Have you decided it's time to part ways with your Marcus by Goldman Sachs account? Whether you're consolidating your finances, found a better interest rate elsewhere, or simply prefer to simplify your banking relationships, closing an account can seem a bit daunting. But don't worry, we're here to guide you through every step of the process to ensure a smooth and hassle-free closure of your Marcus account.
This comprehensive guide will walk you through the necessary actions, provide important considerations, and answer common questions to help you confidently delete your Marcus by Goldman Sachs account.
How to Delete Your Marcus by Goldman Sachs Account: A Step-by-Step Guide
The process for closing your Marcus account depends largely on the type of account you hold. Marcus by Goldman Sachs offers various products, including Online Savings Accounts, Certificates of Deposit (CDs), and Fixed Rate Savers. We'll cover the steps for each.
Step 1: Identify Your Account Type and Prepare for Closure
Before you do anything, it's crucial to know which type of Marcus account you intend to close. This will dictate the exact steps you need to take.
A. Determine Your Account Type:
Do you have an Online Savings Account? These are generally the easiest to close.
Is it a Certificate of Deposit (CD)? CDs have specific maturity dates and early withdrawal penalties you need to be aware of.
Or is it a Fixed Rate Saver? Similar to CDs, these often have early closure fees.
B. Empty Your Account (If Applicable):
For Online Savings Accounts and Maturity Savers, you'll want to transfer any remaining funds out of the account. This can typically be done by initiating a transfer to your linked external bank account through the Marcus online portal or app.
For CDs and Fixed Rate Savers, you usually cannot withdraw partial funds. You'll need to decide whether to close it before maturity (incurring penalties) or wait until maturity.
C. Understand Potential Fees and Penalties:
Online Savings Accounts generally don't have closure fees.
Fixed Rate Savers and CDs often come with early closure fees if you close them before their maturity date. For Fixed Rate Savers, if you close within the first 90 days, the fee might be equal to the interest you've earned. After 90 days, it could be the interest earned during those first 90 days. For CDs, the penalty is typically based on the term of your CD and the principal. Be sure to check your specific account terms and conditions or contact Marcus customer service to understand any applicable charges.
D. Review Linked Accounts:
Ensure your linked external bank account is up-to-date and accurate, as any remaining funds will be transferred there. Marcus generally only allows one linked account per customer across all products.
Step 2: Initiate the Closure Process (Method Varies by Account)
This is where the actual deletion process begins, and it will differ based on your account type.
Sub-heading 2.1: Closing an Online Savings Account or Maturity Saver
This is often the most straightforward process and can typically be done online or via the app.
Online/App Closure (Recommended for convenience):
Log in to your Marcus account: Go to the Marcus by Goldman Sachs website (marcus.com) or open the Marcus app.
Navigate to your account: Select the specific Online Savings Account or Maturity Saver you wish to close from your dashboard.
Find the "Close Account" option:
On the website, look for a "Manage account" menu or similar option.
In the app, you'll usually find this by tapping the three dots in the top right corner of the account details screen.
Follow the on-screen prompts: Marcus will likely confirm your balance and ask where you'd like the remaining funds transferred (usually to your linked external account).
Confirm closure: Carefully review the information and confirm your decision to close the account.
Phone Closure (Alternative option):
If you prefer to speak with a representative or encounter issues online, you can call their Customer Care Team.
US Toll-Free: 1-855-730-7283 (24 hours a day / 7 days a week for Deposits and Insights customers).
UK Phone: 0800 085 6789 (Monday to Friday 8 am to 8 pm, excluding bank holidays). From abroad, call +44 203 901 3353.
Sub-heading 2.2: Closing a Certificate of Deposit (CD)
Closing a CD requires more careful consideration due to maturity dates and potential penalties.
During the Grace Period (Recommended, if applicable):
Marcus CDs typically have a 10-day grace period after maturity during which you can withdraw your balance without penalty, renew your CD, or close it. This is the ideal time to close your CD if you want to avoid penalties.
Log in to your account at marcus.com.
Go to your Account Details page.
Click on the three-dot menu in the upper right and select "Close this account."
Follow the instructions to transfer your funds.
Important Note: If your CD balance is over $125,000, Marcus may require you to call and speak with a Savings Specialist to verify your identity and close the CD for security reasons.
Before Maturity (Expect Penalties):
If you need to close your CD before its maturity date, you will likely incur an early withdrawal penalty. This penalty is based on the term of your CD and the principal amount.
To close it early, you generally need to call their Customer Care Team.
US Toll-Free: 1-855-730-7283.
UK Phone: 0800 085 6789.
Be prepared to discuss the early withdrawal penalties with the representative.
Sub-heading 2.3: Closing a Fixed Rate Saver (UK Specific)
Fixed Rate Savers in the UK also have specific rules and potential early closure fees.
Contact Customer Care Team:
Unlike Online Savings Accounts, Fixed Rate Savers generally cannot be closed online or via the app. You will need to call the Customer Care Team.
UK Phone: 0800 085 6789. From abroad, call +44 203 901 3353.
Be aware of the early closure fees as mentioned in Step 1. These fees are typically equal to the interest earned within the first 90 days, or if closed within the first 90 days, equal to the interest earned so far.
Step 3: Confirm Account Closure and Retain Records
Once you've initiated the closure, it's essential to confirm that the process is complete and keep a record for your files.
A. Monitor Your Linked Account:
Keep an eye on your linked external bank account to confirm the transfer of your remaining funds (if any). The transfer typically takes a few business days.
B. Look for Confirmation:
Marcus should send you a confirmation email or letter once your account has been successfully closed. Save this for your records.
If you don't receive confirmation within a reasonable timeframe (e.g., 5-7 business days), follow up with Marcus customer service.
C. Download Statements (Optional but Recommended):
Before your account is fully closed and you lose access, it's a good idea to download and save any past statements or transaction history for your personal records. This can be done by logging into your Marcus online account.
Step 4: What to Do if You Encounter Issues
Sometimes, things don't go as smoothly as planned. Here's what to do if you face difficulties closing your account:
A. Re-contact Customer Service:
If you're having trouble online, the phone is your best bet. Be patient and clearly explain your situation.
For the US, call 1-855-730-7283.
For the UK, call 0800 085 6789.
B. Be Prepared for Verification:
For your security, Marcus may ask a series of verification questions to confirm your identity. Have your account details readily available.
C. Escalate if Necessary:
If your issue isn't resolved by a standard customer service representative, ask to speak with a supervisor or manager.
If you suspect an issue like fraud or an incorrect closure, you can also consider contacting regulatory bodies like the FDIC (for US accounts) or the Financial Conduct Authority (for UK accounts) if you feel your concerns are not being adequately addressed by Marcus.
Frequently Asked Questions (FAQs) about Deleting a Marcus by Goldman Sachs Account
Here are 10 related FAQ questions, all starting with "How to," with their quick answers:
How to Check My Marcus Account Balance Before Closing?
You can easily check your Marcus account balance by logging into your account on the Marcus by Goldman Sachs website (marcus.com) or through the Marcus mobile app. The balance will be displayed on your account dashboard.
How to Transfer Money Out of My Marcus Account Before Closure?
For Online Savings Accounts, you can initiate a transfer to your linked external bank account directly from your Marcus online portal or app. For CDs and Fixed Rate Savers, funds are typically disbursed upon closure to your linked account.
How to Avoid Early Withdrawal Penalties on a Marcus CD?
The best way to avoid early withdrawal penalties on a Marcus CD is to wait until the CD matures and then close the account during the 10-day grace period.
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 on 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 (or +44 203 901 3353 from abroad).
How to Close a Joint Marcus Account?
For Online Savings Accounts or Maturity Savers, either account holder can usually give instructions to close the account. For other account types, it's best to call customer service to confirm the process for joint accounts.
How to Confirm My Marcus Account Has Been Successfully Closed?
Marcus will typically send you a confirmation email or letter once your account is successfully closed. You should also verify that any remaining funds have been transferred to your linked external account.
How to Get My Account Statements After Closing My Marcus Account?
It's recommended to download all necessary statements before closing your account. If you've already closed it and need past statements, you may need to contact Marcus customer service to request them.
How to Reopen a Marcus Account After Closing It?
Generally, once an account is closed, it cannot be reopened. You would typically need to apply for a new account if you wish to bank with Marcus again in the future.
How to Deal with Remaining Funds if My Linked Account is No Longer Active?
If your linked account is no longer active, you will need to contact Marcus customer service immediately. They will guide you on how to set up a new linked account or arrange for the funds to be sent via an alternative method (e.g., a check).
