Sure. What you say is absolutely possible. And I’m not trying to argue with you. I’m merely trying to throw some more light on it - specifically that staying under 10k isn’t going to mean you’re safe from it. I get tested on the Bank Secrecy Act, AML, PATRIOT Act, and more yearly, for 18 years now.
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 Users Complain of Delays Withdrawing Money
- Thread starter MacRumors
- Start date
- Sort by reaction score
You’ve got me beat. I only received 5¢ for May. Then again, I only have ~$19 in there. I figured I’d wait to see what happens to other people before I move any more money around. Technically, I haven’t lost any money yet, so that’s a win!
Under 10k for the entire month will. Which is what my bank said. I’m not transferring 5K one day 7k the next. It’s either 5-9 for the entire month.
I stopped being an earlier adopter in a lot of things tech years ago, worst if it involves my hard earned money. I have yet to upgrade to to iOS 16, but I plan to take advantage of the Apple Savings for the interest rates, but I plan to be cautious with amounts I put gradually adding over time. Money in my savings account is rarely something I touch anyway.
^And the trouble is, if a SAR criteria is met or any other type of security hold is triggered, the Fed explicitly prohibits financial institutions from letting customers know, even if they ask. So when customers call wondering where their money has gone, the bank often has no choice but to come up with some vague excuse.
Part of the issue is the inability of customers to get a clear answer, because GS has to follow Apple’s “secrecy above all else” approach. This prevents the Tier 1 and Tier 2 reps. from being able to answer questions about infrequent issues, because they aren’t covered in the scripts.
You've repeated this a couple times. What is your source?
Source please?
From reading complaints on the Apple Discussion Forums it’s perfectly clear that most are the result of people trying to use the savings account as a checking account. They transfer money in and then start trying to pay bills out of it. And triggering money laundering investigations is a big part of the problem. It’s another case of ignorant people playing smoke-and-mirror games with their money.
This is simply a case of ignorance on the part of people who have no clue how banking works and how federal law triggers delays. Oh, and take a look at this hilarious headline from another tech media source:
Can you say “clickbait”?
This is simply a case of ignorance on the part of people who have no clue how banking works and how federal law triggers delays. Oh, and take a look at this hilarious headline from another tech media source:
"Long delays with cash withdrawals is causing some Apple savings account users to flee"
Can you say “clickbait”?
Last edited:
I just wouldn't touch my account if possible. Let the Daily Cash and interest accumulate.
Yes and some bank savings accounts are limited to very small transactions a month. I think that got lifted with COVID, but could be placed back at some point.
I'm curious what happens to the float. This is a general banking question. If they deduct the money immediately, and don't credit the next account for two weeks, is the bank using the money for free? The total of all accounts generating a float can be significant. This provides an incentive for the banks to purposely delay money transfers for their own benefit.
You're doing it wrong
Attachments
Yep, just like an iPhone, Apple does not consider that money yours, so be careful.
Not just GS. I am in the process of depositing a paper check electronically into my ETrade savings. It is from an payor and account I’ve received checks from before and deposited them electronically into Etrade. The electronic deposit was rejected so I called. They said send the paper check. Done. They received it Tuesday and rejected it again because it is a starter check. They knew that when they said mail it. Last word I have from Etrade is it will be 10 business days before I receive my check back. So a total of about a month. Now the check is endorsed for deposit at Etrade bank and I need to find another bank that will take it. Sheesh
So shouldn’t we blame the govt regulations not Goldman Sachs? Or do other banks not have to worry about delays?
I wonder if this can be solved with a software update? (probably not)
This is the magical, high-tech future I envisioned.
This is the magical, high-tech future I envisioned.
Yep. Furthermore that money is no longer protected by FDIC. Because it is in the banks name, not yours.
I made more interest yesterday than I had made in my entire life (from a savings account). lol.You're doing it wrong
Nowhere near yours but still more than I ever made before.
Please read the story - customers are unable to get a clear answer: “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.”
Additionally, Tier 1 and Tier 2 reps have repeatedly told customers that they can only provide the Apple-approved information.
If my math is correct, that means you had around $38 in your savings account. Not exactly a huge amount to capitalize on with interest. If it makes you feel any better, at Chase, for example, you would have earned 3 tenths of a penny in interest.
Not if you are laundering you money to hide it. You need to learn how banking really works
"Money in my savings account is rarely something I touch anyway."
Absolutely correct. ALL of these complaints are from people who set up the savings account and then starting moving money in and out of it multiple times, using the savings account as some sort of funding source. Savings accounts are for saving money, not putting money in an then taking it out right away
Well, that’s what savings account are for, not as checkbooks.