User profile for user: durable weasel
durable weasel Author
User level: Level 1
4 points

Verifying an external bank account to use with Apple Savings account

This process has not worked at all for me. Via my external bank app I initiated verification by supplying the Apple Savings account routing and account numbers. That should have resulted in two small deposits from the external bank into the savings account, totaling $0.99, followed by $0.99 being withdrawn back out. The $0.99 withdrawal appeared in Apple Wallet almost immediately, but the deposits never appeared. That was 7 days ago. I contacted my external bank and they confirmed both the deposits and the withdrawal.


So (1) I cannot verify the external bank account without knowing the two deposit amounts and (2) my savings account is down by $0.99 since there was a withdrawal with no corresponding deposits.


Apple Savings account (Goldman Sachs) phone support seems to be completely useless. I've now spoken to them 4 times and had trouble even getting them to understand the problem. Finally they appear to have given up and want me to speak to their "Specialty" department who, not surprising, seem to be so swamped that it is just a continuous hold process. Not even close to expectations for service from Apple.

Posted on May 1, 2023 8:29 AM

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User profile for user: durable weasel
durable weasel Author
User level: Level 1
4 points

Posted on Jun 9, 2023 5:09 AM

After initially saying that it was a problem with the external bank, Apple refunded the $0.99 to my savings account. That didn't fix the verification problem, of course. A week later I tried again, and this time the deposits did show up. That allowed me to verify the Apple account to the external bank, so I could initiate deposits and withdrawals from the external bank. The external account still showed up as unverified at the Apple end, however.


So I called Goldman Sachs again, explaining the new situation. At that point I was told that the verification had to be done manually by them, by calling my external bank. What followed was a remarkable example of inefficiency. The GS rep phoned my bank directly, then brought me in on a 3-way conference call so that I could answer various security questions to prove my identity to my bank, following which the account was verified. Then the process was repeated for a different external bank that I use, even though that one appeared to be already verified. It took at least 30 minutes on the phone, but now both accounts are verified.


When I asked the GS rep if they were having to do that for all customers, she said that they mostly (often?) were.

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User profile for user: durable weasel
durable weasel Author
User level: Level 1
4 points

Jun 9, 2023 5:09 AM in response to davidrdenardo

After initially saying that it was a problem with the external bank, Apple refunded the $0.99 to my savings account. That didn't fix the verification problem, of course. A week later I tried again, and this time the deposits did show up. That allowed me to verify the Apple account to the external bank, so I could initiate deposits and withdrawals from the external bank. The external account still showed up as unverified at the Apple end, however.


So I called Goldman Sachs again, explaining the new situation. At that point I was told that the verification had to be done manually by them, by calling my external bank. What followed was a remarkable example of inefficiency. The GS rep phoned my bank directly, then brought me in on a 3-way conference call so that I could answer various security questions to prove my identity to my bank, following which the account was verified. Then the process was repeated for a different external bank that I use, even though that one appeared to be already verified. It took at least 30 minutes on the phone, but now both accounts are verified.


When I asked the GS rep if they were having to do that for all customers, she said that they mostly (often?) were.

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User profile for user: Theedge15
Theedge15
User level: Level 1
8 points

Jul 3, 2023 1:59 PM in response to durable weasel

Same run around for me except that GS and my financial institution are in a battle to see who has the stronger security protocols. Neither will give in so I cannot link the two accounts to allow withdrawals from GS to transfer to my bank, even though I am able to easily transfer money the other direction, in to GS, from that same account. My next option is to try and transfer from Apple Savings to Apple Cash and then to my bank. What a cluster!

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User profile for user: Jeff Donald
Jeff Donald
User level: Level 8
44,574 points

Jul 3, 2023 3:10 PM in response to Theedge15

I’m not going to elaborate but just say, my experience has been. I verified my external accounts (5) within the first week and have had no issues transferring funds both ways using my external account to initiate the transfer.


Granted, my experiences have been different than yours, and I appreciate everyone sharing their experiences. I’m not looking for an argument, but if this were a rampant issue, these public forums would be littered with negative posts and comments. However, it’s not overrun with those comments. There are isolated posts reporting issues, but in reality that’s to be expected during a product launch.


Again, not here to debate the issue but after 40 years experience with credit cards, banks, trusts, life insurance etc. My expectations were different through the launch. I liken to going to a hospital and discovering there’s nothing but sick people here. The difference? Hardly any sick people here.


Sorry for everyone’s past experiences and for voicing my opinion. I hope everyone has a great holiday tomorrow.

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Verifying an external bank account to use with Apple Savings account

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