Apple Card Savings accounts launched to great acclaim recently with their high yield, but some customers are complaining that withdrawing money and transferring funds through the Goldman Sachs-held accounts takes too long.
And some are leaving, according to a new report.
Apple Card Savings customers complain about delays getting their money
Some Apple Card Savings account customers said withdrawing money can take weeks and instructions from Goldman Sachs on the matter have varied, The Wall Street Journal reported Thursday.
The publication cited various examples and indicated it contacted Goldman Sachs about the complaints. Here’s part of its description:
Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said. Sometimes, their money appeared to have simply vanished, not showing up in their Apple account or in the account they were trying to move it to.
For its part, Goldman had no comment for WSJ except, “We take our obligation to protect our customers’ deposits very seriously.”
And a further Goldman statement added this:
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.
Security review often plays a role in delays
WSJ noted that experts in the field said some delays occur for normal reasons, such as reviews of large transfers to defend against money laundering and reviews of quick transfers out of new accounts to places other than where they originally came from.
Introduced in April, Apple Card Savings proved popular for its high yield — 4.15%, which is far above the savings account average of 0.25% cited by Bankrate.com. Consumers reportedly poured nearly $1 billion into the accounts in the first four days after offering the service.
Still interested in signing up for a savings account with Apple? Here’s how.