Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don’t use Marcus despite the recommendations - something is going on there.

What do you mean by this? We've been using Marcus for the past five years without complaint.

I noticed an uptick in Marcus issues on Reddit I use the financial forums there and I tried to take out 4K. Same bank account I deposited from, no other strange transactions or complications, me taking 4K out of my HYSA via the app. Error message. Called and was told there are “security issues with my account” and I need to change password or be passed to a different customer rep. Literally sounded like scammers and I started doubting myself that I called the right people (I did). Told I could close the account and open a savings or checking to transfer securely. Didn’t want to do that. Passed to another rep. Asked for address again and that I will need to provide an affidavit. At this point I panicked and I said close my account transfer all my money. Now there are two reps on the line - closed account, no email sent out to confirm, was told would take 1 to 3 business days unless security issues. I was losing my sh at this point. I got it only after a week it posted in my account.

Search Reddit, search the CFPB complaint base. Goldman Sachs is trying to close that part of their business and I’m guessing this is the way they are going about it. And try transferring out a small amount…see how it goes.

It sounds like your activity triggered fraud alerts. These are algorithm based. The bank did the right thing.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don’t use Marcus despite the recommendations - something is going on there.

What do you mean by this? We've been using Marcus for the past five years without complaint.

I noticed an uptick in Marcus issues on Reddit I use the financial forums there and I tried to take out 4K. Same bank account I deposited from, no other strange transactions or complications, me taking 4K out of my HYSA via the app. Error message. Called and was told there are “security issues with my account” and I need to change password or be passed to a different customer rep. Literally sounded like scammers and I started doubting myself that I called the right people (I did). Told I could close the account and open a savings or checking to transfer securely. Didn’t want to do that. Passed to another rep. Asked for address again and that I will need to provide an affidavit. At this point I panicked and I said close my account transfer all my money. Now there are two reps on the line - closed account, no email sent out to confirm, was told would take 1 to 3 business days unless security issues. I was losing my sh at this point. I got it only after a week it posted in my account.

Search Reddit, search the CFPB complaint base. Goldman Sachs is trying to close that part of their business and I’m guessing this is the way they are going about it. And try transferring out a small amount…see how it goes.

Anonymous wrote:Since you already have Vanguard, just open up one of their Cash Plus accounts:
https://investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

They have high yield bank sweep account at 4.5% with up $1.25M FDIC insured (they broker your deposits to insured banks) within the Cash Plus program. You get a routing and account number for doing direct deposit, using payments apps, etc.

You can also buy from 5 money market funds in the Cash Plus account. These are separately insured up to $500K total in securities by SIPC. I keep pretty much all my savings in VUSXX money market fund which is paying 5.26%. This is beating the pants off any of the HYSAs offered by banks, even after the annual management fee (0.09%).
https://investor.vanguard.com/investment-products/money-markets

If I need the money, I sell the VUSXX and it takes a day to settle in my Cash Plus bank sweep account. It then takes another day to send my Cash Plus balance to my checking account at my traditional bank. No big deal.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don’t use Marcus despite the recommendations - something is going on there.

What do you mean by this? We've been using Marcus for the past five years without complaint.

I noticed an uptick in Marcus issues on Reddit I use the financial forums there and I tried to take out 4K. Same bank account I deposited from, no other strange transactions or complications, me taking 4K out of my HYSA via the app. Error message. Called and was told there are “security issues with my account” and I need to change password or be passed to a different customer rep. Literally sounded like scammers and I started doubting myself that I called the right people (I did). Told I could close the account and open a savings or checking to transfer securely. Didn’t want to do that. Passed to another rep. Asked for address again and that I will need to provide an affidavit. At this point I panicked and I said close my account transfer all my money. Now there are two reps on the line - closed account, no email sent out to confirm, was told would take 1 to 3 business days unless security issues. I was losing my sh at this point. I got it only after a week it posted in my account.

Search Reddit, search the CFPB complaint base. Goldman Sachs is trying to close that part of their business and I’m guessing this is the way they are going about it. And try transferring out a small amount…see how it goes.

Anonymous wrote:Hi there,

I'm definitely not leveraging finances as well as I could.

I'm doing ok with retirement savings (401k and aggressive Vanguard IRA) and college savings (big monthly pmts to a 529), but I have $20k just sitting in a basic Citibank savings account.

Since all my banking is currently via Citi, I could just move that balance to their high yield savings account offering 4.3% interest. My accounts would stay all in one place.

But I'm seeing that some online banks offer more than 5% interest. Would you move that balance (and future savings deposits) to one of those higher interest online banks - and if so which one?

Is it a hassle having to deal with transferring between the two banking entities?

What would you do?

Thank you for and advice...

Anonymous wrote:Since you already have Vanguard, just open up one of their Cash Plus accounts:
https://investor.vanguard.com/accounts-plans/vanguard-cash-plus-account

They have high yield bank sweep account at 4.5% with up $1.25M FDIC insured (they broker your deposits to insured banks) within the Cash Plus program. You get a routing and account number for doing direct deposit, using payments apps, etc.

You can also buy from 5 money market funds in the Cash Plus account. These are separately insured up to $500K total in securities by SIPC. I keep pretty much all my savings in VUSXX money market fund which is paying 5.26%. This is beating the pants off any of the HYSAs offered by banks, even after the annual management fee (0.09%).
https://investor.vanguard.com/investment-products/money-markets

If I need the money, I sell the VUSXX and it takes a day to settle in my Cash Plus bank sweep account. It then takes another day to send my Cash Plus balance to my checking account at my traditional bank. No big deal.

Anonymous wrote:

Anonymous wrote:Don’t use Marcus despite the recommendations - something is going on there.

What do you mean by this? We've been using Marcus for the past five years without complaint.

Anonymous wrote:Don’t use Marcus despite the recommendations - something is going on there.