In a recent report by The Wall Street Journal, Apple’s savings account, a partnership with Goldman Sachs, has been facing some issues since its launch in April. Customers have reported difficulties withdrawing their money, with some experiencing delays of several weeks. Additionally, the bank’s instructions have been inconsistent, leading to further confusion for account holders.
Nathan Thacker, an Apple account holder from Atlanta, struggled to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Despite repeated calls to Goldman’s customer service department, he was told to wait a few more days each time. Thacker’s money finally arrived in his Chase account after The Wall Street Journal contacted Goldman about his and other customers’ experiences.
Other customers have also reported issues with transferring money from their new Apple accounts. They claim that customer service representatives at Goldman, which holds the deposits, have provided differing responses about the appropriate course of action. In some cases, customers’ money appeared to have vanished, not showing up in either their Apple account or the account they were attempting to transfer it to.
Goldman Sachs has responded to these concerns, stating that they cannot comment on specific customers but emphasizing their obligation to protect customers’ deposits. The bank said in a statement, “The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations. While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts.”
Industry insiders suggest that transfers involving a large share of the overall balance in new accounts, like Apple’s, can trigger anti-money laundering alerts or other security concerns that require additional review. These delays usually last around five days. Transferring large amounts of money from a newly opened savings account into an account different from the original source can also raise red flags. With these concerns in mind, potential customers should carefully consider their options before opening a savings account with Apple and Goldman Sachs.
If you decide to open an account, you have been warned.