By Melissa Cantor, Editor at LinkedIn News
Mere days after Apple introduced a high-yield savings account in partnership with Goldman Sachs, the companies held nearly $1 billion in new deposits. But several customers tell The Wall Street Journal that transferring money out of those accounts has, in some cases, taken as long as two to four weeks. With a banking crisis fresh in consumers’ minds and a checkered history with consumer ventures, Goldman, not Apple, is taking much of the heat from frustrated depositors — including a viral social media post accusing the bank of holding “people’s life savings hostage.”
- A Goldman spokesperson attributed delayed transfers to “processes in place designed to help protect [customers’] accounts.”
- Apple is set for a “major retail push,” through 2027, reports Bloomberg, citing anonymous sources. The tech giant is mulling plans to open new stores across the Asia-Pacific region, Europe and the Middle East, as well as the U.S. and Canada.
Apple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts
Link below:
https://www.wsj.com/articles/apple-savings-account-customers-say-its-hard-to-get-their-money-out-of-goldman-sachs-bd8b9ccb?mod=e2li
It may be a bit more helpful if Apple/Goldman Sachs did some savings account 101 tips for simplified transparency. Two decades ago I learned my greatest saving account lesson when my son was 5 yo and had a minor account.
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UPDATED ** My decades old 1-3 was repelled and may not be applicable/aligned with the Apple/GS current criteria based on current information shared by Kyle on the post. **
Sentiment still stands 😁
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1. Savings accounts have withdrawal limits.
2. If limits are exceeded you can be denied access to funds.
3. If exceeded often enough an account can be converted to a checking account or closed.
Since this type of account is technical in nature, Apple/GS may want to consider some “Did you know finance 101” pop ups in the wallet/app.
➡ The ability to use tech needs to be met with a tech approach to educate the user: “KYC (know your customer)” should carry over into creating and delivering value to the user.
#finance#tech#goldmansachs#apple