Marcus by Goldman Sachs®
Reviews and Complaints

This day and age, being connected to an outsourced company for issues with an account is just not good business, being connected with some who can only spend so much time on a call due to their “metric” doesn’t give me enough to explain my issue, and half the time they only speak basic English to just pass the Turing test if given one.

I usually prefer email, because they normally have more time to research and troubleshoot my account issues, but with that not being an option, it makes it difficult to get a resolution.

That being said, I have had issues connecting some of banking services to Marcus, with no explanations as to why. With the customer service number only being interested in showing how well they can speak English, relaying my problem only returns with an almost scripted response of ‘We’re working on a solution’.

Please work on the connection issues with Plaid and certain banking services.

I can’t imagine how one could say “we kept all the best features of Clarity” when there is no monthly spending line graph or weekly budget in Marcus Insights. Those two features were the only reason I used clarity. It’s why I opened my Marcus account. It’s nice we can still track all expenses under one roof but any budgeting app can do that with ease. The way Clarity presented the weekly budget and monthly budget information was unparalleled.

The monthly spending donut chart makes no sense as to why that would be more valuable information than the line graph. Knowing what percentage of your expenses went to food and dining is interesting, but it’s not going to keep you under budget.

For some reason the pie chart is telling me I have over $2,000 left in my budget yet it’s January 30th and I know for a fact I’m within $250 of my monthly budget so that’s looking to prove even more useless than the wheel chart.

This is very disappointing. “Don’t fix what isn’t broken” has never applied more.

I can tell you now the 5 star reviews are NOT about the app for any GM cardholders. The app worked fine initially and then went bad randomly. Any action I try to do I get a message saying to call a rep so they can help me with it. That includes adding my card to Apple Pay. Or getting my virtual card number. I even tried simply changing my phone number when I got a new number. Did the same on my other 8 credit card apps with NO PROBLEM. Had to spend over an hour talking to their fraud department to change my number cause I didn’t have access to the old one anymore for them to send a code to. They almost didn’t do it too! Got to do better. First impressions are everything. I paid the card off and don’t expect to use it anymore.

Update many months later:
Nothing at all has changed. App functionality is still NOT functional for anything except viewing balances and making payments. Still get prompts to call customer service for everything else I need to do. And on another note Goldman Sachs is leading the plummet in stocks. Wonder why?

All the hype, and it’s just ordinary nothing special & nothing that a thousand other banks have not already done.
I bet they still use plaid (the third party validation software that connects to your bank) it’s useless full of bugs & can’t validate a bag of chips let alone a valid bank account.
If they spent the money they spent here then perhaps the main servers & systems would work properly.
It’s been so bad with issues & bugs I’m going elsewhere & taking my money with me.
Banks like this with the money they have behind them should be able to move money instantly via the consumers request. They are new to this but you would have thought they would initiate some kind of cutting edge technology that the rest of western world has had for 10+ years wouldn’t you.
Nope no chance we in the US are stuck with Dinosaurs running out financial affairs

Goldman Sachs needed to make another brand ie Markus to protect themselves against the embarrassment of a badly thought out system. I mean they don’t do much else so why are they so useless at it.
I’m just glad I did not get an Apple Card !

In short they have too much money & no idea what to do with it to benefit the consumer.It should have been an outstanding experience but it most certainly was not.

Really surprised by the instability of this app after reading the most relevant reviews. The app is extremely slow to respond during set up - even on 1g connection. The app does not operate smoothly and loses set up data after acknowledging data was set up. For example - linking your bank account is acknowledged by Marcus app, Plaid and my bank. Then when prompted by the App to fund your savings account, the App cannot find your linked bank account acknowledged by the app. When you communicate the obvious “code glitch”, the customer support representative tells you they do not have authorization to log a ticket documenting the obvious error after explaining to them the problem it detail - took 3 times for the representative to repeat back to me the “glitch” in their system. This App is not fit for purpose and I would strongly stay away from this App until Goldman Sachs invest in proper quality and stability software engineers that are experienced building FIN Apps. Who knows where or who Marcus App linked my bank account information! I contacted my Bank and Pride to unlink my account information and block further transactions from Marcus as Marcus had no way to delete my account - unbelievable amateurish App - stay away as recent reviews have recommended - 1 Star is a gift should be “zero” stars.

Latest update Apr 16, 2021: Called today to [protected] there is no option to call specifically on this behalf. Team whoever connects doesn’t know about app.

I was using clarity money and it said it’s going to discontinue and install Marcus.

It is similar to clarity money but one disadvantage is it shows only 1 year of data and not before.

While in clarity money it used to show data before an year. I called up customer service 3 times.
1st got disconnected within 2 Sec.
2 nd she tried to help me but she dint understand the question.
3 rd I was willing to know what the issue is. They tried their best to help but they are not trained with new app. They put me on hold to find info and took almost for them to find out they couldn’t give any data and information and raise a tech issue. I think this should be documented somewhere. This is very bad content writing then.

Not complaining about customer service. But about no planning for this app.

I would suggest some improvements for dev or product owners.
1. Show income for month / year. For some reason it’s skipped.
2. And show previous year data upto 5 years ?

Advantage: obviously you guys are using data more the data more intelligent your system will be.

Overall it’s good app but since it’s from big bank expectation is more and don’t like see defects.

My mom put some of her savings into this account for the higher interest rate. A week after her account was approved it was suddenly closed and her login information was revoked so she couldn’t see the money she had put into the account. We didn’t receive any correspondence as to why the account was closed so we called in to customer service. The rep. confirmed that the account was closed and that my mom would have her money transferred back to her original account in 5 business days but they couldn’t tell us why they closed the account in the first place. This call happened on May 7th and now OVER A MONTH LATER my mom still has not received her money back. We called back two weeks after the first call. The second rep. let us know that what the previous rep. said was incorrect and that there was no timeline for when my mom would get her money back. Now, OVER A MONTH LATER, we still have not received any physical account closure letter or email, my mom still has not gotten her money back, and she still can’t at least access her account to see if the money is still even parked there. How can there be no timeline for when my mom can at least expect her money back. THIS IS THIEVERY. We’ve already submitted a complaint to the CFPB and written a letter to our congressperson about these dishonest actions taken by Marcus. I’m not sure what help that’s going to be but we’re desperate for our money back. DO NOT OPEN AN ACCOUNT WITH MARCUS if you don’t want to end up like my mom.

First, this app is great! I was always a do it myself type of person when it came to investing, but I can’t deny the great portfolios that Marcus Invest offers. Paired with the ability to view other financial accounts and the ability to even add manual accounts to paint an even better picture, this becomes a strong contender with platforms such as Personal Capital. I also love how they add resources for reading that offer great insight into different topics, from investing to managing debt, just about everything is covered. I would love to see more articles be released as it’s very helpful to be able to scroll through different topics without having to dig too far on the internet outside of the app.

One complaint I do have though is the automatic log out. I’m not sure if this is based on a timed system or a technical issue, but I notice especially when reading articles, it brings be back to the login screen where I’m prompted for my password. It can be a bit frustrating especially mid way through an article, but not to the point where it’s worth turning away from this great app.

One thing I would like to see within the app is maybe a line chart or some type of interactive graph that shows historical net worth changes or maybe even breaking it down into sections (for example, a line chart of income over time or the accumulation of liabilities showing your own trends. Potentially integrating it within the spending section where you can see the composition of your expenses over a certain time period. This would definitely draw me even further to the app and away from contenders that do offer these options.

Overall, an amazing choice and I don’t regret getting this app!

I wouldn’t even give this bank a one star, you have to call Marcus to get your phone number changed if you for whatever reason get a new phone ect… the verification process with them is a headache alone. Once I changed my phone number by calling Marcus customer service… they locked my account the following day and froze all of my funds… please don’t even entertain the thought of having the high interest rate.. go to discover or citi bank or one more common. This bank is way to fishy (updated 10/8/22) - a month later, Bank still has my funds frozen. Called the customer service number, verified all the questions we all know when calling (first Name, Last Name, complete address, city, zip, soc, and of course our secret word…. Only questions that an account owner would know of course, but finally spoke with a supervisor bc during the time I wrote this they requested an affidavit, which of course must be NOTARIZED.. which by the way was done at my new LOCAL BANK!… so here I am now filing a complaint for Consumer Financial Protection Bureau… please don’t get a bank with them… the rates are appealing, but what good is it really if you can’t get access to it? Some may ask why I choose to even take money out and name save for the sole purpose, but I do invest and have a 401k for the long term! For sure! But this allows me to save temporary, it makes it harder to access money because of course it takes a few days to transfer… but never a few months! Good luck on your bank hunt to the smart ones of course (update 10/10/22… lawyer I’m in one of the best positions to be in because it it’s federally illegal to hold available funds from an account owner… at this point Marcus, just keep holding the funds lol, I hope it was worth it!

This app is stable, quick, simple, looks good and offers a great APY... but I just needs more content! It simply lacks innovative features that I believe elevate a savings/finance app into the stratosphere of fun responsibility and making it easy to develop rewarding, habit-forming behavior.

Having features that make organizing your savings fun, easy and efficient, provide tools that help you fine tune & and find the perfect amount of $ & time needed to achieve your financial goals, and objective visual feedback (I.e. graphs or progress meters) that shows you long term and short term progress will not only greatly elevate the sense of control & reward people have over the daunting task of achieving ‘long term’ financial freedom, but also keep them coming back to this app for more- more knowledge, tips, tricks, and ways to save and achieve that productive high that also provides peace of mind. (similar to what Credit Karma has achieved with credit building tools & expert advice).

- Other Examples:
Ally’s “savings boosters” is a great example; their “buckets” savings categories, long term graphs displaying projected $ growth, and AI spending pattern technology makes savings FUN!

(TO MARCUS DESIGNERS) Although I like this app, I don’t love it; the look and feel of this app makes me feel safe and want to go to it, but when I open app, the experience always falls short- it’s just not enough content & tools to make me stick around longer than 6 seconds. I am increasingly tempted to switch completely to Ally, solely based on the innovation their app offers. I would highly recommend looking at Ally’s Savings Boosters, Chase’s Auto-Save, and Truebill Smart Savings features to get ideas on upcoming Marcus content patches/updates.

Looking forward to what you guys come up with!

I wish I didn’t have to leave this review on the App Store but I got so frustrated I was left with no other place to go. The app is fine, 5/5.

To keep a long story less long, I’m omitting some extra frustrations.

I initiated a wire transfer at 9am, they claimed it would be completed in a few hours and at least by end of day

2 hours before 4pm cutoff I call to check status. They say it’s processing and just wait.

1 hour before 4pm cutoff I call to check. They say “we need to confirm your title company before we can proceed, would you like me to do that?” What?! Why would you wait for me to call to do that right before the deadline? I say yes, they call and claim it goes to voicemail. I hang up to get a new phone number for the title company.

I’ve now missed the 4pm deadline so now transfers go in the next morning. I call to get the title confirmed anyway that evening. They claim the number I had previous given them was unconfirmed. Then how did it go to voicemail earlier? Why did you accept it in the first place? I give them a second number, they call and finally the transfer is confirmed. The agent says there’s nothing to do before the wire gets initiated tomorrow morning.

Now knowing Marcus support, I call them first thing in the morning to make sure it’s going as planned. “Your title company is unconfirmed, would you like me to call them to confirm?” What?! I tell them to look at their history and see that they already confirmed. They say oh right, we’ll update the status. It should be going now.

2 hours later the title company emails saying my bank just called again to confirm the details. Wat?!

Finally the transfer completes a few hours later. But in the meantime I had initiated another wire transfer to my personal bank as a backup. I ask for reimbursement for the wire fee my personal bank charged as minor consolation for all the time I spent (each phone call you have to go through menu, hold music, initial support rep, hold again to transfer to wire dept, each call takes at least 30 min)

They say no reimbursement, nothing they can do. Worst experience I’ve ever had during an already stressful time. Marcus needs to fix their processes. I am going back to a traditional bank.

I deposited $100,000 with Marcus on 1/15. On 1/27-28 I tried to access to add more funds, only to find that they had locked my account. I called, the rep had no information, other than they will not allow access to my funds, and will not tell me when they will either allow me access or return my funds. I have called 4 times, 2/7, 2/8, I have spent HOURS on hold, spoken with William, Kayla, Tatiana, Calique(sp?) and Audrey, and nobody there can give any answer other than to wait another 5-7 days and call back. This is unacceptable behavior from a supposedly professional company.

How do I get my money back?

lock my account 2 months ago when I added a second external bank account because I needed the funds my money to live off due to several financial situations. They're making me go through ridiculous and I've signed an affidavit had it notarized to prove my identity I spoke with a supervisor who transferred me to the review team who said there was no one else to talk to and that I would have to wait another 7 to 10 days I'm about to lose my license because of a simple unpaid traffic ticket I've had to apply for public assistance because I don't have money for groceries or gas for my car and the insurance is about to be canceled I didn't have $40 to get a dog license and I've had to be to court twice for extensions and they're threatening to take my dogs yet Marcus Goldman and socks is sitting on 9,000 of my money well I'm not eating or able to look for another job or paying my bills and all they can say is it's in review have a nice day

My Marcus saving account was locked on 06/20/2023 when I tried to transfer money from Marcus to my Chase account under my name. I have a total of 13k in the saving account. It is not my responsibility to verify one of my financial institutions - when I link the Chase account to Marcus or when I transfer money in Marcus, they have verified my identity.

I tried to contact Marcus multiple times during the past one and a half month but until today, I still didn't receive any progress.

I made my first phone call to Marcus on 06/20/2023. They refused to tell me why my account is locked. On 06/21/2023, I called Marcus, they refused to tell me why my account is locked. They said they would send the affidavit of identity (the letter to verify my identity) will be sent out in 5 business days.

On 06/30/2023, I called again, they said the affidavit of identity is pending approval, which may take 1-3 business days.

On 07/10/2023, I called one more time, after letting me wait for 56 minutes in total, they said the letter is waiting the approval of support team, which will take 5 more business days.

07/24/2023, Marcus said they still need 3 more business days to send me the identity verification letter.

08/03, They claimed that the letter was sent on 07/17 to my address, which contradicts to their previous claims on 07/24 that the letter wasn't sent out.

08/04, They agreed to transfer my funds out and close the account. 08/08, they denied their previous statements to transfer my money out. Also, I have tried to modify my address 3 times but today in their system, my address is not updated.

This is just the very first step to unlock my account, which already takes one and a half month. I don't think waiting will solve this issue. I want to get my money back and close the Marcus account permanently because of the experiences above. I have wasted 6 hours on phone but got no results. I need to pay my rent, credit cards, and medical bills. I also want $500 compensation for all my financial, mental, and time loss during this one and half month.

The ad for this app popped up everywhere i go. I thought lets give it a try and get away with my paid quicken app. During the setup it asked for stronger password and i was happy about it and the only thing i am happy about.
Face id didn't work, every time it logs off and ask for password and the MFA with email pin is annoying. I linked one of my account and it didn't showed up. The settings showed it had encountered issue and i have to link again, did that got success message. But didn’t showed the account info and asked me to link it again.

Time and again i am learning the big brand name doesnt mean anything.

Whenever I try to link my Bank of America account to this application through Plaid, it shows an error of "Couldn't connect to your institution". But I have successfully linked my account of other banks such as Chase. I later contacted Plaid and they said it is an issue that app developer can address.

I called Marcus customer support [protected] and the representative was absolutely horrible. He's misinformal, unhelpful and to some extent scamming: he told me in order to solve the issue I need to open a Marcus savings account. While I was looking into doing so before this phone call, I certainly would't afterwards.

I don’t know what’s going on, but my only conclusion is that this app and this company is a well organized SCAM! I’m extremely upset. I got an email saying my account was successfully closed and I never closed it. I go to log in on my app and it says my account is temporarily locked. I try to call ALL of the phone numbers connected to this company and every single one of them has an automated message saying that my account is not authorized to make calls to this company. And I haven’t received any of the money I put into this account back. I need to talk to someone about getting my money back! This app is ridiculous and I would never ever recommend it.

Be ready to have to enter your email and password every time to log in. Despite their customer service’s proposed “workarounds” this app just cant seem to save credentials or utilize single sign on through apple’s face id.

I reset my password every time i access the app. Which is fine because I use it for savings but a garbage user experience.

And yes I’ve contacted app support many times, each time the solution isnt that they’ll enhance the app, its “dont close the app and it wont do that” - which, come on guys, you were a startup a few years back but if you can afford ads in the WSJ you can afford a front end dev who didn't get their degree from itt tech.

Signed up with an APY of 1.55% and within 2 weeks it went down to 1.3%. This is apparently not the first time they’ve done this. In a matter of ONE year they’ve dropped from 2% to 1.3%. On top of that, they locked me out of my account and when I called to have it unlocked there was a 45 minute wait just for the representative to give me ZERO explanation and tell me I’d be contacted within 24-48 hours by a specialist. WHAT?! I have no access to MY money and I’m being given the runaround by what I thought was a reputable bank. Do NOT open a savings account with Marcus. You’re better off putting your money into stocks or bonds that will yield you more than a measly 1.3%.

Constantly signs you out annoyingly, forcing me to keep entering my credentials despite having Face ID setup. Even if you just go to another app for longer than even 5m like when I went to get my confirmation code so that was frustrating.

Once I got in, very nice and sleek UI much better than Personal Finance or any really. But in terms of features, Mint/Personal Finance/even NerdWallet offer much more robust features like better charts in trending spending and balances and net worth etc.

Most of the features are just lead forms for products like CDs and loans so this is much more a sales tool for them first rather than being consumer tools first like all the others.

I use several different banking apps, but Marcus is the only one that sends out ZERO NOTIFICATIONS! Yes, notifications are turned on. Yes, I’ve reinstalled and updated the app. Yes, I have it on multiple devices. Yes, I’ve had accounts long enough to receive notifications. Yes, I’ve called customer service. For the first time today, I was told the app doesn’t send out any notifications! Not for transactions. Not for statements. Not for balance updates. Not for password changes. NOT FOR NOTHING! Can this be true? No other legitimate bank app is like this. If you are working on this please advise. Otherwise, fire your mobile tech team and developer!

Confounded Customer

What little analysis of your spending and saving this app allows is in a pie chart. There are no historical trends. No way to look at a category by month and see how much you spend each month trended for a few months, a year, or all time in that category (with a running total). Nor is there any way to graphically chart your savings balances over time and watch them grow. Several apps provide slightly better free tools for money analysis. Much more versatile (while still too limited) is Mint.com and the Mint app. For a non-Goldman Sachs customer, this seems like just a way for Marcus to get your info and sell the (non-personally identitifiable of course) aggregate data. It promises too much without delivering. If it were really the best free financial analysis app out there, I would use it gladly. It needs a lot of improvement before that’s the case.

If I could give Marcus by Goldman Sachs negative - stars, I would.

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.