Apple and Goldman Sachs Fined Millions for Misleading Apple Card Holders
Matilda
Apple and Goldman Sachs Fined Millions for Misleading Apple Card Holders
The Consumer Financial Protection Bureau (CFPB) has levied significant fines against Apple and Goldman Sachs for their alleged misconduct in relation to the Apple Card. The companies are accused of mishandling transaction disputes, misleading consumers about interest-free payment options, and violating federal consumer protection laws. Key Allegations Against Apple and Goldman Sachs Transaction Dispute Mishandling: The CFPB alleges that Apple failed to send tens of thousands of transaction disputes to Goldman Sachs, the issuing bank for the Apple Card. Additionally, Goldman Sachs is accused of not conducting timely inquiries into disputes it received, as required by federal law. Misleading Interest-Free Financing: Consumers were led to believe that they would automatically qualify for interest-free financing when purchasing Apple devices with the Apple Card. However, many cardholders were unknowingly charged interest due to a lack of automatic enrollment. Furthermore, the option for inte…
