Apple Customers Say It's Hard To Get Money Out of Goldman Sachs Savings Accounts...
source link: https://apple.slashdot.org/story/23/06/02/1735235/apple-customers-say-its-hard-to-get-money-out-of-goldman-sachs-savings-accounts
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Apple Customers Say It's Hard To Get Money Out of Goldman Sachs Savings Accounts
Apple's savings account, a partnership with Goldman Sachs, launched in April to great fanfare. Some customers say it has been hard to get their money out. From a report: Nathan Thacker, who lives outside Atlanta, had been trying to transfer $1,700 from his Apple account to JPMorgan Chase since May 15. Each time he called Goldman's customer service department, he said, he was told to give it a few more days. The money arrived in his Chase account Thursday morning, he said, after The Wall Street Journal contacted Goldman about his and other customers' experiences. Others said they also had trouble transferring money from their new Apple accounts. Customer service representatives at Goldman, which holds the deposits, sometimes gave differing responses about what to do, they said. Sometimes, their money appeared to have simply vanished, not showing up in their Apple account or in the account they were trying to move it to. [...] On brand-new accounts, like Apple's, transfers that make up a large share of the overall balance can trigger anti-money-laundering alerts or other security concerns that require additional review, according to people in the AML field. Those delays usually last five or so days, they said. It can also be a red flag when a customer tries to transfer a large amount of money from a newly opened savings account into an account that is different from the one where the money originally came from.
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need to pay that 30% fee to move funds!
From what we're seeing in the various forums, a LOT of people are thinking of this like a checking account. They expect quick withdrawals, with some even demanding the card be able to pull out cash at an ATM. That's not what a savings account is. While you should be able to get it transferred in a couple days (it's generally 1 business day in my own experience with Goldman Sachs other savings product Marcus), it shouldn't be something you're pulling from all the time. The idea is to leave the money there an
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I have a savings account and I can transfer money in and out just as fast as my checking account, but I don't do any business with big banks. I switch to credit unions after my bank got bought out twice before I could move my money away.
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Presumably, you then moved your money away *after* they were bought out, so the point you're making here is what?
My initial bank account was with Perpetual, which was sold to Crestar, which was bought by SunTrust, which just merged with BB&T to become Truist. I've *never* had any problems accessing my funds before, during and/or after those changes.
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For much of modern history, a savings account has been easy to pull money from, generally into a checking account and often nearly instantly.
I guess you have been well trained to lower your expectations.
There are other savings like accounts that may have penalties attached if you withdraw too much too soon, but if you're willing to accept the penalty the withdrawal can be done instantly. But they also pay much higher interest.
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Not so
Savings and "money market" accounts at a lot of banks historically offered higher rates of interest, but came with strings like transfers typically only were processed daily (unless it was an intra-bank transfer, ie savings -> checking) and usually there was some limit on non-deposit transaction per month before fees were incurred or interest forgone. These were often "pass book" accounts and I don't think many banks still offer them because they are not competitive.
However with the recent spike in
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You say not so, then back my claim noting you had no problem at all from small bank to large bank.
In the '70s a savings account typically paid 5.25% interest.
They did their processing batch style on a mainframe. It may have taken a day to reconcile their accounts, but they would make the funds available at the speed of an actually answered phone call.
That started going away when federal regulations allowed them to tear down the chinese wall between investment and retail banking.
It was boosted by the S&L
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Huh? I have always been able to use my savings account instantly.
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Don't worry, it's just an ifan trying to justify their perfect perception. If there was a few days delay, the smart thing to do would have been to simply say so... but Apl has the reputation of " if something broke, pretend like nothing happened" (see: batterygate, app crashes)
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Savings accounts have had various constraints on frequency or new-funds-age of withdrawals. That was generally made fairly clear when one had to be at a bank branch desk to open an account, but it is now (if still in force) buried in some pile of mouse-type boilerplate that changes at bank whim. The 70s nomenclature for checking accounts was DDA: Demand Deposit Account, versus "time account" for savings. Bite into an Apple, get a worm.
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I've never heard of a savings account where you can't withdraw money quickly. At a bank, at an ATM, or on-line. Unless you're triggering anti-money laundering events, usually by moving more than $10,000, it would be absurd to think you can't get quick access to money in a savings acount.
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Moving more than 10k shouldn't necessarily trigger anti money-laundering either. It will require a CTR if cash but electronic transfers of that amount are common.
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"It shouldn't be super simple to access [your money]." - WankerWeasel
Slashdot never fails to deliver the comedy, lol.
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That has never been my experience with any bank. The whole point of a savings account is you have easy access to that money as compared to other investments, with the tradeoff being you earn lower interest than you would with those other types of investments.
We've had a Chase Bank checking account for many years. We recently (during the past few months) inherited some money and opened a new savings account there. In three different transactions, we've subsequently transferred a significant portion of that m
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Well, yes. Transfers that don't go through an inter-bank clearinghouse can happen instantly. Between two banks it doesn't usually fully settle for 2-3 business days.
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I transfer stuff between Chase and USAA quite often, and unless it's the weekend it always happens same-day.
Regardless, many of the complaints in TFA are not inter-bank - they're simply trying to move money from Apple Savings to Apple Checking.
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> The idea is to leave the money there and not touch it. It shouldn't be super simple to access.
These 2 sentences are orthogonal.
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Or I could continue using my interest-bearing savings account I currently have, that allows me to move funds instantly with my phone app to either my checking account, or through regular payment networks via the mastercard number applied to the account.
This is pretty standard, and the fact that it can take you two weeks to get your money where you need it means it's an unviable product. I could beat that by putting the money in a fucking index fund, and I'd probably see better returns too.
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In Australia for the last few years interbank online transfers have been instantaneous. It seems to US banking system is way behind the times. There is no need for a savings account to be any different to any other account type.
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