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03-17-2018, 07:17 AM
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#1
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Dryer sheet wannabe
Join Date: Nov 2017
Location: Out West
Posts: 21
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Thoughts on Marcus bank
I'm thinking about moving some of my cash to an online savings account at Marcus. I'm probably too paranoid, but I'm nervous about a cybertransfer to a slick website. I looked them up on FDIC and it doesn't say Marcus ... it says Goldman Sacs. Marcus says Goldman is their parent company, but scammers will go to great lengths to get my money. I don't know any other way to validate a bank other than going to the brick and mortar, of which Marcus has none.
I thought I'd see if anyone here is using Marcus. Is it legit?
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03-17-2018, 07:38 AM
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#2
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Recycles dryer sheets
Join Date: Sep 2007
Location: Chicago
Posts: 221
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It is legit. Marcus was the name of the founder of the firm - it's their "hip" bank name for the kids - less serious than Goldman Sachs don'cha know. My recollection is that they are paying about the top of interest rates on savings these days as well (around 1.5%?). It's a real bank, no idea about fees and such, but new enough and not the center of their business that probably OK. I believe that GS became a bank holding company as a result of some classification requirements in the laws post-financial crisis, and it was become a bank or get rid of a particular line of investments.
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03-17-2018, 07:40 AM
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#3
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Full time employment: Posting here.
Join Date: Aug 2013
Location: https://www.google.com
Posts: 750
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I've had a couple hundred grand parked in it since it was GE Capital bank, then Marcus. It's a Goldman Sachs company. No problems at all. At 1.5% it's also one of the best cash rates around.
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03-17-2018, 07:40 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
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Marcus is the new brand for what was Goldman Sachs Bank, which took over from GE Capital.
They're totally legit and pay some of the highest rates I've found. You can look them up on BankRate or DepositAccounts.com.
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03-17-2018, 07:41 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
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03-17-2018, 07:51 AM
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#6
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Dryer sheet wannabe
Join Date: Nov 2017
Location: Out West
Posts: 21
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Thanks. I've got my account set up but have been hesitant to move much money. This gives me more comfort.
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03-17-2018, 08:44 AM
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#7
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Full time employment: Posting here.
Join Date: Oct 2014
Location: Tucson
Posts: 804
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I, too, have used Marcus since is was GE. I have savings plus a CD ladder with them. I have transferred money between Marcus and BofA dozens of times with no issues.
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03-17-2018, 11:59 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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 Quote:
Originally Posted by erkevin
I, too, have used Marcus since is was GE. I have savings plus a CD ladder with them. I have transferred money between Marcus and BofA dozens of times with no issues.
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Pretty much same here, but no CDs. Smooth transfers. Only downside IMO is they don't offer IRA accounts so I also use Ally.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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11-11-2022, 12:26 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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Does Marcus have any limits on how much money we can transfer electronically each day?
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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11-11-2022, 12:38 PM
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#10
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Full time employment: Posting here.
Join Date: Mar 2021
Posts: 622
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Quote:
Originally Posted by Chuckanut
Does Marcus have any limits on how much money we can transfer electronically each day?
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I've pushed $50,000 from Marcus to my sticks and bricks bank without any problems several times. No experience with above that.
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11-11-2022, 03:18 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,297
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I normally pull, which gets around any daily limits. Found out they do have a $1,000,000 limit on each savings account when someone paid us off on a very large loan. Not a bad or frequent problem for us.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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11-12-2022, 05:12 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,884
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Quote:
Originally Posted by Chuckanut
Does Marcus have any limits on how much money we can transfer electronically each day?
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I recently had to move a large amount of money from Marcus, and the daily limit was $125K. I cannot remember if I pulled or pushed, though.
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11-12-2022, 07:50 AM
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#13
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Full time employment: Posting here.
Join Date: Oct 2014
Location: Tucson
Posts: 804
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My largest was a pull from TD Ameritrade for $200k
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11-12-2022, 08:07 AM
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#14
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Recycles dryer sheets
Join Date: Dec 2021
Posts: 156
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I've used Marcus for years (CDs & savings). Easy to zap the money back and forth.
You also get bragging rights that you bank with Goldman Sachs.....although its more like Goldman Sachs poor cousin....LOL.
We've kept the accounts but using Dominion Energy Reliability Investment as the rate is better.
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11-15-2022, 09:04 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Posts: 1,639
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Quote:
Originally Posted by FlaMariner
I've used Marcus for years (CDs & savings). Easy to zap the money back and forth.
You also get bragging rights that you bank with Goldman Sachs.....although its more like Goldman Sachs poor cousin....LOL.
We've kept the accounts but using Dominion Energy Reliability Investment as the rate is better.
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I think I'll deposit some money there so I can say "I have so much money I have to split it between JP Morgan and Goldman Sachs"!
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11-15-2022, 09:12 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Red Rock Country
Posts: 1,929
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I think Marcus still has a deal that if you are an AARP member, you get an extra 0.1% interest rate on savings for 2 years. That made more of a difference in the past but still every bit helps.
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