Apple Card Customer Service Woes Responsible for Goldman Sachs Regulatory Probe
The popularity of the Apple Card caused Apple partner Goldman Sachs to struggle to deal with customer service issues, according to a new report from CNBC. The problems have in part led to a Goldman Sachs investigation by the U.S. Consumer Financial Protection Bureau (CFPB).
Goldman Sachs was subject to more disputed transactions than it had anticipated, with customers seeking chargebacks for products and services. When a customer asks for a chargeback, Goldman Sachs must follow regulations to reach a resolution within an acceptable timeline, and apparently failed at doing that. A source that spoke to CNBC said that customers were provided with conflicting information or were subject to long wait times.
Apple Card business created long queues that needed to be cleared out, and Goldman Sachs was unprepared. There was no streamlined process in place for resolving customer complaints.
The bank hadn't initially accounted for what insiders deemed "edge cases," or situations that break from the norm among the vast majority of transactions, they said.
"We were making the case that we have a seamless way to dispute transactions," the source said. "But we got no credit for the front end, and we had some failures on the back end."
The CFPB is now examining how Goldman Sachs handled customer refunds, billing error resolution, refunds, reporting to credit bureaus, and more. Regulators are looking into customer complaints from the past several years, many related to attempted chargebacks. Goldman Sachs has now devoted more resources to automating additional parts of the chargeback process, and it is cooperating with the CFPB inquiry.
Popular Stories
Apple is about to release iOS 26.2, the second major point update for iPhones since iOS 26 was rolled out in September, and there are at least 15 notable changes and improvements worth checking out. We've rounded them up below.
Apple is expected to roll out iOS 26.2 to compatible devices sometime between December 8 and December 16. When the update drops, you can check Apple's servers for the ...
Intel is expected to begin supplying some Mac and iPad chips in a few years, and the latest rumor claims the partnership might extend to the iPhone.
In a research note with investment firm GF Securities this week, obtained by MacRumors, analyst Jeff Pu said he and his colleagues "now expect" Intel to reach a supply deal with Apple for at least some non-pro iPhone chips starting in 2028....
Apple is actively testing under-screen Face ID for next year's iPhone 18 Pro models using a special "spliced micro-transparent glass" window built into the display, claims a Chinese leaker.
According to "Smart Pikachu," a Weibo account that has previously shared accurate supply-chain details on Chinese Android hardware, Apple is testing the special glass as a way to let the TrueDepth...
Apple today seeded the second release candidate version of iOS 26.2 to developers and public beta testers, with the software coming one week after Apple seeded the first RC. The release candidate represents the final version iOS 26.2 that will be provided to the public if no further bugs are found.
Registered developers and public beta testers can download the betas from the Settings app on...
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models at the same time, which is why we often get rumored features months ahead of launch. The iPhone 18 series is no different, and we already have a good idea of what to expect for the iPhone 18 Pro and iPhone 18 Pro Max.
One thing worth...
Apple's chipmaking chief Johny Srouji has reportedly indicated that he plans to continue working for the company for the foreseeable future.
"I love my team, and I love my job at Apple, and I don't plan on leaving anytime soon," said Srouji, in a memo obtained by Bloomberg's Mark Gurman.
Here is Srouji's full memo, as shared by Bloomberg:I know you've been reading all kind of rumors and...
Apple's senior vice president of hardware technologies Johny Srouji could be the next leading executive to leave the company amid an alarming exodus of leading employees, Bloomberg's Mark Gurman reports.
Srouji apparently recently told CEO Tim Cook that he is "seriously considering leaving" in the near future. He intends to join another company if he departs. Srouji leads Apple's chip design ...
Apple and Google are teaming up to make it easier for users to switch between iPhone and Android smartphones, according to 9to5Google. There is a new Android Canary build available today that simplifies data transfer between two smartphones, and Apple is going to implement the functionality in an upcoming iOS 26 beta.
Apple already has a Move to iOS app for transferring data from an Android...
Apple today announced that Fitness+ is expanding to 28 new markets on December 15 in the service's largest international rollout since launch, accompanied by new language dubbing and a K-Pop music genre.
Apple Fitness+ will become available in Chile, Hong Kong, India, the Netherlands, Singapore, Taiwan, and additional regions on December 15, with Japan scheduled to follow early next year....
You'd expect things to be starting to wind down for the holidays by now, but that doesn't seem to be the case yet in the world of Apple news, with Apple just about ready to release iOS 26.2 and other operating system updates to the public.
There was also a flurry of news this week about Apple executive departures, some expected and some not so expected, while we also learned that Apple and...
