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's annual four-day Black Friday through Cyber Monday shopping event is returning on Friday, November 28 through Monday, December 1 in many countries, including the United States, Canada, Australia, New Zealand, France, Germany, Italy, Spain, the United Kingdom, Belgium, the Netherlands, Sweden, Thailand, and others.
During the shopping event, customers can get an Apple gift card with...
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 provided developers with the third beta of an upcoming iOS 26.2 update, and there are still new features that are being added with each beta that we get. We've rounded up all of the changes that Apple made in beta 3.
AirDrop
Apple added new AirDrop functionality, providing a way for two people to share files temporarily without having to add one another as contacts.
iOS 26.2...
Apple today announced an expansion of AppleCare+ coverage in India, with new options for monthly and annual plans, and the addition of Theft and Loss for iPhone for the first time.
Options for monthly and annual AppleCare+ plans in India provide more choice and flexibility, allowing users to keep coverage for as long as they require. Apple's vice president of Worldwide iPhone Product...
Apple's eighth-generation iPad mini is highly likely to arrive next year, offering a significant refresh of the device with at least four major new features.
OLED Display
The next-generation version of the iPad mini could feature an OLED display, as part of Apple's plan to expand the display technology across many more of its devices. Apple's first OLED device was the Apple Watch in 2015, ...
A new study has revealed that the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air achieve significantly faster average Wi-Fi speeds compared to the iPhone 16 series, thanks to Apple's custom-designed N1 chip.
The study was conducted by Ookla, the company behind the popular Speedtest website and app. It said the results are based on global, crowdsourced Speedtest user data...
iOS 26.2 is currently in beta testing. The upcoming update includes a handful of new features and changes on the iPhone, including a new Liquid Glass slider for the Lock Screen's clock, offline lyrics for Apple Music, and more.
In a recent press release, Apple confirmed that iOS 26.2 will be released to all users in December, but it did not provide a specific release date.
Keep reading...
In select U.S. states, residents can add their driver's license or state ID to the Wallet app on the iPhone and Apple Watch, providing a convenient and contactless way to display proof of identity or age at select airports and businesses, and in select apps.
Starting this Wednesday, November 19, the feature will be available to residents of Illinois.
The announcement confirmed that the...
We're getting closer to Black Friday, which lands next week on Friday, November 28. In the lead-up to the shopping holiday, we're tracking a few lowest-ever prices on Apple's most popular Macs, including the M4 MacBook Air and brand new M5 MacBook Pro.
Note: MacRumors is an affiliate partner with some of these vendors. When you click a link and make a purchase, we may receive a small payment,...
Apple Watch owners have been voicing their frustration online over changes to the Workout app that Apple introduced in watchOS 26, with many finding the redesigned interface makes starting exercises difficult and exasperating.
When Apple launched watchOS 26 in September, the Workout app went from large, easily tapped workout tiles to a scrolling, corner-button interface. Instead of tapping a ...
