Are Marcus Accounts Protected From Fraud?

Marcus Bank provides a wide range of consumer and business financial services. No matter what type of account you have with them, if you are the victim of identity theft or any type of fraudulent activity, it can be debilitating and cost you great financial losses. Given the size of the bank, there are common customer complaints like hidden fees and reporting fraud. So what can you do when you contact Marcus bank, but they don’t help you with your problem? We explain.

Are Marcus Bank and Credit Card Accounts Protected from Fraud?

For checking accounts, Federal Reserve Regulation E protects against fraud liability. With § 1026.12 Special credit card provisions, credit card users are only liable for $50 maximum where fraud is detected. 

Does Marcus Bank Reimburse Stolen Money?

Yes, Marcus Bank reimburses stolen money for bank accounts. If you have fraudulent or suspicious activity and report it in a timely fashion, this initiates an investigation. Marcus bank will give you a temporary provisional credit to reimburse you for the amount of money stolen or involved in the fraudulent activity. This applies to any fees involved in the fraudulent activity as well. However, if they conclude that you were somehow responsible during their investigation, they might take that provisional credit back.

Tired of talking in circles with customer service?

Report Fraud to Marcus

If you suspect fraud, you have to contact Marcus customer service. You must immediately call the fraud department at 1-833-773-0988, AND you must log into your account, go to your profile, select the section called “controls and security,” and follow the prompts. You have to do both things as soon as you notice fraudulent activity.

What Can a Scammer Do with My Account or Card Number?

If a scammer gets a hold of your card or somebody hacks your bank account information, having access to the credit card numbers or your account number can leave you vulnerable to many types of fraud. With a bank account number, somebody can open new lines of credit under your name and then fraudulently use that card. If somebody gets ahold of your credit card numbers, they can make payments or send money with a wire transfer long before you catch them.

Lost funds to scammers?

Do Financial Institutions like Marcus Really Investigate Fraud?

Organizations like Marcus Bank really investigate fraud. It might not seem like it because they don’t necessarily get back to you or communicate a response, except for when the case is closed. However, if you have a legitimate case of fraudulent activity on your account, your bank probably doesn’t need any follow-up information from you, so you don’t hear back from them. Most banks will reimburse the money on a provisional basis, and assuming they closed the investigation in your favor, they don’t rescind that provisional credit, so you don’t get a lot of communication about it, but nonetheless, the fraud was investigated, and dealt with.

Unfortunately, like most major banks, Marcus Bank utilizes security parameters to protect against fraud on an internal basis. They regularly monitor things like your IP address, your purchasing activity and flag things that don’t make sense. This has resulted in first-time transfers being flagged by the fraud department and not being processed in some situations. If Marcus bank doesn’t think that you were behind a certain transaction, they can choose to decline that transaction or freeze your account until they verify whether you were involved.

Related: How to Spot and Report Illegal and Unfair Banking

What to Do If Marcus Bank Won’t Help

You can file a complaint against Marcus bank. Your user agreement might not let you join Marcus lawsuits, but you can try to sue in small claims court or file an official dispute with consumer arbitration.