Apple Savings customers hit with long delays when withdrawing money

Posted:
in General Discussion
Some Apple customers are facing multi-week delays when trying to withdraw money from their Apple Savings accounts, largely due to automated anti-money-laundering protections.

Apple Savings has a 4.15% APY
Apple Savings has a 4.15% APY

In April, Apple launched its new Apple Savings, a Goldman Sachs-backed savings account that allows customers to route Daily Cash rewards into a 4.15% high-yield savings account.

However, while it's relatively easy to add money to the savings account, removing it may not be nearly as easy.

Nathan Thacker had told The Wall Street Journal that he'd been trying to withdraw $1,700 from his Apple Savings account to his JPMorgan Chase account since May 15. However, upon calling Goldman Sach's customer service department, he was told that the money would be in his account in a few more days.

The money was finally posted to his account on June 1, more than two weeks after he initiated the transfer.

Thacker isn't the only one who has noticed issues, either. Some customers have said that upon initiating the transfer, the money seemingly vanishes -- it does not show up in either their Apple account or the bank account they were trying to move it to.

Kevin Smyth, a man from Minnesota, had attempted to transfer $10,000 from his Apple account to a U.S. bank on May 16, WSJ learned. The money was flagged for security review, leaving it in limbo until the review was finished.

Goldman Sachs has gone on record saying that most customers do not see any delays. The ones that do, however, see them because of behind-the-scenes processes that have been put in place to protect customers' accounts.

New accounts, such as those opened by Apple Card owners, may trigger anti-money-laundering alerts. The transfers must then be manually approved. On average, these delays take about five days.

Delays maybe even longer for those who transfer money to an account that differs from the account the money originally came from.

Still, despite this, Apple Savings has done quite well for itself. The first week of Apple Savings proved Apple's ecosystem strength with more than 240,000 new accounts being created and nearly $1 billion in deposits being made.

Read on AppleInsider

Comments

  • Reply 1 of 15
    geekmeegeekmee Posts: 647member
    On May 18th I withdrew $4,600 from my Apple Savings with no problem. It was immediately accessible, for the record.
    edited June 2023 watto_cobra
  • Reply 2 of 15
    entropysentropys Posts: 4,306member
     all your monies belong to us
    williamlondon
  • Reply 3 of 15
    tpurdytpurdy Posts: 40member
    Would these same anti-money laundering red flags + delays trigger with other financial institutions and savings accounts? Seems standard to me 
    williamlondonjuanguapoJFC_PAwatto_cobra
  • Reply 4 of 15
    igorskyigorsky Posts: 774member
    JP234 said:
    This is what happens when folks place their faith in Goldman Sachs because GS paid Apple big money to put the Apple imprimatur on it. Any company who would hire that Ayn Rand stooge Steve Mnuchin to be CEO does not deserve your trust.
    My god is this asinine. This is standard procedure for withdrawals made within a certain period of opening a new account. Try with any bank and see what happens. 
    JP234juanguapowatto_cobra
  • Reply 5 of 15
    JP234 said:
    This is what happens when folks place their faith in Goldman Sachs because GS paid Apple big money to put the Apple imprimatur on it. Any company who would hire that Ayn Rand stooge Steve Mnuchin to be CEO does not deserve your trust.
    He helped his buddy Eddie Lampert run Sears into the ground.
    Alex_Vwatto_cobra
  • Reply 6 of 15
    dutchlorddutchlord Posts: 275member
    The moment you transfer money to Goldman Sachs you don’t own your money anymore.
    edited June 2023 williamlondon
  • Reply 7 of 15
    gronosgronos Posts: 2member
    I had an absolutely horrible experience with Goldman Sachs.  They refused to let me move $40,000 that I had deposited into the account to another bank for over 2 weeks.  Not 5-7 business days but 2 weeks!   Their online support is terrible and the wouldn’t give me back my money until I filed an official complaint with the Consumer Financial Protection Bureau.  This was the worst experience I had in 50 years of banking.  It’s NOT standard business practice. 
    williamlondonwatto_cobra
  • Reply 8 of 15
    JP234 said:
    This is what happens when folks place their faith in Goldman Sachs because GS paid Apple big money to put the Apple imprimatur on it. Any company who would hire that Ayn Rand stooge Steve Mnuchin to be CEO does not deserve your trust.

    Actually, this is what happens when your government decides how and when you can spend your money.  This is government regulation that the banks are required to implement.  The types of transactions being flagged by GS would be flagged by any bank operating in the U.S.

    Now, whether GS is more or less efficient than any other bank in implementing those regulations is a separate question.
    JFC_PAwilliamlondonwatto_cobra
  • Reply 9 of 15
    BlizzardBlizzard Posts: 49member
    JP234 said:
    Thanks for your opinion. Could have done without the insult. It's kinda cowardly to write such things anonymously, though, don't you think?
    What are you talking about?  You said something that was asinine and was called out on it.
    muthuk_vanalingamwilliamlondonwatto_cobra
  • Reply 10 of 15
    chutzpahchutzpah Posts: 392member
    JP234 said:
    Blizzard said:
    JP234 said:
    Thanks for your opinion. Could have done without the insult. It's kinda cowardly to write such things anonymously, though, don't you think?
    What are you talking about?  You said something that was asinine and was called out on it.
    What I'm talking about is the kind of child who hides behind a screen name, the kind who would never risk be brave enough to make those remarks in face to face. I'd rather be called asinine than cowardly.
    Is your birth name JP234?
    muthuk_vanalingamwatto_cobra
  • Reply 11 of 15
    juanguapojuanguapo Posts: 75member
    Everything I've read/seen on this issue so far points to the same scenario: Large deposits followed by withdrawals in a short amount of time on new accounts.

    If being "too cautious" is considered bad press, I'd still consider it far better than the alternative.
    williamlondonwatto_cobra
  • Reply 12 of 15
    chutzpahchutzpah Posts: 392member
    JP234 said:
    chutzpah said:
    JP234 said:
    Blizzard said:
    JP234 said:
    Thanks for your opinion. Could have done without the insult. It's kinda cowardly to write such things anonymously, though, don't you think?
    What are you talking about?  You said something that was asinine and was called out on it.
    What I'm talking about is the kind of child who hides behind a screen name, the kind who would never risk be brave enough to make those remarks in face to face. I'd rather be called asinine than cowardly.
    Is your birth name JP234?
    Yes, my given name is JP. The 234 is a street number. I don't use it to hide behind ad hominem attacks, either. I've never called you stupid, asinine, F#$%wad, or anything else for that matter. Have I expressed opinion to which you don't agree? Certainly. But I don't call you a fool for disagreeing with me, do I?
    No one is using names to hide behind.  Practically everyone here who isn't staff has an alias, it's just how forums are done, see your own.  I might have more respect for your point if you weren't always needling people and picking fights with obnoxious overly polite language.

    Did you think that making a reductive political post wasn't going to get a reaction from anyone?  Now that certainly would be asinine.
    muthuk_vanalingamwilliamlondonwatto_cobra
  • Reply 13 of 15
    JFC_PAJFC_PA Posts: 947member
    Part of the issue I’m sure is this feature, along with the AppleCard itself opened a door to enormous numbers of very inexperienced financial services consumers. 

    There’s that whole kerfuffle over Apple “stealing” money by billing them small amounts labeled “Apple” without any description. “So confused”. Well, one tap on that line and the item you purchased appears! And what’s going on is people are getting surprised by how many impulse buys add up when you’re a double-click away from a purchase. In app, a book, some music, AppleCare you signed up for, storage etc. etc. 

    as to this issue? Out and back from my checking account is completed in hours. From 3, 4 to quite high 5 figure transfers. 

    As mentioned, it’s the rapid serial transfer through multiple accounts that’s triggering anti money laundering bank regulations. As the new service spins up longer delays may be laid to early days of a service turning out more popular than they’d expected? Odds are. 


    edited June 2023
  • Reply 14 of 15
    I just pulled $90,000.00 on June 01 from my Apple savings account and it was available the next day. No problems whatsoever. 
    edited June 2023 watto_cobra
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