Goldman Sachs makes improvements to fix Apple Savings Account withdrawal complaints
Apple Card issuer Goldman Sachs has made changes to how it handles Apple Savings transactions in an effort to resolve problems some customers had experienced when making withdrawals, according to people familiar with the matter cited by The Information.
In a new report, The Information claims that Goldman Sachs has adjusted its approach to cut down the number of blockages to Apple Savings Account withdrawals, which earlier this year saw customers face multi-week delays when transferring money from their accounts, resulting in Apple offering a one-time $100 credit to their Savings account as a way of apology.
The blockages were caused by tight security on Goldman Sachs’ part, which left many customers making a large value transaction have their withdrawal intercepted and flagged for a security review.
At the time, The Wall Street Journal reported that one customer had been trying to transfer $1,700 from his Apple Card Savings account to a separate bank account, and each time he called Goldman’s customer service department, he was told to give it a few more days, resulting in a multi-week wait to receive his money.
In other instances, some customers said that upon initiating a transfer, the money disappeared all together, with one user loosing access to $10,000 as the money was flagged for security review, leaving it in limbo until the review was completed.
According to the report by The Information, Goldman Sachs has now “adjusted its approach to cut down the number of, or reduce the severity of, those issues.”
Now, if a customer with a large amount of money tries to move a small portion of their savings to an outside account, the system will be less likely to flag those transactions. Goldman also put in place a cap on the number of days withdrawals should take and prioritized better communication with customers whose transactions were flagged or are experiencing delays, one of the people said.
It was reported that four days after the launch of the Apple Card Savings account feature, users had deposited almost $1 billion into the service, which remains exclusive to users in the US where the Apple Card is available.