No matter what type of account it is, it is MY money! Apple and GS made an account that is specifically easy to set up and encourages and allows easy ACH transfers. And then they aren't prepared for people to use it the way they set it up? And worse, they aren't transparent as to what's going on when people try to take out their money!
Thank goodness for this article. I will need MY money in about 2 weeks to pay off a large bill. I parked the money for the bill in this account so I could earn some decent interest for a couple of months before the bill was due. My plan was to transfer the amount due for the bill just a couple of days before it's set to be debited from my checking account. After seeing this article, I set up a transfer yesterday....and the money isn't in my checking account this morning. I hope I'm not stuck in this trap now! Fortunately I can make other moves to have funds for the bill if necessary, but if one is planning to have their money available and it isn't, that's a problem! I have a couple of weeks to figure this out, but I would have been in a world of hurt had this happened 2 days before my bill was due.
I actually specifically read all of the account disclosures when I opened it because I know many savings accounts are limited to 3 withdrawls per month, etc. There were no limits mentioned that I could see. I'm not going to panic right now, but this is not good and you aren't gonna convince me that I'm not using my account correctly. It's GS that is not being transparent. I don't really blame Apple for the problem, but they have lent their name to the product, so I would expect them to put pressure on GS be more forthcoming with information.