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IPFS News Link • Central Banks/Banking

Apple's new savings bank refusing to let customers withdraw cash:

•, by: Ethan Huff

It has been one month since Apple launched its new savings account service with Goldman Sachs, and customers everywhere are reporting that they are having trouble accessing their cash.

After attracting more than $1 billion worth of deposits in the first four days of launch, Apple has apparently restricted withdrawals and transfers. One man named Nathan Thacker, who lives outside of Atlanta, told The Wall Street Journal that he has continually tried but failed to transfer $1,700 from his Apple account to his JPMorgan Chase account.

Thacker tried to contact Goldman Sachs numerous times about the issue, only to be told to wait a few days for things to clear. It wasn't until The Wall Street Journal intervened on Thacker's behalf that he was finally able to access his own cash on demand.

Another man named Kevin Smyth, from Minnesota, expressed similar complaints but directly to Apple CEO Tim Cook via Twitter. He asked: "Was your plan to partner with a bank that holds people's life savings hostage?"

In Smyth's case, he had been trying to transfer $10,000 from his Apple account to U.S. Bank ever since May 16. When he was finally successful after a lengthy battle with Apple and Goldman Sachs, Smyth drained his entire $200,000 life savings from Apple and moved it back to American Express.