Goldman Sachs checking accounts do not include a physical debit card
Goldman Sachs' consumer checking product, called Marcus by Goldman Sachs, does not issue a debit card. The account comes with a routing number and account number for direct deposits and transfers, but there is no card you can swipe or insert at a store or ATM.
This is a deliberate design choice by Goldman Sachs. The bank positions Marcus checking as a digital-first account meant for moving money between accounts and receiving paychecks, not for everyday spending. If you need a card to pay in stores or withdraw cash, you would have to open a separate account at another bank or use a third-party debit card service.
The lack of a debit card also means no overdraft fees tied to card transactions, since there are no card transactions to overdraft. Marcus checking does charge overdraft fees on other types of transactions, but the absence of a debit card removes one common source of those charges.
Key Takeaways
- Marcus by Goldman Sachs checking accounts come with no physical or digital debit card of any kind.
- You can still receive direct deposits, transfer money between accounts, and pay bills online using the account number and routing number.
- If you need to spend money in stores or withdraw cash regularly, you will need a debit card from a different bank or a separate account.
- The account avoids debit card overdraft fees, but still charges overdraft fees on other transaction types.
How to access your money without a debit card
Marcus checking gives you several ways to move money out of the account, even though you cannot swipe a card. You can transfer funds to another bank account you own at a different institution, usually within one to three business days. You can also set up bill pay through the Marcus website or app to send money directly to creditors and service providers.
For cash withdrawals, you have two main routes. First, you can transfer money from Marcus to a checking account at another bank that has ATMs or branches near you, then withdraw from there. Second, you can use a third-party debit card service like Wise or Revolut, which issues its own card and pulls funds from your Marcus account when you use it. These services charge their own fees, so compare costs before signing up.
Direct deposit works normally with Marcus checking. Your employer can deposit your paycheck using the routing number and account number, and the money arrives on the same schedule as any other bank account.
Why Goldman Sachs chose not to issue debit cards
Goldman Sachs is primarily an investment bank, not a traditional retail bank with branch networks. When the company launched Marcus checking in 2018, it was designed as a simple, low-cost account for people who wanted to park money and move it around, not as a full-service checking replacement. A debit card would have required the bank to build out fraud monitoring, dispute resolution, and customer service infrastructure that traditional banks already have.
Keeping the account simple also keeps costs down. Marcus checking has no monthly fee and no minimum balance, which is possible partly because the bank does not have to maintain a debit card program. That cost savings gets passed to customers in the form of higher savings rates and lower fees on other services.
The strategy also reflects Goldman Sachs' target customer: someone who already has a primary checking account elsewhere and wants a second account for savings or transfers. That person may not need a debit card at all.
Comparing Marcus checking to banks that do issue debit cards
| Feature | Marcus Checking | Traditional Bank Checking |
|---|---|---|
| Debit card included | No | Yes |
| Monthly fee | None | Varies, often $0–$15 |
| Minimum balance | None | Often $500–$2,500 |
| ATM access | Transfer to another bank | Direct access via card |
| In-store spending | Not possible without transfer | Direct via card |
If you want a debit card with no monthly fee, you have many options. Most online banks like Ally, Charles Schwab, and Chime issue debit cards with their checking accounts and charge no monthly fee. Traditional banks like Chase and Bank of America also offer no-fee checking with a debit card, though they may require a minimum balance or direct deposit.
The trade-off is that Marcus checking often pays higher interest on the balance you keep in the account. As of early 2024, Marcus checking paid around 4.5% annual percentage yield on balances, while most traditional banks pay little to nothing. If you do not need a debit card and want to earn interest on your checking balance, Marcus may still be worth opening as a second account.
What to do if you need a debit card and want to use Marcus
If you like Marcus checking but need a debit card, your best option is to open a second checking account at a bank that does issue one. You can keep your Marcus account for savings and transfers, and use the other account for everyday spending. This approach lets you earn interest on your Marcus balance while still having card access when you need it.
Alternatively, you can use a fintech debit card service that connects to your Marcus account. Services like Wise, Revolut, and others let you link your Marcus account and issue a card that draws from it. These services typically charge monthly fees ranging from $0 to $15, depending on the features you choose. Read the fee schedule carefully, because some charge per transaction or per ATM withdrawal.
A third option is to use your Marcus account primarily for transfers and bill pay, and keep a separate checking account with a debit card at another bank for in-store spending and cash withdrawals. Many people do this anyway—they use one account for savings and another for everyday expenses.
Overdraft protection without a debit card
Marcus checking does not offer overdraft protection in the traditional sense. If you try to make a transfer or pay a bill and there is not enough money in the account, the transaction will be declined rather than approved with an overdraft fee. This is actually safer than having a debit card, because you cannot accidentally overdraft by swiping at a store.
However, Marcus does charge overdraft fees on certain transactions, such as ACH transfers and bill payments that post after the balance drops below zero. The fee is $35 per transaction, the same as many traditional banks. To avoid these fees, monitor your balance before authorizing transfers or bill payments.
Frequently Asked Questions
Can I get a debit card added to my Marcus checking account later?
No. Goldman Sachs has not announced any plans to issue debit cards with Marcus checking. If you need a card, you will need to open an account elsewhere or use a third-party card service that links to your Marcus account.
Does Marcus checking work with Apple Pay or Google Pay?
No, because there is no card to add to a digital wallet. You can only use Marcus checking for transfers, direct deposits, and bill pay through the website or app.
Can I withdraw cash from a Marcus checking account?
Not directly. You can transfer money from Marcus to another bank account that has ATMs, or use a third-party debit card service. Some people also withdraw cash by writing a check, though Marcus checking does not come with checks by default.
Is Marcus checking good for a primary checking account?
It depends on your spending habits. If you spend money in stores regularly, you need a debit card, so Marcus would not work as your only account. If you mostly use bill pay and transfers, Marcus works fine as a primary account. Many people use it as a secondary account for savings and transfers.
What happens if I overdraft my Marcus checking account?
Transactions will be declined if there is not enough money to cover them. If a transaction posts after your balance goes negative, you will be charged a $35 overdraft fee. You can avoid this by keeping a buffer in the account or setting up alerts when the balance drops below a certain amount.