Apple’s high-yield savings account faces consumer concerns
Apple’s collaboration with Goldman Sachs to introduce a high-yield savings account made waves when launched earlier this year with a 4.15% APY. However, the HYSA product has hit a speed bump as consumer concerns have arisen about account accessibility and customer service.
Yahoo! Finance reports that some users have been unable to access their money. Many reported experiencing long wait times for transfers from their Apple accounts to another account. Bank and credit union transfers usually take a few days, yet some customers claimed they waited several weeks.
Customer service agents at Goldman Sachs provided inconsistent advice on the issue and in some cases, customers’ funds disappeared from their Apple accounts without appearing at their destination. This issue has caused significant frustration and confusion among affected Apple customers. A report on MSN.com cited at least one consumer who closed their Apple HYSA account in favor of other savings account products after the experience.
Within the first week of its April 17 debut of the High Yield Savings Account product, 240,000 accounts were opened, with over $1 billion deposited by customers in just four days, according to a New York Post article.
Goldman Sachs explains that new accounts and transfer of larger amounts are subject to extra scrutiny for security and anti-money laundering, causing delays, but claims that customer response has been excellent, according to the article.
Lauren Culp is the Publisher & CEO of CUInsight.com, the host of The CUInsight Network podcast, and an accomplished speaker and facilitator for credit union events across the globe.
