Marcus by Goldman Sachs Deposit Account Agreement

Marcus by Goldman Sachs Deposit Account Agreement

Marcus by Goldman Sachs is a well-known online banking platform for savings and lending services. If you are a customer of Marcus, it`s crucial to understand the terms and conditions of your deposit account agreement. This way, you can make informed decisions and avoid any unnecessary fees or penalties.

Here`s a quick overview of the deposit account agreement for Marcus by Goldman Sachs:

1. Account Ownership:

The deposit account agreement specifies that a Marcus account can be owned in one of two ways: (1) an individual account holder or (2) a joint account holder. The account holder(s) must be legal residents of the United States and at least 18 years old.

2. Interest Rates:

Marcus offers competitive interest rates on their deposit accounts. These rates are subject to change and are based on the current market conditions. The interest rates are compounded daily and paid out on a monthly basis.

3. Deposits and Withdrawals:

Marcus allows customers to deposit and withdraw funds from their account through a variety of methods, including electronic transfer, wire transfer, and check deposit. There is no minimum deposit required, and customers can make unlimited deposits. However, there are limits on the number of withdrawals allowed per statement cycle to six (6).

4. Account Fees:

Marcus does not charge any monthly maintenance fees or ATM fees, but there are fees for certain transactions. For example, there is a $10 fee for outgoing wire transfers, a $5 fee for paper statements, and a $25 fee for overdrafts.

5. Account Closure:

If you decide to close your Marcus account, you need to provide a written request to do so. There is no fee for closing your account, but any outstanding fees or charges must be paid before the account can be closed.

In conclusion, understanding the terms and conditions of your deposit account agreement is essential when banking with Marcus by Goldman Sachs. Knowing the rules around deposits, withdrawals, interest rates, and fees will help you make informed choices and avoid any penalties. If you have any questions about the deposit account agreement or any other banking services offered by Marcus, you can contact their customer service team for assistance.