Marcus Goldman. What to do?

ColdIron

Marcus isn't part of the CoP scheme

• 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#movemoney

soulsaver

According to FD, they can't check Marcus for CoP, so I assume not part of the CoP scheme.
I put my own name as the payee, not Marcus.
Deposits must be from your linked acc 
Subject to your bank's checks, will show in a few mins IME (First Direct) 

trickydicky14

refluxer said:

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. 

Be surprised, they are not part of the CoP scheme yet.

Albermarle

With Marcus they give you a sort code and your own personal account number to pay into. They ask you just to put your name as the reference.
With other similar providers that I have used ( not that many to be fair), they give you a sort code and their general bank account number, and you put your savings account number as the reference.

refluxer

Yep - consider me surprised

I thought CoP was made mandatory a year or two ago. It's certainly been a long time since I opened an account where the account name and number couldn't be matched and that includes many different banks and building societies, both big and small and regardless of whether they use clearing banks to conduct their business or not. Cheers for the heads up !

MyRealNameToo

Robin9 said:

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

I think the odds of the OP's name being Goldman Sachs is fairly slim... CoP is designed to ensure if you think you are paying Bob Smith or Direct Line etc that the account is in that name. Obviously the idea being to make you less susceptible to fraud if someone claims to represent a firm etc but actually gets you to pay the monies due into their personal account. 

Not all banks are part of the scheme though but many put many barriers into the way to ensure you know the risks you are taking when they cannot confirm to you the account details are correct. Its sensible to make a small transfer first in case there is an error rather than a large amount and have a up hill struggle when the bank turns round and tells you that they told you it wasnt in the right name and you proceeded anyway. 

poseidon1

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 have a Santander account and an account with Marcus.

I usually fund Marcus via Lloyds bank ( no issues). However, just did a small test transfer from my Santander account via their banking app, and got the same response you did, ie Santander did not recognise the account details. 

However since I was 100% certain of the information I entered I was able to override Santander's repeated app warnings , and pushed through the £10 transfer regardless. 

As long as you are 100% certain you have the correct details ( Marcus sort code should be 40 64 37), you can ignore Santanders lurid warnings and proceed.

I note Marcus' 1 year fix is currently a pretty decent 4.55% so be a shame for you to miss out.

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

EDIT:

The payee now showing on my online statement as the recipient of the transfer is Goldman Sachs International Bank, despite the payee details I provided were my own name and Marcus account number and sort code ( I made  no mention of either Marcus or Goldman at the account payee set up stage). Make of that what you will.

Ch1ll1Phlakes

refluxer said:

Yep - consider me surprised

I thought CoP was made mandatory a year or two ago. It's certainly been a long time since I opened an account where the account name and number couldn't be matched and that includes many different banks and building societies, both big and small and regardless of whether they use clearing banks to conduct their business or not. Cheers for the heads up !

Their are certain exemptions to the mandatory roll out (see here Confirmation of Payee - SD17 requirements) so I imagine Marcus falls under one of those (probably due to Goldman Sachs being the parent company)

Marcus doesn't have a unique sort code (they use a Goldman Sachs one, see below) 

Therefore under the above directive they don't need CoP (key point being the unique sort code)

GeoffTF

poseidon1 said:

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?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

poseidon1

GeoffTF said:

poseidon1 said:

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?

If you have Santander's app you can probably do this yourself ( rather than phone them), but you will be limited to the £25k daily limit So will take you a few days to hit your £85k investment but hopefully still within the Marcus funding window.

£25K is the Faster Payments transaction limit. The daily limit is £100K. Others have reported that you can make 4 x £25K online per day to a single payee.

https://www.santander.co.uk/personal/support/ways-to-bank/payments-and-transfers

Then the OP should be able to proceed with no further issues.