CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures

[pizzadude]

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 Apple Card users.

The CFPB found that Apple failed to send tens of thousands of consumer disputes of Apple Card transactions to Goldman Sachs, and when Apple did send disputes to Goldman Sachs, the bank did not follow numerous federal requirements for investigating the disputes.

Apple and Goldman launched Apple Card despite third-party warnings to Goldman that the Apple Card disputes system was not ready due to technological issues. These failures meant that consumers faced long waits to get money back for disputed charges, and some had incorrect negative information added to their credit reports

CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures | Consumer Finan...

[GZG]

it's a shame goldman was so incompetent as a consumer banking division, the apple card's approval process is so beautiful, every application process should be like that 

[cashorcharge]

I've had 2 disputes on my card.  The first was about 2 years ago and they handled it TERRIBLY....it was both messy and frustrating in dealing with them.  Ultimately, it was resolved and my dispute stood as I had requested and the vendor was charged back.  Most recently, I did another 2 months ago and it was seemless so they've appeared to get their act together.

Wonder if I'll see anything as a result.  I'll report back if I do...

[NoMoreE46]

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@cashorcharge wrote:

I've had 2 disputes on my card.  The first was about 2 years ago and they handled it TERRIBLY....it was both messy and frustrating in dealing with them.  Ultimately, it was resolved and my dispute stood as I had requested and the vendor was charged back.  Most recently, I did another 2 months ago and it was seemless so they've appeared to get their act together.

Wonder if I'll see anything as a result.  I'll report back if I do...

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Yes

My dispute in 2023 was easy though the amount was small ($12).

https://ficoforums.myfico.com/t5/Credit-Cards/Sharing-disputed-transaction-Apple-Card/td-p/6716790

[Snook_on_the_Line]

Shame on apple and gs for launching a product that wasn't all the way cooked.     

who do they think they are?

tesla?

[USMCOne]

If you read up on it they also did this in a very very Apple way ... the no interest offers according to CFPB did not appear if you were not using Mac OS's Safari Browser