Apple’s high-yield savings account, a partnership with Goldman Sachs, launched in April. Some customers have endured longer than expected waits for withdrawals and transfers to complete.
AnnaMaria Andriotis for The Wall Street Journal:
Nathan Thacker, who lives outside Atlanta, had been trying to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Each time he called Goldman’s customer service department, he said, he was told to give it a few more days.
The money arrived in his Chase account Thursday morning, he said, after The Wall Street Journal contacted Goldman about his and other customers’ experiences.
Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said…
“The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations,” the bank said in a statement. “While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts.”
On brand-new accounts, like Apple’s, transfers that make up a large share of the overall balance can trigger anti–money-laundering alerts or other security concerns that require additional review, according to people in the AML [Anti-Money Laundering] field. Those delays usually last five or so days, they said.
MacDailyNews Take: In other words, this is a textbook example of a non-story that, regardless, The Wall Street Journal decided to publish. These are standard security reviews that are triggered in a small amount of cases.
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“Non-story?” When $10k puts one onto a list of possible malfeasance subjects (terrorist) and our protectors would like to make $600 the trigger amount for “concern,” and it’s a real story of the erosion of rights. Under the guise of; “help protect their accounts,” the reality that continues to creep, is we are guilty until proven innocent.
Non-story is correct. This isn’t an issue with Apple Savings, as WSJ duplicitously tries to make it.
The issue isn’t “terrorist lists,” it’s rampant fraud and the safeguards in place to stop criminals and criminal activity.
On brand-new accounts, transfers that make up a large share of the overall balance can trigger anti–money-laundering alerts or other security concerns that require additional review. Those delays usually last five days max.
Like I said…the “triggers” are set-up for AML, or “bad guy” alerts. Guilt before innocent.
So much for your “professional” tag. You are so involved, you don’t notice, or care about the rules and how they affect law-abiding citizens. For our own good, I guess?
All Apple Savings by Goldman Sachs users agreed to the Terms and Conditions upon opening the account which reads, in part:
“Deposits and withdrawals are subject to limitations specified in this Agreement. In addition to any of the limitations specified in this Agreement, we may further restrict or limit your ability to make or receive transfers when we reasonably believe there may be fraudulent, suspicious, or illegal activity on or impacting your Account.”
Bless your heart.
Indeed, you are so immersed you don’t see/care…as you’ve been trained to accept T’s & C’s as the justification for compliance. The Ts/Cs–as set–are assuming guilty before innocent. I’ll guess, if/when the $600 trigger is incorporated into your favored Ts/Cs, you will accept/abide as a happy citizen. To the State! To our adherence!
If users do not like the Terms and Conditions, they should not agree to open accounts.
If users do open accounts, they should not complain when the Terms and Conditions are followed as written.
Arch, are you in elementary school or are you just not too bright?
The few examples given are large sums, $10k-200k, it’s not shocking that a security review would be initiated moving that much (the entire account balance) to a different bank than where it originated from in 6 weeks or less since opening the account. People think that because it’s associated with Apple you can beam huge amounts of money around like it’s iMessage or AirDrop (wouldn’t trust that second one with my money).
When I move large funds between two different banks via check the bank immediately issues a document that informs me that the transfer will take a longer period of time with a specific date for settlement stated. Having a T&C that is abiguous in the length of time a security triggered transfer will take is a disservice. Easily remedied by Apple by displaying a notice of expected settlement date when the transfer is initiated, but it may take legal pressure to make them actually move on it.