Yoodley is reader-supported. When you buy through links on our site, we may earn an affiliate commission.
Apple and Goldman Sachs are giving customers a one-time $100 credit due to the unfavorable long wait times for their transfers using the Apple Savings account. The credit is confirmed through a mail from the two companies, which admitted that the experience “did not meet our standards.”
It is unknown how many customers have received the letter or what Apple and Goldman Sachs’ criteria are for this. Nonetheless, the letter shared reads that the credit is specifically meant to compensate for the bad experience.
“The experience we provided for a withdrawal request you made for your Savings account in May did not meet our standards,” the letter reads. “Thank you for your patience while we completed our internal reviews. We are making a one-time goodwill credit of $100 to your Savings account as a courtesy to you for this experience. You will see this deposit in Wallet as ‘Adjustment-Credit.’”
The issue started months ago, with Wall Street Journal sharing the stories of customers who had to wait weeks to receive the transfers they made using Apple Savings. According to the report, the delays exceeded the promised maximum three-day period for the service, with one customer claiming to wait 17 days to receive the transferred fund. There was reportedly also a case where the fund seemingly vanished during the process, with the balance not appearing in the source savings account nor in the receiving external bank account.
The delays are believed to be triggered by large amounts of money transfers. Goldman Sachs explained also said that the delays were part of the process to “protect” the accounts. And although Apple didn’t comment on the matter, the company made adjustments to the maximum 3-day transfer time details of the service. In the beta version of iOS 17, a change can be spotted in Automated Clearing House transfer time, which now says, “Funds are typically available for withdrawal by the 5th business day.”