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

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.

julicorn

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 "accidentally tried" it once (i.e. forgot you could only pay in from the linked account), and my payment was rejected instantly (was back in the account within 5 minutes, and followed up my an email explaining that I can only pay in from the linked account). Interesting that it worked for you, wonder what's up with that.

greenglide

Ford Money flexible save only accepts money from the linked bank account or another Ford Money account in your name.