wire transfer out of Marcus account

[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]

Are there any reasons why you want to wire money instead of doing ACH?

[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.

[feh]

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]

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.

[feh]

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]

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.

[feh]

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]

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

[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.

[anon_investor]

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]

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.

[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.

[anon_investor]

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.

[feh]

Just to follow-up...I ended up wiring funds from Ally, and things went through without a hitch. About 2.5 hours from the time I initiated the wire until the recipient had the funds.

[whoiskaiyo]

My wire transfer (frustrating) experience

1mo prior to closing: reached out to Marcus to ask about any issues with wiring 300k to escrow. Said no problem, funds would be dispersed in an hour if done prior to 4pm EST

Few days prior to closing: got wire info from escrow. Started wire transfer online/chat but was told that I can only wire to myself?! Unless "certain criteria" are met. Would not disclose those criteria

Immediately called and was told that I can only wire funds to myself in another account. The aforementioned criteria aren't public and they weren't able to tell me why. Very frustrated. Told that funds would be sent by end of business day

Called at end of day, told me it was still in queue. Would have request to expedite

Next day: no movement on assets. Tried chat again, said I had to call. Called in and placed on long hold. Then they told me they had to verify my account with a receiving bank. Again very frustrated because you'd like that after several calls and chats this would have been done yesterday. Still awaiting funds to move.

Planning to liquidate all my remaining assets from Marcus. Their rates aren't competitive anymore if you don't have the interest boost

[jhurff]

whoiskaiyo, while I am assuming you have likely resolved your issue, I wanted to share I had exactly the same experience today. We are in the process of buying a new home and I needed to transfer money from my savings account to the Title Company's escrow account. I was told by Marcus that my account "did not qualify" for the ability to wire to an escrow account, but I could wire to a personal account. The odd thing is I was able to initiate a wire about two weeks prior for the earnest money deposit, to an escrow. When I asked the customer service representative what was different, they rudely informed me "wires were evaluated on a case by case basis", they did not disclose their reasons for the decisions nor were they required to. I asked to speak to a manager, was placed on hold and eventually the call abruptly ended. Needless to say, I was quite frustrated.

Fortunately, I do have a banking relationship with another large bank and I initiated a transfer of all of the funds to that institution. I hope to use this to ultimately get the funds to the escrow in time for closing. I'm not sure if they are being short sided (or perhaps I am), but because of this I am surely going to end my banking relationship with Marcus / Goldman Sachs.

Marcus gets no stars from me today, and while in the big picture my withdrawal will probably not hurt them, its the only option I have.