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Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

finance.yahoo.com

21–30 of 198 posts

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#21

Source: CFPB Orders Apple and Goldman Sachs to Pay Over $89 Million for Apple Card Failures https://www.consumerfinance.gov/about-us/newsroom/cfpb-order... ( https://news.ycombinator.com/item?id=41926162 )

Cost of doing business.

Especially for the first time either is doing a card

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#22
post #15
post #9

My recent experience with Apple has been anti-user .. juice their bottom line.... - iCloud storage notifications saying have to upgrade to $9.99 plan to continue to store my photos, videos and even worse if I wanted to continue getting my iCloud emails. What(?), as my Google Photos is still sucking/backing up all the same media (goes back to 2016) for free. LAME Apple especially threat of not getting my iCloud emails…

> iCloud storage notifications saying have to upgrade to $9.99 plan to continue to store my photos, videos and even worse if I wanted to continue getting my iCloud emails. What(?), as my Google Photos is still sucking/backing up all the same media (goes back to 2016) for free. LAME Apple especially threat of not getting my iCloud emails!!!! To my knowledge Google will do the same thing if you are running out of space…

THanks, just always have had good user experience in every way with Apple, so getting email notifications one after the other where they said you need to upgrade if you want us to continue backing your stuff up was mildly odd. Yet, in their first communication they didnt mention anything about not getting email yet they did in the third or so email which felt very anti-user to me.

As for Apple Intelligence Ive been using it since late September/early October. Been using ChatGPT app on iPhone for months to more so I expected Siri to be comparable to GPT but its not even close at all. Siri still doesnt understand you always like GPT does, points you to a Google search (maybe that's due to a built agreement with Google) for most things and can not recall how many calories i ate a few days ago (example of recall memory). Using GPT while driving is awesome/handy/i find it very useful (to get info for various chores & count my daily calories). Yet Siri to have the same experience would cause me to have accident.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#23
post #19

The stupidest thing about the Apple Card is how broken their customer service systems are due to a combo of Goldman never issuing a card before, and the tight integration with Apple for account management. Primary example of this is there is no way to update your email address with the bank. It's your Apple ID and can't change. How do I know this? I changed my Apple ID several years ago, but my credit card comms stil…

> there is no way to update your email address with the bank. It's your Apple ID and can't change.

These articles worked for me?

Update your Apple Card account information (including email address): https://support.apple.com/en-us/102512

Change your Apple Account primary email address: https://support.apple.com/en-us/109353

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#24

“ The regulator also said Apple and Goldman misled many consumers into believing they would automatically get interest-free monthly payments when buying Apple devices. Instead, those same customers were charged interest.” Interesting! Will they notify those charged interest?

I'm curious what the issue is, since most Apple Devices DO have interest free payments for 12 months

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#25

Earlier quoted context omitted.

> I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse I really wish everybody who makes claims like these would go to the local library and do volunteer tech support for the elderly, poorly educated and cognitively challenged for a day. The bar for these things is not "would the average HN reader f…

Agreed though "it needs to be below 6th grade reading level" would essentially invalidate every contract/license/agreement ever entered into..

Good! This idea that businesses should be free to fleece the stupid and under educated with obtuse contract phraseology and walls of text that have managed to include things like "the soul of your first born" because nobody can reasonably be expected read and understand the full thing is just asinine, naked failure of the government to protect people from predatory business practices.

Caveat Emptor should not mean "They can make the contract literally inscrutable and then you just have to go get fucked".

There's nothing wrong with reasonable consumer protections and required default warranties that CANNOT be discharged by a TOS. You shouldn't have to take a second job to understand whether you are signing away your soul when signing up for a damn credit card.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#26

“ The regulator also said Apple and Goldman misled many consumers into believing they would automatically get interest-free monthly payments when buying Apple devices. Instead, those same customers were charged interest.” Interesting! Will they notify those charged interest?

I've used the service plenty of times now, and was never charged interest. I wonder what situations lead this to happen? I know one has to select the payment option when purchasing through Apple and not all items are eligible. Maybe people just assumed the payment plans would be automatically and didn't require selecting the option during checkout?

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#27
post #18

The article says they're banned from launching any more credit cards unless they can 'demonstrate they are going to follow the law' (whatever that means). This is really funny, because Goldman has been very public about how much they hate the Apple Card deal, and they have been and still are looking to unwind the deal or sell the portfolio, so something tells me this experiment in retail consumer finance is not somet…

That does give rise to the question: did Goldman intentionally do this with the idea they'd be shut down by the government?

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#28

Earlier quoted context omitted.

They'll probably get 3 months of Apple Arcade free.

Or a $100 off coupon for spending over $500?

That's quite generous. I'd assume that of the $19.8 million going back to customers would see at least 60% used as legal fees before seeing distribution resulting in a similar payout to most class action suits

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#29
post #18

The article says they're banned from launching any more credit cards unless they can 'demonstrate they are going to follow the law' (whatever that means). This is really funny, because Goldman has been very public about how much they hate the Apple Card deal, and they have been and still are looking to unwind the deal or sell the portfolio, so something tells me this experiment in retail consumer finance is not somet…

Goldman thought they were going to be able to fleece Apple's customers, but they can't. Good job Apple!

Saying "good job Apple" in the context of payment processing deals is like cheering on a slightly more buff gladiator bashing in the face of his opponent. Both of them intend to fleece the users, they just disagree over who gets priority access.

I'm not saying you can't have a favorite gladiator, I'm saying you can't pretend this isn't pugilism.

Re: Goldman and Apple 'illegally sidestepped' obligations to credit-card customers

#30
post #11
post #5

I'm struggling a little bit with the "misleading consumers into getting interest-free monthly payments" part. I never found the checkout flow particularly unclear or obtuse. It kind of sounds like consumers assumed that making a purchase with the apple card automatically enrolled you in the payment plan, versus having to go through a different checkout flow. I do kind of recall that when I used that feature once, it…

So I can kind of understand where the confusion comes from. I used this to buy my wife and I MacBooks last year. When I started the checkout flow I didn’t initially realize I was just applying for an Apple Card, rather than just being a loan with a fixed payment. I could see people that don’t understand how zero interest offers interact with revolving credit accounts might not have understood. But the UI is pretty cl…

I surprised with Apple switching from their loan plans to open credit accounts. The loan plans were setup like student loans where the debt could not be wiped out with bankruptcy where open credit can.
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