Last month, the Wall Street Journal reported that some Apple Card Savings Account users were facing weekslong delays when trying to transfer money from an Apple savings account to an external bank account.
Seemingly in response to those complaints, Apple is offering a $100 credit to affected users. It has also made two changes to the Apple Card Savings Account’s fine print to clarify things…
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Apple Card Savings Account launched in April, giving Apple Card users the option to open a dedicated high-yield savings account to earn 4.15% on their money. While Apple Card Savings Account had a hot start, the Wall Street Journal’s report in June highlighted some major growing pains.
The report explained that some customers experienced weekslong delays while attempting to shift funds from their Apple savings account to another bank. Some even recounted receiving varying instructions on how to carry out transfers, differing by the external bank involved. In certain instances, money seemed to have evaporated during the transition, with the balance becoming mysteriously inaccessible in both the savings account and the destination bank account.
Now, Apple has emailed at least some of the Apple Card Savings Account users affected by these delays to offer them a $100 “goodwill credit.” In an email to those users, Apple said:
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”.
Apple and Goldman Sachs have also updated the Apple Card Savings Account Deposit Agreement. First, the companies have added a new clarification that ACH transfers take up to three business days to process. Previously, the agreement did not include any details on the processing times.
Note that the processing time, however, does not refer to the time it takes for the money to move to the external account. It refers to the amount of time it takes for Goldman Sachs to process and approve the transfer, at which point the actual transfer of funds occurs.
ACH transfer instructions must be received before 9:30 pm ET on a Business Day, otherwise the instruction will be considered received on the next Business Day. We may process ACH transfer instructions in the order in which we determine, in our discretion. We are not required to accept or execute any ACH transfer instruction. It generally takes up to 3 business days to process a transfer.
Finally, Goldman Sachs is also changing how it calculates maximum balances for Apple Card Savings Accounts.
Before:
The maximum balance for your Account is $250,000. We will include any funds deposited into your Account but not interest or Daily Cash you’ve earned when determining the maximum balance limit. We may reject and return any funds transfer if your Account exceeds the maximum deposit limit. You authorize us to return any funds that exceed the maximum balance limit by check.
After:
The maximum balance limit for your Account is $250,000, based on your Current Balance (including interest and Daily Cash deposits). We may reject and return any new deposits (other than interest and Daily Cash deposits) if your Current Balance exceeds, or such deposit causes your Current Balance to exceed, the maximum balance limit. You authorize us to return any amount that exceeds the maximum balance limit by check.
Ultimately, it’s clear that Apple Card Savings Account has experienced multiple growing pains since its launch in April. The important context here is that Goldman Sachs is simultaneously looking at bailing on its partnership with Apple and potentially transferring the deal to American Express.
Thanks, Tyler!
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