Marcus Goldman. What to do?

ouraggie

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

Robin9

Try Goldman Sachs   - Marcus is just the name of the account

Ayr_Rage

Santander are a particular pain when confirmation of payee is not available, however if you persevere through all the warnings of scam, doom and pestilence you should finally get to a screen where you can make the transfer.

Just use the name as set up in your Marcus account along with the sort code, account number and reference (if needed).

You will never get anything apart from the warning no matter what you do.

You may have to speak to them in person to get them to release the funds but as long as you have entered the Marcus details correctly be insistent and it will eventually get processed.

Been there, done it.

Edit : If you just enter sort code plus account number for Marcus then make sure you select a personal account with your name as payee.

clairec666

Assuming this is because of Confirmation of Payee (COP). If the bank you are transferring to does not take part in COP then the sending bank can't confirm that your name matches the name on the receiving account. You can proceed with the transfer, but would have to take extra care that you have entered the account number and sort code correctly.

Never used Goldman Sachs myself so can't confirm whether they use COP.

Albermarle

Many smaller savings providers use a UK clearing bank for their accounts.
So Barclays, Nat West etc
So you never get Confirmation of Payee.
Yesterday I paid some money into Aldermore from my Nationwide current account and got all the same warnings.
I just ignored them and the money went through.

If it is a new account then normally best to send a test amount first, to make sure you have all the details correct.
With the Marcus account you have 14 days to transfer any money in.

clairec666

Albermarle said:

Many smaller savings providers use a UK clearing bank for their accounts.
So Barclays, Nat West etc
So you never get Confirmation of Payee.

Although some which use a clearing bank do have COP. But not all.

ouraggie

Thanks, all. I’m going to try a £1 transfer as a test. 

Ayr_Rage

ouraggie said:

Thanks, all. I’m going to try a £1 transfer as a test. 

From what I remember from having a Marcus account, deposits are not instant although that may have changed.

I've check my old details, you do get a bespoke account number so just use your own name as payee.

Just keep tapping through all those annoying Santander warnings and be a bit patient when waiting for the funds to appear in your Marcus account.

SH88SH88

I've always found Marcus to be very fast and efficient.  Transfers in and out seem almost instantaneous. 
You could always open their easy access account and then internal transfer from there to the fixed rate, probably a tad circuitous but it should work.

refluxer

ouraggie said:

Hi. I have just opened a 1 year fixed-rate account with the above bank. I intend to pay in £85k. Yesterday i rang Santander, where my current account is, to transfer the money They said their system couldn’t verify the payee details and they advise me not to do the transfer.
I tried myself online, just planning to transfer £1 as a test, and tried various forms of the account name ( full name, just initial of forename etc etc, but i get the same message. A pop-up told me that it is because Marcus Goldman is not a member of the system that identifies which bank you are involving.
Has anyone had this, and did your money get to its destination?

I'd be surprised if Marcus weren't part of the CoP scheme. Newly-created savings accounts with any banks who are part of the scheme are usually recognised fairly quickly, but it's not uncommon for this to take anything from a few hours to (potentially) the next day, so you may find that this is the issue if you tried to do that not long after you opened the account.

As suggested though, if you are able to press through the warnings with a small test payment and wait for it to be credited, then this will give you the confirmation you need. Santander are well-known on this forum for blocking large payments to new accounts but I've personally never had an issue.

Be aware that if you deposit £85k, then you won't be covered by the FSCS for any interest due if the bank was to fail, however unlikely that may be. It's recommended to always leave headroom for interest which, for £85k at 4.55%, would be just under £4k (so deposit £81k to be fully covered).

eskbanker

refluxer said:
I'd be surprised if Marcus weren't part of the CoP scheme.

Prepare to be surprised!

Your bank may show you an extra verification step to check our account name against the sort code and account number, this is known as 'Confirmation of Payee'. We're not included in this scheme yet, but if you’ve checked the details and are happy they’re correct, you can still continue with your payment.

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