Marcus or Chime online banking? Safe? Secure? Experiences..

[Indus]

Anyone use these banks?

How's your experience been? Safe/ secure?

Any hidden fees moving money to pay bills or transfers from bank to bank?

I know what their FAQ says but how's everyone's experience been in person?

 

[dullard]

I used Marcus (by Goldman Sachs) once for a CD a while ago. No issues at all. It was probably one of the smoothest banking experiences. Do note that it will come with a bunch of Goldman Sachs investment advice emails, but you can turn those off. But I never tried outright online banking with them.

Never heard of Chime and I personally am wary of a non-bank pretending to be a bank. But maybe they do well.

 

[Muse]

I've had a Marcus online savings account, FDIC insured, for years. I don't recall any problems. I also have a very similar Synchrony account. No problems either. No charges at all including transfers. Decent interest. No minimum deposit. That and FDIC insurance are my main concerns. Throw in free transfers, beats the hell out of B&M banking where you get almost no interest.

I pay my bills via checking account autopay. If my checking account looks low, I transfer from online savings, free, via ACH. IIRC my online savings support free wire transfers, which I can do to my E*Trade investment account.

I've had other online savings account too. They can differ in some regards, you can always call them and discuss specifics. I don't recall any problems. I always make sure they are FDIC insurred.

 

[Lost_in_the_HTTP]

I've been using SalemFive for a while, along with Capital One. Just started with MyBankDirect which is the web version of Flagstar bank.

No fees for inbound ACH transfers and so far no fees for outbound, though some says that's happened.

Interest rates are usually higher than local or regional banks. Currently over 5% for Salem and My Bank.

 

[MrSquished]

I've had a Marcus credit card for a few years. The app is great and it's a pretty seamless experience so far.

 

[Lost_in_the_HTTP]

I've used online banks like Marcus and others for savings accounts, and honestly, they've worked well for me. There are no hidden fees or smooth transfers, and I don't worry much as long as they're FDIC-insured. I'm with you on preferring the ease of moving money around digitally rather than old-school banks with tiny interest rates. It sounds like Marcus is solid based on what folks here are saying, and I'd trust them for simplicity and security.

Well, that's not good.