Marcus by Goldman Sachs Reviews

Got Screwed. Opened a 5 year CD to lock in the 4% rate. It was quite difficult to link my external bank (Betterment). I made a $500 deposit to the CD to make sure everything was working before transferring the full amount. It worked fine. Next, I made a much larger transfer. I get an email from Betterment the next day that the transfer was reversed. I called Marcus and they said everything is fine and to check tomorrow. They notated my account. I checked every day for the next few days and my balance on the CD was correct with the full amount. Fast forward a week and a half. I log in to check my account and see my CD balance is down to the original amount and not correct.

It's okay when things work, but the moment there's a conflict expect time wasted on their customer service. I wanted to close my account and transfer my funds. I confirmed my identity and made the request through their customer support, only to have a restriction placed on the matter. Missed a call from them the next day with, called back and the representative is unaware of why I received a call. Informed them of my intent the previous night and it took 2 hrs of being placed on hold and their representatives trying understand what is going on to simply transfer my funds. Their service agents were nice enough to try to resolve my issue, but there is so much internal chaos within their system of accessing notes - the details of when, how, why, who that it took so much digging to resolve. Not a service I'd recommend.

This has been the worst banking experience I’ve had in 40+ years. I opened an online savings with Marcus for the favorable interest rate. Two weeks after opening it, they lowered the interest rate drastically. I requested to transfer my funds ($50k+) to another bank, provided the routing and account number, and even did a 3-way phone call with my other bank and Marcus per Marcus’s request, but Marcus is refusing to send me my money. The first phone rep I spoke with there actually told me “you cannot withdraw money from this account because it’s a savings”. What?? Now they’re saying the account is too new to close it.

I am completely disenchanted by this company. I opened a high yield Savings account, transferred $300K from one bank account, and $40K and $36K from two other personal bank accounts into my new Goldman Sachs Savings account. They advertise "Flexibility", "add or withdraw money at any time", "Same-day transfers of up to $100,000 or less to/from other banks". Each Deposit to my savings account from all three outside banks went through without a glitch, happening within a day. However, when I attempted to transfer money out of the savings account back into one of my bank accounts, it was "cancelled/Reversed" without any notice or explanation.

Warning!! If this bank restricts your account for any reason it will take literally months to clear it up. After making a transfer to a new bank account the bank called to talk to my mother who was 99 years old. I believe they called to verify the transfer. She answered 3 security questions but could not answer what color her hair was on her driver's license so they restricted her account. Note she does not have a drivers license. My mother is losing her past memories but is present and logical in the moment. They had us both on the phone for over 40 minutes. She was so worried that she began to have a panic attack.

Wire transfer with Marcus especially large amounts is too difficult. Even after they approved the transfer through phone they later rejected my transfer. This happened to me two times. To add to it, they do not allow a wire transfer of money to an account other than an account under your name. I left my money with them for a down payment of the house and when it was time to close the house purchase, Marcus told me they could not transfer the money to the title company. They said they could transfer it to my personal account at another bank but they rejected that transfer too. The online account tells me that my full balance is available to cash out but they said you can send the money back to the account it came from.

Marcus is the worst. I had a Marcus account for years with nearly $1M total. Twice now, when I made a withdrawal I would get confirmation that the withdrawal was released and electronic funds were sent. Days later, they would call me to confirm the withdrawal, and if I did not pick up their message would say that they reversed the funds. I don't mind them taking time to do their due diligence, but that is before you release the funds. I almost lost a property because my escrow payment was reversed. DO NOT USE MARCUS. You can get a competitive savings rate through Morgan Stanley or E-Trade instead. And Morgan Stanley and E-Trade are a far better run company that is far more customer centric.

I have had the worst experience with this bank. Not only are their employees incompetent, but the bank is a scam. A couple of weeks ago, I accidentally made a payment from a bank account that I previously used to fund an account, but I no longer use it. My payment was returned, and I Instantly called them and made the payment in full. The representative told me that all the fees and interest for those two days were waived, and I thought the problem was rectified. To my surprise, I received an email update to me about my account which I had not use my credit card for this month, so I was a bit surprised to see that I had $11:85 charge on it. So I called them, and they told me that they charged me $11:85 from the previous statement that I had Rectified. But the interest carries over to the next month even though it was paid in full two days later.

On Aug 5, 2024, I opened a CD with Marcus by Goldman Sachs, and transferred 10,000.00 from my savings. Aug 8, 2024, I transferred 10,000.00 from another Goldman Sach account. Aug 14, 2024 I inadvertently transferred 10,000.00 from an account, which held earnings from my business. I was not aware at the time of the restrictions as I had not yet received any documents regarding them from the bank yet. I was later advised that the transfer from the business account was not possible, and that the funds would need to be withdrawn. I contacted Marcus, whose representative advised the transfer would need to be done on their end, which I authorized. I then received a call from Marcus advising the transfer was denied, and that the account would have to be closed, and all the deposits returned. I agreed, and authorized the closing of the account and return of the deposits.

I wish I had read many of these negative reviews before giving money to Marcus. How have they not been shut down? How is it possible that I transferred money to Vanguard and Marcus snatched it back with no notification? I have called every day for the last week to see why the funds were reversed and why there is now a hold on them. I talk to reps, supervisors, but am not given access to the review team. I filed a complaint with CFPB today and we’ll see if that gets my money back.

I’m almost certain scammers clones the customer service number. Husband lost wallet and we wanted to cancel a GM rewards card. Got phone number off a statement. It was nightmarishly bad and so many things happened that led me to believe they are scammers looking for credit card number or social security number. In the end nothing happened except we got two phone numbers that might be helpful. One was for DIRECTV and the other Citibank. I made a fraud complete with the FTC and suggest others do the same.

My total dissatisfaction with my experience with opening CDs with Marcus.com. On 7.24.2024, I opened 3 CDs and sent $2,500.00 from my online bill. Pay from my Bank to Marcus Goldman Sachs PO Box 4571 Carol Stream, IL 60197. Marcus cashed my check. Took the funds from my account, never deposited them into the 3 CDs I opened and today 8.16.2024 they closed the 3 CDs saying I never funded them. I have called them so many times that I have now taken to writing to the BBB, the CEO, COO and owner of Marcus of the unfair treatment they have bestowed upon me for a month now.

Absolute worse experience! Tried for 1 1/2 hours to open an account, not take money out and they make it impossible to add a joint owner to a CD. Never ever again will I ever try to give them money....They just want your SS # and who know what they do with it, just terrible.

Have been using Marcus for high yield savings account, regularly transferring funds in for several months. When it came time to withdraw funds four months ago, they blocked the transaction without giving me any reason and then allowed the transaction (which led to my incurring fees/interest for a late payment). Today learned that they blocked withdrawal for my school payment because account was still frozen from the prior transaction. Customer service could not provide rationale for why it was frozen. When I requested details about their attempts to contact me about the account, they indicated that there was an attempted phone call, no message left and no other contact made.

I have had their GM Rewards card for almost 10 years. Happy to have this card for Fuel & Car maintenance however, being a customer of theirs has its downsides. A few good things first, I enjoy the rewards program. The card allowed me to have two cards so that my partner can also use my benefit of fueling up without using cash. Other than that, I have had the same credit limit of a measly $500 since the beginning. All of my attempts to increase the limit always fails. My credit score has gone up every year, my income has also gone up every year. It's always the same story with their customer service reps, who are helpful and apologetic, but the limit is only done through a computer and no personal human to human connections to review your profile for any kind of increase or loan.

I opened an account and opened with a $10 deposit. I additionally had a direct deposit from my employer. When I tried to withdrawal anywhere from $5.00 to $1,000 everyone was reversed. I was told you cannot withdrawal until you have earned interest on the account. On their website it clearly states unlimited withdrawals. I cannot add photos since I'm "temporarily suspended" for wanting to take out money too quickly. This bank does not follow what their website says, stay far away.

This is worst customer service I have ever experienced, to open a joint account I had to spent more than 3 hours on the phone and still no result. They literally hang up on you and never call back. No supervisor you can talk . WORST WORST WORST-- THIS BANK DO NOT EVEN QULIFY FOR 1 STAR.

Have fun trying to get your funds when your account matures. Ours did not close instead it rolled over. All agents advised it was an error on their part. Weeks later after many phone calls and no return call, and promises of just 1 to 2 business day and nope no money yet. Investor beware.

I would give 0 stars if it was possible, I have been trying to transfer money out of my account and tried contacting customer service several times in the past week and they have not bothered to respond as to why my transfer did not go through, they said my phone number was not verifiable and that some customer service person from back office will call me, I waited for a week and called back and went through the same hassle of talking to several reps and answering same questions and kept getting back the same answers, when I told them I wanna raise a complaint put me through a manager, they were like at this time I'm the highest level you can contact.

I had money in their savings account, which I needed for closing my home purchase. Unfortunately, they put my money on hold without providing any reason. Customer service has been unhelpful, giving inconsistent timelines for resolving the issue. Sometimes they say it will be resolved in 2-3 business days, other times they claim it will take 7 business days, and occasionally, they admit they have no idea about the timeline. This has been an incredibly frustrating and disappointing experience.

I am a client of Marcus by Goldman Sachs Bank. I called and I requested Polish translation. I was informed that "if I could open the account I should speak English". My daughter who speak English explained that I am elderly and I would like to understand questions. I was informed I need to speak English to access my account. They don't have translation service because Bank is in US and client must speak English.

Have been a Marcus account holder for over 4 years. Last week I transferred $249,000 to another bank. That must have annoyed them because suddenly all of my phone numbers became "unverifiable", both of my accounts were frozen, and my transferred funds were clawed back the next day. Nobody notified me. Phone call 1: They could not explain the issue because I couldn't be verified. Somebody will call me within 3 business days. Phone call 2: They could not explain the issue because I couldn't be verified. Somebody will call me within 5 business days. Phone call 3: They could not explain the issue because I couldn't be verified. Somebody will call me within 7 business days.

BEWARE: Had a savings account with them they illegally transfer money to the wrong account. I called the external bank to forewarn them of the withdrawal mishap. I was warned of sneaky verification tricks blocking consumers from account changes. When I called Marcus to speak to a rep, I explain the second transfer was not correct/authorized by me. All of the sudden the Marcus rep was unable to verify my phone number. The same one I called YESTERDAY WITH. The number did not change. She even told me she couldn't verify my address...YOU'VE BEEN WARNED!

I will be brief in my 1 STAR review. The issue is log in errors to the online customer portal. For 5 days I called for technical support to resolve the log in error message I began receiving 5 days ago. After speaking to no less than 5 Marcus agents their ONLY resolution is to stop using use my PC to log in. The account has been open for 90 days. Prior to this week there were no issues logging in on my PC running Windows 11 using a Chrome browser. As soon as I am able to both accounts will be closed. The CD and Savings account balances will be transferred, at which time all accounts will be closed.

This is the WORST customer service I have ever experienced, and I am 75 years old. My husband passed away mid January. By February 7th Marcus had the documentation they needed: death certificate, letter of authorization, and account number information sheets provided by Marcus. It is now April 22nd, the will is going to probate on April 30th. I still do not have the funds. After phone numbers too numerous to count, I am still waiting for a check to close out a CD which my husband bought only in his name, just prior to his death. There have been so many promises made to me...A supervisor will call me, a tracking number promised to me, forms to track a lost check, notification to USPS to return the package because the package has been "in Transit" since April 2nd and more.

We had money in a CD at Marcus that matured. The funds were moved briefly into our Marcus savings account while we decided what to do with them. We decided to transfer the funds to a different financial entity to pay for a large purchase. My husband initiated the wire transfer and was told it went through, so we wrote the check. But the money didn’t go through. They cancelled our transfer and told us we could “only transfer it into the account that it came from”. What? The funds are ours, from a CD held with their financial institute, and when we need them we can’t access them? Fraud. We are filing a complaint with the federal reserve - form **.

Referred wife to open a high yield savings acct. After she opened up the acct the extra 1% we were promised never happened. We made 4 phone calls to them and they refused to help us. Watch out on their referral bonus, it is a scam!!!

Opened a rate bump CD, no issues. The CD matured and it was suppose to close out and transfer my funds to an external account at the end of March. End of March came and there was no transfer, only thing account showed online was the account closeout was in process?? Contacted them and was told it would be transferred on following Monday.

Unfortunately zero stars is not an option. So I am generously giving them 1 star so that I can post this review. I want to echo the dismal experience since Marcus by GS purchased the GM Card line of business. I've experienced countless issues where their online account service was not available. Also, I have utilized personal finance services that allow you to link all your accounts in one place. First Marcus wouldn't allow customers to link their account to a service like this. Then when they finally allowed it, it didn't work a noticeable portion of the time. Now they have shut off access again. I don't want to have to go to their (subpar) website to see my information. They need to allow integration with these platforms for consumers like every other credit card company does.

The Marcus Goldman Sachs credit card for GM is the worst credit card company I have worked with to date. I always pay my card in full each month. I was one day late the 29th a Monday instead of the 28th, so they got the money on the same day they would have if I have pick the 28th as my payment date. They charged me the full interest for the month. I paid the card on time the following month and still got charged another full month of interest. I called and they said that is their policy to charge 90 days of interest for just 1 day late. They call it trailing interest meaning they keep charging you up to 90 days past the 1 late day. I filed a compliant and nobody called me back.