This is the real LPT. Stick to transactions under $10K USD. This includes purchases in cash or check. It’s a complete nightmare for everyone if at or over that limit.
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Apple Savings Users Complain of Delays Withdrawing Money
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Savings accounts are made for saving money and being able to take it out whenever you need it. Emergencies or whatever. Savings bonds and whatnot are used to put money in and leave alone until it's gained the promised interest. 401K accounts are used to put money away and not touch it until retirement. But simple savings accounts are used for whatever you want putting money in and taking it out whenever you want.
Checking accounts are used for monthly bills/payments or whatever you want. If for some reason you don't have enough to pay bills in your checking account you get to take it out of that savings account. It's that simple.
All that being said I have money in my savings that I leave there to collect interest. But if I want or need to take money out I will and have. In a perfect world my money would just sit there forever collecting interest. But this is not a perfect world and it is my money and my savings account to do what I want and need.
Your opinion of a simple savings account is just that. An opinion.
You’re correct, but the issue the story is primarily about is the poor customer service. As per usual with things involving Apple, the customer suffers until the media is involved, and then, magically, information is quick, clear, and direct. If these transactions triggered security systems, Goldman Sachs has known this all along. But, because of Apple’s secrecy requirements, the Tier 1 and Tier 2 reps. couldn’t give customers the information GS eventually gave to the WSJ, because there are no pre-written scripts for this situation. There likely will be new ones made, now.
Your quote from Tim Cook didn't support your claim either. Doubling down on secrecy for new products is not the same thing as the quote that you apparently made up ("secrecy at all costs") impacting GS customer service.
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Cars get flat tires. Stick to horses and buggies, folks!
Maybe?
Mine is GM Rewards account, not Apple, and I can only access standard account and GM Rewards stuff.
I have had that line from them specifying GM Rewards. GS acts like they are reluctant to share info. Not a surprise to see that here.
Get better info from Fidelity, Chase, and Citi on accounts there just by asking. But not GS.
For a second there, I thought someone was going to say "Put your money into Bitcoin. Don't put your life savings in stuff like this."
I even had some contractors or businesses limit their checks to below $10,000.
I think you're referring to the annual purchase limit on I-Bonds. I've had no issue buying T-bills in any denomination.
I've also had a Marcus account since 2016 when GS purchased my account at GE Capital Bank.
just put it in a MARCUS savings account at GSB instead. It's currently paying 4.15% APR as of May 11th.
It shouldn’t take the WSJ for Apple’s partner Goldman Sachs to give a straight answer to their customers.
When the Feds restrict the information that banks can give for the reason it happened, it isn’t GS’ fault.
Never mind. I was going to mention the Apple Card, which is a totally different animal. Those transfer take place in less than a day.
That’s just not true. I’m sick of the Apple apologists making up crap about stuff they don’t know. And keeping transactions below $10K just isn’t viable in the real world.
I worked for US Bank for years as a commercial vault teller before going back to college to finish my degree. CTRs and SARS shouldn’t apply to these sorts of interbank transactions, especially not to the point mentioned in this article. But even if they did, it’s a 10 day hold for CTRs and I think a 5 day hold for SARs, although my memory is fuzzier about the latter. I transferred a lot of money from my Wealthfront savings account into my checking account the other week to pay for my 2023 Telluride X-Pro. It hit my checking account the next business day, and I turned it into a cashiers check to give to the dealer the day after that. If I had moved over to Apple’s savings account I would’ve been hosed on getting the vehicle I wanted when one suddenly came available. We had to get it on short notice because we needed a second car. I’m so glad I didn’t sign up for Apple’s crap. Apple often has a time when moving into new segments. Have fun beta testing!
It is true, my bank confirmed it when it happened years ago. I will go by what my bank says vs someone a stranger to me online thank you.
Even an individual I went back and forth with on this thread said even small transactions can get flagged. There are MANY people reporting here that $10,000+ causes things to happen.
And yes it is viable. This is a SAVINGS account. Something that should have very very low transaction count. So while it will take me some time to move money over, it is certainly viable to do transactions less than $10,000.
Just wanted to respond that I am someone who experienced this issue with a $25K withdrawal that took almost two weeks and five or six calls with GS support to finally get it to process (just stuck on "pending" the entire time and was told the back office had it in a queue for review). Absurd. I zeroed out the account shortly afterward and will not be back (I have another savings account at Bask Bank with a better interest rate of almost 4.7%).
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You can use Marcus Bank (Goldman Sachs) instead. I heard on the news they raised their interest rates on savings accounts to they same level as the ones they offer to Apple customers.
Except they don’t restrict them from providing the information the gave to the WSJ. There is no reason customers should receive poor service while the media gets a straight answer. This is classic Apple customer support in the era of Tim Cook’s secrecy initiatives - deny there is a problem, give conflicting information, and provide accurate information only when the media starts asking questions.
Apparently some, possibly too many people don't understand the purpose of a SAVINGS account, which is meant for the user to deposit money in there and leave it there for a good period of time so that it can accumulate interest. It is not surprising that the bank -- any bank -- would look askance at new account holders who deposit some funds into their brand-new savings account and then attempt to withdraw some of those same funds shortly afterward, which of course appears as though they are trying to use the savings account like a checking account. That's not going to work out well. A savings account is meant to serve a very different purpose from a checking account.
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.
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.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
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