Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
Apple Savings Account Lists Longer 5 Day Fund Transfer Time in iOS 17
- Thread starter MacRumors
- Start date
- Sort by reaction score
Continued existence of paper personal cheques attest to that (as well are becoming a growth area for fraud.)
I worry if my money doesn’t move between organisations within minutes here in the U.K. as it’s usually within a couple of seconds. The only exception to this seems to be when transferring money for a mortgage.
I think the 5 day delay is most likely due to GS having a high degree of this money invested and this hedging this timeline to allow for liquidation of an investment and possibly to cover worst case of a 4-day weekend.
Since we saw yesterday a 500$ move from GS to CU in 1/2 day, but a week ago a 2000$ move took a bit longer, it could be longer delay applies to bigger moves due to scrutiny and maybe liquidity concerns (possibly involving day of the week or month).
Haven’t enough experience to detect a pattern if there is one. (Based on three family members moving all money from CU at beginning of month at GS and then what’s necessary to pay bills back to CU at end of month. Note: our bills autopay on the 27th, we move money on the 20th to ensure it’s in the CU with a couple days to spare even if it takes 5 days. So far the longest of the 3 of our moves last month took 2 days.)
Banks are pretty powerful in the USA. If they wanted faster payments systems they would successfully lobby Congress for that. There must be profit in it for them not to change.
US bank accounts still refer to routing numbers and account numbers instead of using IBAN. If you wire which itself is expensive and antiquated, sometimes you have to include a SWIFT and BIC number too.
5 days is a bit unusual but not unheard of. Transfers between banks in the US are not usually instantaneous. It takes about at least 3 days. Why? Don’t know.
US is like the Roman Empire: it thinks it’s the greatest but it’s actually in decline and it refuses to see it.
UPDATE:
According to this news from a European source, bank transfers in European countries are not usually instantaneous, but regulators are pushing for it. Article was written in late 2022 so perhaps this has been implemented or in its way? https://www.euronews.com/next/2022/...er-instant-payments-in-euros-at-no-extra-cost
Last edited:
5 days!? Are they doing the transfer via model T Ford between cities or something? In Australia transfers happen instantly most of the time since the payments platform was updated a few years ago.
In the Netherlands the banks between them have implemented it. When transferring to non-NL EU banks it is usually quite fast, but maybe not instantaneous yet.
Here in the US every body in the chain of transfer has to get their cut. Today that is by using the float. It props up their financial statements, in addition to relative low interest they get.
I transferred five figures out of Apple Savings a couple weeks ago and it was in my checking account in two days.
My bank held it for five days, though.
My bank held it for five days, though.
Apple is not a bank so your post is mistaken on this point. GS is the bank, any problems arise there
I’m sure that part of it is the absurd amount of banks we have in the US compared to the rest of the world. Imagine trying to get 4200 banks standardized! The next closest amount is Russia/UK with under 500.
Last edited:
ACH Transfers are batch processing that occur 4 times per day. It takes 1 day for standard ACH. As in, you submit it today, it's available to the receiving bank tomorrow. Guaranteed. A best-practice that we tell our treasury management clients is to send 2 days before you want it credited to guarantee no processing times are missed as some smaller, barely functional banks don't poll the network enough, but next day is certainly achievable.
Same-day ACH also exists and is limited in total dollar amount transferred. There's 2 cutoff times to achieve it, one AM, one PM. Guaranteed same-day. However, it costs more.
What they're doing here, even in the "1-3 business days" model most are accustomed to, is capturing the liquidity during an artificial float to; a, offer you the service for free even though a standard ACH costs 3 cents; and b, make some money on the transfer as they also get paid the Fed Funds rate for holding the money. A high APY savings account should never... ever... take more than 3 business days, the fact it's more than 1 is already bad enough.
Sometimes it takes longer if Butch Cassidy is working the area.
What I don’t get about this kerfuffle is why someone would deposit money into a SAVINGS account and then turn right around and try to withdraw that same money. SAVINGS accounts are for accumulating wealth, you know, SAVING your money. If you are going to use a savings account to pay bills and make frequent withdrawals then stick with a checking account. Then there are the banking rules regarding large transfers of money. Any transaction $10K or larger is reported to the government and can trigger a delay and investigation for possible money laundering.
On the Apple Discussion forums one user said they deposited $45K in the Apple savings account and then tried to withdraw $20K the very next day. That was a big red flag to the IRS.
On the Apple Discussion forums one user said they deposited $45K in the Apple savings account and then tried to withdraw $20K the very next day. That was a big red flag to the IRS.
Yes, thank you we all saw the article about this a few days ago from this very same rumor site. 😂
We use our brokerage account for checking and the other usual financial investment services. I opened the GS savings account as a catcher's mitt for the Cash Back so it earns a little interest.
Back in the days of 10% money and higher, the float was a good source of funds for banks. We had a significant wire transfer to the UK that took over two weeks an an intermediary Scottish Bank sat on the funds for two weeks for some unearned cash. We actually put tracers trying to find where the funds were.
I get overnight transfers from my bank to my brokerage account. So one wonders what all the delay is about when we are talking about as there are fees that cover the transactional costs. On big money, yes they get some interest, but he small amount transfers could be sub a few dollars.
Back in the days of 10% money and higher, the float was a good source of funds for banks. We had a significant wire transfer to the UK that took over two weeks an an intermediary Scottish Bank sat on the funds for two weeks for some unearned cash. We actually put tracers trying to find where the funds were.
I get overnight transfers from my bank to my brokerage account. So one wonders what all the delay is about when we are talking about as there are fees that cover the transactional costs. On big money, yes they get some interest, but he small amount transfers could be sub a few dollars.
Exactly. It's the only tech that hasn't advanced substantially. Why should DD still take two weeks or more to give you wages from the first day of your pay period??
There's definitely profit. They invest all that limbo money and make a ton. Same thing with frickin rebates that take like two months.
Question is whether your bank was paying you interest on the deposit during the hold period or whether they kept that for themselves. (One good thing about the GS savings thing is that you start earning interest from the moment you initiate the transfer to GS even though the money hasn't moved from your bank yet.)
So annoying your money is in la la land for 5 days. When i transfer it comes out of my bank account next day sometimes even that evening if i transfer early enough.