The famous Apple Card Savings feature from Cupertino and Goldman Sachs is now experiencing issues with withdrawals, with many customers complaining about the delays on the transfers. This alleged issue is plaguing users in their money transfers from their Apple Savings account to other banks, with the customer service representatives not being helpful in their case.
Goldman Sachs and Apple offered the service last April, bringing a high-yield savings account with boosted interest rates, similar to digital banks.
(Photo : Apple)
Apple Card Savings Face Withdraw Delays as per its Customers
Apple Card Savings, a high-yield savings account offered by Apple and Goldman Sachs, has been facing delays in completing withdrawals and transfers to other banks, according to reports from account owners. The issue primarily affects customers attempting to make large money transfers, with some individuals claiming that it took weeks for the funds to be successfully transferred to another financial institution.
Account holders have voiced their frustration, with some reporting that their transfers took as long as two weeks before the funds were credited to another financial company, as reported by The Wall Street Journal.
According to MacRumors, some money transfers amounting to $17,000 and $10,000 claimed to have their transfer reflected on their other bank accounts weeks after the initial transfer.
The Apple Card Savings account offers an attractive interest rate of up to 4.15 percent for customers who have created an account. However, recent experiences indicate that the process of transferring funds out of the account has been far from seamless.
Read Also: Apple WWDC 2023: New Macs Are Coming, More than Expected says Analyst
Goldman Sachs Says it is Part of the Security Measures
In response to the complaints, Goldman Sachs, the bank behind the Apple Card Savings account, has stated that the delays are a result of their security processes implemented to protect customers' money and accounts. These measures are especially triggered by large money transfers, particularly those initiated from newly-opened accounts.
The extended delays in completing transfers have left many users dissatisfied, but Goldman Sachs said that other users did not experience any delay, claiming that transfers from the Apple Card Savings are "seamless."
Goldman Sachs has not provided specific details regarding the exact cause of the delays or outlined any specific measures being taken to address the issue.
Apple Card's Savings Feature
Back in mid-April, Apple launched the famed Apple Card Savings feature under the company's financial technology offers, under its credit card services for its customers. The service grew massive, collaborating with Goldman Sachs to bring the feature to life, fulfilling a new savings system for all users that resembles that of a digital bank.
The Apple Card Savings grew in popularity during its pilot period, with as much as $1 billion in deposits from the users who signed up for the service.
Affected Apple Card Savings customers are encouraged to contact customer support for assistance and clarification regarding the delays. Apple and Goldman Sachs still claim that the Apple Card Savings is working as intended, with the security processes integral to those transferring massive amounts, one that may still face delays for large withdrawals.
Related Article: Why Apple Card Remains U.S.-Exclusive? Here's What Tim Cook Says
