Apple Card Customer Service Woes Responsible for Goldman Sachs Regulatory Probe
The popularity of the Apple Card caused Apple partner Goldman Sachs to struggle to deal with customer service issues, according to a new report from CNBC. The problems have in part led to a Goldman Sachs investigation by the U.S. Consumer Financial Protection Bureau (CFPB).
Goldman Sachs was subject to more disputed transactions than it had anticipated, with customers seeking chargebacks for products and services. When a customer asks for a chargeback, Goldman Sachs must follow regulations to reach a resolution within an acceptable timeline, and apparently failed at doing that. A source that spoke to CNBC said that customers were provided with conflicting information or were subject to long wait times.
Apple Card business created long queues that needed to be cleared out, and Goldman Sachs was unprepared. There was no streamlined process in place for resolving customer complaints.
The bank hadn't initially accounted for what insiders deemed "edge cases," or situations that break from the norm among the vast majority of transactions, they said.
"We were making the case that we have a seamless way to dispute transactions," the source said. "But we got no credit for the front end, and we had some failures on the back end."
The CFPB is now examining how Goldman Sachs handled customer refunds, billing error resolution, refunds, reporting to credit bureaus, and more. Regulators are looking into customer complaints from the past several years, many related to attempted chargebacks. Goldman Sachs has now devoted more resources to automating additional parts of the chargeback process, and it is cooperating with the CFPB inquiry.
Popular Stories
Apple's next-generation iPhone 17 Pro and iPhone 17 Pro Max are less than three months away, and there are plenty of rumors about the devices.
Apple is expected to launch the iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max in September this year.
Below, we recap key changes rumored for the iPhone 17 Pro models:Aluminum frame: iPhone 17 Pro models are rumored to have an...
Apple is developing a MacBook with the A18 Pro chip, according to findings in backend code uncovered by MacRumors.
Earlier today, Apple analyst Ming-Chi Kuo reported that Apple is planning to launch a low-cost MacBook powered by an iPhone chip. The machine is expected to feature a 13-inch display, the A18 Pro chip, and color options that include silver, blue, pink, and yellow.
MacRumors...
In 2020, Apple added a digital car key feature to its Wallet app, allowing users to lock, unlock, and start a compatible vehicle with an iPhone or Apple Watch. The feature is currently offered by select automakers, including Audi, BMW, Hyundai, Kia, Genesis, Mercedes-Benz, Volvo, and a handful of others, and it is set to expand further.
During its WWDC 2025 keynote, Apple said that 13...
Apple hasn't updated the AirPods Pro since 2022, and the earbuds are due for a refresh. We're counting on a new model this year, and we've seen several hints of new AirPods tucked away in Apple's code. Rumors suggest that Apple has some exciting new features planned that will make it worthwhile to upgrade to the latest model.
Subscribe to the MacRumors YouTube channel for more videos.
Heal...
Apple is planning to launch a low-cost MacBook powered by an iPhone chip, according to Apple analyst Ming-Chi Kuo.
In an article published on X, Kuo explained that the device will feature a 13-inch display and the A18 Pro chip, making it the first Mac powered by an iPhone chip. The A18 Pro chip debuted in the iPhone 16 Pro last year. To date, all Apple silicon Macs have contained M-series...
Popular accessory maker Anker this month launched two separate recalls for its power banks, some of which may be a fire risk.
The first recall affects Anker PowerCore 10000 Power Banks sold between June 1, 2016 and December 31, 2022 in the United States. Anker says that these power banks have a "potential issue" with the battery inside, which can lead to overheating, melting of plastic...
Chase this week announced a series of new perks for its premium Sapphire Reserve credit card, and one of them is for a pair of Apple services.
Specifically, the credit card now offers complimentary annual subscriptions to Apple TV+ and Apple Music, a value of up to $250 per year.
If you are already paying for Apple TV+ and/or Apple Music directly through Apple, those subscriptions will...
As part of its 10-year celebrations of Apple Music, Apple today released an all-new personalized playlist that collates your entire listening history.
The playlist, called "Replay All Time," expands on Apple Music's existing Replay features. Previously, users could only see their top songs for each individual calendar year that they've been subscribed to Apple Music, but now, Replay All...
