this post was submitted on 30 Nov 2023
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129
Report: Apple to end partnership with bank that backs Apple Card, savings accounts (arstechnica.com)
submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world
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Report: Apple to end partnership with bank that backs Apple Card, savings accounts::Goldman Sachs has lost billions of dollars on its consumer-focused businesses.

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[โ€“] troybot@midwest.social 7 points 11 months ago (1 children)

Yeah they have a physical storefront in every state so, as a bank, they would need to follow the specific financial laws of each state. Gets super complicated because you end up with different interest rates depending on where the customer lives.

[โ€“] greybeard@lemmy.one 5 points 11 months ago

Even if they decided to do it themselves, they'd spin up a subsidiary to do the actual banking. No way Apple would want their retail stores having to live up the the rather strict standards of banks.