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Ally Bank: No Plans to Change 0.25% APY CD Loyalty Bonus

Posted By Jim On 08/23/2010 @ 12:16 pm In Banking | 2 Comments

Last week, Reader Dan emailed me a transcript of a conversation he had with a customer service representative. In the conversation, the CSR said that the 0.25% APY renewal/loyalty bonus may be going away after next month (September).

Here’s the chat transcript (edited for formatting but otherwise 100% intact as what Dan sent me):

Joshua: Thank you for chatting with me today. How can I help?
Dan: Hi, are you still offering your .25% loyalty bonus?
Joshua: Correct Dan. The offer is still good for renewing CDs through next month.
Dan: oh, it ends after next month?
Joshua: That is what we have been told. It may be extended but we have not been notified. Do you have a CD with us now?
Dan: several. ok, so can I apply the loyalty bonus towards the No Penalty CD?
Joshua: Great. We should have a new offer for the current customers. But again we don’t have any details yet.
Joshua: Yes. That goes to any CD that has matured and that you will renew with us.

If you interpreted that as “the promotion is going away and will be replaced with something else,” you did what I did – you jumped the gun a little.

I emailed Travis Parman, Ally Financial Director of Community and Public Relations, about this and he told me that they “have no plans right now for it to end.” He went on to say “We usually can guarantee the renewal bonus for CDs that are within a month of maturing. If a customer calls in early about renewing a CD that’s more than one month from maturity, we can’t guarantee that the renewal bonus program still will be available that far into the future.”

It looks like the CSR Joshua was accurate, it was our (Dan and my own) interpretation that was wrong. It appears that Ally sets these renewal bonuses for a month or two at a time, changing them as they see fit. Joshua was just saying that it’s possible there could be a change and that he could make no promises on a renewal. That matched what Travis was telling me.

Was that a little confusing or am I just slow today?


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