marcus security

[Anonymous]

I just opened a CD with Marcus (by goldman sachs) and now they want to verify that the account I funded the account is mine. They have asked for all sorts of personal information. Does this sound normal?

[Anonymous]

Google the Marcus HYSA Reddit - I fell for this scam and barely got my money out. Get your money out.

[Anonymous]

Anonymous wrote:I just opened a CD with Marcus (by goldman sachs) and now they want to verify that the account I funded the account is mine. They have asked for all sorts of personal information. Does this sound normal?

What does "all sorts of personal information" mean? If you set up a new account at a bank, by federal regulations they have to take pretty strict "Know Your Customer" steps to comply with anti-laundering, etc laws.

[Anonymous]

Anonymous wrote:Google the Marcus HYSA Reddit - I fell for this scam and barely got my money out. Get your money out.

???

[Anonymous]

KYC, OP

[Anonymous]

I hate the Vanguard app but Vanguard provides easy access to Money Market and CDs at market rates

[Anonymous]

They wanted my social security and bank account number that funded the account.

[Anonymous]

Anonymous wrote:They wanted my social security and bank account number that funded the account.

LOL! Yes, they need this. You sound like you just need to bank in person and not online.

[Anonymous]

Sorry- this is OP. The account already exists and has for a month and is funded but then they called for some verification and it seems scammy to give this information over the phone.

[Anonymous]

Anonymous wrote:Sorry- this is OP. The account already exists and has for a month and is funded but then they called for some verification and it seems scammy to give this information over the phone.

You should ask them for the number for you to call, then look online to confirm it's a Marcus Bank number. If so, then it's fine. It is good generally not to give PII to someone who calls you- that's true. But at some point you are going to have to give it to them, they are required by law to collect it/verify you. Either online, on paper, or on the phone. Goes into the same database either way.

[Anonymous]

Sounds like a scam. If the account is open and funded why would they need to check this?

[Anonymous]

Hey OP I posted above and I will post again. I had a Marcus HYSA and they locked my account, literally for a small transfer to the same and only bank that funded the account. I called and had to double and triple check that I called the right number because all scam bells and alerts were going off at the way they were asking for info, passing me to “security” agents, being vague, asking me to reset passwords with them on a call, etc.

I checked Reddit and sure enough dozens of posts complaining about money being frozen and stuck due to “security” concerns. They were refusing to let me withdraw my money so I got fed up told them I was an attorney and I’d sue them. They passed me to another security agent who miraculously was able to release funds same day and close the account. It was strange and scary and anyone I can warn, I will. So listen to me - get your money out don’t do business with them. Google “reddit” Marcus HYSA and you’ll see the information including that the whole Marcus enterprise is a loss for Goldman Sachs.