According to an official statement from the US Consumer Financial Protection Commission (CFPB), Apple and Goldman Sachs have been fined for mismanagement in arranging erroneous transactions and promoting false information about options related to interest-free purchase plans.
The U.S. Consumer Financial Protection Commission said the fines total about $90 million, including $25 million for Apple and $45 million for Goldman Sachs. Needless to say, the multinational financial company Goldman Sachs has to pay another 19.8 million dollars to the affected Apple credit card customers.
The U.S. Consumer Financial Protection Commission, after a detailed review of Apple’s credit card case, concluded that Cupertino’s credit card advertisements were designed to lead customers to believe that they would automatically be exempt from paying interest if they purchased Apple products using the card. was; But in practice, many customers found that they were charged interest.
In another example, customers who had problems with their transactions did not receive proper answers and guidance in the process of handling the problem, and even in one example, the customer’s money was mistakenly transferred to another account. In general, the inconsistency in responding to the affected customers and the inability to solve the financial problems of Apple’s credit card are among the important factors of this fine.
Despite these problems, it seems that Apple is still committed to developing and improving financial services related to its card. This company plans to provide a better and more reliable experience for its users by making necessary changes and increasing transparency in providing services. Also, Apple is looking to work with the CFPB and other regulatory bodies to reassure relevant organizations.
The case of Apple and Goldman Sachs violations related to the Apple credit card is a wake-up call for large technology companies that are looking to expand their activities in financial areas. These companies must strictly adhere to consumer regulations and protect the interests of their customers. On the other hand, consumers should also increase their awareness about financial services so as not to suffer financial damages.
