Hey there! Looking to access your hard-earned money from your Marcus by Goldman Sachs account? You've come to the right place! While Marcus offers fantastic interest rates on their savings products, understanding the withdrawal process is key. Don't worry, it's generally straightforward, but there are a few options and details to be aware of.
Let's dive in and get you familiar with how to withdraw money from your Marcus by Goldman Sachs account, step by step!
Step 1: Understand Your Marcus Account Type
Before you initiate any withdrawal, it's crucial to know what type of Marcus account you have. Why? Because withdrawal rules and options can vary significantly!
Marcus Online Savings Account: This is their flagship high-yield savings account. It offers great flexibility for withdrawals, typically with no limits on the number of withdrawals you can make.
Marcus Certificate of Deposit (CD): CDs are designed for money you don't need immediate access to, as they offer a fixed interest rate for a set term.
High-Yield CD: Generally, you cannot withdraw from the principal before maturity without incurring an early withdrawal penalty. However, you can often withdraw earned interest penalty-free.
No-Penalty CD: This offers more flexibility, allowing you to withdraw the full balance without penalty after a short initial waiting period (usually 7 days after funding). Partial withdrawals are generally not permitted.
Take a moment to confirm your account type. You can usually find this information by logging into your Marcus account online or through the Marcus app.
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| How Do I Withdraw Money From Marcus Goldman Sachs |
Step 2: Ensure Your External Account is Linked
Marcus by Goldman Sachs primarily facilitates withdrawals by transferring funds to a linked external bank account. This is a crucial first step if you haven't done it already.
Sub-heading: What is a Linked Account?
A linked account is an external checking or savings account (from another bank) that you've connected to your Marcus account for easy transfers. This account must be in your name (individually or jointly) and located within the US.
Sub-heading: How to Link an External Account (If Needed)
If you haven't linked an account or need to change your linked account, here's how:
Log in to your Marcus Account: Go to marcus.com or open the Marcus app and log in with your credentials.
Navigate to Linked Accounts: Look for a section like "Profile," "Linked External Accounts," or "Manage External Accounts."
Add/Verify Account: Marcus typically offers two ways to link:
Instant Linking: This is the quickest method. You'll enter your external bank's login information, and Marcus's secure process will confirm your ownership. Marcus will not save or share your external account information.
Manual Linking with Trial Deposits: If instant linking isn't an option, you'll provide your external bank's routing number and account number. Marcus will then make two small "trial deposits" (e.g., $0.23 and $0.17) into your external account within 2-3 business days. You'll need to verify these amounts in your Marcus account to complete the linking process. Keep an eye on your external bank statement or online banking for these small deposits.
Tip: A slow skim is better than a rushed read.
Step 3: Choose Your Withdrawal Method
Marcus offers a few convenient ways to withdraw your funds, depending on the amount and urgency.
Sub-heading: Option A: ACH Transfer (Automated Clearing House)
This is the most common and often preferred method for withdrawing funds from your Marcus Online Savings Account. It's electronic, free, and relatively quick.
Initiate Online or via App:
Log in to your Marcus account at marcus.com or through the Marcus app.
Select the Marcus account you wish to withdraw from.
Look for an option like "Make a Transfer" or "Move Money."
Choose your linked external account as the destination.
Enter the desired withdrawal amount.
Review the details and confirm the transfer.
Initiate by Phone: You can also call Marcus customer service to initiate an ACH transfer. Their contact center is available 24/7. This can be useful for larger amounts that exceed online limits (see "Transfer Limits" below).
Initiate via External Bank (Pull Transfer): You can also instruct your external bank to "pull" funds from your Marcus account via an ACH transfer. You'll need your Marcus account number and routing number for this.
Sub-heading: Option B: Wire Transfer
Wire transfers are generally faster than ACH transfers, making them suitable for time-sensitive withdrawals, though they often come with higher limits.
Initiate Online: For eligible accounts, you may be able to initiate a wire transfer directly from marcus.com.
Log in and select "Make a transfer."
Choose "Transfer type > Wire transfer," if available.
Note: Online wire transfers typically have a limit, often up to $50,000 per statement period.
Initiate by Phone: For larger wire transfers or if the online option isn't available, you'll need to call Marcus customer service. There's generally no limit on the amount you can wire via phone.
Important: You'll need to provide your external bank's routing transit number, wire transfer address, and your account number. While Marcus doesn't charge fees for wire transfers, your external bank might.
Sub-heading: Option C: Request a Check (Less Common)
While not as common for routine withdrawals, you can request a physical check from Marcus.
Call Customer Service: To request a check, you will need to call Marcus customer service. They will send a check, payable only to the account owner, to the primary address associated with your account.
Step 4: Understand Transfer Limits and Timelines
Knowing the limits and expected processing times will help you plan your withdrawals effectively.
Tip: Avoid distractions — stay in the post.
Sub-heading: ACH Transfer Limits and Timelines
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Online/App Initiated: Generally, you can transfer up to $125,000 per outgoing transfer initiated at marcus.com. For larger amounts, you'll need to call.
Processing Time: Typically takes 1-3 business days when requested by 6 PM ET.
Note: While Marcus processes the transfer quickly, the availability of funds in your external bank account depends on their policies. Always check with your external bank.
Sub-heading: Wire Transfer Limits and Timelines
Online Initiated: When available, up to $50,000 per statement period.
Phone Initiated: No limit on the amount you can wire via phone.
Processing Time: Online wire transfers are generally processed within 1 hour when requested by 4 PM ET. Phone-initiated wire transfers typically take 1-3 business days when requested by 4 PM ET.
Step 5: Track Your Withdrawal
Marcus makes it easy to monitor the status of your transfers.
Dashboard Tracking: After you schedule a transfer, Marcus will often add a "track my transfer" link to your dashboard. This will show you information like the scheduled date and when they expect the funds to arrive.
Confirmation Emails: You'll usually receive email confirmations for your withdrawal requests.
Step 6: Review and Confirm Funds
Once the estimated processing time has passed, always check your linked external bank account to confirm the funds have arrived. If you encounter any issues, refer to Step 7.
Step 7: Troubleshooting and Support
If your withdrawal isn't going as planned or you have questions, Marcus offers excellent customer support.
24/7 Phone Support: Marcus has a customer care team available 24 hours a day, 7 days a week. This is often the quickest way to resolve complex issues or initiate withdrawals that require a phone call (like large wire transfers or check requests).
Online Chat: Look for a chat option on their website or app for quick questions.
FAQs: Their website has a comprehensive FAQ section that can answer many common questions.
10 Related FAQ Questions
Here are some common questions about withdrawing money from Marcus by Goldman Sachs:
Tip: Don’t just scroll to the end — the middle counts too.
How to Check My Marcus Account Balance Before Withdrawing?
You can easily check your Marcus account balance by logging into your account at marcus.com or through the Marcus app. Your current balance will be displayed on your dashboard.
How to Link a New External Bank Account to Marcus?
Log in to your Marcus account, go to your profile or "Linked External Accounts" section, and follow the prompts to add a new account, either instantly or via trial deposits.
How to Increase My Withdrawal Limit for ACH Transfers?
For ACH transfers exceeding the online limit of $125,000, you will need to call Marcus customer service to initiate the transfer.
How to Make a Same-Day Withdrawal from Marcus?
For same-day withdrawals, a wire transfer is generally the fastest option. Online wire transfers can be processed within an hour if initiated by 4 PM ET (up to $50,000), and phone-initiated wires have no limit and are typically processed within 1-3 business days. ACH transfers typically take 1-3 business days.
How to Withdraw Money from a Marcus CD Before Maturity?
For High-Yield CDs, withdrawing the principal before maturity will incur an early withdrawal penalty. For No-Penalty CDs, you can withdraw the full balance penalty-free after your account has been funded for at least seven days. You cannot make partial withdrawals from a CD.
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How to Find My Marcus Account Number and Routing Number?
You can find your Marcus account number and the Goldman Sachs Bank USA routing transit number (for Savings: 1240-8526-0) by logging into your Marcus account online or in the app, usually under your account details.
How to Cancel a Pending Marcus Withdrawal?
It depends on the timing. If the transfer is still pending and hasn't been processed, you might be able to cancel it through your online account or by immediately contacting Marcus customer service. Once processed, it cannot be canceled.
How to Withdraw from a Joint Marcus Account?
For joint accounts, either account holder can typically initiate withdrawals to a linked account.
How to Get Cash from My Marcus Account?
Marcus does not offer debit cards or ATM access. To get cash, you must first transfer funds to a linked external checking account at a bank that provides ATM or cash withdrawal services.
How to Avoid Fees When Withdrawing from Marcus?
Marcus does not charge fees for ACH transfers or wire transfers initiated by them. However, your external bank may charge a fee for incoming wire transfers, so it's always best to check with them.
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