Select Apple Savings customers credited $100 after over-long withdrawal requests
Wesley HilliardApple Savings
Apple Savings customers that inadvertently triggered fraud protection from large withdrawals had to wait days or weeks for money, and now they are being credited $100 for the inconvenience.
In June, Apple Savings customers reported that some withdrawals were taking an unusual amount of time to process. Some had to wait multiple weeks for their money to be transferred.
According to a report from MacRumors, some customers are seeing a "goodwill" credit appear in their Apple Savings. An email sent to these affected customers suggests that these withdrawal times were not up to standard.
The email read:
The experience we provided for a withdrawal request you made for your Savings account in May did not meet our standards.
Thank you for your patience while we completed our internal reviews. We are making a one-time goodwill credit of $100 to your Savings account as a courtesy to you for this experience.
You will see this deposit in Wallet as "Adjustment-Credit".
Customers moving small amounts of money won't have encountered this problem. It seems to have affected some users transferring over $1,000 and could cause five days or more of delays.
Goldman Sachs stated that customers encountering these delays triggered the anti-money laundering system. Since Apple Savings launched in April, big withdrawals in May sent up red flags.
It isn't clear exactly who is getting this adjustment credit. Those who do will receive an official email.
Goldman Sachs has had a successful yet tumultuous relationship with Apple since it partnered with the company for Apple Card. It seems Goldman Sachs wants to exit the consumer lending business, which could leave Apple looking for other partners like American Express, or perhaps taking its financing in-house.
Charles Martin
Andrew Orr
Malcolm Owen
Amber Neely
William Gallagher
Christine McKee
2 Comments
Good to see that AML processes are erring on the side of blocking rather than permitting transactions, and even better to see that issues with the system are being flagged and customers' difficulties are being compensated.
Hopefully this won't be abused by scammers [he says, not holding his breath].
I haven’t made any transfers yet but I was one of those who needed to call in to allow for transfers from my savings account. I thought it was odd that the Apple credit card was linked to my account for payment but I couldn’t link the same account to Apple savings without calling in for confirmation. Yes a bug but not a deal breaker.