Certainly doesn’t make sense to me, but this has thrown my plans off wildly, so figured I’d share my sob story.
I’ve been saving for a down payment for a house for some time now. Found a fixer upper in a VERY high demand market. Set to close tomorrow, things looking rosy, until I notice some tiny writing at the bottom of the Marcus page, that I have a wire limit.
I call them up, explain my situation, and they say oh no problem, just call day-of and we can wire that.
A couple days before, I call again just to get a second opinion and make sure it is, indeed, ok. I then learn I am only able to wire funds to a checking or savings account in my name.
So I do so. I wire those funds to my linked bank account that I’ve previously pulled funds to accrue the extra interest. Marcus closes the account.
The problem: I do not have a statement from Marcus that the funds were wired. I do not have a statement that my account was closed. That might happen on the first of the month. Guess what my underwriter needs? A statement proving that the funds previously held in my account were indeed transferred to the account held in my name. Marcus has NONE of that information since the account was closed. I can access nothing online. They cannot provide any records. They cannot email, they cannot fax. They can only send physical letters. Naturally, this takes time.
My underwriter has no confirmation that I didn’t borrow the funds at 18% for this down payment, which is part of what caused the Great Recession, and now requires greater oversight and records. I cannot close as expected.
TLDR; If you use Marcus by Goldman Sachs and ever need funds, give yourself several weeks. They work in the dark ages.
Submitted October 22, 2020 at 06:42PM by blanketfetish https://ift.tt/2Ht6CGR
