Some customers of Apple’s savings account have reportedly found it difficult to move their money out.
In one case, a customer who deposited $100,000 found it took three weeks to transfer it elsewhere, The Wall Street Journal (WSJ) reported Thursday (June 1).
Apple’s savings account was launched in April in partnership with Goldman Sachs.
Reached for comment by PYMNTS, a Goldman Sachs spokesperson said in a statement: “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. While we would not comment on specific customer interactions, we take our obligation to protect our customers’ deposits very seriously and work to create a balance between a seamless customer experience and that protection.”
Apple did not immediately reply to PYMNTS’ request for comment.
Customers told the WSJ that they have received differing instructions from Goldman Sachs customer service representatives when reporting problems, and that in some cases, their deposits have disappeared for a time.
Banking industry experts told the publication that the delays could be caused by the additional review required by anti-money laundering (AML) and other security rules when large transfers are made from new accounts — and all Apple accounts are new since they were launched in April.
One noted, however, that a delay of two or more weeks would be longer than that normally required by a bank’s due diligence, according to the report.
Apple debuted its Goldman Sachs savings account for Apple Card users April 17, saying in a press release that it offers users a “high-yield APY of 4.15% — a rate that’s more than 10 times the national average.”
The account also features no fees, minimum deposits or minimum balance requirements, and it can be managed directly from Apple’s Wallet.
“We’re very pleased with the initial response,” Cook said at the time.