Review Time
A family member died in December and as executor of the will I needed access to the funds to cover various costs. Marcus will not allow funds to be released if over 20k without a probate certificate......which takes 3-6 months so useless having the funds with them. All other banks were happy with death certificate and copy of will in order to release funds. Appalling service from Marcus plus to top it all it takes 18 minutes plus for someone to answer the phone. I'll be avoiding them in future.
I thought it was brilliant until I was abroad, not only can I not access my account I can’t even access anything to do with their website. I am abroad for about 3 months, please can someone contact me and tell me how I can access my account 😡
In the 21st century, it is incredible how many banks do not allow electronic transfer of ISAs from one bank to another! Marcus is one such bank. They are very happy to accept your funds electronically when you open an ISA. This means that the entire application process is completed online electronically without having to complete a paper based form and having to post it. Once your ISA is open and you wish to move your ISA to another provider, as you complete the online application for your new provider, you will asked to provide the details of your current ISA provider and the account details. At this point you find out that Marcus is not on the list. When you contact them, they inform you that they are not part of the scheme that allows electronic transfer of ISAs. This means that you have to complete a paper form from your new provider and take it to their local branch or put it in the post. This process is a long drawn out process whereby the new provider posts your completed form to Marcus. Marcus then issues a cheque with your ISA funds and sends it by post to your new provider. Imagine all the data protection and security issues associated with such an unnecessarily lengthy process and the amount of time it takes to do an ISA transfer.I raised a complaint with Marcus to ask why they do not mention when I apply for an ISA that they will not allow it to be transferred electronically when I wish to move to a new provide. Apparently this information is there somewhere in its FAQs. I asked if they would place that information somewhere where it is easily visible at the time of application. I was told that they would only do it if they had enough complaints about it! In short, they cannot be asked to do anything about it. It is not a long stretch to imagine that such a poor process is deliberately designed to hold on to your funds for as long as possible!In summary don't waste your time opening an ISA with Marcus if you want to be able to transfer your ISA to a new provider quickly and easily!
No problem putting money in but god help anyone trying to withdraw over the weekend.It all looks fine however doesn't appear in your linked account until the next working day.Waste of time and my money will be moved out next week.
Re the bonus interest rate on savings. I've lost a lot money because I didn't opt in earlier. Why the need to opt into a bonus rate, the company should just raise the underlying rate... and then if necessary reduce it back down in the future. It's sharp practice. Yes, you send emails but many people do not pay too much attention to them once their money is in the account. You rely on this to save money! People expect to be getting the best rate possible without the need to opt in to anything. Why the need to do this!! Really annoyed.
I wanted to change my surname following my marriage. I uploaded the required documents and the name change was effectuated the same day. Other Companies were far more difficult to deal with. Why can’t other companies be so helpful?
I wasted time phoning and getting the run around trying to close my accounts so I enrolled the help of Consumer Financial Protection Bureau. They were fantastic and Marcus assured everyone that my accounts would be closed and monies refunded.My bank cannot clear the checks as “the clearing bank as the clearing bank states there is a “MISMATCH ROUTING NUMBER”!!,Yet another ploy by Marcus by Goldman Sachs to hold my money.Disgraceful!!!!
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Backed by over 150 years of Goldman Sachs' financial expertise to help you make the most of your money. Marcus UK's savings accounts are designed to help you save the way you want, with our dedicated Customer Care Team available 8am - 8pm, Monday to Friday to help support you.
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