Marcus by Goldman Sachs

Opened a 5 percent interest CD funded with 2 different bank accounts. After 1 week Marcus contacted saying that only 1 deposit was allowed. No worries huh? Marcus stated that the account needed to be closed and penalties would apply, huh? It's been 2 weeks since they kept me on the phone for hours after which I was told my deposits were refunded back to my 2 banks. I'm just off the phone with Marcus another 1 1/2 hours and was told that my money wasn't refunded as stated 2 weeks ago. The representative tried telling me "It's not that easy to refund because it's a CD," huh? I have no answers where my money is, wasted hours, lost interest potential, aggravated and belittled. If you value your time, sanity, money and expect good customer service which is necessary when dealing with an online account, I recommend looking elsewhere.

I recently refinanced my home and chose direct payment from the title company for my personal loan with Marcus. Not only was Marcus extremely difficult with me regarding the extension of the payoff (numerous calls, emails, etc.) they went ahead and deducted my regular monthly payment in addition to the full amount ($8,000-plus) from my personal checking account. Calls to them have gone nowhere and after a particularly unhelpful conversation with one of their associates, I hung up and contacted my bank. I have obtained physical proof that they cashed an actual paper check for this amount in addition to what was deducted from my checking account. I have had to file a complaint against Marcus regarding this matter and would advise others to steer clear of them.

When first launched Marcus by Goldman Sachs was great. It was the first high yield savings account to pay their advertised "4 times the national average" rate. This however was when interest rates at all institutions were at .01% and inflation was below 2% annually. As the Federal Reserve has hiked rates aggressively over 2022, Goldman Sachs has been extremely stingy with raising its true interest savings rate to a high of only 3.68% (3.75%APY). A simple search will show all of their peers are well over 4% APY for the same type of no frills online high yield savings accounts. For the past 75bps of rate hikes (including March 2023), Marcus has given far less of an increase in interest rates. CD Rates are at least 1% lower than regional commercial institutions and 1.5% lower in the short end than Treasury Bills.

I have had a GM card for 30 plus years. When Marcus took over the card I have had nothing but problems. I've called many times to get my account resolved with no success!! I get the run around every time I call. They have told me a supervisor will call me back and never calls back. The last call the supervisor told me she can not make outgoing calls and can not give me a direct number to call her back!! Stay far away from this company!!

This is by far the worst banking experience of my life. I tried to transfer money online to another bank account in my name and they locked my account. I spent over two hours on the phone and even drove physically to the bank I was attempting to transfer the money to and had them speak with the branch manager. My account is still locked. I would put Marcus by Goldman in the category of a communist country at this point. None of the people I spoke with on the phone really seemed to genuinely care. I was promised a gentlemen named ** would call me within 24 hours to talk with me. That never happened. If I could rate this bank on a negative trustworthiness scale I would. Take my advice and just put your money in a bank that will actually let you get it back out or move funds when you need to. Otherwise no interest rate is worth it.

My mother has Dementia. I am her only child. She gave me POA to take care of her bills/nursing home expenses. This bank refuses to let me use her funds to pay for her care. Believe it as a fact. --They will not let me transfer funds to her Chase checking account. They let me do this before 3 times before. Now they said the account is under review. They will not put this in writing nor give their names.

They have locked and frozen my account four times in three months on a whim. Stay as far away as possible from these people. You will get a cryptic email to call just before with zero explanation and wait 30 minutes to talk to someone with prayers to release your savings account funds.

I have a certificate of deposit banking account with Marcus by Goldman Sachs. On 10/14/22 I logged into my account and changed my CD plan maturity instructions to Close CD on 12/10/2022. I received an email confirmation. On 12/23 I realized I had not received the funds and inquired why that would be. I was told that I didn’t update the instructions even though I have an email confirmation that I did just so. I spoke with Marcus by message and by phone call and they are unwilling to close the account they renewed despite my specific instruction not to renew. They did not call me by phone or make it clear that any further instruction would be necessary and did not let me know that the account was renewed. This is extremely concerning and sketchy business practices.

I tried to open a Marcus by Goldman Sachs savings account on December 13, 2022. On Monday December 19, 2022 I still had not succeeded in opening this bank account. I have never experienced such a poorly programmed website as Marcus. The website keeps going down. Customer service is horrible. They hung up on me several times. The trust is just not there.

Do not sign up for any of their personal loans. Their system does not accept extra payments, is inflexible with extra funds, and the phone customer service people are moody. I will never use them again for any future planning needs.