I set up Apple Savings routing/acct nr with my bank and can now send money to Apple Savings from my bank. But from the iPhone Wallet, I my bank account still doesn't show and I cannot initiate anything from there. Calling Goldman Sachs results in hold times of at least an hour--but I gave up after that long twice and have no idea how long it would actually take to get this issue resolved.
David
iPhone 12
I think I can do that. What I would like to be able to do is to transfer funds to and from Apple Savings using the Wallet app in the iPhone. The account I want to use shows up in the phone, but it says that it cannot be used for Apple Savings transfers unless "verified." But nobody at Goldman Sachs verification answers the phone.
Your sentence is hard to understand, sorry. Would you please explain clearly what you’re struggling with? It’s unclear what you’ve verified and what your haven’t.
When I want to sent funds from my Chase Bank account, I open the Chase app, go to transfer funds section, enter and amount and account to send to and hit send. It’s in Apple Savings in just a few days. Is this what you’re trying to do?
They answer the phone, but their support team is stretched thin by setting up near 500,000 accounts in a little over 2 weeks. Since you have access to your funds and can transfer via your banks app or website, I’d suggest being patient and revisiting verifying you accounts in a couple of weeks when the dust settles a little.
Thank you. I'm sure you are right. I've now been on hold for the third time for over 50 minutes--only possible because I am working on other things while listening to their rather annoying hold music. I'll give up. It looks like they must know that there is no way they are going to be able to answer the phone and stop directing people to call the number they give out. Since they haven't done that, it's a bit hard for me to sympathize.
I set up verification for my Chase, Wells Fargo and 5/3 accounts by using their respective apps or websites. It took just a few moments to set each up and it works perfectly. Maybe consider doing something similar until the initial rush is over.
I had the exact same problem. I was on hold for more than 1 hour 3 different times & days. Today, I finally reached a real person at Goldman Sacks who did a 3 way Telephone call with the bank I want to use to fund the saving account as well as pay my Apple Card. They say they will verify in 24 hours. The whole process is pathetic and totally indifferent to "Apple" customers. The individual I spoke with was polite & tried to explain the need for this very awkward process. I am guessing that Apple/Goldman will improve this procedure, but it reflects poorly on both.
I set mine up as well. Took forever to get someone the first time to get my savings verified. Put me on hold for over an hour before I hung up. Second person got ahold of my bank and got my account verified. A week later still not able to, called in today and was told it was never verified. Placed back on hold before hanging up again after waiting for an hour. For such a huge company this is probably the worse process put in place.
Why are you persisting with the method that you find frustrating? Go at verification from the external bank. That’s what I did and I verified about 6 accounts in 30 minutes. I used either the banks app or website and verified my Apple Savings account. I did this with Chase, 5/3 Bank and Wells Fargo, in addition to 3 investment accounts. Now when I want to withdraw funds from Apple Savings I use my respective counts app or website. It’s the same when transferring funds to Apple Savings. I open up my bank app and transfer funds to Apple Savings. But for some reason everyone in this thread wants to do it the hardest way.
I did set up transfers to Apple Savings with my bank as Jeff suggested and it was fairly easy. But my bank will not permit me to transfer more than $5000 in any one day or $10,000 in any one month, which is a nuisance. I do not know if having Goldman Sachs "verify" my bank account would solve that problem. I asked my bank about that and they said I would need to call Goldman Sachs. Sadly, that is a non-starter.
In answer to your specific question >> I asked my bank about that and they said I would need to call Goldman Sachs. Sadly, that is a non-starter. << All banks are subject to the same federal regulations. However, a banks risk assessment and other factors play into availability of funds. One bank can’t overrule the limitations of another bank. Think of it as me telling your employer to give you a raise. That just doesn’t happen.
Bottom line? Read the fine print before you agree to things. If you don’t understand, ask an independent person that doesn’t have a financial stake in your decision. The internet is not a good source for that information, my opinion.
Banks have their own rules within federal regulations. They can also go further to limit their risk to fraud and money laundering. HYSA (Apple Savings account) is for accumulating wealth. Why are all these funds being transferred? have you ever looked at the limitations of a CD, T-Bill, or other HYSA’s? Apple Savings is not a checking account.
I don’t mean to sound like I’m chastising you, but I don’t understand what the inclination is to move all these funds around? Years ago when I got started in certain aspects of personal finances, it was easy. But money laundering and the advent of the internet made fraud and money laundering a >huge< issue. Certain events caused the US to enact the Patriot Act and enhance federal banking regulations. This is the world we live in today.
If I’ve offended you in any way, you have my sincere apologies.
Currently on hold for 2.5 hours. They really messed this up. Apple has where they’ll call you back. GS doesn’t so no choice but to sit here and listen to the same awful 4 songs on repeat. 🙄😒
verify identity for Apple Savings
