TECH NEWS – A security review has prevented money from moving between accounts.

The Wall Street Journal wrote about Kevin Smyth’s story. Several users reported that they could not transfer money from their Apple Card Savings account to their bank account a few days ago. Smyth would have moved $10,000 but was unsuccessful because the process was under review.

Smyth wanted to transfer that amount to his bank account to remodel his basement, but the transaction failed. For some, it took a week to complete the transfer, but a day can seem like a long time for someone with a life-changing need for money. Smyth put $200,000 on Apple’s service, which offered a 4.15% annual percentage yield, so it might seem like a safe long-term investment to put that much money away, but then he might rightly ask WTF when the transfer he requested doesn’t happen…

Smyth then contacted Goldman Sachs, but the firm first told him to ask his US bank, then told him the transaction had stalled due to a security check. Smyth tweeted Apple CEO Tim Cook on May 25, asking if they teamed up with the bank to sit on the consumer’s savings. After completing the transaction, Smyth took the $200,000 he held on his Apple Card and transferred it to American Express. That way, even if he loses the annual return, he can access his money in seconds…

Apple has not yet commented on the case, but Goldman Sachs has stressed that some kind of security check is necessary for such large sums. Still, the two firms might have expected that wealthier users (who can then afford Apple products) would start using the service because of the lucrative returns. Still, they should rethink the policy, as Smyth’s story could be a cautionary tale.

Source: WCCFTech