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More Than $10 Billion Deposited in Apple Card Savings Accounts
(www.macrumors.com)
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this post was submitted on 04 Aug 2023
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Apple
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It's kind of alarming how smoothly Apple made the transition to being a bank.
They're slowly transitioning into the type of megacorp you usually only see in science fiction.
I don't disagree, but it's an important distinction to make that Apple is not the bank in this scenario. Goldman Sachs is the bank. Apple is basically just whitelabeling in the same way every store nowadays wants you to get their credit card. Macy's giving you a credit card with their name on it does not make them a bank. Same goes for Apple.
and apparently GS wants out of the apple card business (according to some other report I saw)
so I wonder who would take over if they do leave
Chase and Amex are the biggest names in the game to step up currently. As long as it’s not Wells Fargo, it should be relatively the same for users, regardless.