Marcus Bank


(Leonard) #244

Does anyone know why they require only one bank account to be able to pay in from?
(and why you need to send a form in to change it? - that seems so long winded)


(Jack) #245

I imagine the one account thing is for security, it stops someone accidentally sending money to the wrong Marcus account or you withdrawing it to an account that’s not yours.

Filling out a form to change it is silly I agree.


(Andre Borie) #246

It’s just CYA (cover your ass) related to AML/KYC. Not sure how much it helps in practice to be honest, it’s not like they have any way of verifying the initial account you sign up with is actually your account and not someone else’s.


#247

It simplifies compliance and regulation and also Marcus relies on the source bank doing the credit checks and making sure your funds are legit.


(#fullmonzo joint account since Aug18) #248

I am glad they make it difficult to change the bank account that is linked to it. That way, if someone were to get access to your Marcus account (which would be hard with their mandatory two factor authentication), then the worst they could do would be to put the money back into your current account.

I doubt and would-be cyber criminal would do actual paperwork :thinking:


#249

Signed up for Marcus today, account was opened instantly. Deposit and withdrawal happened within minutes.

All in all very elegant, moved my long-term cash savings over.


#250

If you switched via CASS (Full) then Marcus will automatically update your linked bank account details for you. You just need to make a withdrawal (any amount) to your old account details to start the process.

Marcus will then email you within 24 hours to let you know your linked account has been changed. :slightly_smiling_face:


#251

Oh, neat! Thanks :slight_smile:


(Adam) #252

They’re slow at crediting interest, I thought being the second month in operation they’d be a bit quicker.


(#fullmonzo joint account since Aug18) #253

It’s always at like 11:59 the day it should be credited. No idea why though. Perhaps when you’re dealing with £2bn+ the few hours make a difference to the business model? It does make me think of this tweet though:


(Tom Halloran) #254

I’ve got a Marcus account and have to say I’m a fan.

I’m curious to see whether they being their Clarity Money app over to the UK anytime soon, they acquired it in April and looks pretty slick. Very similar terrain to Yolt

https://www.ft.com/content/f8a83714-40f2-11e8-803a-295c97e6fd0b


((╯°□°)╯︵ ┻━┻) #255

#256

It’s a limited-access account with only two withdrawals allowed per year


#257

Good to see more competition, but only 2 withdrawals per year feels a bit more fixed than easy access.


((╯°□°)╯︵ ┻━┻) #258

Ahh yes well spotted, I only skimmed through it. Hopefully it is the start of more competition from banks that we can benefit from


#259

Curious to know how other side users named their savings account… I went for “Umbrella fund” :umbrella: as a play on ‘rainy day fund’. Any more original names?


(Steve) #260

Sounds all Resident Evil.


#261

Hmmm :thinking::rofl:

I thought it was really orignal but you ruined it now :stuck_out_tongue_winking_eye:


(Steve) #262

Umbrella Corp

544727-umbrellacorporation3


#263

Great minds think alike :joy: