Friday, June 2, 2023

No Bank Runs Here: "Apple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts" (GS; AAPL)

From the Wall Street Journal, June 1:

Some say it has taken weeks to withdraw their money and that the bank’s instructions have differed

 Apple’s savings account, a partnership with Goldman Sachs, launched in April to great fanfare. Some customers say it has been hard to get their money out.

Nathan Thacker, who lives outside Atlanta, had been trying to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Each time he called Goldman’s customer service department, he said, he was told to give it a few more days.

The money arrived in his Chase account Thursday morning, he said, after The Wall Street Journal contacted Goldman about his and other customers’ experiences.

Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said. Sometimes, their money appeared to have simply vanished, not showing up in their Apple account or in the account they were trying to move it to.

Goldman said it couldn’t comment on specific customers, but added that “we take our obligation to protect our customers’ deposits very seriously.”

“The customer response to the new savings account for Apple Card users has been excellent and beyond our expectations,” the bank said in a statement. “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.”

On brand-new accounts, like Apple’s, transfers that make up a large share of the overall balance can trigger anti–money-laundering alerts or other security concerns that require additional review, according to people in the AML field. Those delays usually last five or so days, they said....


Ahhh, the old "Your 1700 bucks is under AML review" ploy.

Why didn't Silicon Valley Bank think of that?
(because they weren't Goldie, duh)