I transferred way more than $10K to a CD account at Marcus Bank (Goldman Sachs). It was very quick. I do not know if account type makes a difference.
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
LOL I hope you get your money tied up one day when you do nothing but follow the rules as they are written, then you can talk.
Account type should impact what happens. My Retirement funds I sometimes spend up to $50,000 on various types of transactions.
Apparently you’ve never had a CD note.
If you are using a savings account for long term savings, perhaps you need a new financial advisor?
If you have $10k or more, you are going to make more money doing t-bills (buy a 4-week t-bill, one a week, for 4 weeks straight) and set all of them to auto reinvest. Set this up through treasurydirect, and request that each week’s interest be deposited to your checking account. You will get an interest payment weekly until you stop reinvesting. If you have an emergency and need money, cancel the coming week’s reinvestment and the full amount of the t-bill will be transferred to your checking.
Took GS 10 months to solve my chargeback case (seller did not ship product)… Stopped using my Apple Card for anything other than small purchases.
Weird because my experience with Marcus has been great.
Weird because my experience with Marcus has been great.
In case some folks missed it, at least one person in the story had trouble transferring less than $2,000 and only got things moving once the WSJ got involved. Folks need to face facts. When it comes to Apple, secrecy is first, PR is second, and the customer is third.
Not good. Hopefully Apple will do something.
Never bought T-bills before. I like your suggestion.
Was poking around on TreDir site was hoping to see something like equivalent APY but didn’t see.
Could you please explain to this novice how one can get to an APY from the info given on T.D. site? Thank you.
How could anybody miss it, you’ve highlighted this half a dozen times.
(I really wish you would have answered the first guys request for a citation for your other supposition.)
I was planning to do the AppleGS -> TreasuryDirect T Bills as well
For the results of recent auctions, go here: https://www.treasurydirect.gov/auctions/announcements-data-results/
To see up coming auctions, go here: https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf
For APY, I use the investment rate % from that site to make comparisons.
Keep in mind that a T-Bill purchased at auction doesn't have an APY until the auction. You sort of get a sense of about what it will be. This is actually good content on YT for free and helpful to scope out what's involved:
APY is the result of the compounding of interest. The interest paid to bond holders does not compound, so APY does not apply to bonds.
(I deliberately kept this post brief. If you want to dig more into personal finance and time-value-of-money stuff, a good place to start is Investopedia.)
Last edited:
Having worked with money transfers through companies like western union, I’ve been trained to be very wary of large transfers that happen often as it’s not usually a sign of anything good. The fact that every single one of these accounts are brand new, moving that amount of money this quickly is a little weird. I know there can be legitimate reasons, but they’re not going to be many, so I can see why a bank would not be making that sort of thing easy.
The "price per $100" is even easier to understand than the investment rate. It can be accessed via the CUSIP link for the bill from the auction results page. Short term securities are sold at a discount and the return is the full amount of the bill. So if, for example, a $100 T-bill costs $99.58 ("price per $100"), then you will pay $99.58 on the issue date and receive $100 on the maturity date. Super easy to calculate. The recent auction results give a fair indication of what to expect but it will bounce around from auction to auction. Sometimes a 4-week T-bill will outperform an 8-week T-bill and sometimes it's the other way around.
For more liquidity it might make sense to open a government money fund with a firm like T. Rowe Price that has a liberal excessive trading policy (the policy is primarily for individual stocks, not money market accounts, but be sure to check). Then you are not bound by the maturity dates or high dollar transfers, and the returns are almost as good as through Treasury Direct (worth it for the extra liquidity if that is important). Otherwise the idea posted above of spreading your savings over four 4-week T-bills using automatic reinvestment is a pretty good idea.
Don’t move more than 10,000 at a time at any institution if you can avoid it. It raises flags and will submit you for security checks far more often.
This is not an Apple problem or a GS problem. It’s how banks work. Read the article.
No you weren't lol. If you knew anything, you wouldn't park 50K in a savings account. You'd put it somewhere else that has a higher yield on return.
Nothing wrong with this savings account and people don't realize 10K+ transfers trigger gov/bank scrutiny due to the Bank Secrecy Act.
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.
I have transferred >$10K between other accounts at different institutions frequently with no issues. I know the transactions are probably reported to the government behind the scenes, but they aren't mysteriously put into limbo with no communication and poor customer service. And yes, I would put 50K in a savings account if I knew I was going to be needing the money in a 1-6 month timeframe. That's exactly what a savings account is ideal for.
Good for you for reading the Disclosures, as you caught that this isn’t as simple as having to comply with federal law. At least one person in the story was trying to transfer an amount that wasn’t subject to increased security. This situation is a result of Apple’s secrecy requirements. The customer support is handled by Apple (they use the same voice system and hold music as other Apple Support). Tier 1 (Apple Card Specialists) and Tier 2 (Apple Card Supervisors) can only provide information from pre-written scripts. So, when a situation like this happens and they don’t have a script, they try to cobble something together, leading to different answers from different people. Once a complaint (RTA for other Apple Support) is filed OR the media gets involved, the information accuracy improves.
LOL! You realize, of course, that interest for May accrues through May 31 and -- then -- and only then -- is paid.
You received your notice June 1, the day after your May interest had officially accrued. That's exactly the way virtually all banks, credit unions, and savings accounts work!
So, you didn't have to wait a month, after all! Still, a funny post in light of the people waiting weeks or longer for thousands of dollars to be withdrawn.
I don't believe in my post that there was any mention of the specifics of how I handle my personal finances. I quite agree that significant long-term savings need to be managed appropriately, and yes, your garden-variety savings account isn't the best financial instrument for that purpose. Some people have an interest-bearing checking account while others don't, and for the latter, a combination of a savings account and a checking account in the same bank provides convenient access to larger sums when needed in case of emergency while having the ability to earn interest on the funds in the savings account.
Regardless of this post main topic, Apple has done one thing and that’s bring out a lot of financial illiterate consumers into the light. I’ve been reading threads on the savings account since day one and the amount of people who didn’t read the terms and conditions or simply post false info is staggering.
To anyone reading this, put your money in a reputable institution that’s comfortable for you to manage. Don’t feel you need to move money around for small interest gains that are ultimately variable. If you don’t feel like tying up money in other investments you may not understand then keeping it safe in ANY savings account earning interest is better than nothing. As long as you have a Roth IRA or 401K for retirement purposes you’re already better than most in the world and everything else is maximizing/icing on the cake.
To anyone reading this, put your money in a reputable institution that’s comfortable for you to manage. Don’t feel you need to move money around for small interest gains that are ultimately variable. If you don’t feel like tying up money in other investments you may not understand then keeping it safe in ANY savings account earning interest is better than nothing. As long as you have a Roth IRA or 401K for retirement purposes you’re already better than most in the world and everything else is maximizing/icing on the cake.