How does Apple Cash get to keep my money??

Banks are federal and state regulated. The identity verification is a federal regulation. The bank doesn’t have to enforce the regulation until you reach an aggregate of $500 of transfer sent and received (total).

Depending on if you account is restricted or locked will determine the disposition of the funds. If restricted, you’ll be able to transfer the funds to your associated bank account. If locked, the funds will be sent to your state’s unclaimed funds account. You’ll be able to file a claim with the state once they receive them. This is usually around 6 months or so.

Why can’t the bank tell me what’s going on? Among the many regulations they must follow are regulations pertaining to the Bank Secrecy Act and the Patriot Act. The bank secrecy act literally prevents the bank from disclosing details.

The range of violations can run from not being able to accurately identify you to more serious activities, such as money laundering. I’m just presenting a range of possibilities, not accusing, just providing examples.

I’m happy to answer any additional questions and more information is available in the terms and conditions I linked to below.

https://applecash.greendot.com/termsconditions/

This is a bank regulation that has nothing to do with Apple. Apple Cash is administered by Green Dot Bank and is required to follow the same regulations as all other banks. The US has required banks to operate under the Bank Secrecy Act, regulations in the Patriots Act and also provide a customer identification program to prevent money laundering.

You are correct that the bank cannot tell you any information as it is against the law. It is apparent there is a problem with your verification and that could be for a number of reasons or an investigation into your transactions that violate the Terms to use the Apple Cash card. Just as Apple is not a bank, Android is not a bank either, so comparing the 2 of them when it comes to banking regulations is useless.

You can learn more about the KYC (Know Your Customer) laws and SAR( Suspicious Activity Reports) along with the regulations that banks follow here. It really has nothing to do with Apple.

https://www.occ.treas.gov/topics/supervision-and-examination/bsa/index-bsa.html

https://en.wikipedia.org/wiki/Know_your_customer

https://bsaaml.ffiec.gov/manual/AssessingComplianceWithBSARegulatoryRequirements/04

Not sure your situation or why your identity cannot be verified. Always make sure the information you provide is accurate and is not being used by any other user. If you send/receive money from a party that is being investigated, you too may be investigated as well. When sending cash to individuals through messages, it cannot be for commercial services or restricted transactions such as cryptocurrency.