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Report: Apple to end partnership with bank that backs Apple Card, savings accounts
(arstechnica.com)
this post was submitted on 30 Nov 2023
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Apple is probably not going to partner with anyone because they're becoming the bank
That is a LOT harder done than said. Apple might have the resources, but they don't have the time or focus to become an actual bank.
They'll just go to some other bank, willing to take on the shittier client risk. Probably Citi or the GE/Synchrony bank. Capital One if they smile real nice and bring flowers.
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.
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.