Understanding your Bill from Marcus Bank

Marcus Bank may be hiding fees and charges in your bill. Understanding your bill will help you avoid unnecessary cost.

Marcus by Goldman Sachs is a new banking player and operates exclusively on the Internet, taking advantage of the fact that most people nowadays go paperless with their billing statements anyway. However, they don’t do a great job of explaining various extra charges you might see and some of their interest rate details aren’t well defined. Let us help you find the answers to these questions so you can understand your Marcus bill or statement next time it shows up in your inbox.

What’s On Your Marcus by Goldman Sachs Statement

As an exclusively online bank that deals with personal loans and online savings accounts, their statements look a little differently from other typical bank bills. Still, they include a general summary of the financial activity in your account.

What Are the Extra Charges You Might See?

Marcus by Goldman Sachs is a little different compared to many other banking options because they don’t charge several common fees you see elsewhere. However, this doesn’t necessarily mean that you won’t have any money to do things like making an inbound or outbound wire transfer; Marcus is clear that you may still be charged a fee from the third-party wire provider or originator. Let’s dive into what you can expect in terms of extra charges or fees from Marcus:

  • There are no monthly fees with Marcus
  • APY, or annual percentage yield: 1.7%. This basically represents your interest rate for your savings account. Note that this does not compound, so it stays the same every month
  • Inbound/outbound wire transfers: no fees from Marcus, but you may be subject to third-party fees for sending or receiving money to and from your Marcus savings account
  • Transfer fees: Marcus again does not charge you any fees to move money to or from your savings accounts, but external banks and third parties will likely charge you a fee

CD Rates

One of the big things that separate Marcus from other online banks is its generous CD interest rates. In a nutshell, when you look at your Marcus statement, you might see a CD interest rate. CD interest rate is how much a bank pays you on a certificate of deposit; these usually have higher APYs because you essentially forgo access to a small portion of that deposit money in exchange for a higher interest rate.

Marcus pays:

  • 0.6% for six months
  • 0.7% for nine months
  • 1.85% for 12 months-4 years
  • 1.9% for five years and up

This may be separate from your regular savings account APY rate as listed on your statement; don’t be confused if you see two lines talking about your interest, as both interest rates are calculated together but mentioned separately on the bill for transparency.

How to Contact Marcus by Goldman Sachs

You can contact Marcus by Goldman Sachs via their dedicated page, which includes specialists for both personal loans and online savings and certificate of deposit accounts. This is good since it means to be speaking to someone who knows exactly what kind of account trouble you might be running into.

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