Apple Card Customer Disputes In The Thousands Has Forced A Government Agency To Fine Both Goldman Sachs And Apple Over $89 Million In Penalties

The volatile relationship between Apple and Goldman Sachs has not done either entity any favors, even though their partnership resulted in the inception of the Apple Card. A government agency believes there was an influx of unresolved customer disputes because the technology giant failed to send them to its banking partner. When those disputes were sent, Goldman Sachs did not follow the recommended requirements to investigate them. In short, the technological issues that came with the Apple Card, followed by the negligence of both companies, have forced the Consumer Financial Protection Bureau, or CFPB, to issue a cumulative penalty of over $90 million.

Customers were reportedly waiting significantly long periods for their dispute charges to be refunded, resulting in their credit scores being negatively affected

The government agency has put out a statement below, mentioning that third parties had warned Goldman Sachs ahead of the Apple Card launch that the technological infrastructure to tackle the disputes was insufficient. Given that Apple sells millions of devices in the U.S. alone, it was only a matter of time before the Apple Card was daily driven by thousands, and that is where the problem manifested. Additionally, the Cupertino firm was called out by CFPB, saying that it misled customers into believing that they get interest-free payment plans.

“Today, the Consumer Financial Protection Bureau (CFPB) took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of…