Apple Savings Account Customers Face Difficulty Withdrawing Money: Report

After customers deposited more than $1 billion to Apple in just a few weeks They are now having trouble withdrawing money from their Apple savings account.

In mid-April, Apple partnered with financial giant Goldman Sachs to allow Apple Card users to earn interest by depositing into a savings account.

The Wall Street Journal media reportMany customers who have deposited money with Apple are experiencing various difficulties accessing their funds.

Some say it takes weeks to be able to transfer money from an Apple savings account to another bank. Some say the money in the Apple savings account is gone, or others say the money transferred to the destination bank is gone.

The Wall Street Journal has reported more details on Kevin Smyth’s case, saying that Smyth attempted to transfer $10,000 from an Apple savings account to another bank last month. He said Goldman Sachs said his account was being reviewed for security.

“Apple savings accounts are not available during peak hours and if you deposit money there They will lock your money with the words ‘Security Check’ if you wish to withdraw or transfer to another account.”

“Is this a plan for Tim Cook to team up with banks to try and collect people’s savings? Did you know that they don’t want anyone tampering with their savings account for a long time? And they can do it by using the word ‘Safety Check’”

Goldman Sachs wrote after The Wall Street Journal reported the news. It said most customers were able to make transactions smoothly, adding that

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“Customer response to the new savings account service for Apple Card users has been excellent and exceeded our expectations.”

“While it works smoothly for most customers, in some cases users may experience delayed money transfers. because they go through a process designed to help protect their account.”

Apple Savings Account allows depositors to earnAnnual Yield (APY) of 4.15% which the company says is 10 times the national average.

Source: DailyHodl

2023-06-04 11:25:48
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