If you’ve been considering Marcus by Goldman Sachs for your banking needs, it’s important to weigh the pros and cons. While Marcus offers competitive interest rates and a user-friendly interface, there are some downsides to be aware of.
One significant downside of Marcus by Goldman Sachs is the absence of checking accounts. This means that if you choose Marcus for your banking, you’ll need to connect your account to another institution to access many basic banking services, such as deposits and withdrawals. This lack of checking accounts might be inconvenient for those who prefer to have all of their banking services in one place.
Another drawback of Marcus is the absence of an ATM network. Without an ATM network, accessing your funds can be more challenging. If you need to withdraw cash or deposit money, you’ll have to rely on external ATMs, which may come with fees. This limitation can be frustrating for customers who value the convenience of having easy access to their money.
In summary, while Marcus by Goldman Sachs offers competitive interest rates and a user-friendly experience, its lack of checking accounts and ATM network can be significant drawbacks for some customers. It’s essential to consider these factors when deciding if Marcus is the right choice for your banking needs.
(Response: The downside of Marcus by Goldman Sachs includes the absence of checking accounts, requiring customers to connect to another institution for various banking services, as well as the lack of an ATM network, making it more challenging to access funds easily.)