Apple Savings Users Complain of Delays Withdrawing Money

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Apple Card customers who have opted to create a high-yield Apple Savings account through Goldman Sachs have been experiencing issues attempting to withdraw their money, according to a report from The Wall Street Journal.

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Multiple customers who transferred thousands of dollars to the Apple Savings account have had to wait weeks for money transfers in some cases, and some customers have also had money disappear. Kevin Smyth from Minnesota, for example, attempted to transfer $10,000 from his Apple account to U.S. Bank in mid-May, but Goldman Sachs would not complete the transfer.

Customer representatives suggested he contact U.S. Bank, but U.S. Bank said there was no incoming transaction. Later, he was told that Goldman Sachs had placed his account under a security review. Another customer, Nathan Thacker of Atlanta, tried to transfer $17,000 from his Apple Savings account to JPMorgan Chase on May 15, and it took more than two weeks for the transaction to complete.

In a statement to The Wall Street Journal, Goldman Sachs said some customers had experienced delays due to security processes designed to protect customer deposits.
"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."
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According to The Wall Street Journal, transferring large amounts of money that make up much of a newly-opened account's balance can trigger anti-money-laundering alerts, resulting in delays that last around five days. Some of the issues may be caused by the newness of the Savings account.

Apple Savings account users who have had issues and who have contacted Goldman Sachs have said that the customer service has been poor, with customers receiving varying information with each call.

Opening a high-yield Apple Savings account requires an Apple Card, and it offers a competitive 4.15 percent interest rate. Opening up a new savings account takes just minutes to do, and it is also designed to aggregate all Daily Cash earned through the Apple Card.

Article Link: Apple Savings Users Complain of Delays Withdrawing Money
 
Article Link
https://www.macrumors.com/2023/06/01/apple-savings-money-withdrawal-issues/
gugy said:
Wow, good to know. I was planning to transfer a large amount next week.
This is a terrible PR issue if it's widespread. Get you sh.t together Apple and put your weight on GS to make things right.
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Same! I was ready to transfer over $50,000 this weekend. I think it’s a wise decision to wait.

Sorry, Tim Cook. I don’t like when people play with my money. I also don't like to wait. 😃
 
Goldman called me earlier this week (on Memorial Day actually!) to inform me they were cancelling a withdraw because I didn't transfer the money back to the account it originated from. It had been sitting on pending in the Apple Savings app for 6 days. The agent said it was only his second time making this kind of call and cited a 90 day hold on new accounts transferring money to accounts outside of where the money was deposited from originally. Once he cancelled the previous withdrawal I initiated a new withdrawal to the original account and it took less than 1 business day to arrive. I hope this helps.
 
I have some questions on the original source of the funds that were attempting to be withdrawn. With those amounts I'm assuming these were not rewards on purchases made on the Apple Card. So that leads me to believe that these were funds that had been transferred in from other bank accounts to these newly opened accounts with Goldman. Banks notoriously put holds on large deposits when they are first made on new accounts, so there being a delay would not be uncommon if it was a situation where there was money in and money back out in a relatively short amount of time (i.e., within a week or so).

Or it could be just shoddy customer service/errors, which is pretty regular from these behemoth financial institutions like Chase, Goldman and US Bank.
 
But this has always been. It's not new. Unless these people are new to money all together. Even before this I had a Marcus HY Savings and it would take a few days for the xfer to go through. Or even a regular Checking the same thing when I made xfers from bank to bank. It would always take days. But weeks. I guess that's not something I've experienced. But makes sense given if the amount is large.
 
ugahairydawgs said:
I have some questions on the original source of the funds that were attempting to be withdrawn. With those amounts I'm assuming these were not rewards on purchases made on the Apple Card. So that leads me to believe that these were funds that had been transferred in from other bank accounts to these newly opened accounts with Goldman. Banks notoriously put holds on large deposits when they are first made on new accounts, so there being a delay would not be uncommon if it was a situation where there was money in and money back out in a relatively short amount of time (i.e., within a week or so).

Or it could be just shoddy customer service/errors, which is pretty regular from these behemoth financial institutions like Chase, Goldman and US Bank.
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Yep. But people just want to hate on Apple or GS. Happened to me years ago when I opened an account with a “real” bank.
 
Probably a combination of 1) newness of account / number of accounts opened in short period of time, 2) Goldman Sachs' newness when it comes to commercial / retail banking (they're not like JPMorgan with Chase Bank or Bank of America with huge legacy commercial banking arms), 3) given the "ease of use" of Apple products and the idea behind this "easy" savings account, a slight mismatch in expectations in that same "ease" when withdrawing large amounts of money (combined with 1) and 2) above).
 
DJAdequate said:
I mean, any transaction of over 10k triggers all kinds of bank regulations. Not surprised it’s slow. Wonder how it works for smaller amounts, and how large transfers compare to other banks.
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WHen I 1st opened the Apple HY Savings, I moved Over $10K. It didn't take too long. JUst a few days like usual. I'm curious as to why and what else would trigger the weeks wait time though. Maybe because my HY Savings was already a Marcus by Goldman Sachs account. ANd since Apple HY is also Goldman Sachs that made it easier?
 
Ethosik said:
It’s not really Apple or GS. These protections are in place in a lot of areas. Which is why I keep my transactions below $10,000.
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$10,000 or more triggers an SAR federal requirement. Suspicious Activity Report. But it’s also a daily aggregate. You could also space it out over several days but a pattern is going to be identified and you’ll trigger one for layering. They’re almost always quick to turn around. Goldman isn’t really a retail bank… they’re new to that arena. They likely just don’t have their systems built out to function as one without speed bumps yet. With Reg D I really can’t imagine you’d be doing many withdrawals anyway, so just bite the bullet and get it over with in 1 go.
 
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