You've diligently saved your money with Marcus by Goldman Sachs, enjoying those competitive interest rates. Now, the time has come to access your funds. Whether it's for a big purchase, an emergency, or simply transferring money to another account, knowing how to withdraw your funds efficiently is crucial. Don't worry, the process is straightforward, and we're here to guide you through it, step by step.
A Comprehensive Guide to Withdrawing Money from Marcus by Goldman Sachs
Withdrawing money from your Marcus by Goldman Sachs account is designed to be as seamless as possible. Marcus offers several convenient methods, primarily relying on electronic transfers to linked external bank accounts. Let's dive into the details of each method and how to navigate the withdrawal process.
Step 1: Ready to Access Your Funds? Let's Get Started!
Before we jump into the mechanics of withdrawal, take a moment to consider what kind of withdrawal you need to make. Are you transferring a small sum to your checking account for daily expenses, or are you moving a larger amount for a significant financial goal? Understanding your needs will help you choose the most suitable withdrawal method.
Step 2: Ensure Your External Account is Linked (Crucial First Step!)
This is perhaps the most important prerequisite for seamless withdrawals from your Marcus account. Marcus primarily facilitates transfers to linked external bank accounts. If you haven't already linked an account, you'll need to do so first.
Sub-heading 2.1: How to Link an External Account
Linking an external account is a simple, one-time process. Marcus offers two main ways to do this:
Option A: Instant Link (Recommended for Speed!)
Log in to your Marcus account: Visit marcus.com or open the Marcus app.
Navigate to "External Accounts": Once logged in, look for a section like "My Account" or a person icon, then select "External Accounts."
Click "Add Account": You'll see a button or link to "Add Account."
Search for your bank: Enter the name of your external bank.
Enter your external bank login credentials: Marcus uses a secure process to confirm you own the account. Don't worry, Marcus will not save or share your external account login information.
Confirm: Follow any on-screen prompts to confirm the link. Your account should be linked almost instantly!
Option B: Manual Link with Trial Deposits (If Instant Link Isn't Available)
Follow steps for "Add Account" as above.
Select "Manually Link": Instead of searching for your bank, you'll choose the manual option.
Provide your external bank's routing number and account number: You can usually find these on your checks or by logging into your external bank's online banking portal.
Wait for trial deposits: Marcus will send two small "trial" deposits (e.g., $0.15, $0.23) to your external account within 2-3 business days.
Verify the deposits: Once you see these small deposits in your external account, log back into your Marcus account and enter the exact amounts to verify the link. These trial deposits are valid for 15 days, so be sure to verify them promptly!
Important Note: The external account must be in your name (individually or jointly) and owned by you, with full rights to the funds. Business or trust accounts typically cannot be linked for this purpose.
Step 3: Initiating Your Withdrawal via ACH Transfer (Most Common Method)
Once your external account is linked, initiating an ACH (Automated Clearing House) transfer is the most common and generally fee-free way to withdraw funds from your Marcus Online Savings Account.
Sub-heading 3.1: Online ACH Transfer (Recommended for Convenience!)
This is the fastest and easiest way to withdraw money.
Log in to your Marcus account: Go to marcus.com or use the Marcus app.
Select your Marcus account: From your dashboard, choose the Online Savings Account from which you wish to withdraw funds.
Choose "Transfer" or "Withdraw": Look for an option like "Transfer," "Withdraw," or "Move Money."
Select "To a linked external account": Indicate that you want to send money to one of your previously linked external accounts.
Enter the withdrawal amount: Carefully type in the amount you wish to withdraw. Be mindful of any daily or transaction limits (Marcus typically has a $125,000 limit per outgoing online transfer).
Review and confirm: Double-check all the details – the amount, the receiving account, and the expected processing time.
Submit the transfer: Confirm your withdrawal. You'll usually receive an email confirmation.
Transfer Times for ACH: For transfers of $100,000 or less initiated by 12 PM ET on a business day, Marcus will generally process them by 5 PM ET that same day. However, it's crucial to check with your external bank regarding their policies on when the funds will actually be available in your account. While Marcus processes quickly, the receiving bank might have its own hold periods. Larger transfers or transfers initiated after the cut-off time may take longer, typically 1-3 business days.
Sub-heading 3.2: Initiating an ACH Transfer by Phone
If you prefer to speak to someone, you can also initiate an ACH transfer by calling Marcus customer service.
Call Marcus Customer Service: Dial 1-855-730-7283. They are available 24 hours a day, 7 days a week for savings accounts.
Provide account details and verify identity: The representative will ask for your account information and likely some security questions to verify your identity.
Specify withdrawal details: Clearly state the amount you wish to withdraw and the linked external account where you want the funds sent.
Confirm: The representative will confirm the details with you before processing.
Step 4: Considering Other Withdrawal Methods (For Specific Needs)
While ACH transfers are the most common, Marcus offers a couple of other options depending on your needs.
Sub-heading 4.1: Wire Transfers (For Large or Time-Sensitive Withdrawals)
Wire transfers are typically used for larger sums of money or when you need funds to arrive very quickly.
Initiating a Wire Transfer: You can initiate outgoing wire transfers online at marcus.com or by calling Marcus customer service.
Information Needed: You will need the routing transit number, wire transfer address, and your account number for your external bank.
Marcus Fees: Marcus does not charge any fees for outgoing wire transfers. This is a significant benefit!
External Bank Fees: However, your external financial institution may charge a fee for incoming wire transfers, so it's wise to check with them beforehand.
Limits: There may be limits on online wire transfers (e.g., $125,000 per outgoing transfer initiated online). For larger amounts, you'll need to call.
Sub-heading 4.2: Requesting a Check (Less Common, But Available)
If for some reason you cannot use electronic transfers, Marcus can send you a physical check.
Call Marcus Customer Service: To request a check withdrawal, you must call customer service at 1-855-730-7283.
Check Details: The check will be made payable to the account owner only and sent to the primary address associated with your account.
Processing Time: Expect a longer processing time for checks to be mailed and cleared.
Step 5: Understanding CD Withdrawals (Special Considerations)
If you have a Certificate of Deposit (CD) with Marcus, the withdrawal process is different due to the nature of CDs.
Sub-heading 5.1: Withdrawing from a High-Yield CD or Rate Bump CD
Early Withdrawal Penalties: If you withdraw principal from a High-Yield CD or Rate Bump CD before its maturity date, you will incur an early withdrawal penalty. This penalty is typically calculated based on the interest earned and the term of your CD. Marcus's website provides a calculator and details on how this penalty is assessed.
Closing the CD: To withdraw funds prematurely, you generally need to close the entire CD. You can do this online for eligible accounts or by calling customer service.
At Maturity: The ideal time to withdraw from a CD is at maturity. Marcus will notify you before your CD matures, and you'll have options: renew, change the term, or close the CD and withdraw your money. There's usually a 10-day grace period after maturity to withdraw without penalty.
Sub-heading 5.2: Withdrawing from a No-Penalty CD
Flexibility: No-Penalty CDs offer more flexibility. You can withdraw your full principal and interest after an initial waiting period (usually 7 days after funding) without incurring any early withdrawal penalty.
Withdrawal Process: You can generally initiate a withdrawal from a No-Penalty CD online or by calling customer service, similar to how you would for a savings account.
Step 6: Monitoring Your Withdrawal and Funds Availability
After initiating a withdrawal, it's good practice to:
Check your Marcus account: Confirm the withdrawal transaction appears in your Marcus account history.
Track the transfer: Marcus often provides a "track my transfer" link on your dashboard so you can monitor the status.
Monitor your external account: Keep an eye on your linked external bank account for the arrival of the funds. Remember that even after Marcus processes the transfer, your external bank may have its own processing times.
10 Related FAQ Questions
Here are 10 frequently asked questions about withdrawing money from Marcus by Goldman Sachs, with quick answers:
How to check my Marcus withdrawal limits?
You can typically find your specific withdrawal limits for online ACH transfers (e.g., $125,000 per outgoing transfer) by logging into your Marcus account and reviewing the transfer options or by checking the Marcus FAQs on their website. For higher limits, you'll need to call customer service.
How to speed up a Marcus withdrawal?
For the fastest electronic withdrawal, use an online ACH transfer initiated by Marcus to a linked external account, and ensure it's done before the daily cut-off time (12 PM ET for transfers of $100,000 or less). Wire transfers are also faster than checks but may incur fees from your receiving bank.
How to withdraw money from Marcus if my linked account is closed?
If your linked account is closed, you will need to link a new, active external account before you can withdraw funds via ACH. Alternatively, you can request a check by calling Marcus customer service.
How to cancel a pending Marcus withdrawal?
If a withdrawal is still pending and hasn't been processed, you may be able to cancel it by logging into your Marcus account and looking for a "cancel transfer" option, or by contacting Marcus customer service immediately. Once processed, it generally cannot be cancelled.
How to get cash from my Marcus account?
Marcus is an online-only bank and does not offer ATM access or physical branches for cash withdrawals. To get cash, you must withdraw funds electronically to a linked external checking account and then withdraw cash from that account's ATM or branch.
How to avoid early withdrawal penalties on Marcus CDs?
To avoid early withdrawal penalties on Marcus High-Yield CDs or Rate Bump CDs, you must wait until the CD matures. If you have a No-Penalty CD, you can withdraw funds after an initial 7-day funding period without penalty.
How to withdraw a large sum from Marcus?
For very large sums exceeding online ACH or wire transfer limits, you will need to contact Marcus customer service directly (1-855-730-7283) to arrange the withdrawal, likely via a wire transfer.
How to change the linked account for Marcus withdrawals?
You can change or add new linked external accounts by logging into your Marcus account, navigating to "External Accounts," and following the prompts to add or update your linked bank information.
How to resolve a delayed Marcus withdrawal?
If your withdrawal is delayed beyond the expected timeframe, first check the status within your Marcus account. If it's still unclear, contact Marcus customer service (1-855-730-7283) for assistance and to investigate the issue.
How to withdraw funds from a Marcus CD at maturity?
When your Marcus CD matures, you'll typically have a 10-day grace period. During this time, you can log in to your Marcus account, visit the CD Maturity Center, or call customer service to instruct them to close the CD and transfer the funds to a linked external account without penalty.