Apple and Goldman Sachs fined millions for misleading Apple Card holders
Illustration: The Verge
The Consumer Financial Protection Bureau (CFPB) has announced fines totaling $89 million against Apple and Goldman Sachs because the companies “illegally mishandled transaction disputes and misled iPhone purchasers about interest-free payment options” with the Apple Card. The CFPB says the issues affected “hundreds of thousands of Apple Card users.”
Apple didn’t send “tens of thousands” of Apple Card transaction disputes to Goldman Sachs, according to the CFPB. The CFPB says that Goldman Sachs didn’t complete timely inquires on disputes it received in accordance with federal law, either.
Cardholders were also led to believe that they would automatically get interest-free financing if they bought Apple devices using the Apple Card, but...