My Apple Pay was permanently locked today. They said it was because I failed to verify my identity. I was literally trying to set up my teenagers account. Called them and said it will be locked forever and ever. How is this ok?? I’ve read many, many post on here about this. Also out of the 3 I talked to, none of them even knew who verified it. Said it could be AI. So what are they doing with our 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.
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.
Apple Pay Permanently Locked
