Holders of Apple Savings Accounts (which I wrote about when the company launched with Goldman Sachs in May) are reportedly having trouble withdrawing funds from their accounts. Customers who have requested withdrawals have reported waiting 2-4 weeks for their money to show up. In May, I called out in my analysis that even with a 4.15% interest rate that was “riches compared with the current savings-account average of 0.25%,” … “Apple’s deposit account agreement states that the bank requires seven days’ notice of withdrawal, so that should be considered for anyone wanting immediate liquidity.” Apple’s PR team disputed that at the time (although it came directly from the company’s agreement).

Goldman says the customer response to the product causes the delay and that most customers have not seen fund transfer delays. I assume some time for KYC/AML makes up for some of the lost time in transfer, but Apple needs to clarify that with consumers. Otherwise, people will assume that the company is making up for some interest with float time. Apple has the captive audience and banking ecosystem to get into banking more heavily, but the company needs to do it not so much with a heavy hand. Even with the savings account, consumers who want to open the accounts must first sign up for the Apple Card credit card (also issued through Goldman). This is a development worth keeping an eye on.