Goldman Sachs BANNED! The Shocking Story Behind Apple’s Latest Credit Card Disaster...

Welp, it looks like Apple and Goldman Sachs just took a fat “L” to the tune of $89 million. Turns out their shiny partnership with the Apple Card wasn’t as “on fleek” as their branding would have you believe. Which is why now, the Consumer Financial Protection Bureau (CFPB) is making them pay up for misleading customers and botching basic transaction disputes.Oof. 

(Source: Giphy) 

In short, the CFPB came knocking on Apple and Goldman’s doors this week to slap Apple with a $25 million hit, while Goldman’s looking at a $45 million bill, plus another $19.8 million in refunds and discounts for customers who got caught up in this mess. The worst part (for Goldman)? The CFPB has temporarily banned them from issuing new credit cards LOL. 

(Source: CNN) 

So wth happened, you ask? Well, apparently, Apple wasn’t sending thousands of customer disputes about Apple Card transactions over to Goldman for investigation. And when Goldman finally did get the disputes, they apparently couldn’t be bothered to follow federal rules on how to handle them. You know, just minor details like actually looking into the friggin disputes.

(Source: The Washington Post)

But, but, but… wait, because there’s definitely more. You see, both companies also misled customers about those hidden in fine print interest-free payment plans for Apple products. Simply put, they had people thinking their shiny new iPhones were interest-free, but just as you’d expect from Goldman - like many cardholders were getting hit with interest because they weren’t automatically enrolled in the plan. Classic.

What’s even better, is that if you weren’t using Safari to shop online, you probably didn’t even see the interest-free option. So if you’re a Chrome or Firefox user, you might’ve ended up paying more for your latest Apple tech. So yeah, more red flags than you saw with your ex-wife has been going on here. 

(Source: Giphy) 

Which is why again, the CFPB has officially put Goldman on the naughty list as the bank is officially banned from launching any new credit cards until it can prove it won’t screw up again. Apparently, the Apple Card wasn’t ready for primetime when it launched in 2019, despite third-party warnings that the system wasn’t quite there yet. But Goldman and Apple went ahead anyway. Gotta love a good rush job, amirite? 

(Source: Giphy) 

Of course, both companies are doing their best damage control. Apple, says they “disagree” with the CFPB’s claims but admit they found out about these “inadvertent issues” years ago and worked with Goldman to fix them.

Goldman, on the other hand, says they “worked diligently” to address the tech and operational challenges and are happy to have resolved the matter. Translation: we’re only sorry we got caught. 

(Source: The Entrepreneur) 

Now in the end, this is just a minor speed bump in Apple's $3.6 trillion empire. Sure, their stock dipped about 1% after the news broke, but like always, they’ll be fine. Goldman, though? Different story. Their consumer lending business is already in shambles after ending a credit card partnership with GM earlier this year. And now this? Sucks to suck. 

In short, if you’ve been using an Apple Card, check your statements, folks. You might be owed some cash. And if you're a Goldman investor, well the only question I have to ask is… why? In the meantime, keep an eye on these two stocks going forward as they have to free up some cash to satisfy the CFPB’s payroll and as always stay safe and stay frosty, friends! Until next time…

P.S. At 9:35am EST this morning, our screeners were flashing major SQUEEZE signs on one little known stock priced at $1.43 - whereas, in less than 5 minutes from notifying our premium members, this stock annihilated shorts, hitting a peak of 193.47% in less than ONE hour! Don’t miss the next massive leg up, click here now for the details… 

Stocks.News holds positions in Apple as mentioned in the article.