Delayed posting of Apple Card Payments

Apple is not a bank. It does not receive your funds. Apple Card MasterCard is a co-branded credit card , just like Hilton, Marriott, American Airlines etc, are not banks but have credit cards issued and serviced by a bank.

Goldman Sachs has various ways to pay a monthly statement and specially state in their terms and conditions that not using Apple Wallet to establish a payment method will be considered a non-conforming method of payment. This includes paying by check, paying by cash, paying by various forms of bill payment services, which includes the Chase Bank EFT method.

EFT includes several types of electronic payment methods, including ACH (Automatic Clearing House). EFT payment are usually instantaneous. However, my understanding is Goldman does not accept instant EFT payments for Apple Card. They will accept ACH transfers. Can you confirm Goldman Sachs accepts instant EFT transfer for Apple Card payments?

ACH generally takes 1 to 3 business days. The funds are transferred via the Federal Reserve Banking system. Neither Chase nor Goldman Sachs control the transfer of the funds. The actual transfer usually starts the day after transfer is initiated. If you initiated the transfer on the 26th of June, it probably started the 27th. Your payment would have to have completed the next day to be credited to your account. The 29th and 30th of June were the weekend and the Federal Reserve System is closed.

Moving forward, have you talked to Goldman Sachs and asked for a one time exception and forgiveness for the late payment and interest charge? That would be your first option.

I’m sorry you are disappointed in Apple and I’m very sure that Apple appreciates your patronage and loyalty over the last 42 years. In full disclosure, I’m a former Apple retail employee and I’m just wanting to explain the process and the whys and hows it happened. I do have a lot of experience in the financial field and just wanted to try to help you and community members that may read this post in the future. I’m happy to answer any questions you may have.

Apple or Goldman Sachs will not read your comments. I’ve listed their contact information below.

CONTACTING — Goldman Sachs Bank 

• Using Messages; chat with an Apple Card specialist

• Call toll-free at 877-255-5923

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

Corporate Address

Apple

One Apple Park Way

Cupertino, CA 95014

(408) 996–1010

Apple will not respond to feedback left at the link below but promises to read all submissions.

Feedback - Apple Pay - Apple

You paid in the wallet on your phone, correct? Those payments are typically applied right away but may take 1-3 days to clear. Other payments are non-conforming and while they may be applied, there is no guaranteee of acceptance or when the payment is applied right away

Your welcome!

You and I are similar age, so I can relate. Unfortunately, Apple Card is anything but a traditional credit card. It really wants everything done through the iPhone. This exclusivity means some of the traditional services like setting up bill pay, home finances/budgeting are lacking or only seem to be a tacked on after thought.

As a strategy moving forward, I wouldn’t mention canceling the card in your telephone conversation with GS regarding interest charges. Closing an account is something banks don’t like to see. Either way it doesn’t hurt your credit.

You’ll also be paying residual interest on any unpaid account balance starting July 1. Interest compounds daily on all credit cards.