Apple Savings accoun holders have reportedly been having issues transferring funds out the account, with some customers’ money completely disappearing for up to seven business days.
At the end of launch week, about 240,000 accounts had been opened. The Apple APY rate is higher than the 3.9% Goldman offers for an online savings account at its digital consumer bank, Marcus.— a forum where Apple customers help each other with troubleshooting — shows several users having trouble taking money out of the new savings accounts.
A user began the thread in late April with a post that says: “Apple Savings won’t allow me to withdraw? I tried to withdraw some funds from my Apple Savings and I can’t?”Another customer by the name of Reuben replied with an anecdote of “an absolutely ridiculous experience where Apple Savings wouldn’t let me withdraw to one of the bank accounts on file as it wasn’t the account the funds originally came from … despite the fact that I pay the Apple Card from the same account.” “I’m at 7 business days and counting on money I withdrew from Apple Savings into another external savings account ,” another disgruntled customer replied. Apple Savings accounts were launched in mid-April with a very attractive APY of 4.15% — more than 10 times the national average, according to the FDIC.Yet another replied, adding that an Apple Savings representative “told me if the withdrawal is not successful by the 6th or 7th business day it will reverse and put the money back into your Apple Savings account. I’m hoping this is true and will wait another couple days.” Goldman didn’t comment on specific customers, but instead blamed the suspicious activity on “a delayed transfer due to processes in place designed to help protect their accounts,” according to an email statement sent to The Post. The bank added that it “takes our obligation to protect our customers’ deposits very seriously,” and made sure to note the savings account’s otherwise-positive feedback. “The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations,” Goldman said in its statement, adding that “the vast majority of customers see no delays in transferring their funds.” Experts in the anti-money-laundering field told The Journal that brand-new accounts like Apple’s savings account can set off AML alarms, or other security concerns, that call for review.Other alarms can be set off when customers try to transfer large sums of money out of a newly opened account, the AML professionals said, according to the outlet. The Apple savings account was released in partnership with Goldman on April 17, according to a press release on the iPhone maker’sThe big appeal for consumers is the savings accounts’ APY of 4.15%, more than 10 times the national average, according to the FDIC. The high-yield savings account, though, is only available to preexisting users of Apple’s credit card, Apple Card, the first consumer credit card issued by Goldman.
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