Related Article: Transfer money from Savings to Apple Cash or your external bank account

My saving funds not available to transfer externally

Funds not available for external transfer

Posted on Jul 5, 2023 6:00 AM

Reply
8 replies

Jul 11, 2023 6:40 AM in response to MVarghese28

I had the same expereince. Here is what I learned from a lengthy chat with a GS specialist about transferring funds from Apple Savings to an external bank account. (This conversation did not cover transferring funds from Apple Savings to Apple Cash):


  • funds transferred to Apple Savings from an external bank account may be put on a 'transfer hold'. So even though the amount appears in your balance in Apple Savings it won't be available until the hold is lifted. (during that time your transaction status will show as "In progress" in the transaction details in Wallet)
  • transfer holds are placed on transaction amounts 'to ensure that the funds do not end up reversing to the [original] account because of the amount' after you withdraw them from Apple Savings. (To me this seems similar to a check deposit - you can deposit a check in your bank account, but typically you cannot withdraw the check amount until it has cleared, i.e. the bank has made sure the check won't bounce after you've already cashed out the amount
  • there is no specific amount limit that would trigger a transfer hold. The GS specialist said he's seen amounts as low as $1500 that were put on a transfer hold.
  • transfer holds typically take 5 business days, but can be up to 10 business days (this information is included in the transaction details in Wallet)
  • once all transfer holds are lifted you can withdraw up to your entire balance from Apple Savings. There are no restrictions.


I my case I had made four deposits from an external bank account over a few days. They all were on a transfer hold for five business days.


@Apple: The GS specialist was able to tell me the exact date when the hold was going to be lifted for each deposit. It would be a very helpful enhancement to include this information in the transaction details in Wallet. Currently it only states "Status: In progress".


I hope this helps!


Jul 11, 2023 12:12 PM in response to Thorological

That’s the issue. You entered the account numbers but didn’t go through a verification process. This basically is a requirement of the Patriot Act enacted after 9/11. It’s known as Know Your Customer (KYC) and it’s designed to help prevent money laundering, terrorism etc.


Without verification you can only transfer funds back to the source and the amounts may/will be an issue. Verification establishes ownership of the account etc. You can do it on both or one end or the other. If you verify the external account, you can use it to punch or pull funds to Apple Savings account. But if the transfer originates with Apple Savings, you must verify the account(s) with Goldman Sachs. Most of this is disclosed in the Apple Savings account terms and conditions, but there are certainly vague areas if someone is looking to be fully guided through the process.


The information you shared was useful to the community and I appreciate you sharing what you experience end and learned.

My saving funds not available to transfer externally

Welcome to Apple Support Community
A forum where Apple customers help each other with their products. Get started with your Apple ID.