Apple Savings Account customers allege transfer withdrawal latency

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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WSJ

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