Customers of Apple’s savings accounts say they are now having trouble withdrawing funds after depositing more than $1 billion in weeks.
In mid-April, the creators of the iPhone partnered with financial giant Goldman Sachs to allow Apple Card users to earn interest through their savings accounts.
wall street journal report Customers of Apple’s new products are experiencing multiple problems accessing funds.
Some people said it took weeks before they could transfer money from their Apple savings account to another bank. Others claim the funds don’t show up in Apple’s savings account or the bank they were trying to transfer the deposit to.
The Wall Street Journal details the case of Kevin Smith, who said he tried to transfer $10,000 from his Apple savings account to another bank last month. Smith said Goldman Sachs told him that his account was being reviewed for security purposes.
To tell Smith,
“For reference, Apple’s savings account isn’t ready for primetime yet. Don’t move money there. If you do, if you dare to withdraw/transfer to another account, they’ll say ” ‘Security Review’ will take your money hostage…
Was Tim Cook planning to partner with a bank holding people’s savings hostage? Did you know that their view is that people shouldn’t touch their savings accounts for long periods of time and that they’re enforcing it through a ‘security review’?”
In response to The Wall Street Journal’s request for comment, Goldman Sachs said the “majority” of its customers experienced smooth transactions whenever they tried to transfer funds.
“Customer response to our new savings account for Apple Card users has been excellent and exceeded our expectations.
While the majority of our customers do not experience delays in sending funds, in a limited number of cases delays in transfers may occur due to processes designed to protect user accounts. . “
Apple Savings Account enable Depositors can generate an annualized yield (APY) of 4.15%, which the company says is 10 times the national average.
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