Exactly. Especially if it's a new account and the money was only in that account for a short period of time. There are federal regulations to prevent money laundering...
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Apple Savings Users Complain of Delays Withdrawing Money
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As real banks are folding all around us lately.
I’ve transferred far more and have had zero issues
This is what happens when you put secrecy over all else. Apple’s terms for Goldman Sachs require them to interact with customers using pre-written scripts that focus on “technical troubleshooting” to protect Apple’s secrecy. If you want actual banking assistance, you have to request, multiple times, to talk to Tier 3, Apple Card Managers. The Tier 1 (Apple Card Specialists) and Tier 2 (Apple Card Supervisors) are tied to the scripts that assume it is either the customer’s fault or some unknown technical issue, for which they will file a “Complaint,” aka, the classic Apple RTA. They even follow the usual Apple script: “Thank you for taking the time to report this issue. We understand how frustrating this can be. We want you to know we are aware of this and are working toward a resolution. For security purposes, we cannot provide any additional information. Thank you for being a valuable Apple Card user.”
Just wait till those CBDC's and FedNow, and Social Credits kick-in full swing.
"You'll own nothing and be happy".
"You'll own nothing and be happy".
I send a chunk over every month. I’m not moving over a large amount in one go even if it didn’t come with issues.
05-31-2023 Monthly Interest Paid At 6:51 PM
05-31-2023 Requested Withdrawal At 9:26 PM
06-01-2023 Withdrawal Credited To My Bank At 4:27 AM
Withdrawal was monthly interest and all Daily Cash deposited during the month. Withdrawal was deposited in same account that deposits have come from so no issues.
Leon McKee
05-31-2023 Requested Withdrawal At 9:26 PM
06-01-2023 Withdrawal Credited To My Bank At 4:27 AM
Withdrawal was monthly interest and all Daily Cash deposited during the month. Withdrawal was deposited in same account that deposits have come from so no issues.
Leon McKee
It's Goldman Sachs, it's fine. Although I put my money into Marcus by Goldman Sachs instead.
I experienced a similar "security review" lock on my Marcus savings account last month after trying to transfer a small amount of money from Marcus to my other external account, which was verified via Plaid. They tied up my account for three weeks. Even after the lock was cleared following hours of phone calls over a week, I could not initiate outbound ACH or wire transfers due to a "backend technical issue". Marcus agents could not even initiate transfers for me over the phone. Once I could access the money, I closed both my savings and investment accounts with Marcus, and filed a CFPB complaint. Inexcusable.
Many people don't understand the purpose of a Savings Account
Usually when you place money into a Savings account is because you are not planning to touch it for a while to let it earn interest...
Why not just use the AppleCard and later pay it from the Savings Account?
It's much more logical and faster way to get funds, and you will earn more points this way.
But of course, if the Feds have you flagged for any reason, they will block the transfer until they verify you.
Sadly. this is very common, specially if you are from the middle-east or certain countries in there gray list.
Usually when you place money into a Savings account is because you are not planning to touch it for a while to let it earn interest...
Why not just use the AppleCard and later pay it from the Savings Account?
It's much more logical and faster way to get funds, and you will earn more points this way.
But of course, if the Feds have you flagged for any reason, they will block the transfer until they verify you.
Sadly. this is very common, specially if you are from the middle-east or certain countries in there gray list.
What I’m getting at, and I guess I didn’t flesh it out well enough. Is that you’re getting reported anyway. It’s no big deal, and it should be automated. If they’re slowing it down by days, it isn’t. But it’s also Goldman, so a cynic would have other thoughts on what they’re actually doing.
What you’re doing is fine, and with the knowledge you do a similar transfer monthly (or twice monthly, etc) you’ve established a functional pattern. I’m just saying you don’t need to dodge around the 10k, you’re gonna get tapped no matter what you do to avoid that. The only time you’ll trigger any slowdown now with that pattern is if you suddenly start transferring far more than that, or to new accounts… or a big flag, to a new country (that’s a generalized statement, not to you as a person).
The bank is Goldman Sachs not Apple.
I’m saying it’s not just GS. Years ago I opened a new bank account and transferred $15,000 and it was flagged. Combination of new account and unusual activity. Things might have improved since then. But it’s why I’m cautious on anything above $10,000. Especially with new accounts.
I did a small amount (about $1200) the day it was available. The money showed up instantly and took a day to clear from my other bank account. That was as fast as or faster than any other bank I’ve used.
I haven’t tried a larger amount so I can’t comment on that part.
If you aren’t going to keep money in the savings account, it is rather stupid to have made the deposit in the first place.
It's a major disservice to readers to not report all of the salient facts. One needs to read the comments to find out what's really happening.
I know it’s not just GS. It’s a federal law that a retail transfer of 10k or more needs to generate an SAR. But the clarity here is… it’s not just a single transfer that generates one. The generation of it, the review of it, the completion of it - are automated though. Only a sample selection of those are pulled for manual review to ensure that’s working - a self-audit step.
I'd rather have a bank delay a transfer because they have security processes in place to protect my money than for something like this to happen
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(seems to be common at JPMorgan Chase)
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This is common with all banks when moving large chunks of money. Yes to banks usually amounts more than $5000 are considered big.
also I do agree that Goldman sachs Apple Card customer service is terrible. many of the agents are unknowledgeable and mostly follow a script. Many also sound either bored or annoyed whenever asking questions. one woman I just clicked on bc she got upset, gave me attitude, and spoke over me when I politely asked why I had to give the last four of my social. (yes for Identification but I’m always skeptical) really unprofessional ppl they’re hiring.
also I do agree that Goldman sachs Apple Card customer service is terrible. many of the agents are unknowledgeable and mostly follow a script. Many also sound either bored or annoyed whenever asking questions. one woman I just clicked on bc she got upset, gave me attitude, and spoke over me when I politely asked why I had to give the last four of my social. (yes for Identification but I’m always skeptical) really unprofessional ppl they’re hiring.
Like I said. It might have gotten better and the process is more automated. But when I did this many years ago it was not a quick resolution. Could be the specific bank too on how they handled it.
While individual cases may vary, there are many characteristics in transfers over $10,000 to/from accounts without much history or in the breaking of established transactional patterns that can trigger money laundering safeguards.
I don't have any inside information about GS, Marcus, or Apple but I doubt "inexperience" is causing transfer delays. The ACH transfer system is well-established, GS has long experience with handling client funds, and Marcus is a federally chartered and regulated bank. I think it's a combination of amounts, account age, and out-of-pattern behavior causing these transfers to require review and reporting, in compliance with US banking regulations.
For anybody interested in finding out more, FinCEN is a relatively obscure federal agency that plays a big role in stopping money laundering:
I don't have any inside information about GS, Marcus, or Apple but I doubt "inexperience" is causing transfer delays. The ACH transfer system is well-established, GS has long experience with handling client funds, and Marcus is a federally chartered and regulated bank. I think it's a combination of amounts, account age, and out-of-pattern behavior causing these transfers to require review and reporting, in compliance with US banking regulations.
For anybody interested in finding out more, FinCEN is a relatively obscure federal agency that plays a big role in stopping money laundering:
These $10k triggers are why people stuff money in mattresses. My money, my business...