Automatic fraud protection is set up to make Apple Savings withdrawals easier.

Apple's first customer savings account

After a tumultuous period between Apple and Apple, Goldman Sachs Card Partner Handling Withdrawals Apple Savings customers, the problems seem to be largely resolved by weakening fraud protections.

Shortly after the launch of Apple Savings, many customers complained that it was difficult or impossible to withdraw money from a high-interest savings account. It's been relatively quiet on this front for several months — but it is clear that Goldman Sachs has addressed at least some of the systemic issues causing the problems.

A report from The Information published late Friday claims that automated fraud detection systems are now less likely to flag low-volume transactions to an external account. In addition, Goldman Sachs has also reduced the number of days it says a transaction must take and is said to be communicating better with consumers when problems arise, rather than not telling clients at all and instead allowing time go your own way.

An Apple Savings customer representative mentioned in the report says transfers shouldn't take weeks or months, but if they do, the system flags a large transfer because the bank is wary of unauthorized users. This problem is said to be partially alleviated by a three-way call between the call center, the customer and the bank chosen for the withdrawal.

After the April launch, the saga began with a report in June. Nathan Tucker said he had been trying to withdraw $1,700 from his Apple Savings account to his JPMorgan Chase account since May 15. However, when he called Goldman Sachs customer service, he was told the money would be in his account shortly. some more days.

The money was finally credited to his account on June 1, more than two weeks after he initiated the transfer.

Tucker wasn't the only one who noticed problems. Some clients said that when a transfer is initiated, the money seems to disappear. The missing money did not appear in their Apple account or in the bank account they were trying to transfer it to.

In another example, on May 16, a Minnesota man attempted to transfer $10,000 from his Apple account to a US bank. The money was flagged for security checks and was left in limbo until the check was completed.

Goldman Sachs then officially stated that most clients do not see any delays. However, those who do see them because of the behind-the-scenes processes that have been put in place to protect customer accounts.

New accounts, such as those opened by Apple Card holders, may trigger anti-money laundering alerts. Transfers must then be manually approved. On average, such delays take about five days.

Delays were longer for those who transferred money to an account different from the account from which the money originally came.

Yet, despite this, Apple Savings has succeeded. The first week of Apple Savings proved the strength of the Apple ecosystem, with more than 240,000 new accounts created and nearly $1 billion in deposits made.

It's unclear how strong the relationship between Apple and Goldman Sachs is, beyond the contractual one. Goldman Sachs is reportedly looking to exit the Apple Card and Apple Savings deal.

In August, Apple Savings deposits reached $10 billion.

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