Marcus by Goldman Sachs Reviews

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About Marcus by Goldman Sachs

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
  • Fast approval
  • Customizable monthly payment
  • No fees on loans
Cons
  • No physical locations
  • High credit requirements

Marcus by Goldman Sachs Reviews

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    Page 2 Reviews 10 - 40
    Customer ServiceLoan Process

    Reviewed April 8, 2025

    My brother passed away and I'm the administrator for his estate. I needed information from his account to file his taxes. I uploaded documents they requested. It took them a 6 weeks to verify the documents!! I spent many hours on the phone with them and just got the runaround. They went past their deadline and claimed they can just add additional processing time as much as they needed to. This process was very stressful. Marcus Goldman Sachs seems to be OK with how long it took. I've contacted many other businesses my brother had and no one else even came close to this processing time they took.

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    Customer Service

    Reviewed March 29, 2025

    When buying the Lyriq Cadillac, there was an offer to apply for the GM Marcus Credit Card from Goldman Sachs. I purchased a few things on the card and paid right away. This week we are making plans for a trip to Greece and with a large credit limit I decided to put my hotels, and travel plans on the CC. I received a text asking tom to approve of the charge and I replied yes. Then I received an email to approve the charges and again replied yes. Then both charges were denied, so I called up and spoke to several reps. First said it was an error and sent me to 3 different departments and had at least a 45 minute call. I was advised all is good to go. I reached out to the vendor and they put the charge thru again and it was denied.

    From 12 Noon to 5:30 pm I called back 7 times till I finally was told that Marcus does not have an agreement with this vendor and that is why the charges were denied. After 3 + hours on the phone. Absolutely ridiculous. To top it off I get an email saying my account is locked. See email below which no one at Marcus knows why this was sent. "Your My GM Rewards Card™ ending in ** has been locked. While your account is locked, your account access and transactions may be limited for your protection. You will not be able to make purchases on your My GM Rewards Card at this time."

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    Online & App

    Reviewed March 9, 2025

    I enjoyed this credit card for a while until I had a fraudulent transaction. It was for an online item for which I never received. I disputed the transaction 3 times. I provided proof that the online company had shut down their website, falsified the tracking number they provided, and provided claims from other victims. Despite these efforts Goldman Sachs sided with the online retailer each time. I have never had a credit card company with such bad support of their customers. With so many other options out there I don’t see any reason to stay with Goldman Sachs Bank. Best to stay with companies that support their customers.

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    Customer ServiceStaff

    Reviewed Feb. 17, 2025

    On 2/12/2025 I made two transfers from the available balance of my savings account to my external checking account. Later I was informed by Marcus that my transfer was denied dispute the funds already being removed. The representative was unable to provide me any information on why this happened. I then decided to close my account and transfer my remaining balance. I received the remaining balance the very next day on 2/13 but the not two transfers I made originally. I called and was assured my transfer would be sent to my bank. I was advised that the funds was already withdrawn and there were no issues. I called again in 2/14 to make sure that the funds were still being transferred to my external bank and I was assured that it was coming and I needed to wait 1-3 business days.

    Later that day I was then told my account was temporarily locked and under review. I asked to speak with a supervisor and was told I needed to wait until Monday. When I called today I was told they were not able to verify my information which is ridiculous because I went through all the prompted information and verified my identity several times. I was then told my external bank needs to verify my identity which is also ridiculous because I just received one out of the three transfers. I was then told I needed to fill out a form via mail in order to unlock my account and receive my money.

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    Customer ServiceStaff

    Reviewed Feb. 16, 2025

    I stopped using my Marcus/GM Rewards card at some point in the past, but maintained the card account because I have a significant credit limit and the account has been open for approximately 30 years under the GM brand. The card has been invaluable to my family, but several years ago it somehow ended up with Marcus/Goldman Sachs. The problems began immediately and after a few months, I just stopped using it.

    Recently I received a notice that if I would charge x amount of dollars on the card that would post a reasonable amount to my GM rewards total. This evening I attempted to make a purchase using the card and it was denied. I contacted a Marcus agent and he offered me zero assistance. I honestly don’t know why GM does business with them. Guess it’s a lucrative arrangement, but the customer service is abysmal.

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    Reviewed Jan. 31, 2025

    I filled out information they required to open a CD. Put my Social Security number as well as all my information. Never heard back from them and now afraid my SS number could be in jeopardy. How do I know if I am safe? After reading many negative comments on reviews?

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    Reviewed Jan. 5, 2025

    I have never had a credit card company allow fraudulent charges, over $6,000, and not catch them. Once identified, they disputed if the charges were actually fraudulent, though looking them up online, it is clear that they are fraudulent. After closing my account with Goldman Sachs in September 2024, two months later, a new charge from another fraudulent actor showed up and they allowed the transaction to be processed and are now trying to bill me for this charge. I would like to hold this company accountable. My family has spent days working through all of this only to get additional charges for an account that is closed is unacceptable. Please help!

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    Customer Service

    Reviewed Jan. 3, 2025

    I had a cd with Marcus that matured on 12/14/24. I wanted the money transferred to an external bank. Marcus claims they sent the money to my credit union on 12/16/24. It is now 1/3/25 and the money still has not arrived. I called Marcus several times asking where my money is and for a tracking number for the transfer. They said they do not have a tracking number and were no help. Supposed to receive a call back from a supervisor. That never happened.

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    Customer ServiceStaff

    Reviewed Dec. 12, 2024

    Tried to wire money to an escrow account. It got escalated to a supervisor who said that I wouldn’t be able to from my account but they couldn’t tell me why. They were able to say it had nothing to do with the amount of funds I had and that I would never be approved to wire transfer to an external account. My partner has the same kind of account and was approved for a wire transfer to the same escrow account a few hours prior. I commented that it was race or gender based, and based on their response, I’m not convinced it’s not.

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    Reviewed Dec. 3, 2024

    My daughter has had more than one savings account with Marcus for several years. She decided to take advantage of their Referral Program and sent me the link provided by Marcus to open a new savings account. It's been over three months since I opened the account and neither of us has received the promised referral fees. We have called separately and jointly and spoken to their customer service representatives numerous times. We have received many apologies and promises and told our case is "in the queue". It's ridiculous that they continue to offer a Referral Program but refuse to pay the promised referrals. I would not recommend opening an account with this bank.

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    Customer ServiceStaff

    Reviewed Dec. 2, 2024

    I am having the same experience as countless others regarding Marcus by Goldman Sachs. The joint account I have opened with my daughter has been locked for no legitimate reason whatsoever. I've had numerous phone calls with representatives and supervisors and the problem still has not been resolved. What is even more disturbing is there are countless online complaints, social media posts, and even Youtube videos of people all having the same issue of their accounts in essence being seized with no recourse, yet this practice is continuing, apparently, with no repercussions at all for Goldman Sachs. These are not isolated incidents, there are many and they seem calculated and deliberate. I cannot even believe this is being allowed to happen! A lot of Americans are being harmed by this institution and we need a Federal Agency, a States Attorneys General or our elected officials to step in and put a stop to this outrageous practice.

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    Customer ServicePunctuality & SpeedStaff

    Reviewed Nov. 25, 2024

    Awful. Wish I could give no stars. The only word to describe them is awful. We have had a GM card for 25 years and a couple years ago Marcus by Goldman Sachs took it over and nothing but issues. They have posted payments received on time late and charge fees. Documentation shows the payment received on time but their “internal processing” delays it and then they charge late fees and interest which then they have to correct. Then a lost card reported and they cancel the wrong card.

    Speaking with a representative who speaks English is impossible. When you try to get your own card activated on a joint account they won’t unless the other primary account holder approves it - it is a replacement card!!! When asking to speak to a supervisor I was told they are the supervisor and they will be the only person I can talk to. Asking for the manager of that person they hung up on me. I have called multiple times to resolve the issue on our account and my husband has called multiple times. They are awful. Plain and simple. Wish GM kept it with the same company.

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    Customer ServiceStaff

    Reviewed Nov. 24, 2024

    Two days ago discovered my account was compromised, and of the 7 customer service agents I've worked with so far to report, only 2 seemed knowledgeable and competent. Surprising terrible customer service for Goldman Sachs. A similar situation with Chase was far superior.

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    Reviewed Nov. 20, 2024

    My 100+ year old aunt died this year after having a GM Rewards Card for many years. Because she did not drive for the last ten years of her life she did not own a car. At her death the many years of points went away because Goldman Sachs said they cannot be transferred to her estate. Thanks for nothing GS.

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    Customer ServiceRates

    Reviewed Nov. 19, 2024

    Horrible at customer service and customer experience. This bank has refused to return my funds back, extremely long wait times and their representatives are by far the worst by far. They’re just trying to read scripts. They lie about their APY rate too. They never offer a solution or have a resolution.

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    Customer ServiceStaff

    Reviewed Nov. 14, 2024

    I am having horrified experience with Marcus by Goldman Sachs. Company hold mine check for 2 months. I make 13 phone calls and 4 email but no action has been done and every time You talk to different person and None of Supervisor can provide correct info.

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    Customer ServicePunctuality & SpeedStaff

    Reviewed Nov. 8, 2024

    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.

    In the transaction history I see my main transfer was reverse after 5 days. I never got a notification of this from Marcus. I call and spend 1.5 hours on the phone with them. They say my external account was flagged and we need to call my bank together to verify some information. I felt like a criminal the way they treated me. After this, they refused to honor the 4% because it was now past the 30 days you have to fund the CD. Also the rate is now 3.8. I would not recommend doing business with them. In my view, it is their fault my transfer got screwed up and they refuse to help.

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    Customer ServiceStaff

    Reviewed Nov. 6, 2024

    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.

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    Customer ServiceLoan ProcessRates

    Reviewed Oct. 22, 2024

    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’ve spoken to at least 7 Marcus people on the phone, all claiming they cannot do anything except “request” a check that would be mailed in 10-14 days, but they cannot confirm a check will be mailed at all. Unbelievable. In the meantime, my $55k+ is in limbo somewhere earning zero and I am being denied access to it. Stay away from this bank!

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    Customer ServiceStaff

    Reviewed Oct. 15, 2024

    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.

    I had attempted to transfer money back to my bank account for a scheduled tax payment withdrawal from the IRS. When the transfer did not occur within 6 days, 4 business days, I contacted the "24/7" customer service dept. After 1/2 hour of being on hold and having the representative converse with a supervisor, I was told that the transfer was reversed because it was considered a "rapid transfer". I asked what that definition was, and they could not provide an answer. They also could not tell me when I would have access to my money to transfer to/from my bank accounts. Their explanation was that "this savings account is meant to be a long-term savings account". If I had wanted a "long-term" savings, I would have invested in a CD, which has higher yield. This was NOT meant to be an account that would hold my money without access.

    After another 1/2 hour so further pressing and questions, being placed on hold, I requested to speak directly with the supervisor that the representative was working with. This request was declined as it was "after hours", and that they could call me back within 2 days for a conversation. So, I can wait on hold while the representative relays messages to/from the supervisor, but I was not able to speak directly to them?

    Do not believe what they advertise. You cannot have unlimited access to your money to transfer to/from your accounts. There are huge restrictions and limitations. They have time constraints and limitations that they cannot define. They cancel your requests without notification or explanation. I had falsely assumed that Goldman Sachs was upfront and forthright. This is wrong. Now I am forced to find some way to transfer my money to another, high-interest savings account. There are many choices. Avoid Marcus by Godman Sachs.

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    Customer ServiceTransparency

    Reviewed Oct. 9, 2024

    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.

    Once your account is restricted there is no access to your money at all. We have sent 2 Power of Attorney documents. One Affidavit of Identity. They will not accept them until my mom can call in and answer their security questions correctly. We won't have her call in again because it might literally kill her. She turned 100 a week later. It has been 40 days without money. Her rent for assisted living is $7,900 and is 2 months passed due. They have asked for a second Affidavit of Identity. We are still waiting. Note: My sister was on the account as a joint owner but they won't allow her access until they hear from my mom. Don't know how any of this is legal!!!!

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    Customer ServiceLoan Process

    Reviewed Oct. 7, 2024

    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.

    They put a hold on the transfer but did not cancel the transfer. So I could not use the money until they canceled the transfer. The customer service simply refused to provide any reason for the hold on my account and asked me to wait three days. This forced me to postpone the closing of my house and pay a large additional fee to the lender and title company.

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    Customer Service

    Reviewed Sept. 27, 2024

    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.

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    Customer ServiceStaffLoan ProcessRates

    Reviewed Sept. 14, 2024

    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.

    I ask them how is it when they make a mistake all that I get is "I'm sorry." But when I make an error, they charge fees and interest. They have double standards! In the month of February and March, They failed to carry out a requested transaction even when I called in to remind them. But I didn't get nothing extra. I wish I'd have known about their poor customer service before I did business with them. If a problem occurs, you will not have anyone to defend you because their management is garbage. So Be careful with this bank!

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    Customer ServiceStaffRates

    Reviewed Aug. 31, 2024

    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 Subsequently received several more calls from Marcus representatives, contradicting this arrangement, however the account was closed, and access to any funds was denied. Several calls later, I received another request confirmation, then a decline. A second confirmation was received, followed by another decline. Aug 30, 2024 I received a call from a Marcus representative who advised he had corrected the issue. While in the process of completing this procedure when we got cut off. I then called back the number which was answered by another employee. I asked to speak to the previous employee, but this request was denied.

    I requested that they contact, as it had only been 30 min prior; this again was refused. I was then transferred to different employee, who advised nothing told to me by any of the other employees was wrong. She again denied the transfer, adding no funds would be returned. The account is now locked. I now have $30,000.00 in limbo, with no access, not earning interest (for me) and apparently no recourse.

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    Customer ServiceStaff

    Reviewed Aug. 31, 2024

    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.

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    Customer Service

    Reviewed Aug. 28, 2024

    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.

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    Customer ServicePunctuality & Speed

    Reviewed Aug. 16, 2024

    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.

    With each phone call, I have asked a supervisor to call me because I am getting nowhere with the reps. I was told a supervisor would call me this morning. It never happened. At 4:00 today 8.16.2024, I logged onto my Marcus account to see if they finally funded my CDs and saw they closed all 3 of them for failure to fund! I again asked for a supervisor and waited until I got one. She kept saying they were processing my check. I asked her what that means processing, "You cashed it, you took my funds from my bank." I reiterated that Marcus has already taken the funds from my bank, "So you should have funded the CDs." I at this point want my funds back and will never do business with Marcus again. I am so glad I started small and didn’t transfer my whole 401k over to Marcus. Don't do business with them. Shady very shady.

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    Loan Process

    Reviewed Aug. 15, 2024

    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.

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    Customer ServicePunctuality & SpeedStaffRates

    Reviewed Aug. 14, 2024

    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.

    The SUPERVISOR indicated that it was my responsibility to return a missed call from the unknown number to find out what it was about. She stated that is what their customers are expected to do. She also stated that it was expected I would learn about the account being frozen when the next withdrawal would be blocked. They did not inform me; the school did (and charged me late fees and placed a hold on my account prohibiting online transactions with them). Although the bank had frozen my account they willingly accepted deposits throughout this time--it was a one-way freeze to their benefit.

    I spent two hours today on the phone with four customer service representatives and one supervisor. The customer service representatives were pleasant but struggled to find answers to questions, requiring lengthy holds. SUPERVISOR was rude, spoke over me, accepted zero responsibility for her company's handling of the matter and agreed that she would also not return a phone call from an unknown number for an unknown reason. Their interest rates are no better than any other bank, so you would be best to try somewhere else. I will be moving my funds as they are not trustworthy and the benefits of the interest are lost when having to pay fees for failed transactions when trying to withdraw funds.

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    Marcus by Goldman Sachs Company Information

    Company Name:
    Marcus by Goldman Sachs
    Website:
    www.marcus.com