Apple and Goldman Sachs Crediting Some Customers Who Had Long Waits for Savings Withdrawal Requests

Some customers who had a poor experience with their Apple Savings accounts handled by Goldman Sachs are receiving one-time credits, according to an email received from MacRumors reader Michael, who made a withdrawal in May.

goldman sachs email credit
"The experience we provided for a withdrawal request you made for your Savings account in May did not meet our standards," reads the email. As a thank you, Apple and Goldman Sachs informed Michael that he would be receiving a one-time "goodwill credit" of $100 to his savings account.

It is not clear how many Apple Savings users have received these credits, but the bonus likely stems from issues that some customers ran into over withdrawal waits.

In June, a report from The Wall Street Journal suggested that multiple Apple Card customers were having trouble withdrawing money from their accounts, which are handled by Goldman Sachs. Some customers who transferred thousands of dollars were waiting for weeks for their money.

Goldman Sachs in a statement said that the issues had come up due to security processes designed to protect customer accounts. It is possible that customers triggered anti-money laundering alerts by transferring large amounts of money into a newly opened account.

"The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations. While the vast majority of customers see no delays in transferring their funds, in a limited number of cases, a user may experience a delayed transfer due to processes in place designed to help protect their accounts."

Affected customers complained of Goldman Sachs' customer service, indicating that they were receiving different information each time they called in to speak with the company.

Recent reports have suggested that Goldman Sachs is looking to end its partnership with Apple as it wants to cut back on its consumer business. Goldman Sachs is reportedly in talks with American Express about a potential takeover, but no deal has been reached.

Goldman Sachs recently extended its partnership with Apple through the end of the decade, but it has run into problems with the scale of Apple's business. Last year, for example, Goldman Sachs was subjected to an investigation by the U.S. Consumer Financial Protection Bureau after customers experienced long wait times for disputed transactions. Goldman Sachs was reportedly not prepared for the number of chargebacks that it had to deal with.

Apple uses Goldman Sachs for the ‌Apple Card‌, Apple Savings account, and Apple Pay Later features. Offered since April, the Apple Savings account is available to ‌Apple Card‌ holders, and it provides a 4.15 percent interest rate on Daily Cash and other deposits.

Top Rated Comments

TheYayAreaLiving ?️ Avatar
11 weeks ago
$100 Credit- I still don't like Goldman Sachs. First and foremost, they need to work on providing excellent customer service.
Score: 10 Votes (Like | Disagree)
MallardDuck Avatar
11 weeks ago
Well, that's one way to fend off the class action.
Score: 10 Votes (Like | Disagree)
Zc456 Avatar
11 weeks ago

one-time "goodwill credit" of $100 to his savings account.
Goldman Sachs: "Here, buy a new iPhone case."
Score: 9 Votes (Like | Disagree)
AtomicDusk Avatar
11 weeks ago
Wow, that's a heck of a surprise for those who get it! :)
Score: 6 Votes (Like | Disagree)
FelixDerKater Avatar
10 weeks ago
I don't think I have ever heard goodwill and Goldman Sachs in the same sentence.
Score: 5 Votes (Like | Disagree)
KaliYoni Avatar
10 weeks ago

spending spree
Ha ha! At Apple, a hundred bucks gets you:

5 polishing cloths
or
1 MagSafe battery pack
or
0.57 of a Mac Pro wheel
Score: 5 Votes (Like | Disagree)

Popular Stories

iphone se 4 modified flag edges

iPhone SE 4 Details: Action Button, USB-C Port, Face ID, and More

Wednesday September 27, 2023 1:34 pm PDT by
Significant changes are expected to arrive with Apple's fourth-generation iPhone SE, in terms of both design and hardware, MacRumors has learned. The iPhone SE 4, known internally under the codename Ghost, is expected to receive a new design derived almost entirely from the base model iPhone 14. According to our sources, the iPhone SE 4 will use a modified version of the iPhone 14 chassis...
iOS 17

Apple Releases iOS 17.0.2 and iPadOS 17.0.2 for All iPhones and iPads

Tuesday September 26, 2023 12:47 pm PDT by
Apple today released iOS 17.0.2 and iPadOS 17.0.2 updates, with the software coming five days after the releases of iOS 17.0.1 and iPadOS 17.0.1. Today's iOS 17.0.2 and iPadOS 17.0.2 updates arrive as build 21A351 and can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update. Note that iOS 17.0.2 was previously made available for iPhone...
iPhone 15 Pro Lineup Feature

Kuo: iPhone 15 Pro Overheating Issues Likely Due to Thermal Compromises, Not 3nm Node

Tuesday September 26, 2023 9:12 am PDT by
Complaints about heat issues with the iPhone 15 Pro models are not related to TSMC's 3-nanometer node that was used for the A17 Pro chip, according to well-respected Apple analyst Ming-Chi Kuo. Kuo says that overheating could be caused by "compromises made in the thermal system design" that allowed Apple to cut down on the weight of the iPhone 15 Pro models. Kuo says that the reduced heat...
iOS 17

Everything New in iOS 17.1 Beta 1

Wednesday September 27, 2023 1:57 pm PDT by
Just a week after releasing iOS 17, Apple has seeded the first beta of iOS 17.1 to developers. iOS 17.1 adds some features that Apple promised were coming to iOS 17 in the future, plus it refines and improves some existing features. This guide covers everything new in the first iOS 17.1 beta. Apple Music Favorites You can favorite songs, albums, playlists, and artists in the iOS 17.1...
macos sonoma 4

Apple Releases macOS Sonoma With New Widget Features, Safari Updates, Screen Sharing Improvements and More

Tuesday September 26, 2023 10:01 am PDT by
Apple today released macOS 14 Sonoma, the newest version of the operating system that runs on the Mac. macOS Sonoma has been in beta testing for several months, and it is compatible with the 2019 and later iMac, the iMac Pro, the 2018 and later Mac mini, the 2018 and later MacBook Pro, the 2019 and later Mac Pro, and the Mac Studio. The ‌macOS Sonoma update can be downloaded for free on...