Marcus or Ally

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gas_balloon
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Re: Marcus or Ally

Post by gas_balloon »

02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
Initiated transfer to CIT Savings Builder and HSBC Direct (both 1.70% APY)
02nz
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Re: Marcus or Ally

Post by 02nz »

walletless wrote: Wed Apr 15, 2020 7:38 pm
02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
Initiated transfer to CIT Savings Builder and HSBC Direct (both 1.70% APY)
CIT's no-penalty CD is already lower than the Savings Builder, so I think it's just a matter of time before Savings Builder drops as well. Much better to chase the bonuses - I'm working on getting $250 from Ally, $300 from CIT, and $400 from CIBC (plus quite a bit more in checking accounts from other banks).
123
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Re: Marcus or Ally

Post by 123 »

oneleaf wrote: Sat Apr 11, 2020 3:12 pm ...Ally is the gold standard for opening additional joint accounts seamlessly (just re-use the same registration). Marcus makes you fill out the secondary owner just as you had to do the first time. It even makes us set up security questions again, which is annoying because we don't know how it affects the global profile. It's clunky and falls short of the Ally experience. However, once you fill it out, it should be approved automatically, but there is always a possibility it makes us call in to verify a few things. Ally makes me so confidant in the account opening experience because the joint registration is right there for us to choose and doesn't make us fill in any additional info. Unfortunately, Marcus always has better rates so I will likely use them more.
Thank you very much for your insight into the comparative ease of Ally versus Marcus. Somewhat regretfully we are sacrificing some higher yield at Marcus for the convenience of Ally. My joint owner is very opposed to their using the internet in any form to conduct financial business (We got started with Ally with a paper application so that got past the internet issue back then). But the co-owner doesn't object to someone else doing it to their benefit. They just don't want their identity connected with an on-line access user-id for a financial account.
The closest helping hand is at the end of your own arm.
atdharris
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Re: Marcus or Ally

Post by atdharris »

I use Amex. They dropped rates to 1.60%, but I believe that's higher than Ally. They don't have an app, but that's not a big deal since I don't make any withdrawals. Does Marcus have an app?
kmft
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Re: Marcus or Ally

Post by kmft »

Both are good. I tried about 10 different online savings, the 4 best from my experience are Ally, Marcus, Discover, and Synchrony. All 4 were easy to set up, offer consistent rates, and have easy to use web and app interfaces.
Dioremius
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Re: Marcus or Ally

Post by Dioremius »

Lastrun wrote: Tue Mar 31, 2020 9:21 pm What turned me away from Marcus originally was [...] early withdrawal penalties.
Marcus's early withdrawal penalties are indeed worse than Ally's.

Edited to clarify:
Consider also CIT bank, which often offers rates competitive with both Marcus and Ally. Marcus's penalties are much worse than CIT's for CDs of between 1 and 3 years (inclusive). In particular 1 year CDs have a 9 month's interest penalty at Marcus, compared to just 3 months at CIT.

Marcus's term CD penalties
90 days' simple interest for terms of less than less than 12 months
270 days for terms of 12 months to 5 years
365 days for terms of more than 5 years

CIT's term CD penalties
3 months for terms up to 1 year
6 months for terms of more than 1 year up to 3 years
12 months for terms of more than 3 years

A couple of weeks ago they offered the same APY so it was a no-brainer to prefer CIT; but at the moment CIT has lower APY.
Last edited by Dioremius on Thu Apr 16, 2020 2:24 pm, edited 1 time in total.
Blue456
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Re: Marcus or Ally

Post by Blue456 »

I have Ally and just signed up for Marcus and I have to say I’m quite disappointed with the latter. My biggest issue is very slow website and multiple log in errors that are not mine but theirs (they admit they are having technical issues). Ally website seems much more polished. Never had any technical difficulties. I know that above issues are not a deal breaker but for an online only bank website needs to be 100% top notch. That is your bread and your butter. You got nothing else to maintain. So right now I am just waiting for $25 to deposit and I will close my account with them.
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oneleaf
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Re: Marcus or Ally

Post by oneleaf »

Blue456 wrote: Thu Apr 16, 2020 1:25 pm I have Ally and just signed up for Marcus and I have to say I’m quite disappointed with the latter. My biggest issue is very slow website and multiple log in errors that are not mine but theirs (they admit they are having technical issues). Ally website seems much more polished. Never had any technical difficulties. I know that above issues are not a deal breaker but for an online only bank website needs to be 100% top notch. That is your bread and your butter. You got nothing else to maintain. So right now I am just waiting for $25 to deposit and I will close my account with them.
I don't blame you. The app isn't any better than the website. I still think it's worth it for the better rates, but I do hope they improve the online and mobile experience.
Corgitodd
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Re: Marcus or Ally

Post by Corgitodd »

I tried to call Marcus to ask a simple question about adding a joint owner and after 10 minutes on hold I gave up. They dont have an email or messenger to try and contact them. I gave up and moved my accounts to Ally where I already had the joint owner account set up.
van_sun_38
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Re: Marcus or Ally

Post by van_sun_38 »

I don't have either Marcus or Ally but I have been very satisfied with Discover Bank. Not the highest rate but I have been using it for 3+ years and I like it. I believe they have bonus sign up as well. The user experience is smooth and pleasant. I pair that with my Discover card which earn 5% on different categories.
vipertom1970
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Re: Marcus or Ally

Post by vipertom1970 »

good timing, my mom called today to have me set up a CD for her so the question is can you buy CD from Marcus or Ally through Fidelity or go directly with the bank ?
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bligh
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Re: Marcus or Ally

Post by bligh »

I have had Marcus for a while now (no Ally) and have had no issues with them. I used them as my "Savings Hub". Clean simple website and app. Easy and fast transfers. Competitive interest rate.

I would expect Ally to be equivalent to Marcus. Ally allows you to have a checking account alongside the savings account, so there is that.
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2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

02nz wrote: Mon Apr 06, 2020 3:22 pm Capital One has a nasty habit of creating a new type of account and only giving good rates on the new accounts. Easy to move your money if you pay attention, but most people don't. The bonuses are also limited to customers that haven't had an account in 4 years or so. Ally, Marcus, etc. tend to make current customers eligible as long as they bring in new money.

ETA: Capital One also has an annoyingly glitchy website. About half the time when I want to change the date on a scheduled transfer or bill pay it will just error out for no apparent reason.
Agreed. They changed the web site to a cuter version over a year ago and it works poorly. I had to call them to make some basic transactions.

And they removed two different types of savings accounts I had and now have replacements. They dropped the interest rates on the older ones, presumably to force the customers to get out of them. Giving heads-up to customers would have been nice.
cork
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Re: Marcus or Ally

Post by cork »

vipertom1970 wrote: Fri Apr 17, 2020 11:23 am good timing, my mom called today to have me set up a CD for her so the question is can you buy CD from Marcus or Ally through Fidelity or go directly with the bank ?
You can buy a CD with Ally. I would assume you can do the same with the others. I get a better rate through my brick and mortar bank than Ally.
I would go by the websites of each and see who offers the best rate for you.
cork
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2020 ButClassic
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Re: Marcus or Ally

Post by 2020 ButClassic »

02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
And they emailed the customers which is good. They kept it just above the 1.50% rate to stand out!

As much as I'd like having the highest rates, I get a little concerned if a bank pays out substantially more than the others. Maybe they are super efficient but it's hard to tell. I'd like to be sure that the bank stays profitable and stays in business.
Blue456
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Re: Marcus or Ally

Post by Blue456 »

cork wrote: Fri Apr 17, 2020 11:48 am
vipertom1970 wrote: Fri Apr 17, 2020 11:23 am good timing, my mom called today to have me set up a CD for her so the question is can you buy CD from Marcus or Ally through Fidelity or go directly with the bank ?
You can buy a CD with Ally. I would assume you can do the same with the others. I get a better rate through my brick and mortar bank than Ally.
I would go by the websites of each and see who offers the best rate for you.
cork
There is more to CDs than just rate. Here is some funny fine print that I found some financial institutions have you agree to:
- 6-9 months interest penalty on a 12 month CD as opposed to standard 3 months
- having have to write a letter or email to break a CD
- credit union or bank reserving right not to break a CD (in which case you will not be able to access your money until CD matures)
huskerfan1414
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Re: Marcus or Ally

Post by huskerfan1414 »

02nz wrote: Wed Apr 15, 2020 7:48 pm
walletless wrote: Wed Apr 15, 2020 7:38 pm
02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
Initiated transfer to CIT Savings Builder and HSBC Direct (both 1.70% APY)
CIT's no-penalty CD is already lower than the Savings Builder, so I think it's just a matter of time before Savings Builder drops as well. Much better to chase the bonuses - I'm working on getting $250 from Ally, $300 from CIT, and $400 from CIBC (plus quite a bit more in checking accounts from other banks).
If you are currently "working" on these, you won't get ally or CIT, because they are not being offered anymore, correct?

Or do you mean that you've opened them already and are working on the qualifications?
The more I learn, the dumber I feel.
02nz
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Re: Marcus or Ally

Post by 02nz »

huskerfan1414 wrote: Fri Apr 17, 2020 12:35 pm
02nz wrote: Wed Apr 15, 2020 7:48 pm
walletless wrote: Wed Apr 15, 2020 7:38 pm
02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
Initiated transfer to CIT Savings Builder and HSBC Direct (both 1.70% APY)
CIT's no-penalty CD is already lower than the Savings Builder, so I think it's just a matter of time before Savings Builder drops as well. Much better to chase the bonuses - I'm working on getting $250 from Ally, $300 from CIT, and $400 from CIBC (plus quite a bit more in checking accounts from other banks).
If you are currently "working" on these, you won't get ally or CIT, because they are not being offered anymore, correct?

Or do you mean that you've opened them already and are working on the qualifications?
Correct, "working on" qualifying. CIT is still available. Check https://www.doctorofcredit.com/best-ban ... t-bonuses/ for list of current offers.
02nz
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Re: Marcus or Ally

Post by 02nz »

2020 ButClassic wrote: Fri Apr 17, 2020 11:52 am
02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
And they emailed the customers which is good. They kept it just above the 1.50% rate to stand out!

As much as I'd like having the highest rates, I get a little concerned if a bank pays out substantially more than the others. Maybe they are super efficient but it's hard to tell. I'd like to be sure that the bank stays profitable and stays in business.
Yes generally I agree. The banks that offer much better rates than the competition tend to be playing some game or other, e.g. there's a low cap on the amount of deposit that qualifies for that rate. I'm not too worried though about them staying in business, given deposit insurance.
am
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Re: Marcus or Ally

Post by am »

oneleaf wrote: Sat Apr 11, 2020 11:29 am I have an account at both.

In terms of user experience:
  • Ally is really top-notch. Extremely easy to open a new account. Especially with joint accounts, it lets you re-use registrations. Breaking CD's is super easy and transparent as to the fees.
  • Ally's website and app are fast to load and easy to use.
  • Marcus's website and app are pretty clunky so far. Opening new accounts is not too bad, but you gotta refill out all joint applicant info everytime, even if you already have a joint account with the registration you want. The experience is annoying because it makes you re-set up contact information and secret words, and you have no idea how it affects their global setting (because the joint has their own login and profile). I find this stuff clunky and annoying, but so far everything has worked OK.
Fund availability/transfer/interest:
  • Ally transfers take a few days, and the money leaves your external accounts and can be in limbo for another day or two before it arrives.
  • Marcus is awesome. They do same-day ACH's (if your external account accepts it), and it doesn't even matter, because you start earning interest on the day you submit the transfer.
  • Marcus rates are almost always just a tad higher than Ally across the board.
  • You can't add funds to an Ally CD after you open it. You can add funds to a Marcus CD (as long as it's not a No-Penalty CD) for up to 30 days after you open it. This is nice because you can jump on a good deal and take an extra few weeks to get funds there.
I am happy to keep accounts at the best yielding online banks (CapitalOne, Ally, and Marcus) and jump on any good deals they offer. I am seeing myself using Marcus more and more, but you never know when they might become less competitive. They plan to get into cash management/checking soon, so who knows what their business model will become.
A bit frustrated with speed of transfer at Ally. I initiated a transfer of low 6 figure amount on Thursday morning and the balance for my cds still says 0 as of this morning. When can I expect to see the funds in my CD?
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Thrifty Femme
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Re: Marcus or Ally

Post by Thrifty Femme »

am wrote: Sat Apr 18, 2020 7:21 am A bit frustrated with speed of transfer at Ally. I initiated a transfer of low 6 figure amount on Thursday morning and the balance for my cds still says 0 as of this morning. When can I expect to see the funds in my CD?
If you are able, write a check and use the mobile deposit feature. I think they will accept up to 50k via mobile deposit. The funds will be on hold for a few days though.
am
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Re: Marcus or Ally

Post by am »

Thrifty Femme wrote: Sat Apr 18, 2020 9:45 am
am wrote: Sat Apr 18, 2020 7:21 am A bit frustrated with speed of transfer at Ally. I initiated a transfer of low 6 figure amount on Thursday morning and the balance for my cds still says 0 as of this morning. When can I expect to see the funds in my CD?
If you are able, write a check and use the mobile deposit feature. I think they will accept up to 50k via mobile deposit. The funds will be on hold for a few days though.
So your saying a check deposit will start accruing cd interest right away? If I did it Thursday morning, I would had enough interest for a steak dinner already :D
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Thrifty Femme
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Re: Marcus or Ally

Post by Thrifty Femme »

am wrote: Sat Apr 18, 2020 11:14 am
Thrifty Femme wrote: Sat Apr 18, 2020 9:45 am
am wrote: Sat Apr 18, 2020 7:21 am A bit frustrated with speed of transfer at Ally. I initiated a transfer of low 6 figure amount on Thursday morning and the balance for my cds still says 0 as of this morning. When can I expect to see the funds in my CD?
If you are able, write a check and use the mobile deposit feature. I think they will accept up to 50k via mobile deposit. The funds will be on hold for a few days though.
So your saying a check deposit will start accruing cd interest right away? If I did it Thursday morning, I would had enough interest for a steak dinner already :D
Yes :beer
NewMoneyMustBeSmart
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Re: Marcus or Ally

Post by NewMoneyMustBeSmart »

walletless wrote: Wed Apr 15, 2020 7:38 pm
02nz wrote: Wed Apr 15, 2020 7:32 pm Marcus dropped the APY on its Online Savings account to 1.55%, just above Ally's 1.50%. Marcus still has significantly better CD rates though.
Initiated transfer to CIT Savings Builder and HSBC Direct (both 1.70% APY)
Here's what I suggest to friends. If you want to put money into HYSA - consider using No-Penalty CDs. CIT and Marcus pay high rates that are locked in for ~7-11 months and have no penalty to close CD early after ~7 days.
-- | Few are those who see with their own eyes and feel with their own hearts - Einstein
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fredflinstone
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Re: Marcus or Ally

Post by fredflinstone »

Tiresias1 wrote: Tue Mar 31, 2020 9:09 pm Marcus does not support trust accounts, or I would probably bank there. You may wish to avoid it if you foresee a trust being part of your estate planning.
I just signed up and my account is owned by a trust.
Stocks 28 / Gold 23 / Long-term US treasuries 19 / Cash (mainly CDs) 22 / TIPS 8
vipertom1970
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Re: Marcus or Ally

Post by vipertom1970 »

is this the right website for Goldman Sachs, I am ready to open a CD for my
mom and wanted to make sure ?

https://www.marcus.com/us/en/savings?pr ... &gclsrc=ds
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tennisplyr
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Re: Marcus or Ally

Post by tennisplyr »

I've had an Ally savings account for 4 years and have had no problems. I had an online chat with them yesterday and they were very helpful.
Those who move forward with a happy spirit will find that things always work out.
djevel
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Re: Marcus or Ally

Post by djevel »

Does Marcus allow for transaction downloads in either ofx, qfx or qif formats?
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Rob5TCP
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Re: Marcus or Ally

Post by Rob5TCP »

I've been looking for a second savings account (I currently use/like Ally)
I applied both at AMX and Marcus to see which is the smoother of the two.
So far Marcus is poor on several accounts. The website is clunky at best.
When I called for assitstance, there was no pickup after 30 minutes (on a Sunday)
AMX has been far better on both.

While I was on hold I looked up the ratings of Marcus (so-so), Ally (good) and AMX
(very good) on bankdeposits.com. Marcus had twice as many 1 star as 5 star.
Ally had the reverse and AMX had 4 times as many 5 stars as 1 star.

https://www.depositaccounts.com/banks/r ... -bank.html
https://www.depositaccounts.com/banks/r ... -bank.html
https://www.depositaccounts.com/banks/r ... sachs.html

On my own BIASED calculation giving a weighted average of 5 pts for 5 stars and 1 point for 1 star

Ally
306 5 stars
213 4 stars
40 3 stars
22 2 stars
132 1 star
Weighted avg. 3.755

AMX
108
119
23
9
7
Weighted Avg. 4.17

Marcus
Marcus

39
38
17
11
61
Weighted Avg. 2.897

I will probably end with AMX as my second savings account/CD.
am
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Re: Marcus or Ally

Post by am »

Have used Amex for 12 yrs without a problem. Best part for me is the competitive savings account and express transfers which occur same day. I am using Ally for CDs. Would rather have 1.55% no penalty cd for 11 months than 1.7% for 7 months given what’s happening. Also Ally has a 60 day penalty for regular CDs whereas Marcus is much higher and too risky for me.
Last edited by am on Sun Apr 19, 2020 12:48 pm, edited 1 time in total.
rj49
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Re: Marcus or Ally

Post by rj49 »

I use Discover Bank. Free checks, no fees, and a savings account still at 1.5%. Their CD rates are also good right now--1-5 years at 1.75-1.80%, with only a 3-month interest penalty for early withdrawal. The Discover credit card also links up on one page, so it's a convenient way to get the 5% on rotating Discover categories (10% the first year). US-based customer service, both by phone and online chat.
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JAZZISCOOL
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Re: Marcus or Ally

Post by JAZZISCOOL »

I recently opened an account at Marcus and have been very happy so far. The 7-day hold on funds is not that big of an issue (so far). The transfers from other banks have been very fast and the rates are good, especially the no-penalty CD rates.

I don't have any experience with Ally.
arnik83
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Re: Marcus or Ally

Post by arnik83 »

I just opened my marcus account yesterday and funded it. I am surprised my money showed up in marcus today all within 24hrs.
I the bank linking was fast.

I have been using ( still open) Discover Savings, which I think was awesome in terms of the website/apps and other stuff.
No complains.

Just the rates were slightly better at Marcus and they have the various options of no-penalty CDs.
One difference I saw with Ally and Marcus for these no penalty CDs was Ally had tiered rate with $25K earning their best rate for 11months.
While Marcus needed only $500 minimum to get into all their no-penalty CDs. that seemed like a nicer option to me.
InvisibleAerobar
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CIT slow to credit my account

Post by InvisibleAerobar »

Is this normal?

It has taken six business days (and eight calendar days) for CIT to credit the transfer from my checkings account. The money was transferred (via ACH) on April 20, but today is the first day on which "Available Balance" (as opposed to "Current Balance") is showing a positive amount.

I don't know if I'm doing something wrong, or if that's just how things are with CIT. Fwiw, if I were to initiate a pull on Discover, that money is fully credited to my Discover savings account after two days.

Anyone know if I could speed this up in any way? One other issue is that I can't initiate "push" transfers from my checkings account (BoA), as it would charge a fee (it used to, not sure if it still does). I could also do payroll deductions, but I generally make transfers to my savings once other biweek (not to mention that it's skipped at times, due to whatever expenses that may come up along the way).
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gas_balloon
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Re: CIT slow to credit my account

Post by gas_balloon »

InvisibleAerobar wrote: Tue Apr 28, 2020 11:30 am Is this normal?

It has taken six business days (and eight calendar days) for CIT to credit the transfer from my checkings account. The money was transferred (via ACH) on April 20, but today is the first day on which "Available Balance" (as opposed to "Current Balance") is showing a positive amount.

I don't know if I'm doing something wrong, or if that's just how things are with CIT. Fwiw, if I were to initiate a pull on Discover, that money is fully credited to my Discover savings account after two days.

Anyone know if I could speed this up in any way? One other issue is that I can't initiate "push" transfers from my checkings account (BoA), as it would charge a fee (it used to, not sure if it still does). I could also do payroll deductions, but I generally make transfers to my savings once other biweek (not to mention that it's skipped at times, due to whatever expenses that may come up along the way).
I had the same experience with both CIT and Discover Savings. As soon as I get my bonus I will withdraw the full amount from CIT. I already received the bonus from Discover and withdrew everything.
jebmke
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Re: Marcus or Ally

Post by jebmke »

am wrote: Sun Apr 19, 2020 12:48 pm Have used Amex for 12 yrs without a problem. Best part for me is the competitive savings account and express transfers which occur same day. I am using Ally for CDs. Would rather have 1.55% no penalty cd for 11 months than 1.7% for 7 months given what’s happening. Also Ally has a 60 day penalty for regular CDs whereas Marcus is much higher and too risky for me.
I use AMEX. I'm not happy that they do not use multi-factor authentication but I don't keep a huge sum there.
When you discover that you are riding a dead horse, the best strategy is to dismount.
am
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Re: Marcus or Ally

Post by am »

jebmke wrote: Tue Apr 28, 2020 11:33 am
am wrote: Sun Apr 19, 2020 12:48 pm Have used Amex for 12 yrs without a problem. Best part for me is the competitive savings account and express transfers which occur same day. I am using Ally for CDs. Would rather have 1.55% no penalty cd for 11 months than 1.7% for 7 months given what’s happening. Also Ally has a 60 day penalty for regular CDs whereas Marcus is much higher and too risky for me.
I use AMEX. I'm not happy that they do not use multi-factor authentication but I don't keep a huge sum there.
If you login from an unrecognized computer or device, they send you a code via text or email. Probably just as good.
InvisibleAerobar
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Re: CIT slow to credit my account

Post by InvisibleAerobar »

walletless wrote: Tue Apr 28, 2020 11:32 am
InvisibleAerobar wrote: Tue Apr 28, 2020 11:30 am Is this normal?

It has taken six business days (and eight calendar days) for CIT to credit the transfer from my checkings account. The money was transferred (via ACH) on April 20, but today is the first day on which "Available Balance" (as opposed to "Current Balance") is showing a positive amount.

I don't know if I'm doing something wrong, or if that's just how things are with CIT. Fwiw, if I were to initiate a pull on Discover, that money is fully credited to my Discover savings account after two days.

Anyone know if I could speed this up in any way? One other issue is that I can't initiate "push" transfers from my checkings account (BoA), as it would charge a fee (it used to, not sure if it still does). I could also do payroll deductions, but I generally make transfers to my savings once other biweek (not to mention that it's skipped at times, due to whatever expenses that may come up along the way).
I had the same experience with both CIT and Discover Savings. As soon as I get my bonus I will withdraw the full amount from CIT. I already received the bonus from Discover and withdrew everything.
Thanks for chiming in

A few more data points on this.

On Apr 21, initiated a transfer from Discover to CIT. it just credited today. The one initiated on the 22nd has yet to be fully credited.

Otoh, my wife withdrew money to fund her Roth IRA. She initiated the pull from Fidelity yesterday, and today the amount is shown by CIT as fully debited. So i guess at least the outgoing transfers are somewhat speedy?
furwut
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Re: Marcus or Ally

Post by furwut »

I had Capital One 360 but moved to Ally to grab their bonus offer a few years ago. For my simple needs (checking & savings) I find them equivalent.

One difference that I noticed was Cap One limited the number of external accounts you could have for transfers. At the time I had more then the 3 allowed so that was not good. If you’re someone who chases bank bonuses Ive seen Ally mentioned favorably as being useful as a ‘hub’ bank presumably because they don’t have an external account limitation.
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birdog
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Re: Marcus or Ally

Post by birdog »

After learning that Ally bank’s bond issues are junk rating and Marcus consistently pays a higher yield, today I opened an account with Marcus. Will transfer cash from Alliant Credit Union, as their yield, which usually trumps Ally, has recently tumbled far lower. The account opening process was simple.
thatme
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Re: Marcus or Ally

Post by thatme »

I’m very happy with Marcus and have been with them for a while now. No issues with the app or interface - it’s simple but it always seems to work for me and includes all of the features I need. Transfers are quick and the one time I had to contact them I got through quickly. Overall, it seems to be a very good product.
am
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Re: Marcus or Ally

Post by am »

birdog wrote: Fri May 01, 2020 9:32 pm After learning that Ally bank’s bond issues are junk rating and Marcus consistently pays a higher yield, today I opened an account with Marcus. Will transfer cash from Alliant Credit Union, as their yield, which usually trumps Ally, has recently tumbled far lower. The account opening process was simple.
Does the junk rating of bonds increase the risk of their products since there is FDIC insurance? In the worst of cases, is there a promise of when FDIC would return money to owner?
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birdog
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Re: Marcus or Ally

Post by birdog »

am wrote: Sat May 02, 2020 8:58 am
birdog wrote: Fri May 01, 2020 9:32 pm After learning that Ally bank’s bond issues are junk rating and Marcus consistently pays a higher yield, today I opened an account with Marcus. Will transfer cash from Alliant Credit Union, as their yield, which usually trumps Ally, has recently tumbled far lower. The account opening process was simple.
Does the junk rating of bonds increase the risk of their products since there is FDIC insurance? In the worst of cases, is there a promise of when FDIC would return money to owner?
It increases the risk of their becoming insolvent. It shouldn't affect the risk of the account holder eventually being made whole again. I don't know the answer of when money would be returned.
Lastrun
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Re: Marcus or Ally

Post by Lastrun »

birdog wrote: Fri May 01, 2020 9:32 pm After learning that Ally bank’s bond issues are junk rating and Marcus consistently pays a higher yield, today I opened an account with Marcus. Will transfer cash from Alliant Credit Union, as their yield, which usually trumps Ally, has recently tumbled far lower. The account opening process was simple.
Meh! Marcus is not that holy either, they are taking your money and making unsecured loans up to $40K to allow people to pay off their high interest credit cards.

This article is from last year, not sure this year is any better with the system stress.

https://www.businessinsider.com/goldman ... es-2019-10
Last edited by Lastrun on Sat May 02, 2020 10:17 am, edited 1 time in total.
jebmke
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Re: Marcus or Ally

Post by jebmke »

am wrote: Tue Apr 28, 2020 8:26 pm
jebmke wrote: Tue Apr 28, 2020 11:33 am
am wrote: Sun Apr 19, 2020 12:48 pm Have used Amex for 12 yrs without a problem. Best part for me is the competitive savings account and express transfers which occur same day. I am using Ally for CDs. Would rather have 1.55% no penalty cd for 11 months than 1.7% for 7 months given what’s happening. Also Ally has a 60 day penalty for regular CDs whereas Marcus is much higher and too risky for me.
I use AMEX. I'm not happy that they do not use multi-factor authentication but I don't keep a huge sum there.
If you login from an unrecognized computer or device, they send you a code via text or email. Probably just as good.
My AMEX savings account is available anywhere via a browser without a code of any kind.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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birdog
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Re: Marcus or Ally

Post by birdog »

Lastrun wrote: Sat May 02, 2020 10:13 am
birdog wrote: Fri May 01, 2020 9:32 pm After learning that Ally bank’s bond issues are junk rating and Marcus consistently pays a higher yield, today I opened an account with Marcus. Will transfer cash from Alliant Credit Union, as their yield, which usually trumps Ally, has recently tumbled far lower. The account opening process was simple.
Meh! Marcus is not that holy either, they are taking your money and making unsecured loans up to $40K to allow people to pay off their high interest credit cards.

This article is from last year, not sure this year is any better with the system stress.

https://www.businessinsider.com/goldman ... es-2019-10
Interesting article. Thanks for sharing. It sounds like they have some work to do.

I'd narrowed my choices down to Ally and Marcus and in the end I had a hard time sending my money to a bank that paid slightly less in interest and has a junk rating on it's debt. I'm not saying Ally and Marcus are both great or both horrible, just that Marcus seemed to be the clear choice for me between the two.
Lastrun
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Re: Marcus or Ally

Post by Lastrun »

birdog wrote: Sat May 02, 2020 10:39 am [I'm not saying Ally and Marcus are both great or both horrible, just that Marcus seemed to be the clear choice for me between the two.
And I think you made a good choice. Coke versus Pepsi

When Marcus gets checking next year, according to recent news, I will give them a whirl!
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Cheez-It Guy
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Re: Marcus or Ally

Post by Cheez-It Guy »

I opened accounts for myself and my parents at Marcus yesterday. Online savings and 7-month No Penalty CDs. Not going to repeat the cash management mistakes of the low interest rate environment following the financial crisis. Pretty easy process and easy to link the Marcus savings account from the Vanguard side as well once you have the routing and account numbers from Marcus. Barebones, but that's fine with me and perhaps preferred.
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tarnation
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Re: Marcus or Ally

Post by tarnation »

Was looking at Marcus on depositaccounts.com, and saw ad for capital one 360 Performance Savings has cash bonus up to $500 and 1.5% rate. Any gotchas?
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Cheez-It Guy
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Re: Marcus or Ally

Post by Cheez-It Guy »

Savings rate will drop.
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