Marcus by Goldman Sachs Reviews

Do not be fooled! Having this account will convince you all the conspiracies about digital cash are fact. Goldman Sachs locks your Savings account without prior notification. Additionally, they do not tell you when their “investigation” will be done. Been waiting four days to access funds. They allege when you sign up for an account you give them the right to decline any transaction, anytime, without explanation. Was lured in by the snazzy marketing campaign by Apple, and the high APY. Resist! They are knowingly blocking you to access to your money. Avoid at all costs.

THESE GUYS DON'T DESERVE A POSITIVE NUMBER RATING!!! I have never in my 54 years had a negative experience with a financial company. I got a new GM Card by Marcus. I charged $7.99 and never got a mailed statement, nor did I get an electronic statement. I was contacted by GM Card by Marcus and I immediately opened an online account and made a payment by paying the full balance due. These clowns put the ONLY late payment that I have ever had on my credit report for roughly $8.00. Later they admitted an error, but refused to take this off my credit report despite contacting the 3 credit reporting agencies. My credit score dropped from over 800 to 730. I contacted a lawyer and he said that I could sue, but I had to show a loss and with a credit score over 700, that would be hard to do. After 90 days, my credit score rebounded to over 800, but I will never do business with these crooks again.

I thought I’d open a savings account here to earn high yield interest on my savings. Worse mistake I’ve made in a very long time and it turns out Capital one and fidelity would have paid more in interest and would have also provided customer service. To make a long story short they accidentally froze my account and would not allow me access to my funds. It took several phone calls. After 2 days we got it resolved but buyer be warned. Not a good feeling to have your money frozen and not have access to your account.

I transferred a significant amount of money to this bank. For 3 solid months they have not been able to verify my identity which is utterly ridiculous and have locked my account for 3 solid months- claiming it is for my protection, so I can't do anything but wait for them to go through their process. I have called them for months numerous times and no assistance is provided. Supervisors are promised to call back and never do and/or I wait on line for a supervisor who never appears.

Been a GM Cardholder for over 30 years and was satisfied until they transitioned to Marcus by Goldman Sachs. Don't know why but it's the only card I have that doesn't have an electronic link to my Credit Union Bill Payer feature. So, my CU has to send a paper check to their Philadelphia address. That process, though slow, has worked in the past. But with my August 2023 bill it didn't work. I requested a check be sent to Marcus on the day I received the bill, and one was sent on 8/4/23. Check was processed on 8/14/23 by Marcus for the payment that was due on 8/21/23.

DO NOT TRUST THIS BANK WITH YOUR MONEY. THEY WILL HOLD IT HOSTAGE. I have over 80k between accounts and have been with them since 2018. I eventually went to purchase a home and was going to use their bank to wire money into an escrow account at my title company. MARCUS ALMOST COST ME MY HOUSE by delaying my closing date. They require money to sit in your account for at least 6 months before attempting a wire transfer. They also only allow a set amount of wire transfers in a period of time. They will let you wire all your money to another account you own but if money hasn't sat in an account for an entire 6 month period THEY WILL NOT let you wire that money out. DO NOT DEPEND ON THIS BANK TO BE THERE WHEN YOU GO TO CLOSE.

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!!