Loading...
Apple and Goldman Sachs: Your Dispute? More Like “Dispute Denied!”
Folks, it seems our friends at Apple and Goldman Sachs, the dynamic duo behind the Apple Card, have been caught with their hands in the proverbial cookie jar. The Consumer Financial Protection Bureau, or CFPB as the cool kids call it, just slapped them with a hefty fine for what they’re calling “Apple Card failures.” Turns out, all that sleek design and minimalist marketing couldn’t hide some good old-fashioned customer service screw-ups.
Remember that “Report an Issue” feature in the Wallet app? Apparently, reporting an issue was more like sending your complaint into a black hole. Apple, it seems, wasn’t always passing those disputes on to Goldman Sachs, especially if you didn’t fill out their extra-special form. And even when they did, Goldman wasn’t exactly Sherlock Holmes when it came to investigating. The result? Tens of thousands of disputes ignored, customers wrongly blamed for bogus charges, and credit reports taking a hit.
But wait, there’s more! Remember those enticing “interest-free” payment plans for Apple gadgets? Turns out, “interest-free” was more like “interest-free-if-you-jumped-through-these-obscure-hoops-and-used-Safari.” Thousands of folks thought they were dodging interest charges, only to find out they were racking up debt faster than you can say “new iPhone.” And if you thought getting a refund would fix things, think again. Goldman Sachs was apparently playing a little shell game with refunds, applying them in ways that maximized interest charges for customers. Sneaky, sneaky.
The CFPB found that Apple and Goldman violated the U.S. Consumer Financial Protection Act and the U.S. Truth in Lending Act – fancy ways of saying they weren’t exactly playing fair. Apple’s getting a $25 million fine, and Goldman’s coughing up $65 million, some of which will go to the poor souls who got scammed.
Now, Apple’s saying they “strongly disagree” with the CFPB’s findings. They’re committed to “fair and transparent financial products,” they claim. But actions speak louder than words, folks. And in this case, the actions are saying, “We got caught, but we’re still gonna pretend we’re the good guys.”
So, what’s the takeaway? Well, maybe it’s time to take a closer look at that shiny Apple Card. And if you’ve had a dispute with them, maybe it’s time to dig it up and see if you got a fair shake. Because when it comes to big tech and big finance, it seems like the customer isn’t always right.
From the sales floor to the critic's corner, I'm a former Apple Sales Specialist who's not afraid to tell it like it is. Get my honest takes on the iPhone, Mac, and everything Apple. | Los Angeles, California.
