We've all been there – that moment when you decide it's time to part ways with a financial account. Maybe your financial goals have shifted, you've found a better rate elsewhere, or you're simply streamlining your banking. If you're a Marcus by Goldman Sachs customer, you might be wondering, "How exactly do I close my account?" Don't worry, you've come to the right place! This comprehensive guide will walk you through every step of the process, ensuring a smooth and hassle-free closure.
Are you ready to take control of your financial landscape and move on from your Marcus by Goldman Sachs account? Let's get started!
How to Close Your Marcus by Goldman Sachs Account: A Step-by-Step Guide
Closing a financial account, while seemingly straightforward, often involves specific procedures to ensure your funds are properly transferred and your account is officially terminated. Marcus by Goldman Sachs offers various account types, including Online Savings Accounts, Certificates of Deposit (CDs), and historically, personal loans. The closure process can differ slightly depending on the type of account you hold.
Step 1: Identify Your Marcus Account Type and Understand Its Specifics
Before you initiate any closure process, it's crucial to know exactly what type of Marcus account you have. This will dictate the exact steps you need to follow and any potential implications.
1.1: Online Savings Accounts and Maturity Savers
These are generally the easiest to close. Marcus aims to make the process relatively straightforward for these high-yield savings products.
1.2: Certificates of Deposit (CDs)
Closing a CD requires careful consideration, especially if it's before its maturity date. Early withdrawal penalties are common for CDs, and understanding these is vital to avoid unexpected charges. Marcus offers different CD types, including High-Yield, No-Penalty, and Rate Bump CDs, each with slightly different rules regarding early closure.
1.3: Personal Loans (Note on Recent Changes)
It's important to be aware that Marcus by Goldman Sachs has ceased offering new personal loans as of early 2023. If you have an existing personal loan, you will still need to continue making payments as agreed. The process for "closing" a personal loan usually means paying off the balance in full. This guide primarily focuses on deposit accounts, but we'll touch upon loan considerations.
Step 2: Prepare Your Account for Closure
Regardless of the account type, some preparatory steps will make the closure process much smoother.
2.1: Transfer Funds Out (For Savings & CDs)
This is a critical step. You cannot close an account with a balance.
For Online Savings Accounts and Maturity Savers:
Online Transfer: The easiest way is usually to log into your Marcus account online or via the mobile app. Look for an option to "Transfer" or "Withdraw" funds. You'll need to transfer the entire balance to your linked external bank account. Ensure your linked account is up-to-date and verified.
Call Customer Service: If you prefer, or encounter issues with online transfers, you can call Marcus customer service to initiate the transfer. They can help you move your funds to your linked account.
Important Note: If you have a joint account, either account holder can usually initiate the transfer and closure for Online Savings Accounts and Maturity Savers.
For Certificates of Deposit (CDs):
At Maturity: The ideal scenario is to wait until your CD matures. Marcus provides a "grace period" (typically 10 days after maturity) during which you can withdraw your full balance without penalty. Log into your account and check your CD Maturity Plan to see your options.
Before Maturity (Early Withdrawal): If you need to close your CD before its maturity date, be prepared for early withdrawal penalties. These penalties vary based on the CD term and the interest earned. You can often initiate this through your online account on the "Account Details" page by selecting "Close this account" from a three-dot menu. If your balance is substantial (e.g., over $125,000 USD), Marcus may require you to call a Savings Specialist to verify your identity for security reasons.
No-Penalty CDs: If you have a No-Penalty CD, you can withdraw the full amount any time after the first seven days without incurring an early withdrawal penalty.
2.2: Download Statements and Transaction History
Before closing your account, it's a wise precaution to download all your past statements and transaction history. This provides a personal record for tax purposes, budgeting, or future reference. You can typically find these in the "Documents" or "Statements" section of your online account dashboard.
2.3: Remove Any Linked Accounts (If Applicable)
While not always explicitly required for closure, it's good practice to ensure any external accounts linked to your Marcus account are either unlinked or updated as needed. This prevents any confusion or accidental transfers after closure.
Step 3: Initiate the Account Closure
Now that your account is prepared, it's time to formally request closure.
3.1: Online Closure (For Online Savings Accounts and Maturity Savers)
For these account types, Marcus offers a convenient online closure option:
Log In: Go to the Marcus by Goldman Sachs website (marcus.com) or open the Marcus mobile app. Log in to your account with your credentials.
Select Account: From your dashboard, select the specific Online Savings Account or Maturity Saver you wish to close.
Navigate to Closure Option: Look for a "Manage account" menu or similar option. In the app, this might be represented by three dots in the top right corner. Within this menu, you should find a "Close account" option.
Follow On-Screen Prompts: Marcus will guide you through the remaining steps, which will include confirming your balance is zero and that you wish to proceed with closure. Confirm your decision.
3.2: Phone Call Closure (For CDs, Cash ISAs, Fixed Rate Savers, and Sometimes Online Savings/Maturity Savers)
For CDs, Cash ISAs (UK specific), Fixed Rate Savers (UK specific), and if you prefer to speak with someone for Online Savings/Maturity Savers, calling customer service is the way to go.
Gather Information: Have your account number, personal identification details, and any security questions ready.
Contact Marcus Customer Service:
For US Customers (Savings & CDs): Call 1-855-730-7283. They are typically available 24 hours a day, 7 days a week.
For UK Customers (Savings & CDs): Call 0800 085 6789. They are usually open Monday to Friday, 8 am to 8 pm (excluding bank holidays).
State Your Intent: Clearly inform the representative that you wish to close your account.
Follow Instructions: They will guide you through the necessary verification steps and confirm the closure. Be sure to ask about any final confirmations or timelines.
3.3: Personal Loans (Full Payoff)
If you have a Marcus personal loan and wish to "close" it, this means paying off the outstanding balance in full.
Contact Loan Servicing: Log into your Marcus loan account or contact their loan servicing department to get your exact payoff amount. This amount will include any accrued interest up to the payoff date.
Make Final Payment: Make a payment for the full payoff amount. Ensure the payment clears and the balance becomes zero.
Confirm Closure: Once the loan is paid in full, you may receive a confirmation letter or email from Marcus indicating the loan is closed. If not, consider calling to confirm the loan has been successfully closed and there are no remaining obligations.
Step 4: Confirm Account Closure
After initiating the closure, it's crucial to confirm that your account has indeed been closed.
4.1: Check for Confirmation
Marcus should send you a confirmation email or letter once the account is officially closed. Keep this record for your files.
4.2: Attempt to Log In
After a few days, try logging into your Marcus account. If the account is closed, you should no longer be able to access it, or it will show as "closed" on your dashboard.
4.3: Monitor Linked Account
Keep an eye on the external bank account where you transferred your funds to ensure the transfer was successful and complete.
Step 5: Update Any Recurring Transactions
This step is often overlooked but incredibly important. If you had any direct deposits (like payroll) or automatic withdrawals set up to or from your Marcus account, you must update them with your new banking information. Failure to do so could result in missed payments or delayed funds.
Direct Deposits: Contact your employer's HR or payroll department to update your direct deposit information.
Automatic Bill Payments: Update your payment details with any companies or services that were automatically debiting your Marcus account (e.g., utility bills, subscriptions, loan payments).
Important Considerations When Closing Your Marcus Account
Early Withdrawal Penalties for CDs: As reiterated, be very aware of these. They can significantly reduce your principal if you withdraw before maturity.
Interest Accrual: Ensure all interest earned up to the point of closure has been paid out to you.
Tax Implications: Closing an account itself doesn't typically have direct tax implications, but if you've earned significant interest, that interest is taxable income. Ensure you have access to any necessary tax documents (e.g., 1099-INT) for the year of closure. Marcus should provide these even after the account is closed.
Inactive Accounts: Marcus has policies regarding inactive accounts. If an account is unfunded for 90 days after opening, or inactive for three years with no balance, Marcus may close it. This guide focuses on proactive closure, but it's good to be aware of these terms.
Customer Service Availability: Be mindful of Marcus's customer service hours, especially if you need to call.
10 Related FAQ Questions
How to check my Marcus account balance before closing?
You can check your Marcus account balance by logging into your account online at marcus.com or via the Marcus mobile app. Your current balance will be displayed on your account dashboard.
How to transfer money out of Marcus before closing?
You can transfer money out of your Marcus Online Savings Account or Maturity Saver by logging in online or via the app and initiating a transfer to your linked external bank account. For CDs, you can do this at maturity during the grace period, or by calling customer service for early withdrawals (which may incur penalties).
How to find my Marcus account number for closure?
Your Marcus account number can typically be found by logging into your online account and viewing your account details or by checking your monthly statements.
How to contact Marcus by Goldman Sachs customer service for account closure?
For US customers, call 1-855-730-7283. For UK customers, call 0800 085 6789. Be prepared with your account details for verification.
How to close a Marcus CD account without penalty?
To close a Marcus CD without penalty, you generally need to wait until its maturity date and withdraw the funds during the 10-day grace period that follows. No-Penalty CDs are an exception, allowing penalty-free withdrawals after the initial seven days.
How to get my final interest payment when closing a Marcus account?
Any accrued interest up to the closure date will be automatically included in your final payout when you transfer your funds out of the account.
How to download my Marcus statements after account closure?
It's highly recommended to download all your statements before closing your account. While some institutions may allow access to past statements for a period after closure, it's not guaranteed.
How to ensure my linked bank account is correct for fund transfer?
You can verify your linked bank account details within your Marcus online account settings. If you need to change it, ensure you do so well in advance of closure, as it may take a few days for changes to be processed and verified.
How to close a Marcus personal loan?
Marcus has stopped offering new personal loans. To "close" an existing personal loan, you need to pay off the outstanding balance in full by contacting their loan servicing department for the exact payoff amount.
How to handle automatic payments linked to my Marcus account after closure?
You must update any direct deposits or automatic withdrawals that were linked to your Marcus account with your new banking information. Contact your employer's payroll and any companies billing you directly to prevent disruptions.