Apple and Goldman Sachs Crediting Some Customers Who Had Long Waits for Savings Withdrawal Requests

[MacRumors]

Some customers who had a poor experience with their Apple Savings accounts handled by Goldman Sachs are receiving one-time credits, according to an email received from MacRumors reader Michael, who made a withdrawal in May.

"The experience we provided for a withdrawal request you made for your Savings account in May did not meet our standards," reads the email. As a thank you, Apple and Goldman Sachs informed Michael that he would be receiving a one-time "goodwill credit" of $100 to his savings account.

It is not clear how many Apple Savings users have received these credits, but the bonus likely stems from issues that some customers ran into over withdrawal waits.

In June, a report from The Wall Street Journal suggested that multiple Apple Card customers were having trouble withdrawing money from their accounts, which are handled by Goldman Sachs. Some customers who transferred thousands of dollars were waiting for weeks for their money.

Goldman Sachs in a statement said that the issues had come up due to security processes designed to protect customer accounts. It is possible that customers triggered anti-money laundering alerts by transferring large amounts of money into a newly opened account.

"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."

Affected customers complained of Goldman Sachs' customer service, indicating that they were receiving different information each time they called in to speak with the company.

Recent reports have suggested that Goldman Sachs is looking to end its partnership with Apple as it wants to cut back on its consumer business. Goldman Sachs is reportedly in talks with American Express about a potential takeover, but no deal has been reached.

Goldman Sachs recently extended its partnership with Apple through the end of the decade, but it has run into problems with the scale of Apple's business. Last year, for example, Goldman Sachs was subjected to an investigation by the U.S. Consumer Financial Protection Bureau after customers experienced long wait times for disputed transactions. Goldman Sachs was reportedly not prepared for the number of chargebacks that it had to deal with.

Apple uses Goldman Sachs for the Apple Card, Apple Savings account, and Apple Pay Later features. Offered since April, the Apple Savings account is available to Apple Card holders, and it provides a 4.15 percent interest rate on Daily Cash and other deposits.

Article Link: Apple and Goldman Sachs Crediting Some Customers Who Had Long Waits for Savings Withdrawal Requests

 

[AtomicDusk]

Wow, that's a heck of a surprise for those who get it!

 

[TheYayAreaLiving 🎗️]

$100 Credit- I still don't like Goldman Sachs. First and foremost, they need to work on providing excellent customer service.

 

[antiprotest]

I assume that's taxed?

 

[Zc456]

one-time "goodwill credit" of $100 to his savings account.

Goldman Sachs: "Here, buy a new iPhone case."

 

[MallardDuck]

Well, that's one way to fend off the class action.

 

[xxray]

Can I have my withdrawal delayed pretty please?

 

[goonie4life9]

It’s about time Apple paid up. They insisted on their usual customer-service approach: force first- and second-level agents to follow pre-written scripts based on the public support articles. If that doesn’t work, escalate to Tier 3 Apple Card Mangers (equivalent of RTA) and make the customer wait, just to be told, “We’re aware of the issue. Keep your device up to date.”

Not only does this not work in banking but it is fundamentally unacceptable. Apple needs to stop making secrecy their highest value and get back to delighting customers.

 

[midkay]

That’s awesome. Wish I had been affected by this! 😆

 

[dannyyankou]

I'm surprised some people are even already withdrawing from their savings accounts this early. Just let it sit and build up, occasionally make deposits.

 

[Shirasaki]

$100… wow, how generous of them giving away their ”wealth” (sorry, that’s your money).
The whole thing should’ve never happened in the first place.

It’s about time Apple paid up. They insisted on their usual customer-service approach: force first- and second-level agents to follow pre-written scripts based on the public support articles. If that doesn’t work, escalate to Tier 3 Apple Card Mangers (equivalent of RTA) and make the customer wait, just to be told, “We’re aware of the issue. Keep your device up to date.”

Not only does this not work in banking but it is fundamentally unacceptable. Apple needs to stop making secrecy their highest value and get back to delighting customers.

Investors and shareholders would disagree. Besides, delighting customers doesn’t mean they will be more honest. It’s just that reasons they give may be more plausible. Every customer is just a mere database entry from Apple perspective. Nothing more.
Lets just See if Apple is going to eat away people’s savings, preventing customers from withdrawing money at all, if their banking division starts to bleed hard, assuming, there will be one sometime in the future and, Apple holds a license to operate it.

 

[KeepCalmPeople]

That's $100 into your Savings Account - from which withdrawals are being delayed. Well played, Goldman Sachs .

 

[macduke]

Doesn't mean crap when you're trying to withdraw to checking to have a cashier check made to purchase a new car out of state and wondering why the hell your money is in a void.

Also you would make way more than $100 over time if you just went with another company that has better interest rates and a better customer experience.

 

[btrach144]

Apple needs to switch to Amex already

 

[ghanwani]

Is it taxable? My guess is that it gets reported as interest on the 1099-INT. Make sure you find out uncle Sam’s cut before you go out on that spending spree.

 

[Apple Fan 2008]

Pretty good deal

 

[FelixDerKater]

I don't think I have ever heard goodwill and Goldman Sachs in the same sentence.

 

[KaliYoni]

spending spree

Ha ha! At Apple, a hundred bucks gets you:

5 polishing cloths
or
1 MagSafe battery pack
or
0.57 of a Mac Pro wheel

 

[Verified Whiskey]

I was affected by this but saw no such email :/

 

[8CoreWhore]

I keep having issues with them so now I use the card for only the smallest incidental purchases. 2023 and they can't handle simple requests.

 

[Robert.Walter]

Well, that's one way to fend off the class action.

Or government penalties.

Apple and the app advertised 1-3 days. Goldman told me it was 3-5 days despite what Apple or App was saying.

Btw I got the 100$ email today too.

I had none of the complex money transfers others seemed to have had.

Just money from my checking to my checking to pay my AMEX bill.

 

[sw1tcher]

It’s about time Apple paid up.

Apple's not paying out the $100 credit, Goldman Sachs is as they're the bank behind the Apple Card and Apple Savings account.

 

[Robert.Walter]

It’s about time Apple paid up. They insisted on their usual customer-service approach: force first- and second-level agents to follow pre-written scripts based on the public support articles. If that doesn’t work, escalate to Tier 3 Apple Card Mangers (equivalent of RTA) and make the customer wait, just to be told, “We’re aware of the issue. Keep your device up to date.”

Not only does this not work in banking but it is fundamentally unacceptable. Apple needs to stop making secrecy their highest value and get back to delighting customers.

Did you actually have any personal experience with this issue?

You keep writing the same grudgy things. I wonder what the deeper motivation for this is.

 

[sw1tcher]

I'm surprised some people are even already withdrawing from their savings accounts this early. Just let it sit and build up, occasionally make deposits.

Maybe people are withdrawing because they've realized that better yields can be had elsewhere. Apple and Goldman Sachs had a 1 to 2 month lead with their 4.15% APY. But they haven't raised it since. Same with Marcus.

Meanwhile, other banks have already caught up to them, and some have yields greater than 4.15% now.

Others may be choosing to lock in a higher yield (≥4.4%) for a longer term through CDs and Treasuries.

 

[Robert.Walter]

That's $100 into your Savings Account - from which withdrawals are being delayed. Well played, Goldman Sachs .

What the 3 of us have seen is that for transfers out of savings up to a couple thousand dollars, Goldman is now moving fast, 1/2 to 1 day to our credit union.