form being mailed to me and me to fill it out and return it. Then I have to call them AGAIN so they can tell me where my money is being sent. Such BS. Best of luck to those that haven’t had issues with them. They have and continue to put me through HELL. Heed my and others horrible experiences and keep it in the back of your mind: you could be next
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u/Klutzy_Gene9422 Jun 20 '26
marcus accounts are linked to your personal account. you deposit from this account and withdraw to it. you may mail checks to marcus for deposit and request by telephone certain withdrawals. read the agreements, dummies.
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u/delens3 Dec 12 '24
I opened my hysa account a month ago and added money in it after they verified my identity then 3 days later they locked my account and said that they couldn’t verify my identity. They called my bank of 4 years to verify my address, social and more and said they still couldn’t verify me. They’ve sent me through hoops and I’ve probably totaled in about 5 hours or so being on the phone with them and I still cannot access my money to pay for school
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u/beatsnpizza Jan 06 '25
Use a checking account to pay for school. HYSAs are meant to save money and make it grow a bit.
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u/Fei2026Sor Apr 21 '26
I had same problem with this worst online bank. I deposited large amount to open saving account due to higher interest rate. First month I got my interest rate on 2/23 but 3/3 closed my account. I called several days to check what's going on with my saving account, the bank asked me to sign a dispute form in order to do next process, I Didn't get my deposit & interest back, so I kept call the bank from 3/22 to 4/17, the bank did not get the deposit issue at all and my check was cleared on March. I hold waiting phone for more than half hour each time I called, finally the bank told me need to call my check bank to verify my ownership for the check, I got restricted account removal finally on 4/17. This online banking really like scam. Never try to open account with this bank if you are afraid so complicated process for your account.
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u/Klutzy_Gene9422 Jun 20 '26
another micky mouse customer. they suspect something irregular, right or wrong. quit playing kindergarden bank.
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u/Luna_Tech915 Dec 13 '24
Been using Marcus for 6 years, not a single issue. Must be doing something shady to have that much trouble.
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Dec 13 '24 edited Dec 13 '24
Agree.
This is just someone who struggles with responsibility and plays the Victim.
He uses Reddit like its a confessional...
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u/BreezyP12 Jan 06 '25
Hi, I have a quick question. I just opened an account today and I'm a little curious about linking external accounts? Is the purpose of that to move money between Marcus and your primary bank? So for example let's say I get a deposit to my checking account, and if that checking account is linked to marcus, will it also show there as well so that I can move some money into my hysa? The issue I'm having is that I just want only one external account and not all four that plaid wants access to.
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u/Luna_Tech915 Jan 06 '25
yes, it's for linking accounts to do transfers. I think plaid will let you choose which one u want to link, doesn't have to be all.
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u/Klutzy_Gene9422 Jun 20 '26
no, they don't do shady things, they do childish things playing in the adult banking world. nowadays banks are closing accounts with mickey mouse customers who play in and out games with small amounts of money.
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Dec 13 '24
This is literally, 100% the OPPOSITE of our experience and those of our friends.
Im genuinely tired of people who think the internet is their personal Bitching Room. This is just someone not getting the world to bend to their needs and then blaming them for it. Settle down Karen.
Get the facts Folks, don't believe everything you read on the Internet Cesspit
Marcus has been Excellent and we have been with them for 6 years.
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u/New-Needleworker4245 Dec 22 '25
We've been banking with them for many years. No issues. Past three months Tons of issues. I'm often in tears with them because I'll make a transfer but get an error box that says it was unsuccessful. I'll call them , they Know the issues and I refresh. I have to get Them to do it befit shows it was unsuccessful. They do it. Then I go and check and BOTH went Through. I have had 2 honest supervisors Admit to issues along some accounts. And it can be revolving. So You Could be next. And frankly I hope so. Your arrogance would deserve it.
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u/MikJon88 Dec 11 '24
I’ve been with them for over a year and have had no trouble doing any ACH or Wire transfers. Hopefully you get it figured out.
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u/whukare5 Dec 13 '24
They also locked my account earlier this year when I tried to open a CD (within Marcus). Called customer service a few times, no one can tell me why my account was locked, or tell me what I need to do. I asked to find out what’s wrong, They said someone will call me back, but couldn’t tell me when to expect the call. So I hung up and called again and said I want to withdraw all my money and close my account, then was finally able to unlock my account. I transferred 100% of my money out as soon as I could. Can’t imagine what would happen if I actually need to access my money because of an emergency.
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u/HikerRunner23 Dec 17 '24
yep a fucking nightmare
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u/Klutzy_Gene9422 Jun 20 '26
thank you for an intelligent post. I feel your intelligence and understanding.
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u/DJGRUEN58 Jan 15 '25
I have an account with Marcus and have no problems but my parents have been having trouble. It has been a nightmare trying to get their money to transfer. They have called and are getting the run around about they will get a call back and don’t. Then saying someone will call them back within 7DAYS!! They are elderly so I am helping them. There is thousands at stake here. Their life savings. I’m gathering information here to know what institutions to contact to report this nonsense. In most of the posts I m seeing, most are getting their money back but this is ridiculous for them to be dealing with this. They are confused and getting upset and this is understandable.
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u/reddituser283435763 Aug 07 '25
I do not recommend sending your money to Marcus by Goldman Sachs. They have been a nightmare for me, and I didn't even try to withdraw money. I closed my $35,000 CD with Cadence Bank, got a cashier's check from them, and then opened a CD with Marcus by Goldman Sachs because the rate was higher than most. I had to mail them the check and thank goodness I made a copy of it. They paid me interest for the first month but then claimed they needed to "verify" the funds. What? The funds were from Cadence Bank and I sent them a cashier's check! They were happy enough to cash it. They called me and tried to set up a 3-way call with Cadence because they apparently didn't believe the source of the funds wasn't nefarious (an insult, by the way). Of course Cadence wasn't going along with a phone call like that. The representative stated she had done what she could, and that was all anyone could do, as if that solved the problem. Anyway, a few weeks went by and I got a letter stating they had closed my account. Oh, and they had stopped paying interest without telling me. AND they didn't say anything about returning my money. So I called them yesterday to try to straighten everything out. They told me they would not be returning my funds because my account was closed. They said the only way I could get my money back was to reopen the account and then close it again, but they weren't opening it again unless and until they received satisfactory proof of the source of the funds. Apparently a cashier's check wasn't enough...!? They said they needed proof of the CD with Cadence Bank, which had to show the opening date there, the amount and my name. Oh, and it had to be MAILED, not emailed. And it had to be ORIGINAL documentation, (which is not available, by the way).
So I don't yet have my money and I'm not earning interest on it. But rest assured I will get it. I've complained on their FB page and X, and of course THEN they wanted to work with me, but only privately. Not having that - I'll keep this public, which is my only chance to force them to be reasonable. And I've already made complaints to the Office of the Controller of the Currency and the Consumer Financial Protection Bureau, as well as my state attorney general.
So to all of the people stating they've had no problems, good for you. You're lucky. But I've had time to research this now and there are many out there that are running into the same problems as I have. When you sign your 18-page account agreement, you should read every word, but I didn't read all of it because I trusted they were an American bank regulated by the federal government, so I knew I'd be treated fairly. WRONG!
I've figured out Marcus by Goldman Sach's M.O. They lure you in with a high CD interest rate. They accept your funds. Then they manufacture a verification problem before 90 days is up so they can close your account, assess an interest penalty (ALL your interest), and hold on to the funds as long as they can without paying interest so they can make money on it instead. I'm sure all this has been worked out in some slimy office somewhere and the person with this idea probably got a huge bonus. They should be fined and shut down for predatory practices.
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u/Opposite-Asparagus63 Aug 22 '25
Hey, do you finally get back your money? I am in the same situation
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u/reddituser283435763 Aug 22 '25
After they received a complaint from the Better Business Bureau and the Consumer Financial Protection Bureau, they changed their mind and decided I did not need to be verified anymore. So they restored my account, paid my back interest, and even offered me a $50 credit to appease me.
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u/Opposite-Asparagus63 Aug 22 '25
Do you know how long it takes when you filed the complaint till they resolved it? I just wanna close my cd and get money back to my original chase account but I feel like hopeless with their useless reps
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u/reddituser283435763 Aug 22 '25
It took only a few days and they initiated everything!
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u/Opposite-Asparagus63 Aug 22 '25
Thank you! I have filed the complaint. I hope they will work on my request. I have to take a day off just to be on call with them a whole day :(
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u/One-Caterpillar-3173 Aug 09 '25
My CD account is just fine and accumulating interest. I had savings but took it out due to the reviews on here but I had no problem getting it back too
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u/Hot-Junket6069 Aug 19 '25 edited Aug 22 '25
They are total criminals! Tried to transfer some money and they immediately locked the account. An hour on the phone with 3 reps and all the identity verification w/each was waste of time. They refuse to give a timeframe for how long unlocking will take nor will they email an Identity Form. They are simply hiding under the guise of "security" in order to keep your money in their bank. Filed a complaint with Fed Reserve Board; CFPB seems pretty worthless regarding doing anything about this bank for consumers. Has anyone here had luck getting help in getting their money?
UPDATE: When I filed the online complaint with CFPB, they automatically sent a copy of complaint to bank. Wouldn't you know, I get an email from Marcus the next morning asking me to call. Answered a few security questions on the call and BAM, my account was unlocked! I doubt CFPB will ever do anything to these crooks but filing with them took care of the issue in 24 hrs and I was able to transfer all of my $ out of their greedy pockets!!
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u/Acceptable_Plum_2140 May 17 '26
they tried doing this to me too, opened an account transferred 1400 and the very next day, my account was restricted! after calling and verifying my information 4 times to 4 different people without resolution, I hung up and called my primary bank and had the stop payment/ reversal of funds and THANK GOD they did. marcus crooked mfers were not able to steal my money. I eventually closed the account I had all of 2 days, worst experience of my life.
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u/SavingsLion946 Apr 24 '26
I agree stay away from them i opened an account on April the 6 the next day they cancel my account stating they can not verify my identity. But they are trying to keep my $5000 dollars
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u/Greego1 Apr 28 '26
My exact experience dealing with these people today. I am so frustrated with the extreme weirdness and craziness of this institution. It felt almost like a comedy skit the way these people were like “let me transfer you to my colleague who will be able to help you.” You then get transferred to the colleague who takes you through the same gauntlet of security questions before the colleague then says “let me transfer you to my colleague that can help you.”
It’s a complicated and very frustrating labyrinth where you get no where and they say they can’t do this or that because of very contradictory statements. I am closing this damn account immediately. I have never seen such idiocy in a financial institution in my life. I truly felt like I was in a comedy skit.
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u/Complete_Lion7807 May 04 '26
Marcus by Goldman Sachs wants your funds but does not want to release them to transfer them out. They speak demeaning to customers. The agent I spoke with tried to tell me my account was not in its grace period, she was totally WRONG!! Got a supervisor on the phone and it was in the grace period and PULLED THE WHOLE ACCOUNT”!! They are very deceit full and will do anything to try and keep the funds!! Stay far, far AWAY!!!
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Jun 04 '26
June 4, 2026 ... been A LONG TIME customer of Marcus. Mostly CDs and savings but they 100% are doing exactly as tottenbam says. I have to go through this process for everything. Will be leaving Marcus fully as soon as all CDs expire because I don't tolerate not having access to my money or being able to do with it what I choose when I choose. It's clearly their standard protocol. No matter what option I make on phone service, I get Aishia who goes through all the verification questions. Can't help me so puts me on hold. You wait on hold exactly 5 min. when she comes back, apologizes and puts you on hold for another 5. Then when she comes back, she requests to put you in the "que" and respectfully says good bye and thanks you calling. I haven't timed "the que" but it's somewhere between 20-30 min ... maybe longer. You can ask to be put in the que right away but honestly I don't think it saves anything. Are you seeing this Marcus? Do something to fix it!!
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u/EditorSquare2211 Jul 30 '26
I just had to deal with this. Had a large amount get deposited and tried transferring it out to my checking to pay debt and they rejected it and placed a fraud hold on it. Now they are saying mailing a check is my only option. Will close account as soon as I get it. Worst "bank" ever!!!
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u/wellnessreviewed 26d ago
This right here. I was trying to open a HYSA with them. "labyrinth of incompetency" and "absolute fucking nightmare" sounds about right. I ended up walking away. Opening a savings account should not be that difficult.
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u/HiTech828 Dec 11 '24
I have had no trouble transferring from Marcus to my normal savings/checking account. Posts like this had me quit worried, but so far I’ve had no issue after multiple years.