Jun 02, 2023 15:35:00

Complaints are received that 'it took several weeks to send money' to the high-yield ordinary deposit service launched by Apple

In April 2023, Apple launched a high-yield

savings account service for users with Apple Card , a proprietary credit card affiliated with Goldman Sachs. However, users of this savings account service have complained that it took several weeks just to transfer money to another bank account.

Apple Customers Say It's Hard to Get Money Out of Goldman Sachs Savings Accounts - WSJ
https://www.wsj.com/articles/apple-savings-account-customers-say-its-hard-to-get-their-money-out-of-goldman-sachs-bd8b9ccb

Apple Savings Users Complain of Delays Withdrawing Money - MacRumors
https://www.macrumors.com/2023/06/01/apple-savings-money-withdrawal-issues/

Long delays with cash withdrawals are causing some Apple savings account users to flee - 9to5Mac
https://9to5mac.com/2023/06/01/long-delays-with-cash-withdrawals-is-causing-some-apple-savings-account-users-to-flee/

The ordinary deposit service for Apple Card users announced by Apple in April appeals to the unthinkable yield of ``annual yield of 4.15%'', and in just four days from the start, it has exceeded 130 billion yen. It is reported that a deposit has been collected. This deposit service has no minimum deposit amount or minimum balance set, and it was said that it was highly evaluated because it was possible to open an account in just a few minutes.

Apple's high-yield deposit collects deposits of over 130 billion yen in 4 days after service start - GIGAZINE

However, the Wall Street Journal, an economic newspaper, reported that some users said, ``It was very difficult to transfer deposits from Apple's bank account to an external bank account.''

Nathan Tucker, who lives in the suburbs of Atlanta, Georgia, tried to transfer $ 1,700 (about 237,000 yen) from Apple's account to JPMorgan Chase's account on May 15. However, for some reason the remittance could not be executed, and I tried calling Goldman Sachs customer service, but it seems that there was only a reply to wait a few more days.

After all, Mr. Tucker responded to the Wall Street Journal's interview without being able to remit $ 1,700. After that, when a Wall Street Journal reporter contacted Goldman Sachs about Mr. Tucker's case along with other customers, the money was finally transferred to JPMorgan Chase's account on the morning of June 1. It says it's done.

Goldman Sachs declined to comment on specific customer cases, but said, 'We take our obligation to protect customer deposits very seriously. Customer reaction to our new savings account for Apple Card users has been positive. It has been excellent and exceeded our expectations.Most of our customers will not experience any delays in their transfers, but due to the processes we take to protect our customers' accounts, in limited cases there may be delays in transfers.' I answered. Meanwhile, an Apple spokesperson declined to comment to The Wall Street Journal.

Attempting to transfer a large portion of a balance to a brand new account, as in the case of Apple, will result in anti-money laundering alerts and other security systems requiring additional review before the transfer can take place. It is said that there is a case. Also, the security system may issue an alert when trying to transfer money from a new account to another account that is different from the original account.

Lawyer Minje Lee deposited $100,000 (about 14 million yen) in an Apple account in April, but decided to transfer the deposit to a JPMorgan Chase account on May 1. . However, the remittance failed, and when Mr. Lee contacted Goldman Sachs, he was told that 'deposits can only be transferred to the account that was sent to Apple's account.'

And Mr. Lee performed the operation to return the deposit to the original account on May 16, but temporarily the Apple account balance was 0 yen, but the original account was also 0 yen, and where was the deposit? A situation occurs where you don't know if there is. In the end, the deposit was finally returned to the original account on May 25, but it took more than three weeks just to transfer the deposit to my account.

Also, Kevin Smith, who lives in Minnesota, tried to transfer funds from his Apple account to the US Bank to renovate his basement, but Goldman Sachs said the account was undergoing a security review. Stop. After all, Mr. Smith had to sell $ 12,000 (about 1.66 million yen) of stock to prepare cash. Smith told Apple CEO Tim Cook, ``Was your plan to partner with a bank that would hold people's savings hostage? Do you know that it shouldn't be and that 'Security Review' enforces it?'

@tim_cook was your plan to partner with a bank that holds people's life savings hostage? Do you know their view is that people shouldn't touch their savings account for long periods of time and are enforcing that with “security reviews”?

— Kevin Smyth (@kssmyth) May 25, 2023

Dennis Rohmel, a banking consultant and financial crime expert, said that while it is reasonable for banks to delay transfers to enhance risk investigations, such delays are surprising. ``I think a delay of two to four weeks is certainly too long.