is anyone aware of the limits on amount or frequency of withdrawals from apple high yield savings accounts? i see the note about $20,000 transfer/withdrawal limit every rolling 7 days, but it also says more limits may apply.
All financial institutions in the US are subject to federal regulations. Financial institutions use various means of detecting fraud, money laundering etc. as required by law. Deposit $200,000 into a brand new account and then 4 or 5 days later transfer it to another account and it will trigger a hold on the funds. Banks are required by law to do this. The terms and conditions of Apple Savings account are state this (not in so many words), but the wording is vague and on purpose. Why so vague? The federal laws are vague on what should trigger a hold. Specific time frames, specific amounts and other factors used to detect fraud are not stated.
The restrictions/limits stated below are not exclusive to Apple Savings accounts, but apply to all US based accounts.
Here is wording from the Apple Savings Depositor Agreement,
>> HOW DEPOSITS AND WITHDRAWALS MAY BE MADE
Deposits and withdrawals are subject to limitations specified in this Agreement. In addition to any of the limitations specified in this Agreement, we may further restrict or limit your ability to make or receive transfers when we reasonably believe there may be fraudulent, suspicious, or illegal activity on or impacting your Account. <<
>> We may reverse any ACH Transfer to or from your Account without prior notice to you at any time as permitted by NACHA Operating Rules. We may reverse any provisional credit to your Account for which final payment is not received. <<
If you need additional clarification, please contact an Apple Savings account specialist at Goldman Sachs Bank,
CONTACTING — Goldman Sachs Bank
All financial institutions in the US are subject to federal regulations. Financial institutions use various means of detecting fraud, money laundering etc. as required by law. Deposit $200,000 into a brand new account and then 4 or 5 days later transfer it to another account and it will trigger a hold on the funds. Banks are required by law to do this. The terms and conditions of Apple Savings account are state this (not in so many words), but the wording is vague and on purpose. Why so vague? The federal laws are vague on what should trigger a hold. Specific time frames, specific amounts and other factors used to detect fraud are not stated.
The restrictions/limits stated below are not exclusive to Apple Savings accounts, but apply to all US based accounts.
Here is wording from the Apple Savings Depositor Agreement,
>> HOW DEPOSITS AND WITHDRAWALS MAY BE MADE
Deposits and withdrawals are subject to limitations specified in this Agreement. In addition to any of the limitations specified in this Agreement, we may further restrict or limit your ability to make or receive transfers when we reasonably believe there may be fraudulent, suspicious, or illegal activity on or impacting your Account. <<
>> We may reverse any ACH Transfer to or from your Account without prior notice to you at any time as permitted by NACHA Operating Rules. We may reverse any provisional credit to your Account for which final payment is not received. <<
If you need additional clarification, please contact an Apple Savings account specialist at Goldman Sachs Bank,
CONTACTING — Goldman Sachs Bank
monthly limits on withdrawals from high yield savings account
