Skip to comments.'You're keeping our life savings hostage!' Apple customers struggle to access their cash - one month after the tech giant launched its competitive savings account with Goldman Sachs
Posted on 06/01/2023 8:54:02 PM PDT by algore
Apple customers have complained they are struggling to access their savings - just over a month after it launched its high-yield account.
The tech giant unveiled its new savings product in partnership with Goldman Sachs that offers a 4.15 percent interest rate - around 10 times the average yield offered by mainstream banks.
Reports suggest it attracted as many as $1 billion in deposits four days after launching.
But now savers are reportedly having trouble accessing their funds - or transferring cash between accounts.
Nathan Thacker, who lives outside Atlanta, told the Wall Street Journal he had been trying and failing to transfer $1,700 from his Apple account to JPMorgan Chase since May 15.
He only received the funds after the WSJ intervened.
Social media is littered with similar stories of savers unable to get their hands on their money.
Kevin Smyth, from Minnesota, tweeted Apple Chief Executive Tim Cook last week and wrote: 'Was your plan to partner with a bank that holds people’s life savings hostage?'
Smyth had been trying to transfer $10,000 from his Apple account to US Bank on May 16.
Although Goldman Sachs has since resolved the issue, Smyth has decided to drain his $200,000 savings from his Apple account and moved it back to American Express.
Another Twitter user wrote: 'Do not setup direct deposit using savings account by Apple.
'You may not see that money for 3-4 weeks based on my experience. Let them have the nickels and dimes and nothing else.'
The Wall Street Journal reported that some customers saw their money vanish as it was removed from their Apple account but did not make it to the bank they were trying to transfer it to.
Goldman Sachs said the difficulties were being faced by a 'limited' number of customers.
(Excerpt) Read more at dailymail.co.uk ...
I don’t have the Apple Savings account, but I earn “Apple Cash” on percentages purchased with the Goldman Sachs card. When the amount gets large enough, I’ll spend it on something. I tried to buy some coffee pods online with about $45 in Apple Cash. They deleted the money from the card, I never received the coffee, the coffee company told me there was no record of a purchase being made, I showed them screenshots of said purchase (I always screenshot online purchases), they said too bad, so sad … so since they wouldn’t send me the coffee, I asked if they would reimburse me the Apple Cash. “If it was on the credit card we would, but since there is no way to reimburse cash that already existed (meaning it was not credit debt, but electronic cash) there is no way to do that.”
It turns out that all the glitters in not gold.
Keep your money in your mattress.
“They deleted the money from the card”
“They” meaning Goldman Sachs and/or Apple Pay, would be whom to contact. Sounds like.
They must have failed their social credit scores.
New cars in just a few short years will be required to allow remote shutoff. It has already been proposed and is waiting on congress to pass.
Imagine the accidents that will happen. Imagine on vote day the cars in conservative areas not able to get to the polls as they all had car trouble.
In Arizona nearly 60% of the tabulation machines were tampered with in conservative areas and failed on that day. There is video of this showing the people doing this.
No need to imagine as it happens all the time now with smart meters that remote control your electric usage like a/c and heat.
The utility raises the temp in your home or lowers the temp in the winter.
Rented Bike Locks Up Mid-Ride, Illustrating Our Draconian Future
The bike video may be humorous to those who enjoy seeing their fellow humans suffer in embarrassing ways, but the rider could have easily been killed over pennies. That’s for a bike. What about automobiles that are tracked for mileage to make sure you aren’t making too big of a carbon footprint? Or refrigerators that have more meat in it than we’re allotted by government?
We’ve talked ad nausea about the risks of Central Bank Digital Currencies. As Woods pointed out, what if wrongthink gives government an excuse to shut off your accounts?
Wait until they turn off your electric car or your electric air-conditioning, or empty your electronic funds.
Getting it yet?
U.S. treasury notes are a much better deal anyway, 6- or 12-month.
My local credit union is offering 4.75% on 12 month certificates, plus a $75 bonus for every 10,000 increment. 5.75% on 36 month certificates, but no bonus cash. And I can easily take my money out if I need to.
The trust in the banking system is now eroding. All banks could do this on a whim or on order from a criminal government.
I hope these people realize that any major brokerage house will sell CDs which have interest rates in the 5 to 5.3% range for periods as short as 5 weeks.
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