wire transfer out of Marcus account

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Topic Author
feh
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Joined: Sat Dec 15, 2012 11:39 am

wire transfer out of Marcus account

Post by feh »

Will need to wire funds for a home purchase. I have accounts at Ally, Synchrony and Marcus, although most of the funds are at Marcus.

Anybody have personal experience with wiring large amounts from Marcus? If Ally or Synchrony have a smoother process, I could transfer funds out of Marcus and wire from Ally/Synchrony.

Thanks.
student
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Re: wire transfer out of Marcus account

Post by student »

Are there any reasons why you want to wire money instead of doing ACH?
HomeStretch
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Re: wire transfer out of Marcus account

Post by HomeStretch »

Here is a post in another thread about a Marcus wire issue for a mortgage:
viewtopic.php?p=6801831#p6801831

There may be other wire issues noted in the same thread after the one I linked, above.
Topic Author
feh
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Joined: Sat Dec 15, 2012 11:39 am

Re: wire transfer out of Marcus account

Post by feh »

student wrote: Thu Sep 22, 2022 5:42 pm Are there any reasons why you want to wire money instead of doing ACH?
The closing company has not stated ACH is an option.
former_academic80
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Re: wire transfer out of Marcus account

Post by former_academic80 »

I transferred money out of Marcus to my checking account via wire recently because I messed up the timing of a check and the ACH was slow. It ended up working fine.

I think ACH has monthly limits on the amount you can send that a wire transfer doesn't.
Topic Author
feh
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Re: wire transfer out of Marcus account

Post by feh »

HomeStretch wrote: Thu Sep 22, 2022 5:44 pm Here is a post in another thread about a Marcus wire issue for a mortgage:
viewtopic.php?p=6801831#p6801831

There may be other wire issues noted in the same thread after the one I linked, above.
Thanks.

Anybody have experience with Ally for a large transaction like this?
student
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Re: wire transfer out of Marcus account

Post by student »

feh wrote: Thu Sep 22, 2022 5:58 pm
student wrote: Thu Sep 22, 2022 5:42 pm Are there any reasons why you want to wire money instead of doing ACH?
The closing company has not stated ACH is an option.
ok. I was thinking about ACH to your checking account at your local bank (assuming you have one) and then get a certified check.
Topic Author
feh
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Re: wire transfer out of Marcus account

Post by feh »

student wrote: Thu Sep 22, 2022 6:10 pm
feh wrote: Thu Sep 22, 2022 5:58 pm
student wrote: Thu Sep 22, 2022 5:42 pm Are there any reasons why you want to wire money instead of doing ACH?
The closing company has not stated ACH is an option.
ok. I was thinking about ACH to your checking account at your local bank (assuming you have one) and then get a certified check.
Ah, I see.

Unfortunately I do not have a local bank, so I'll need to facilitate this from one of the big online banks.
student
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Re: wire transfer out of Marcus account

Post by student »

feh wrote: Thu Sep 22, 2022 6:12 pm
student wrote: Thu Sep 22, 2022 6:10 pm
feh wrote: Thu Sep 22, 2022 5:58 pm
student wrote: Thu Sep 22, 2022 5:42 pm Are there any reasons why you want to wire money instead of doing ACH?
The closing company has not stated ACH is an option.
ok. I was thinking about ACH to your checking account at your local bank (assuming you have one) and then get a certified check.
Ah, I see.

Unfortunately I do not have a local bank, so I'll need to facilitate this from one of the big online banks.
Please be careful. You may want to read this. https://www.rocketmortgage.com/learn/mo ... wire-fraud
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cowdogman
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Location: Washington State

Re: wire transfer out of Marcus account

Post by cowdogman »

I always use ACH at Marcus, but wires are possible: Log into your account at Marcus, select the relevant account, select Transfer, choose between wire and ACH.

Note the following from the FAQs:
For withdrawals: you can withdraw up to your available balance. For security purposes, withdrawal requests exceeding $250,000 will be processed in increments up to $250,000. For example, to protect your security, a withdrawal of $300,000 will be broken into two separate transactions ($250,000 and $50,000).
I've had nothing but good experiences with Marcus--deposits and withdrawals.
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anon_investor
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Re: wire transfer out of Marcus account

Post by anon_investor »

feh wrote: Thu Sep 22, 2022 6:05 pm
HomeStretch wrote: Thu Sep 22, 2022 5:44 pm Here is a post in another thread about a Marcus wire issue for a mortgage:
viewtopic.php?p=6801831#p6801831

There may be other wire issues noted in the same thread after the one I linked, above.
Thanks.

Anybody have experience with Ally for a large transaction like this?
Yes, I have done it twice before (6 figure amount each time). Ally doesn't always complete the wire same day if you submit it too late in the day and/or they decide they want to call you to verify.

But I usually had a window of a few days to get the money to escrow so it was fine.
MikeG62
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Location: New Jersey

Re: wire transfer out of Marcus account

Post by MikeG62 »

feh wrote: Thu Sep 22, 2022 4:14 pm Will need to wire funds for a home purchase. I have accounts at Ally, Synchrony and Marcus, although most of the funds are at Marcus.

Anybody have personal experience with wiring large amounts from Marcus? If Ally or Synchrony have a smoother process, I could transfer funds out of Marcus and wire from Ally/Synchrony.

Thanks.
I have. Think you need to call Marcus to get a large wire done. Don't recall the exact cutoff, but I think anything over $100,000. Will be completed same day, but could be late that day. Never had an issue, other than it took longer than I expected.
Real Knowledge Comes Only From Experience
J295
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Re: wire transfer out of Marcus account

Post by J295 »

Haven’t wired with Marcus but experience has been solid. Previously tried to wire with Ally and it’s a good thing I started early, as it took almost 2 weeks. Grade of F for Ally and no longer have any funds there. Not my first rodeo as I had wired many times previously in my professional life.
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anon_investor
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Re: wire transfer out of Marcus account

Post by anon_investor »

J295 wrote: Fri Sep 23, 2022 6:28 am Haven’t wired with Marcus but experience has been solid. Previously tried to wire with Ally and it’s a good thing I started early, as it took almost 2 weeks. Grade of F for Ally and no longer have any funds there. Not my first rodeo as I had wired many times previously in my professional life.
2 weeks?!? What happened? I have wired a few times out of Ally and it has always been same day or next business day.
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