Apple and Goldman Sachs ordered to pay $89 million after Apple Card failures
CNN
The US Consumer Financial Protection Bureau ordered Goldman Sachs and Apple to pay $89 million, and Goldman was temporarily banned from issuing new credit cards, because of the companies’ mishandling of their Apple Card partnership. The failures left customers with unresolved charge disputes and, in some cases, incorrect credit reports.
The US Consumer Financial Protection Bureau ordered Goldman Sachs and Apple to pay $89 million, and Goldman was temporarily banned from issuing new credit cards, because of the companies’ mishandling of their Apple Card partnership. The failures left customers with unresolved charge disputes and, in some cases, incorrect credit reports. Apple neglected to send tens of thousands of Apple Card disputes to Goldman Sachs, the CFPB said. When Apple did inform Goldman of disputes, “the bank did not follow numerous federal requirements for investigating the disputes,” according to the CFPB. The government watchdog said the companies launched their credit card initiative prematurely, even as third parties warned them that the disputes system wasn’t ready for prime time because of tech problems. “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,” the CFPB said in a statement. The CFPB also found that the companies misled customers about interest-free payment plans for Apple gadgets, including the iPhone. The purchases were not free of interest. Goldman was fined $45 million and will have to pay customers $20 million in redress. Apple was fined $25 million.
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