Apple Card customer service crisis responsible for Goldman Sachs regulatory probe

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Apple Card customer service crisis responsible for Goldman Sachs regulatory probe
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Apple partner Goldman Sachs struggled to deal with customer service issues due to the popularity of the Apple Card, according to a new report. CNBC, problems have led to some extent Goldman Sachs investigation by the US Consumer Financial Protection Bureau (CFPB).

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Goldman Sachs was subject to more disputed transactions than anticipated, with customers seeking chargebacks for products and services. When a client asks for a chargeback, Goldman Sachs must comply with the rules in order to reach a solution within an acceptable time frame, and apparently failed to do so. a source who spoke CNBC said that customers were provided with conflicting information or were subject to prolonged waits.

The Apple Card business created long queues that needed to be cleared, and Goldman Sachs was unprepared. There was no systematic process for redressal of customer complaints.

The bank did not initially account for what insiders described as “edge cases” or situations that break from the norm among the vast majority of transactions, he said.

“We were making the case that we have an intuitive way of disputing the transaction,” the source said. “But we didn’t get any credit for the front end, and we got some failures on the back end.”

The CFPB is now investigating how Goldman Sachs handled customer refunds, billing error resolution, refunds, reporting to credit bureaus, and more. The regulator has been looking into customer complaints over the past several years, many of which have been related to attempted chargebacks. Goldman Sachs has now devoted more resources to automating additional parts of the chargeback process, and it is cooperating with the CFPB investigation.

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