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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.
Apple isn't technically a bank in this case, but even if they were, it's pretty common and not at all a dystopian sci-fi thing. Sony owns a bank. Hyundai owns a bank. In the US, GM made a bank over a century ago, spun it off in 2006 (it's now called Ally), realized that was a mistake, and bought an existing bank in 2010.
Realistically once a business hits a certain size it’s practically a requirement. There’s not really a good way to be a company with a market cap of hundreds of billions, yet alone trillions and not at least act like a bank in a whole lot of situations. Might as well actually own one.
Apple’s fate is to be the American Sony
@Aidan
@IcebergSlim @h14h
Has Apple gotten into insurance yet?
What does that even mean?