Apple released the third developer beta of iOS 17 and other updates yesterday that brings a plethora of new additions to the table. It has now been discovered that iOS 17 will change the fund transfer time from Apple Savings Account from 1-3 days to 5 days. The change is reflected in iOS 17 beta, while iOS 16 still shows the same 1-3 days time to transfer your funds from Apple Savings Account holders.
Apple could offer a longer fund transfer time from Apple Savings Account in iOS 17 as it still sticks to 1-3 days in iOS 16
In the latest iOS 17 betas, Apple Savings Account holders can now see that "Funds are typically available for withdrawal by the 5th business day" upon fund transfer. In comparison, the same account holders can read that the fund transfer "typically takes 1-3 business days to complete" the transaction (via MacRumors). It is not clear at this stage if the fund transfer duration will be reverted to 1-3 days when iOS 17 will be released later this year or if Apple is generally increasing the duration.
Potentially. Apple could have increased the duration after hearing complaints from Apple Card holders. Users have experienced long wait times to withdraw their funds from the Apple Savings Account, and the company could have simply increased the duration to keep away from misconception. It was previously noted that users have had to wait for unexpected delays to withdraw their savings from the account.
We have also previously noted that a user had to wait more than two weeks to withdraw their funds from the saving account. Apple is potentially working to fix the transaction delays, and adjusting the duration of the fund transfer in iOS 17 could be part of its mechanism. If you are not familiar, Apple Savings Account was launched earlier this year in April that offers a 4.15 percent savings option that attracted numerous customers. You can use the account through the Wallet app on your iPhone and other compatible Apple devices.
iOS 17 is a major update, and the company recently seeded the third beta to developers for testing purposes. It brings a redesigned Control Center along with Interactive Widgets on the Home Screen for the first time. Furthermore, you now also get a handful of new customization tools. Additionally, iOS 17 also enhanced AirDrop capabilities with NameDrop and much more.
If you are using Apple Savings Account in iOS 16, you will still see the 1-3 business days duration for fund transfer. Apple will release iOS 17 later this year in September alongside the new iPhone 15 lineup and many other updates.
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