Problems with the tech giant’s savings account. Serious customer complaints! By FXMAG UK

FXMAG UK – Barely a month after the launch of the Apple (NASDAQ 🙂 customer banking service, the first problems appeared. Users complain about difficulties accessing accounts and making transfers. The case was reported by The Wall Street Journal, which attempted to intervene in several cases.

• Apple, in association with Goldman Sachs (NYSE: NYSE), offers a high-interest bank account
• One month after the launch of the service, Apple customers are having trouble accessing the funds.
• The Wall Street Journal intervened in the case of clients who had money in their accounts.

Trouble Accessing Your Apple Savings Account!

Weeks after Apple and Goldman Sachs launched the new service, customers are reporting problems accessing their savings. It must be remembered that deposits of 1,000 million USD were collected in just 4 days.

Customers are encouraged by the interest rate of 4.15%, which is nearly 10 times the average yield offered by commercial banks in the United States. According to data from the Federal Deposit Insurance Corporation (FDIC), the current average yield is about 0.39%.

Apple customers ‘hallucinating the savings account model’: weeks to withdraw their money #crisiseconomica pic.twitter.com/THonGmiBcz

– Business TV (@egocios_tv) June 2, 2023

The online account has become very popular in the US, even in the face of controversy surrounding Big Tech’s attempts to expand into the banking sector. Although this isn’t Apple’s first financial service, attempts to break into a fairly tight sector have been met with mixed feelings. Marcin Czaplicki, an analyst and professor at the Warsaw School of Economics, noted that large-cap technology companies can easily build a competitive advantage due to their size and scope of work.

Problems reported by customers are not only related to accessing funds, but also to transferring funds between accounts. According to information provided by The Wall Street Journal, a user has not been able to make the transfer since May 15th. There are many similar stories on social networks. The Wall Street Journal also reports cases of failed transfers in which funds disappeared from the account but never reached the recipient.

Goldman Sachs responds to customer concerns

In response to the issues arising, Goldman Sachs said that a “limited” number of clients are experiencing difficulties. He also added that delays are usually due to strict measures designed to protect users.

“While the vast majority of customers do not see any delay in transferring their funds, in a limited number of cases, the user may experience a delayed transfer due to the measures in place to protect their account,” the bank said in a statement. ..

Note that a savings account is only available to people who use an Apple Card credit card. The account creation process is very simple and takes less than a minute. Apple does not specify a minimum balance requirement. In theory, customers can count on a high percentage and thus have free access to their savings