Is there any information available on secondary benefits, e.g. coverage for damage to the vehicle when renting a car?
Seems like a list of those sorts of add-ons should be available by now, unless they are none, which I guess is possible given the lack of an annual fee.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
I don't want a debit card. I never use them, and it is another source of liability.
I'd rather use a debit card for, well debits, than using my bank account and routing numbers. If my debit (or credit card) becomes compromised I can cancel that card and replace it with a quick call not to mention getting any charges credited back, but canceling my bank account so I can reopen another one requires me going into my bank, sitting down with someone. It's just a hassle. I really dislike the few accounts that require me to put in that info for the convenience of using it online just to save them a couple percentage points. I wish debit cards could be used for credits beyond charge backs.
Yeh, if your cards are used fraudently you are pretty well protected. If your routing & account numbers are used fraudently you are mostly on your own -- there's no $50 limit -- and meanwhile your account can be drained which then may trigger a rash of fees for minimum deposits, NSFs, etc....
I don't think this is true. An account holder is not responsible for a fraudulent transfer. There are diligence requirements of course, but there are limits of liability.
I think the onus will be on you to prove it was fraudulent -- that you or somebody you authorized didn't do it. Meanwhile, while you do that, your account has been cleaned out and your checks bouncing all over the place. If nothing else, it's the same caution given about using Debit Cards -- it's your money being directly exposed instead of the bank's money.
I suspect that one big reason it is not a major problem is the banking system is so tied down that the transaction would be fairly easy for an investigator to track directly to a company or person. And the penalties are steep.
The nice thing about credit cards over debit cards or direct transfers is the issuing bank is a buffer between the payee and your money. In the event of a fraudulent charge, the bank has paid the charge and covers it while you dispute it. With a debit card, even if you are technically not liable, the money is gone out of your account until your bank decides to credit it back. In the mean time, you have no access to the funds which you may need for a mortgage, car payments, etc. This is why I use a credit card for everything and only use my debit card at the ATM.
Serous question - For the people planning on getting the Apple Card, I'm curious why? What attracts you to the Apple Card and/or what benefits do you see that you don't already get with the cards in your wallet? Are there specific features, is it just because it's new and you support Apple? Is it because the card looks kinda cool? As I said earlier, personally it doesn't really give any benefits and I don't need another card so there's really no reason for me to get one but I'm curious about other's rationale.
For me, it's 2 things: 1) I'll be getting another 1/2 percent on top of the 1.5% I'm getting now. (Plus another 1.5% on Apple stuff) 2) A blind, crazy hope based on no evidence whatsoever that this will be just another step in Apple's venture into finance -- and I want to be part of it and take advantage of it. Just as tech can and will greatly improve healthcare it can also improve finance.
How can that be anticompetitive? Most airline affiliated cards give more miles or points for charges for their own services. So do many store affiliated cards.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
I don't want a debit card. I never use them, and it is another source of liability.
I'd rather use a debit card for, well debits, than using my bank account and routing numbers. If my debit (or credit card) becomes compromised I can cancel that card and replace it with a quick call not to mention getting any charges credited back, but canceling my bank account so I can reopen another one requires me going into my bank, sitting down with someone. It's just a hassle. I really dislike the few accounts that require me to put in that info for the convenience of using it online just to save them a couple percentage points. I wish debit cards could be used for credits beyond charge backs.
Yeh, if your cards are used fraudently you are pretty well protected. If your routing & account numbers are used fraudently you are mostly on your own -- there's no $50 limit -- and meanwhile your account can be drained which then may trigger a rash of fees for minimum deposits, NSFs, etc....
I don't think this is true. An account holder is not responsible for a fraudulent transfer. There are diligence requirements of course, but there are limits of liability.
I think the onus will be on you to prove it was fraudulent -- that you or somebody you authorized didn't do it. Meanwhile, while you do that, your account has been cleaned out and your checks bouncing all over the place. If nothing else, it's the same caution given about using Debit Cards -- it's your money being directly exposed instead of the bank's money.
I suspect that one big reason it is not a major problem is the banking system is so tied down that the transaction would be fairly easy for an investigator to track directly to a company or person. And the penalties are steep.
Again, I don't think it works like this. I will never have "chess bouncing all over the pace" because I don't write checks. Never use them. Your point is fair in that perhaps a debit card is a buffer others need. I do not.
You not writing checks doesn’t mean you can’t have checks written in your name when your account and routing numbers are known. There are intrinsic benefits to a card, especially one used via Apple Pay.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
I can. I choose the Apple Cash card and then tap “Add Money”. That money comes out of my checking account. If not that way how does one initially put money into the Apple Cash account (other than and Apple Cash payment from someone else, but how did they get money into Apple Cash?)?
That is likely via a debit card, not ACH transfer. I put money in from a MC gift card.
You can make electronic payments using Apple Wallet to initiate electronic fund transfers (e.g., ACH or debit) from your (i) Apple Cash account or (ii) a bank account(s) with a financial institution located in the U.S. (each, a "Payment Source Account").
It seems this is the exclusive way to pay, i.e. you cannot opt to receive a paper statement in the mail, and drop a check back to them; or go to a web site to pay via ACH. It also seems to imply that an ACH fund transfer option is coming to Apple Wallet (in addition to the debit card option already there.) I am guessing that Apple Wallet will allow scanning of a blank check.
[edit] it might actually be easier than that. I have bank amount information in Apple Wallet now so as to be able to transfer FROM Apple Pay Cash to the bank; perhaps they will simply alter this at rollout to allow transfer TO Apple Pay cash via that same ACH information.
I don’t know if I’m following 100%, but I’d say ACH is already an option with Apple Cash (formally Apple Pay Cash). They asp have an instant wire option for a smal fee.
I typically use thé ACH when I transfer to my bank since it usually happens same day.
It is not currently an option. You can't ACH funds from a bank account TO Apple Pay Cash.
That’s instant for me trom my checking account via a debit card. Your bank doesn‘t offer a debit card?
I don't want a debit card. I never use them, and it is another source of liability.
I'd rather use a debit card for, well debits, than using my bank account and routing numbers. If my debit (or credit card) becomes compromised I can cancel that card and replace it with a quick call not to mention getting any charges credited back, but canceling my bank account so I can reopen another one requires me going into my bank, sitting down with someone. It's just a hassle. I really dislike the few accounts that require me to put in that info for the convenience of using it online just to save them a couple percentage points. I wish debit cards could be used for credits beyond charge backs.
Yeh, if your cards are used fraudently you are pretty well protected. If your routing & account numbers are used fraudently you are mostly on your own -- there's no $50 limit -- and meanwhile your account can be drained which then may trigger a rash of fees for minimum deposits, NSFs, etc....
I don't think this is true. An account holder is not responsible for a fraudulent transfer. There are diligence requirements of course, but there are limits of liability.
I think the onus will be on you to prove it was fraudulent -- that you or somebody you authorized didn't do it. Meanwhile, while you do that, your account has been cleaned out and your checks bouncing all over the place. If nothing else, it's the same caution given about using Debit Cards -- it's your money being directly exposed instead of the bank's money.
I suspect that one big reason it is not a major problem is the banking system is so tied down that the transaction would be fairly easy for an investigator to track directly to a company or person. And the penalties are steep.
Again, I don't think it works like this. I will never have "chess bouncing all over the pace" because I don't write checks. Never use them. Your point is fair in that perhaps a debit card is a buffer others need. I do not.
You not writing checks doesn’t mean you can’t have checks written in your name when your account and routing numbers are known. There are intrinsic benefits to a card, especially one used via Apple Pay.
Checks are rarely used, but checking accounts are still used all the time. One may not literally have a check bounce but will have direct withdrawal payments denied which functionally the same thing and leads to the same consequences.
I agree with soli on Apple Pay - one of the best parts about it is how it keeps your account information private from the merchant, making it more secure. Even if the merchant gets hacked (like Home Depot, Target...) your account info stays secure.
“That's presumably to avoid intrusion or fraud, since iCloud accounts are already sometimes hacked to make purchases on the App Store or elsewhere.”
There has never, to date, been a single confirmed report of iCloud being hacked. If there was, it would be global news and Apple’s reputation for security would be kicked to the kerb.
What the author means is that accounts are accessed through phishing. This is not the same as hacking. With phishing, the correct user credentials are obtained and used to access the account. Hacking would mean the security of iCloud itself has been compromised.
One other problem I just thought of - the card number is not on the card anywhere, which means when I call to make reservations, purchase something online, etc it's mostly useless.
You're not thinking clearly. It's been mentioned many, many times why the card has no numbers on it anywhere. It's also been mentioned many, many times in practically the same breath and sentences that a user can get the card number, CCV, and even a virtual number from the Wallet for those online situations where Apple Pay is accepted.
While on the phone it's going to be less than optimal to have to use that same phone to look up your card number and details. Much better to have a separate card to read the numbers off.
“A "Required Device" with a digital card is not strictly necessary after signing up, but Goldman warns that it may close accounts without one.”
Does that mean you don’t need an iPhone to get/use the card (as I was indeed assuming in my posts in the previous thread on the AC).
Seems like the question is answered in what you quoted.
No it is not: “May” is an open invitation to lawsuits. Goldman or otherwise is irrelevant.
Either there is a required device or there is not. Otherwise they’ll get their butts kicked by the feds.
I'm pretty sure that "may" in the context of a legal document refers to the original English definition, i.e. expressing permission. The definition of expressing possibility is vernacular and not legalese. So, in effect GS is reserving the right/permission to do the thing.
The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.
The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards (think air travel), at least until Apple gives us a way to link the two accounts.
Interesting point. To determine credit worthiness, each person will need to submit financial information. However that is likely going to be family based, not by individual? Doesn't it seem likely that the process of issuing Apple Cards will need to include multiple people (cards) on the same account.
Does no one actually know how the credit industry works? With any card you have, you can add an authorized user, and they will receive a duplicate card with their name on it. It's still your account, but someone else can use the same account.
The fact my wife and I can’t use the same card account lowers its appeal to us. We will still get it because Apple but it sucks we will have two separate bills and our spending won’t be merged in the analytics.
The latter is the bigger problem, in my view. We had talked about only having this one card. We could do it — we only have two now. But the main reason to do it would be to consolidate all of the good Apple analytics in one place. I trust Apple to do a good job with that, and to protect my data. Without that simplicity factor, though, we will opt to keep one of our existing cards, at least until Apple gives us a way to link the two accounts.
That is because you and your wife may get divorce and Apple does not want her account tied to your's, where have you been didn't you know you're not allow to know what your wife spend money on.
That response is straight from the lunatic fringe
Not that lunatic, try calling the CC company for a card not in your specific name or listed on the account with your spouse. Many CC will not answer any questions even if you are married. Today CC company are required to protect the individuals privacy even if they are Married and have joint everything.
Comments
Seems like a list of those sorts of add-ons should be available by now, unless they are none, which I guess is possible given the lack of an annual fee.
1) I'll be getting another 1/2 percent on top of the 1.5% I'm getting now. (Plus another 1.5% on Apple stuff)
2) A blind, crazy hope based on no evidence whatsoever that this will be just another step in Apple's venture into finance -- and I want to be part of it and take advantage of it. Just as tech can and will greatly improve healthcare it can also improve finance.
I agree with soli on Apple Pay - one of the best parts about it is how it keeps your account information private from the merchant, making it more secure. Even if the merchant gets hacked (like Home Depot, Target...) your account info stays secure.
There has never, to date, been a single confirmed report of iCloud being hacked. If there was, it would be global news and Apple’s reputation for security would be kicked to the kerb.
What the author means is that accounts are accessed
through phishing. This is not the same as hacking. With phishing, the correct user credentials are obtained and used to access the account. Hacking would mean the security of iCloud itself has been compromised.
This is all he is asking for.