Not too long ago, it was reported that some Apple Savings customers were having difficulty withdrawing funds from their accounts. Apple Savings is a new Fintech feature provided by Apple (NASDAQ:AAPL) and powered by Goldman Sachs (NYSE:GS). The service offers a relatively high-interest rate for users – today at 4.15% and is available to Apple Card users.
A report by Macrumors indicates that for customers who experienced an extended delay in retrieving funds are now being credited with a $100 “goodwill credit” to their accounts. Apple is well known for its superlative customer service, and an act like this draws a contrast to traditional banks, which are known for horrible customer service.
As shared by an Apple Savings user, Apple stated:
“The experience we provided for a withdrawal request you made for your Savings account in May did not meet our standards.”
Goldman Sachs has commented on the glitch stating that a limited number of individuals have experienced delays due to AML/KYC protocols that are “designed to help protect their accounts.”
Apple may now be considered one of the largest Fintechs in the world. Its established user base of over a billion devices with a high degree of loyalty and providing more financial services make a lot of sense. Partnering with Goldman means Apple does not have to hold a bank charter to provide its services. At the same time, there have been reports that Goldman is struggling to monetize the relationship. Some rumblings indicate part of the problem is that Apple Card users pay off their entire balance at the end of the month, meaning Goldman is not benefiting from high credit card interest rates.
Goldman will announce quarterly results tomorrow, which should provide more insight into its relationship with Apple.
