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Apple Savings Account customers allege transfer withdrawal latency

The Apple Savings UI. (Source: Apple)
The Apple Savings UI. (Source: Apple)
Apple Savings has reportedly attracted about US$100 million in deposits since launching in the US in April 2023. Now, however, some of its customers have gone public with claims that trying to get their money out of the accounts in question took weeks in some cases, while others claim that their balances never updated following such a transaction. Is the Cupertino giant's consumer 'financial wellness' drive all that healthy?

Apple's Wallet business received an overwhelming boost on the launch of its "high-yield APY" (4.15%) Savings product with "no fees, no minimum deposits, and no minimum balance" (no financial advice). However, according to some of its clients, the Cupertino giant should also have disclosed a similar lack of customer service, support and transaction speed.

The Wall Street Journal (WSJ) has documented the experiences of Apple Savings user Nathan Thacker, who claims to have had a US$17,000 transfer from that account to another take over 14 days to complete. Similarly, another customer, Kevin Smyth, asserts that the service "is not ready for prime-time" as it will "hold your money hostage with security reviews", such as the one that inhibited his own US$10,000 transfer.

On that note, the WSJ does point out that transactions involving such relatively large sums of money could indeed be subject to increased scrutiny for anti-money-laundering (AML) purposes, thereby possibly also affecting the likelihood of their delay. 

Apple Savings' fintech partner Goldman Sachs has also responded to deposit-holder complaints by insisting that those who experience such transfer latency are in the minority. Nevertheless, some customers have reportedly also criticized the service provider's customer support, in terms of its quality and consistency.

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> Expert Reviews and News on Laptops, Smartphones and Tech Innovations > News > News Archive > Newsarchive 2023 06 > Apple Savings Account customers allege transfer withdrawal latency
Deirdre O'Donnell, 2023-06- 4 (Update: 2023-06- 4)