Apple Card users are getting a big payday after a settlement with the US government. The Consumer Financial Protection Bureau (CFPB) found that Goldman Sachs and Apple were messing up how they handled disputes from Apple Card users.
What Went Wrong?
The CFPB says Goldman Sachs and Apple were doing some shady stuff:
- Ignoring Disputes: Apple wasn’t forwarding customer complaints to Goldman Sachs, which meant people had to wait forever to get their money back.
- Bad Credit Reports: Some customers even had incorrect negative information added to their credit reports.
- Misleading Interest-Free Plans: Apple and Goldman Sachs tricked customers into thinking they’d get interest-free payments on Apple devices, but they were actually charged interest.
Big Penalties for Apple and Goldman Sachs
The CFPB is making Goldman Sachs pay $19.8 million to customers who were affected. They’re also getting hit with a $45 million fine. Apple is getting a $25 million fine.
Government Watching Closely
The CFPB is keeping a close eye on Goldman Sachs to make sure they don’t pull any more shady tricks in the future.
