Apple Savings won’t allow me to withdraw ?

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.

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 transferred money from my local bank to Apple/Goldman Sachs savings. Initiated on the 17th, a Saturday. Local bank completed their part on the 20th (Monday Holiday). Goldman Sachs says it won’t be available until the 26th. So if I had an emergency and needed the funds immediately I’d be out of luck. Can’t help but think their must be some banking regulation being ignored here.

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.

Thanks for the informative post.

Have no idea how I missed reading about these terms and conditions. Like everyone else on the Planet I always read every word of contractual and licensing agreements when presented to me. :^)

It seems to me that the first deposit happened much quicker and I did expect this one to take a little longer due to the holiday.

In any case, I still wonder why an electronic transfer takes so long. Shouldn't it only take mere moments?

Isn't that one of the advantages hawked to us with the "paperless" bill payment?

Thank You again for the explanation.

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 had the same issue but worse and I would elaborate but they removed a post I made on another thread about the same Issue. Its absolutely ridiculous and they shouldn't be able to get away with this. I just ended up liquidating the entire savings.

Is there any way to opt out of this thread without blocking Apple support groups altogether? I didn't know it would continue on like this afterwards and my phone beeps whenever I get an email.

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

You’re welcome!

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

Great information! Thank you for the update and have a great weekend.

I suspect it’s a limitation of time requirement for the savings account. Depending on amounts trying to be transferred the methods/accounts, there may be limitations in your ACH transfers.