Apple Savings won’t allow me to withdraw ?

That’s covered in the Apple Savings Deposit Agreement. You can find a copy of it in Savings Account section of your Apple Card in your Wallet app. You can find it in Account Details > Terms & Conditions.

Here is what the Deposit Agreement states about availability of funds.

>> Funds Availability

This section explains when deposits to your Account are available for withdrawal.

DELAYED AVAILABILITY

To the extent we accept a check, we may delay the availability of funds. During the delay, funds will not be available for withdrawal, but interest will accrue and be paid on the deposit.

DAY OF DEPOSIT

Except as otherwise described in this Agreement, if we receive a deposit before 9:30 pm ET on a Business Day, that Business Day will be the day of your deposit. If we receive a deposit after 9:30 pm ET on a Business Day or on a non-Business Day, the deposit will be considered received on the next Business Day.

AVAILABILITY OF ACH TRANSFERS

Funds received by ACH Transfer initiated through Apple Wallet from a linked external account will generally be available 5 Business Days after you initiate the ACH Transfer, but may be available earlier.

Funds received by ACH Transfer initiated from an external account to your Account will generally be available on the Business Day we post the deposit.

AVAILABILITY OF APPLE CASH TRANSFERS

Funds received by Apple Cash Transfer will typically be available the same calendar day you initiated the Apple Cash Transfer.

AVAILABILITY OF CHECK DEPOSITS

Accepted checks will be subject to the funds availability timelines outlined in this Availability of Check Deposits section.

Special Checks

For U.S. Treasury or other government checks, certified checks, teller checks, and cashier’s checks (“Special Checks”), up to $5,525 will be available the next Business Day after the day of deposit, and the remainder on the sixth Business Day after the day of deposit, unless an exception applies.

Other Check Deposits

For checks other than Special Checks, up to $225 will be available the next Business Day after the day of deposit, and up to $5,525 will be available on the second Business Day after the day of deposit, unless an exception applies. Any remaining funds will generally be available on the sixth Business Day after the day of deposit.

Exceptions

Funds you deposit by check may be delayed for a longer period if:

• You are a new customer;

• You deposit a single check or multiple checks totaling more than $5,525 on any one day;

• You redeposit a check that has been returned unpaid;

• Your Account is repeatedly overdrawn;

• We believe the deposit will not be paid; or

• There is a business interruption, such as failure of computer or communications equipment.

We will notify you for any of the above reasons and tell you when the funds will be made available, which is generally no later than the sixth Business Day after the day of deposit.

Page 9/15 Goldman Sachs Bank USA. Member FDIC.

New Customers

For purposes of this section, you are generally considered a new customer during the initial 30 calendar days after you make your first deposit in your first account you open with us. You will not generally be considered a new customer, however, if you already have an account open with us at the time you open a new account. For new customers depositing checks other than Special Checks, up to $225 will be available the next Business Day after the day of deposit and the remainder will be available on the sixth Business Day after the day of deposit, unless an exception applies.

We’ll consider a check deposit received on the day it arrives at the address for Check Deposits listed at the beginning of this Agreement subject to the above availability of funds. <<

If you need additional assistance please contact Goldman Sachs Bank.

CONTACTING — Goldman Sachs Bank 

Using Messages; chat with an Apple Card specialist 

Call toll-free at 877-255-5923; or

Write to: Goldman Sachs Bank, Lockbox 6112, P.O. Box 7247, Philadelphia, PA 19170-6112.

Actually, the banking regulations are being complied with. Apple Savings account and any other High Yield Savings Account (HYSA) are different than regular savings accounts. They are meant to be used for the accumulation of wealth, not the distribution of wealth. They operate under different federal banking regulations from the usual savings account you’re familiar with. An example would the banks ability to restrict the number, size and frequency of distributions/transfers. Goldman Sachs does not have a limit on the number, size and frequency of ACH transfers to an external account.

Let’s look at the specifics of your distribution. You started your distribution on Saturday, 17th of June. ACH transfers do not start/end on a non-business day. So, your transfer started on Tuesday, 20th of June (Monday was a holiday/non-business day). ACH transfers can take up to 5 business days. The earliest your transfer will complete is June 26th, but possibly not until the 27th (5th business day). These are the terms and conditions you agreed to when you opened your account. There is nothing in the transfer that is unethical or violation of federal law or statute.

I agree that emergency funds should be available immediately. Putting them in a HYSA may be a poor choice if there is not a means of getting quick access to part of the funds. Goldman Sachs has that covered. If you have a verified Apple Cash account, you can transfer up to $10,000 immediately for no fee. In total you can transfer no more than $20,000 in any 7 day rolling period. This allows you to withdraw a total of $20,000 within a little over 24 hours. If you think you need to plan for a higher amount for an emergency, keep the necessary funds in a local account and take the loss on interest in return for the convenience of have funds available sooner.

Today is the 8th business day and I do see the funds have been put back to the Apple Savings account. The status is "declined" and no longer in "pending..."

That's a relief.

Lesson learned: The money should be withdrawn to the same account from where it was funded. Not to any connected and verified account but to the same funding account. The only problem with that is the funding account may not be in your name. So, I guess that's where the apple cash work around comes in where you first move the apple savings funds to apple cash and then get it out to any account that may not necessarily be in your name.

I reviewed the Deposit Agreement again and I think the pertinent section is below.

>> AVAILABILITY OF ACH TRANSFERS

Funds received by ACH Transfer initiated through Apple Wallet from a linked external account will generally be available 5 Business Days after you initiate the ACH Transfer, but may be available earlier. <<

I suspect your transfer was ACH. In the future you may be able to work around the delay by depositing funds to Apple Cash and then to Apple Savings.

Just as a point of reference and not meaning to be argumentative, you’ve provided very little useful information to help others and your experience and others posting are isolated and not the norm.

The Terms & Conditions you agreed to clearly state a transfer can take up to 5 business days and transfers after 9:30 AM ET will be transferred starting the next business day. So, if you’re request for transfer was after 9:30 AM you transfer started the Wednesday the 14. The 17, 18 are not business days and the 19th is a holiday. So, basically you should have your funds no later than 21.

So, your statement that Goldman Sachs can’t be trusted seems incorrect and what can’t be trusted is people that don’t read and understand the terms & conditions of financial accounts they open.

On a personal note, I’ve transferred funds between multiple accounts using Goldman Sachs and had no issues. But, then again I read and understand the terms and conditions I agree to.

I just moved the money to Apple Cash and from there back into my checking account as a way to get around this

Have you verified any of your accounts you're trying to transfer funds to or from? Have you verified your Apple Cash account?

Identity verification for Apple Card or Apple Cash - Apple Support

Just had an absolutely ridiculous experience where Apple Savings wouldn't let me withdraw to one of the bank accounts on file as it wasn't the account the funds originally came from. They said the account hasn't been verified that I'm the owner (I have two bank accounts I use to pay my Apple Card), despite the fact that I pay the Apple Card from the same account.

In short, Apple is willing to take my money to pay my card but not actually return my funds to that bank account.

The customer service rep said Apple Card and Apple Savings are two different things, to which I explained it's in the same app to the consumer and Savings and Card are all in the same place as an end user.

Very un-Appley and disappointing.

There should be a option that says to use Apple Cash

Same experience as the above. Just called both my external bank and Apple Savings. External bank doesn't see any incoming transfers and they can't do anything to help. Apple Savings rep told me if the withdrawal is not successful by the 6th or 7th business day it will reverse and put the money back into your Apple Savings account. I'm hoping this is true and will wait another couple days.

Thought I would share in case it helps anyone else.

You’re welcome. I’m always glad to share my knowledge and experience.

It’s simple, but not easily understood.

ACH transfers are free, but they take longer. The entire process of transferring funds takes time and has expenses. What expenses? Having employees, infrastructure (space, servers, electricity, employee benefits etc.) is costly. Many financial institutions will absorb fees but the time is much slower and piggy back on other transfers. A HYSA offers higher interest rates because transfer of funds >may< be restricted in regard to length of time, frequency and other restrictions (read your T&C to learn restrictions). So, in essence, longer time of transfer may result in lower fees.

There are other factors at play as well. Since 9/1, Patriot Act, banks need to restrict transfer of funds to reduce terrorism, money laundering and other crimes. These restrictions are federal banking regulations. Plain and simple. It’s not something a chat or phone to customer support can do. Why does customer support tell me something different? They are sympathetic to your circumstances and want to help. That is what they are trained to do. But occasionally they are misinformed, and over promise what a higher support level may accomplish.

If you’re interested in further information please Google >Know Your Customer<. The Wiki article and others provide a more in depth explanation of what goes.

Is this more than you ever wanted know? More than likely and I’m sorry for being verbose at your expense. Hopefully, members in the future will search this topic and learn what is going on.

If I can be of any further assistance, please reply.

I also got denied a transfer from my Apple Savings into my Apple Cash, which was supposed to be used to pay my Apple Card balance. Just got off the phone with a "Goldman Sachs agent" -- well, actually 3 agents and then my wanted to transfer me to a 4th. They claimed my transfers were denied because the money from Apple Savings would need to transfer out back to my originating source (my bank checking account), not go into Apple Cash. They asked why I was withdrawing money, I said to pay my Apple Card, they said I could pay my Apple Card with my Apple Savings, but that is not a payment option when paying my Apple Card. Trying to confirm that I would need to request a withdrawal from Apple Savings to my bank checking account, the "agent" said the would need to call my bank to confirm I was the account holder--which seems so darn scammy!! It would've been the exact same originating account that already caused the denial of withdrawal into Apple Cash because it wasn't the originating funding source (which would have been my bank checking account). This whole thing feels very sus, very fishy, very bad. Why can't I pay my Apple Card with my Apple Savings? Why can't I transfer my Apple Savings into my Apple Cash to pay my Apple Card? Why would Goldman need to verify my bank to authorize a withdrawal from my Apple Savings into the same bank account where some of my Apple Savings deposits originated? When the banking info is exactly the same from the originating account to the withdrawal account?!?? This feels like something not good is happening.

This (as far as I know) is purely an ongoing issue with Goldman Sachs. We have been waiting for a week for a transfer we initiated on 13 June 2023. Millions of telephone calls and chats on their app have been useless and they are giving us the runaround since the very beginning. They even refuse to send us an acknowledgment of the transfer request via email or any other means. DO NOT TRUST GOLDMAN SACHS.

Yes, ACH transfers have a 5 business day wait period for access to the funds.