Say I wanted to take 15,000 out of my Apple savings account for a downpayment on a house. Not an unlikely scenario.
Are there any limits on how much money you can withdrawal from the Apple savings account? If so, what are they?
iPhone XS, iOS 14
Hi, there is not specific dollar amount you can transfer to a verified account. Did you verify with Goldman Sachs your account? If not, that will generate a delay. Any transfer over $10,000 requires special verification and forms to be completed per Federal banking regulations and the Patriot Act, enacted after 9/11.
You can transfer $10,000 to a verified Apple Cash account every day, but not more than $20,000 in a 7 day rolling period. This is the easiest way to transfer smaller amounts of funds. I suggest transferring amounts slightly under $10,000 so as not to trigger special reporting requirements that might delay the funds transfer.
Happy to answer additional questions.
https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf
Hi, there is not specific dollar amount you can transfer to a verified account. Did you verify with Goldman Sachs your account? If not, that will generate a delay. Any transfer over $10,000 requires special verification and forms to be completed per Federal banking regulations and the Patriot Act, enacted after 9/11.
You can transfer $10,000 to a verified Apple Cash account every day, but not more than $20,000 in a 7 day rolling period. This is the easiest way to transfer smaller amounts of funds. I suggest transferring amounts slightly under $10,000 so as not to trigger special reporting requirements that might delay the funds transfer.
Happy to answer additional questions.
https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf
This is incorrect, I have been trying to transfer from Apple Savings to Apple Cash. The first attempt, almost 2 weeks ago, worked, and was $2500. The second attempt, today, was declined by Apple Cash twice in a row, and was $1500. The amounts are under the limits in the terms and conditions, it just doesn't work.
https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf
I read through the above doc and it only mentions limitations for Apple Cash Transfers. For external account I did not see a number being mentioned.. Maybe others could chime in.
Apple Cash Transfers
You may deposit or withdraw funds from your Account into or from Apple Cash. Transfers must be at least $1.00 and can be
no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. We may place additional limits on
the amount and frequency of transfers for the security of your Account.
Yes, it was from when Apple Savings account was first introduced. There are primarily 2 ways to transfer funds out of Apple Savings, ACH transfers and instant transfers to Apple Cash. Apple Cash, definitely has limits and they are stated in the terms and conditions for the account.
Apple Cash transfers are instant (usually within 30 minutes) and free. You can transfer no more than $10,000 in a day to Apple Cash and no more than $20,000 in any 7 day rolling period. Transfers over $10,000 are subject to reporting to IRS and are not permitted per the terms and conditions.
ACH transfers will generally take 1 to 3 business days. New customers should expect transfers to take 5 to 7 business days. There is not a specific limit (other than $250,000 deposit limit) but transferring large sums may come under additional scrutiny and require a delay. This is typical for HYSA. If a high speed, near instant transfer is a high priority, use low/no interest accounts that support wire transfers and other near instant transfers, but for a fee and have additional fees associated with the account.
https://www.goldmansachs.com/terms-and-conditions/Deposits-Account-Agreement.pdf
There are >New Customer< exceptions to the transfer rules, but I wouldn’t think that the transfer your describe would be an issue. Please call Goldman Sachs for clarification on your issue. Apple Support Communities does not have access to your personal or financial information.
CONTACTING — Goldman Sachs Bank
This answer is not accurate. I transferred 2400 out of apple savings to apple cash, and two weeks later attempted to do the same, but for $1500 (of which I had more than covered in savings) and apple cash declined the transfer every time I tried, even though I had more than enough left to meet the account requirements in savings.
HI Jeff, if this fits this subject, what about transferring larger amounts (over $10,000) out of Apple Cash into my bank (credit union) account, where it originally came from?
I've looked but cannot find the limit, if there is one, from Apple Cash to a bank or credit union
Unsure how rio delete this post so I placed it bellow in my first post
Apple savings account withdrawal limits?
