If Goldman Sachs Marcus is hiding fees in your bill, you may have legal options.
Marcus bank is an online bank that offers high-yield savings accounts, personal loans, and CDs. Still, big companies are always subject to mistakes and customer complaints, and Marcus is no different. Customer complaints about Marcus Bank have a lot to do with unexpected or hidden fees on the account, mainly when payments were made and the late fee was assessed that shouldn’t have been.
So what can you do if you find hidden fees in your Marcus bank statement? Start by understanding what the unexpected fees might be.
Marcus offers high-yield online savings accounts that don’t have any minimum deposit required. You could literally open a bank account with just $1. However, enjoying the compound interest earned on your savings account will likely require a little bit more than just $1.
Because Marcus operates primarily online, in order to withdraw money from your savings account, you have to do so with a wire transfer to another bank, have a check sent in the mail to your home, call them, or initiate it online. If you link other bank accounts for outgoing or incoming transfers, there are no fees. Because it is a savings account, you are allowed to make up to 6 withdrawals or transfers every 30 days, and after that, you get charged a fee. There are no checking account options or ATM cards through Marcus bank, so you don’t have to worry about hidden ATM fees. If you don’t maintain a positive balance for 60 days, they will close your account, but aside from the small caveat, there are no minimum deposit and no monthly maintenance fees, and there shouldn’t be any unexpected fees in your savings account statement.
If you have a personal loan through Marcus, you can expect to see a fee on your statement for any interest based on your annual percentage rate. However, Marcus does not charge you origination fees, early payoff fees, or late fees. So again, there really shouldn’t be any hidden or unexpected fees in your Marcus statement. However, accidents do happen, which is why it’s important to always check your statements and if you see anything that doesn’t make sense, reach out to customer service first.
If you look at your Marcus statement and find incorrect fees, try to contact Marcus customer service first. Marcus customer service might be able to explain something that doesn’t make sense or fix the situation immediately if there’s something like a fraudulent account. But if they don’t help, you still have two options to get your problem solved:
The first is to sue Marcus in small claims court. Small claims court is an opportunity for you to get a certain amount of compensation depending on where you live. However, you are responsible for filing all of the correct paperwork in the right place and going to a court hearing.
The second is to use consumer arbitration. Consumer arbitration doesn’t have as many restrictions as small claims court, so more cases qualify for this legal option. It’s usually faster and potentially easier.
Share your complaint about Marcus with FairShake today.
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