'Security reviews' are reportedly locking up Apple Savings users' accounts for weeks on end. It’s just one way blunt-force anti-money laundering protocols undermine retail banking, davidzmorris writes. Opinion.
The explanation for the delays is reasonable – at least, by the bizarre standards of the traditional finance system. In many cases the frozen funds were under “security review” – that is, Goldman is making sure its depositors aren’t engaged in criminal money laundering.
In other words, if you followed Apple’s marketing cues and opened a big new savings account managed by Goldman, the default assumption baked into the system appears to be that you are a money launderer whose funds must be frozen immediately and indefinitely.
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