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I paid $5500 on my Apple Credit Card. My iCloud automatic reoccurring charge is $10.59 and is being declined. I called customer service and was told I paid such a large amount on the balance they need to hold it for 10 days. But the bank has paid Apple the $5500. Tell me how this isn’t stealing? This is insane.
Most banks hold payments. I’ve got a 47 year credit history, 800+ FICO score and accounts with about a dozen+ different banks. Only 3 banks instantly credit my accounts. It’s some bank’s algorithm, including Goldman Sachs, and it’s the standard business practice of other banks.
In your case you made unusually large payment and the algorithm flagged it. You’re assuming that just because the funds don’t show in your account GS has received them. That’s a false assumption. The funds typically take 5 to 7 calendar days to reach the bank. If your account becomes overdrawn at anytime in the next 30 days, your bank can demand the return of funds from GS. These are federal regulations.
Hopefully you can start to see the risk banks take in instantly crediting a payment to your account. When did you open your Apple Card account?
I called customer service and they said they have the moment but are holding it. Then I discovered that Apple/Goldman Sachs has recently been ordered to pay consumers for a serious of consumer violations. I didn’t assumed anything. I’ve made large payments before there is no reason to take money from my bank account and tell me they have it but won’t credit it for 10 days. And I paid this last Thursday. I’ve never had this happen.
I’m making no assumptions, just asking questions, so I can learn more about the situation.
Having an open account for 4 years is very good. When was the last time you made a $5500 or larger payment? Please don’t take this the wrong way, but just asking, have you ever had a late payment or a payment returned? Not assuming, just going over factors that affect the algorithm.
What is your average monthly payment over the last 6 months?
I’ve never had a late payment or a payment returned. I spoke to customer service and they said I paid an unusually large amount so they are holding the payment. I always pay a large amount at the end of the year if I’ve been carrying a large balance. It’s unethical what they are doing and there are several people in this forum who’ve experienced the same issue. If they have the money in their account they need to credit it. I’ve already file a complaint.
There’s nothing unethical, in my personal opinion. Are you reading what I write? You’re not answering questions I’ve asked.
>>When was the last time you made a $5500 or larger payment?<<
>>What is your average monthly payment over the last 6 months?<<
>>That’s a false assumption. The funds typically take 5 to 7 calendar days to reach the bank. If your account becomes overdrawn at anytime in the next 30 days, your bank can demand the return of funds from GS. These are federal regulations.<<
Same here. My fund got hold for 10 days. I am being punished for THEIR mistake. I once canceled my payment to change the amount and they incorrectly marked it as failed. I chatted with CS, this is their response:
“I do see they were cancelled, since these payments are received by an automated system it did mark them as failed which caused this delay.”
I’ve had my card for four years and you are making a lot of assumptions about me.
Have you called the Goldman Sachs Apple Card support team and requested to talk to a supervisor? This may qualify for a manual override or an additional escalation.
Thanks for the suggestion. I just tried. There is nothing they can do about it. I used to have instant credit. But it’s no longer the case now.
Apple Credit Card Holding Payments for 10 days
