Marcus by Goldman Sachs

Marcus by Goldman Sachs Reviews

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Overall Rating2.5 out of 5
See all 37 reviews & ratings

About Marcus by Goldman Sachs Reviews

Marcus by Goldman Sachs is an online lender and savings bank. It offers personal loans up to $40,000 with fixed rates and no fees. High-yield savings accounts are also available. The bank is insured by the FDIC.

    Pros & Cons


    • Fast approval
    • Customizable monthly payment
    • No fees on loans


    • No physical locations
    • High credit requirements

    Bottom Line

    Marcus by Goldman Sachs offers personal loans from $3,500 to $40,000. Loans come with a fixed APR, so your payments are always the same. It doesn't charge fees for personal loans or savings accounts.

    Marcus by Goldman Sachs Reviews

    ConsumerAffairs has collected 37 reviews and 585 ratings.

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    Page 2 Reviews 10 - 40

    Reviewed Jan. 24, 2023

    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.

    My mom is cut off from her money per this bank. The home will evict her, and she will have to be put in a state home with very poor conditions. She needs the superior care of her current facility. ----They want a guardianship/conservatorship to move any money for her. This will take time, and they do not seem to understand or care about her situation. --I have the POA. It means nothing to them. They said it is in their contract that she signed before she gave them her money. She does not know what year it is, yet they said they will only move money for her if she approves. ---So, she may die in a poor house per this bank. ----I spent many, many hours pleading with them to deaf ears.

    Beware of this cold- hearted bank. Chase bank took only 36 hours to let me use my POA for paying her bills. ----I am going to have to sue this bank for damages, and that will cost tons of money. It will be a big uphill battle. ---If you are older, you should establish a joint account with your kids/loved ones, so you will not have these kinds of problems with bad banks. --The legal work was perfect with this POA, but this bank will put her away to her end. ---Those reading this will find it hard to believe. I called my lawyer, and they said that this happens all the time with some banks. It is also very hard to sue them for wrongful death due to them cutting off the funds to a POA. ---And things are much worse that I have the time to explain. --Avoid this nightmare bank at all costs.

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    Customer ServiceStaffTransparency

    Reviewed Jan. 24, 2023

    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.

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    Customer ServiceStaffTransparency

    Reviewed Dec. 31, 2022

    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 have attached my email confirmation that I did go into the account and give instruction to close the account. They said I must pay a fee to withdrawal the funds early - even though the maturity date was 12/10/2022 because they renewed the account despite my request to close the account. I will never be banking with this company again. This case should be sent in for further i investigation by the banking commission.

    When I called on 12/31 they were unwilling to close the account that was incorrectly renewed. Then when I asked to update the account instructions for it to be closed upon renewal the agent told me they couldn’t update the instructions for some reason and for me to call back or try online. I think they purposefully and sneakily do not allow you to withdrawal the funds so that it is automatically renewed and they can get withdrawal fees from you. This is the worst customer service I’ve ever received from a bank and should be illegal.

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    Customer ServiceStaffRates

    Reviewed Dec. 19, 2022

    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.

    Before turning over your social security number and money to Marcus consider this. Goldman Sachs had the bad judgment to base their software development team in India. Other legendary screw ups Intel, Microsoft, Hewlett Packard and Samsung all moved their informational technology groups to India. And yes they are all plagued by persistent software bugs. Wow what a coincidence.

    Consequences. There has to be consequences for dishonest employees and contractors that steal your financial information. If the embezzlers are in the United States we can apprehend them, beat them and then put them in jail. However if the embezzlers are in India there is nothing we can do as the United States does not have any legal jurisdiction. If Apoo decides to impersonate you or sell your financial information what are you going to do? Marcus pays a little more interest and you take a lot more risk. Would you trust Goldman Sachs?

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    Customer Service

    Reviewed Dec. 15, 2022

    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.

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    Reviewed Oct. 26, 2022

    Do not get a personal loan from this company. Here are some of the things I've experienced. Paying your loan on the due date is not possible after their close of business. They are on US Easter time. Any payment attempt after their close of business (even if attempted on the payment due date) is considered late. Never experience a company that calls your payment late before close of business in your own time zone on payment due date.

    Should you ever need to make arrangements because of Job loss or any other reason. They are inflexible. The only thing they seem to have is if you pay your payment on time for 12 months then they will let you skip a month. That is assuming you never tried to pay later in the day on your due date. Generally speaking you are better using a company like Best Egg. They are the best. Marcus is inflexible even if you've been on time with every payment for years. I will never do business with them again.

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    Customer Service

    Reviewed Sept. 20, 2022

    Worst card & customer service (Patricia) ever, warning!!! Warning!!! Stay clear of this high interest headache. I never signed up for this card to make things clear, since Capital sold this card to Marcus by Goldman Sachs this has been trouble as far as interest, I paid the balance in full. A week later I open the card and it's a interest fee, I was told I had to pay the balance for two months straight (some garbage that made absolutely no sense at all, considering I paid it off before the interest even hit the card), I just end up paying the remaining interest just to put this behind me but I will not use this card for nothing but small purchases just to keep it open so it won't hurt my credit, in my opinion this is a complete scam card.

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    Customer ServiceTransparency

    Reviewed Sept. 13, 2022

    Rachele from customer service dispute just called me to say that they are still charging me for a "purchase" that a fictitious company is billing me for. They have no way and NO desire to contact the company with me. Marcus has given me a phone number that does not answer - 833 268 5811. A PO Box that does not respond to my snail mail request; an email address that does not exist and a USPS tracking number that the Postal Service says have never been issued and NOTHING HAS BEEN DELIVERED TO MY HOME. These charges were put onto my credit card during the MARCUS takeover of my previous GM credit card. There is no signature from me and I have NEVER USED THE MARCUS CARD.

    My credit score is upwards of 830 and Rachele states the MERCHANT has given them COMPELLING information that they agree with and ACCEPT as a legitimate charge. Of course other credit card companies like DISCOVER, AMERICAN EXPRESS and other Banks such as US BANK Mastercard ALL require ACTUAL REAL LEGITIMATE INFORMATION to confirm the products were purchased by the card holder. I have tried six times to explain to MARCUS that I would be very happy to conference call with the company and MARCUS so that we can find out what the products are....

    The list is 17 items long full of some specialty electronic items which I have no clue as to what they are, since I am a senior citizen with a 14 year old desktop computer and an 8 year old iPhone that I still don't know how to use well. AND remember the US GOVERNMENT POST OFFICE AGREES THAT THE ITEMS WERE NEVER SHIPPED TO MY ADDRESS using the "COMPELLING TRACKING NUMBER" that MARCUS Sent to me in my dispute request for information. MARCUS refuses to find any way for me to communicate with this illegitimate company.

    I cannot find any company called TrulyCoreelectronicsStore on Google or Facebook. Should anyone out there know who this company is with the PO BOX 32017, Lakeland, FL 33802 address - PLEASE LET ME KNOW HOW TO CONTACT THEM. For now my only recourse with the impertinent stubbornness and greediness of MARCUS is to take them to small claims court should they indeed try to mar my financial reputation. Obviously they do not care about their customer service and being honest - 2008 rip offs are not forgotten!!!

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    Reviewed Sept. 12, 2022

    Please do not do business with this company!!! They will take your money and you will not be able to access your account. Then, when you request to have the account closed they will not closed the account and you will have to jump through hoops to get your money transferred to your linked account. They are bad for business. If you’re trying to gain a few extra bucks it’s not worth the hassle that you have to endure.

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    Customer ServiceStaff

    Reviewed Sept. 6, 2022

    Normally I would not review, but this has been such an extreme experience I feel compelled to warn others away. I used my card for the first time to make a purchase as part of my GM Rewards membership. I never received a paper or electronic statement letting me know when my payment was due. I found out with an email when it was past due. The website hangs when trying to log in to access the account and make a payment (thus is not possible to make payment online). The phone automated attendant takes forever to process through and continually tells you to go online for faster service. The only positive is if you are lucky enough after an extremely long wait to speak to a customer service rep, they are very helpful, kind, and professional. I've closed my account after only having it for 3 months +/-.

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    Customer ServiceRates

    Reviewed Aug. 27, 2022

    Do not consider this bank for your personal savings. Although they brag about their interest rates they continue to lag far behind actions by the Federal Reserve and other FDIC insured competitor options. They are great about collecting your money but a total pain to move money from your Marcus account to other institutions. Linking "external accounts" not only requires completing an exercise using their third party vendors (where you'll have to provide user name and passwords) but significant time and inconvenience while they set up a three party phone call with the other institution. Want to close your account? Prepare for significant delays and more than a week to complete a wire transfer.

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    Punctuality & SpeedLoan Process

    Reviewed Aug. 26, 2022

    Summary: Avoid this bank if you will ever need to access your money in a timely manner. I transferred money into my savings account with Marcus from an account with another bank. Ten days later, my offer to buy a house was accepted. In order to make the down payment process easier, I attempted to transfer the money out of the Marcus account to my original account. The transfer failed. I tried again. It failed, again. So I tried to transfer to a smaller amount to see if there was just problem with amount limits. That transfer failed. Then Marcus locked my account. Mind you, this is the account which I have explicitly linked to my Marcus account through the Marcus website, and from which the funds were originally transferred to my Marcus account.

    I repeatedly called to attempt to get my account unlocked and was told every time that my account was "under review" and this review could not be expedited in any way, despite the fact that I had documentation of all the transactions leading up to the account lock. I was repeatedly told my account just need another "five business days" for review. In the meantime, I was completely unable to access my account balance or statements to prove to my mortgage lender that I had the funds needed to close on the house. Again, I relayed all of this information to Marcus and they continued to stonewall me for weeks.

    If I had not been able to pull funds from an additional location, I would have been in breach of my closing contract, lost my earnest money, and failed to buy the house, all because Marcus failed to let me transfer money, locked my account for weeks, and then strung me along for weeks with excuses for why they couldn't open my account or provide me with any documentation showing the amount of funds I had in the account. Fifteen days after the original lock and seventeen days after I first attempted to transfer the funds, my account was unlocked.

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    Customer ServiceStaffRatesTransparency

    Reviewed Aug. 11, 2022

    Capital One sold my card to Marcus. My APR is 4%. They have been charging me over 20%. I spoke to at least 5 employees, who are not trained on basic calculations. Most did not know how to calculate my daily periodic rate from my APR. I had to explain my issue over and over again. Disputed the interest charge every month. Every time they would send me an email and say the interest charge was correct. I am also covered under military benefits which I have a letter from them stating I’m not eligible for. At one point a “manager” called me to tell me that the interest was correct. I asked if she had looked at my statements prior to the higher interest and she said no that she would have to go back and check. So they don’t research before they call.

    I asked several times for the formula they used to calculate interest and they would never provide it. I opened a complaint with the BBB. Magically, Marcus “discovered” an issue in their system and now they are correcting it. This is after 2-3 months of me telling them it wasn’t correct. I am not sure I trust this company with any financials. Phone reps can’t help you. They can submit a dispute but they are not trained to use resources to help customers on the phone instead of passing them on to someone else who ultimately sends you a generic email stating there is no issue. I have received refunds each time the interest was wrong except for my current statement. I am still waiting for that refund and also waiting for their system to calculate interest correctly before I close my complaint. I really hope that this is an isolated issue and isn’t impacting all customers, many I’m sure that aren’t aware they are being overcharged.

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    Customer Service

    Reviewed Aug. 6, 2022

    We've had GM Cards for decades, and the bank operating the card was switched to Marcus. They are operating in dark ages, as others here have reported. I needed to dispute a charge. You cannot mark a transaction as disputed online, you have to call. It took forever to place a simple dispute - on hold repeatedly. Then, after being on hold yet again, I was transferred to someone who said they had put a block on my card and were sending a new one! My card wasn't compromised, I was just flagging a dispute until the company that placed the erroneous charge removes it. She said they could not unblock it, so I have to wait for a new card. None of our other cards offer customer service this bad. With other cards, I go online, mark a dispute, and move on.

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    Customer ServiceLoan ProcessRates

    Reviewed July 23, 2022

    I read that had great rates and a simple process to follow. I applied for a small personal loan, I have 816 middle credit score, income is north of $240K and we do not have much debt and our LTV on our home is less than 60%. On paper, I would seem to be an easy candidate to approve. 1. I apply, submit the paperwork and the system says they will be back to me within 48 hours. 5 days go by, I hear nothing so I reach out. They need more paperwork. I supply the paperwork. Another 5 days go by, again, I reach out and they need more paperwork. I supply the paperwork and, you guessed it, I did not hear back from them, so, I reach back out and this time, they want to speak with my existing bank to verify my assets.

    I arrange the conference call with my bank and misses the call. By this time, it is now beyond 30 days and I am told that because it is beyond 30 days they must decline my application. To add insult to injury, they tell me that I cannot reapply for 30 days. So, I decided to apply with SOFI. I did so and I was approved immediately and I took out my new loan in less than 72 hours. That was my experience with

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    Customer ServicePunctuality & SpeedStaffRates

    Reviewed July 15, 2022

    I have had a GM card for 20 plus years! Paid in full every month. Then these IDIOTS took over the card. They sent my bill to an address that we have not lived at in over 4 years. We never received a bill. A friend from the old area brought the bill over to our house that we have been in for 4 years. They charged me interest and a late fee, when they SCREWED UP!!!! Then treated me like a thief when I called they POOR customer service. Management won't take phone calls!!!! They called me back in 7-10 days. Won't admit that they could ever be wrong! Well today was the day it was PROVED TO THEM!!! Climb off your high horse.

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    Customer ServiceStaffLoan Process

    Reviewed July 8, 2022

    Stay away from Marcus by Goldman Sachs at ALL COSTS. Seriously, if you take any honest review to heart and look for a different product, this is the one. My experience has been absolutely horrendous and I want to save others from the headache of dealing with a company still operating in the dark ages. If you don't believe me, check out the wall of 1 star reviews here: **. This company is horrible. It does not empower its employees with the ability to do anything helpful for business customers. Business customers can only contact customer service through one line, via phone - not email, chat, etc. - and the phone representatives have no power to make anything happen other than tick buttons in a system and tell the customer on the other end of the line that they're actually doing something.

    There is no email when you close your account. There is no email when you make your final payment. There is no email with a pay-off letter, often needed to unlock certain items. Everything is by snail mail. Everything is antiquated. Everything requires you wait 2+ weeks to even know if something has been done. I will NEVER recommend Marcus, and I will ALWAYS recommend people RUN.

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    Reviewed May 17, 2022

    Renewed my CD on May first. Next day, I intended to change to a different type of CD. I was told the grace period was expired, and I was not allowed to make any change. What a ridiculous nonsense! Then, the "supervisor" told me the same thing. Every bank I know you can make as many changes as you can during grace period.

    So, there is no grace period for Marcus at all. I only wanted to make one change after renewal during grace period and it was not allowed. I do not know if staff and supervisor I encountered were deceiving me or this bank just outrightly operates like some bandit. I start to think if they are NOT worth doing business with even they have competitive rates. They have crappy customer services.

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    Customer ServiceStaff

    Reviewed May 8, 2022

    I've been a customer of Capital One since 2007. On March 4, 2022 I went online to Capital One to make a payment, as I usually did. I knew about the transfer to Marcus by Goldman Sachs but did not have a new card or a new statement yet. I couldn't log on to Capital One because Marcus had already taken over. I wrote a check, took a picture of it and mailed it. During the following week I kept trying to contact SOMEONE by phone at Capital One to update my information but was on hold for 30 minutes or more each time. I had three automatic monthly charges on my Capital One account. When I finally got my first Marcus statement there was one purchase listed on the statement. It didn't match any of my three automatic charges. There was no phone number listed on the statement.

    On March 25, 2022 I was determined to speak to someone and was on hold for an hour and 20 minutes until someone picked up. I explained my situation and the rep helped me set up a new account and password. I asked her to tell me what the one charge that was on my account was for. She reviewed it and it was the lump sum of the three automatic charges!!!! There was no breakdown by Marcus so there was no way I would know what I was being charged for. I made my payment with her help but when I asked her for a confirmation number for the payment she said there wasn't one available. When I commented that everyone gives a confirmation number be it for a payment or order, she agreed with me. We chatted briefly about the company transfer and she said a lot of people were very unhappy because nothing was in place and customers were left in the dark. She did give me the phone number for Marcus.

    Over the next few weeks I transferred the three charges to other cards. This long time customer is no longer. Whoever was in charge of this transfer should be ashamed. Goldman Sachs supposedly has a great reputation but this fiasco proves otherwise to me.

    Kate of Londonderry, NH


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    Customer ServiceOnline & App

    Reviewed April 28, 2022

    They cancelled all my automatic payments including the electric company, without sending me a new card. The account number is not anywhere to be found. It is not on the website. Not on the account statement. Without the account number I could not use bill pay. It took 2 calls to get the account number. The first had me on hold for over an hour.

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    Customer ServiceOnline & App

    Reviewed April 25, 2022

    I had a GM credit card issued by Capital One for a long time - probably over 8 years. I never used it much, but when I did the bill was easy to pay on Capital One's web site and you could get in touch with customer service very quickly or nearly immediately engage in a chat. At least 4 months ago I received notice that this card was being taken over by Goldman Sachs. To date I have not received a new credit card. I got statements which listed the last 4 numbers of my new card, but had no idea what the card number was. I tried to get in touch with Goldman Sachs at the number listed and was put on hold for half of forever. No offer to call you back.

    The web site for this card is a joke. I can see that I was charged a few weeks ago for a Time Magazine subscription - I have no memory of authorizing this. I can find no way to dispute the charge. I have called several times and been on hold for so long that I have given up. I tried to chat with them and started a conversation - no one ever answered. What I really want to do is to talk to a human being so I can cancel this joke of a credit card. One of their suggestion for contacting them is to write them a letter. I wonder how that would work out. I think I will write one and send it to them by registered mail and tracking. I don't want this card. I would not recommend this card to anyone.

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    Reviewed March 28, 2022

    I am filled with upset. Marcus Goldman Sacks takes over my Capital One BuyPowerCard with zero authorization from me and began to charge me over $70.00 in interest a month. Never contacted me about the transition until after payment was due then overdrew my bank account by thousands of dollars. This is bullying to the like of mobsters. I am disgusted in the people behind this type of sin.

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    Customer Service

    Reviewed March 15, 2022

    2/25/2022 mailed (check) payment for my GM card to MARCUS GS at PO Bx 7247-Lock Bx 6104, Philadelphia, PA 19170, as listed on their website for payments. Check cleared my bank on 3/2, but has not been credited to my account. Called MARCUS - on hold for 1 hour - then told that they could not find my check-lost my check-it disappeared. Someone would contact me within 48 hours. Almost a week and no contact. It is a shame that GM chose to partner with this company. I have been a GM customer for 60 years and a GM card holder for many years. I will get a different credit card and GM has lost a loyal customer! Hopefully someday they will locate my $1500 check.

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    Customer ServiceLoan ProcessTransparency

    Reviewed March 7, 2022

    I obtained two loans from Goldman for debt consolidation and moving expenses. As life would have it, my husband lost his job, and we were unable to pay the loans as we had been. Goldman either couldn't or wouldn't work with us, and the loans ended up being charged off. I started working with National Debt Consolidation, and was able to settle one of the loans. The other is a nightmare that is still ongoing. Initially, I was led to believe the loan was with ARS Settlement. When I called to pay the loan off, I was told that the loan had been sent back to Goldman. When I called Goldman, their records hadn't been updated, and still showed that the loan was with ARS. When I relayed the information that ARS had sent the loan back, the rep opened a ticket to have it sent back to ARS so I could pay it off. This happened on 2/17.

    I called back on 3/2 to follow-up, and was told nothing had been done, the ticket was still pending, and to call back in a few days. I called back on 3/7 and was told that the original date of the ticket was 3/2, although it had been opened on 2/17, nothing had been done, and to call back because they still had 5-10 to resolve the ticket. Of course by this time, I was ready to blow a gasket. I've never had this much trouble trying to pay a bill. Not only is Goldman not tracking their accounts, it's clear their reps only quote company jargon without actually doing any work. It'll be 30 days since this all started and I've yet to pay this company their money.

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    Customer ServicePunctuality & Speed

    Reviewed March 3, 2022

    I have had a GM card for 30 years. Recently, Marcus/Goldman Sachs acquired it from Capital 1. When it came time to pay my monthly bill they were impossible to reach. Their website kept frustratingly shutting down before I could set up their account. The phone # they use had an estimated wait time of 30 minutes. I waited longer than that once but gave up after several tries. I tried contacting them on Facebook but no luck. Thank goodness I did not have a serious problem with my card. As it is I am late in paying the bill. I will see how this plays out and repost in one month.

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    Reviewed May 13, 2021

    Goldman Sachs Marcus offered a promotional bonus of $100 for customers who deposited an amount of $10,000 to an existing Marcus Savings account. For a period of 90 days thereafter the account balance had to be maintained at that amount. Having met that requirement, and after the 90 day period without having received the bonus I questioned why I never received it and was told that I was ineligible because, based on a technicality, it didn’t meet the qualifications. The technicality was related to a question discussed with a customer service person prior to my applying for the promo, which by admission of a Marcus supervisor, was not decidedly answered, leaving it vague. It appears that proof of the terms that deem the offer ineligible are not available.

    It should also be noted that a supervisor is the the highest level person that a customer can speak to. I was emphatically informed there is no way to address issues with anyone else in the entire organization. Finally, it seems that if I was ineligible I should have been told or notified from the onset so that I’d have the opportunity to address the issue. Shame on Marcus Goldman Sachs for scamming their customers and the public and for their very shady operation.

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    Reviewed Dec. 5, 2020

    Great Loan and Excellent Client Services. I needed to consolidate my high interest credit cards as my monthly payments never seemed to lower my balances much. I had never done this before and a friend referred me to Marcus Goldman. My loan was able to pay off three accounts in full and pay off a large chuck of other balances that were haunting me every month. My one monthly payment along with not using these credit cards has made my credit score go from good to excellent in seven months!

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    Marcus by Goldman Sachs Company Information

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    Marcus by Goldman Sachs