Marcus bank account - can I close it and open a new one

Rheumatoid

Why don't you just transfer the money into the linked account first?

verybigchris

ColdIron wrote: »

I disagree

Moving your money

When you applied for a Marcus account, we asked you to give us the details of a UK current account held in your name. This is your linked account, and it’s the only one you can use to pay money into your Marcus account.

https://www.marcus.co.uk/uk/en/public-site/help

That's strange. The Marcus savings accounts just have regular sort codes and account numbers, and I've made payments in from three different accounts without any issues.

interest_Ted

In answer to the original question - which seems to have got lost in all the exchanges -
YES you can close a Marcus account...but opening a new one is up to Marcus. I doubt if anyone on this board has ever done this and hence the absence of any definitive answer for Mr dodo.

However - for info of all concerned - Marcus DO allow account holders to change their linked account. It is very easy and I have done it myself. When signed in, click on your profile, then click 'edit' next to the linked account. From memory, it will ask you to complete an online form. You might be asked to upload certain documents (I don't think I had to send any) and then it takes a few days for them to process the request before they confirm to you that the change has been completed.

Also for info - just after the product was available in the UK, and before I changed my linked account, I spoke to Marcus about having multiple accounts and they said this was not possible at the moment but might be at some stage in the future.

Ted

ColdIron

verybigchris wrote: »

That's strange. The Marcus savings accounts just have regular sort codes and account numbers, and I've made payments in from three different accounts without any issues.

Strange indeed, I have to say I've never tried it

Biggus_Dickus

verybigchris wrote: »

That's strange. The Marcus savings accounts just have regular sort codes and account numbers, and I've made payments in from three different accounts without any issues.

Just curious but did you check that the transfers weren’t returned to you after a day or so?

As posted by ColdIron, the Marcus account Ts&Cs are very clear and unambiguous. Any payment by bank transfer or cheque must emanate from your linked account. Transfers ‘in’ from any other source will be returned from whence they came.

Perhaps there’s a glitch in Marcus’ s/w and it’s not rejecting payments from other sources. :eek:

glaister

Just to add to this:

I was going to change my linked bank account last month, but they wanted me to post a form so I didn't bother.

Now you can do it online with no hassle. I just had to upload a bank statement (PDF from online banking was fine) and they did it the next day. Very easy.

verybigchris

Biggus_Dickus wrote: »

Just curious but did you check that the transfers weren’t returned to you after a day or so?

As posted by ColdIron, the Marcus account Ts&Cs are very clear and unambiguous. Any payment by bank transfer or cheque must emanate from your linked account. Transfers ‘in’ from any other source will be returned from whence they came.

Perhaps there’s a glitch in Marcus’ s/w and it’s not rejecting payments from other sources. :eek:

Yeah, the payments were made two months ago now and the money's still there. In future I'll cycle the money through my nominated account just to be on the safe side, but I'm surprises by the restriction; I've never come across an account that only allows payments in from one external account, and I'm struggling to think of a good reason for the rule.

d63

glaister wrote: »

Just to add to this:

I was going to change my linked bank account last month, but they wanted me to post a form so I didn't bother.

Now you can do it online with no hassle. I just had to upload a bank statement (PDF from online banking was fine) and they did it the next day. Very easy.

umm. very easy? should one worry about that? when this account first came out there was some discussion about the apparent lack of security features of this account, like them not asking you the name of the first school your paternal grandmother attended for example, but the paranoid amongst us could take some comfort in the fact that any moneys always had to go out through the single nominated account. but if this can be changed easily now ?
.

hgt

verybigchris wrote: »

Yeah, the payments were made two months ago now and the money's still there. In future I'll cycle the money through my nominated account just to be on the safe side, but I'm surprises by the restriction; I've never come across an account that only allows payments in from one external account, and I'm struggling to think of a good reason for the rule.

I know Charter Savings also have the same rule, and they really do bounce the money back if not sent from your linked account, I've had it happen to me!

EachPenny

verybigchris wrote: »

Yeah, the payments were made two months ago now and the money's still there. In future I'll cycle the money through my nominated account just to be on the safe side, but I'm surprises by the restriction; I've never come across an account that only allows payments in from one external account, and I'm struggling to think of a good reason for the rule.

Good old money laundering prevention. If the money can only come from the same account it can be transferred out to then you can't be using it for money laundering. The requirement to provide evidence of a replacement nominated account allows them to check the funds will be paid out to the same person.

They are not unique in doing this. For example Nottingham BS esavings accounts will only accept payments from the nominated account, anything else will be bounced back.