After depositing more than $1,000,000,000 in a matter of weeks, Apple savings account customers say they are now struggling to withdraw their funds.
In mid-April, the iPhone creator teamed up with financial behemoth Goldman Sachs to allow Apple Card users to earn interest through a savings account.
The Wall Street Journal reports that customers of Apple’s new product are experiencing multiple issues in accessing their funds.
Some say it took weeks before they were able to move money from their Apple savings account to another bank. Others claim that the funds do not show up in their Apple savings account or in the bank they were trying to relocate their deposits to.
The Wall Street Journal details the case of Kevin Smyth who said that he tried to transfer $10,000 from his Apple savings account to another bank last month. According to Smyth, Goldman Sachs told him that his account was being reviewed for security purposes.
Says Smith,
“FYI people, Apple savings account isn’t ready for prime time. Do NOT move your money there. If you do, they will hold your money hostage with ‘security reviews’ if you dare try to withdraw/transfer to another account…
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’?”
Responding to the Wall Street Journal’s request for comments, Goldman Sachs says that the “vast majority” of customers are experiencing smooth transactions whenever they try to move their funds.
“The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations
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.”
Apple’s savings account enables depositors to generate 4.15% in annual percentage yield (APY), which the company says is 10 times the national average.
