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The introduction of Apple’s savings account was a hit due to its favorable high-interest rate and convenient application. However, the image of the service was recently tainted by an issue reported by customers claiming to experience great trouble getting their money out of their accounts. In particular, complaints focused on transfer delays from an Apple savings account to another bank account. It seems Apple plans to partially address this by setting expectations and changing the transfer notice of the service in iOS 17.
iOS 17 has tons of new features and improvements. It is also filled with tiny detail changes in the system, including the transfer notice in the Apple Savings account’s Automated Clearing House transfer time. In iOS 16, the text details that transfer transactions “typically take 1-3 business days to complete.” However, Apple has changed it in iOS 17, which now says, “Funds are typically available for withdrawal by the 5th business day.”
There are no words from Apple explaining the change, but it follows the issue Apple savings account holders faced in June. According to those who shared their stories with Wall Street Journal, they experienced delays beyond the promised maximum three-day period for the service, with one claiming to wait for 17 days to receive the transferred fund. Worse, there was 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.
Goldman Sachs, the banking partner for Apple savings accounts, explained that the delays were part of the process to “protect” the accounts. Apple didn’t comment on the report but is aware of the issue. And as a response to the reported long delay times in the transfer process, it is making adjustments in iOS 17 through a new notice in the service.
This should allow Apple to clearly set the expectations of its Apple Card customers regarding the wait time. Yet, anyone would hope the longer fund transfer time is just temporary and that Apple and Goldman Sachs are making ways to remedy this issue. After all, the service is truly enticing: easy application process and high-interest rate. However, no one will dare use it in the future if they have to constantly wait for days just to receive their transferred funds.
