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Ally Bank Review

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Ally BankIn mid-May, GMAC Bank changed its name to Ally Bank. With General Motors in the news every day for something negative, it’s hard to do business when everyone thinks you’re about to go out of business. The funny thing about it all is that GMAC Bank’s parent company, GMAC Financial, hasn’t been a part of General Motors for several years. When you have financial companies in distress and auto companies in distress, a bank that people think is inextricably linked to auto company is in some deep trouble.

So, they changed their name.

But are they a good bank to do business with? Let’s find out.

History Lesson on GMAC

If you are confused with all the acronyms and relationships between businesses, you aren’t a lone. I was very confused. GMAC stand for General Motors Acceptance Corporation and was once a wholly owned financial services arm of General Motors, the auto manufacturer. The financial services company provided financing to GM dealers, among other things. In 2006, General Motors sold a majority stake in GMAC to Cerberus Capital Management, thus providing some separation in the GM and GMAC relationship. Last year, GMAC was converted to a bank holding company to give them access to TARP funds.

GMAC Bank is a subsidiary of GMAC Financial Services, which offers a whole host of other financial products. This year, in May, GMAC Bank changed their name to Ally Bank.

Whew! Hopefully that all makes sense, but the end result is that Ally Bank/GMAC Bank is part of GMAC Financial Services, which is separate from General Motors itself and has been since 2006.

Rates are out of date. Compare today’s high yield savings account rates.

FDIC Insured

First things first, always confirm that the bank is FDIC insured. I would never bank at a non FDIC/NCUA insured financial institution and neither should you. Ally Bank is FDIC insured under FDIC certificate #57803 and have been since August 2004. The FDIC certificate still lists gmacbank.com as their primary internet web address but that will redirect you to the Ally Bank homepage. If you’re curious, their headquarters is at 6985 Union Park Center, Midvale, UT 84047.

Bankrate Safe & Sound rating: I don’t put a tremendous amount of credence in bank ratings because I believe FDIC insurance trumps everything, but they are valuable to read so you know what you’re getting into. Since the reports are quarterly, the most recent one is from December 2008, which is arguably a little dated. Back then, they still had a three star rating (out of five) and their predictive indicator was positive. You can read the memo for GMAC Bank here. I didn’t find a more recent report.

Online Savings Account

Let’s get to the reason why you and I care about Ally Bank in the first place, their deposit products. Ally Bank’s high interest rate on their high yield savings account is pretty good, enough to snag one of the top spots on my table of high yield savings account rates (Everbank is listed higher with an asterisk because they offer a promo rate for three months). The minimum to open is a comedic $0 (they will close your account if you don’t fund it, but I’d read that to say “no minimums”) and there are no monthly fees.

One thing I do like seeing is the explicit listing of a limit of six withdrawals or transfers per statement cycle. This limit is true on all savings accounts because there is a six transfer/withdrawal limit mandated by federal regulations. So many people, myself included, run into this problem with online accounts and it’s mostly out of ignorance. It’s nice to see them inform people about it.

No Penalty Certificate of Deposit

They’ve been heavily promoting the fact that they have no tricks, with no fees, no minimums, and all sorts of other anti-gimmick messages. It’s a great angle, especially during a time when banks are trying to earn as much revenue as possible, but a lot of other banks have very low minimums and don’t have any maintenance fees. In that respect, they’re not that much different. However, they do have one unique product – a no-penalty CD.

The no penalty CD lets you withdraw your money without paying a penalty, which is usually several months worth of interest. On CDs shorter than 12 months, the standard penalty is three months worth of interest. On CDs greater than 12 months, the standard penalty is six months worth of interest. For the no penalty CD, the penalty is in fact $0. The difference is in the interest rate.

In May 2009, they offered a 9-month No Penalty CD at 2.50% APY and a 9-month regular CD at 2.60% APY rate, a difference of 0.10% APY (the rates have since changed). That translates into $0.75 on ever $1,000 deposited over the 9 month period. Seventy five cents doesn’t look like a lot, but to be fair you need to compare it with the interest you would’ve earned at 2.60%. When you calculate the difference as a percentage of the total interest earned, it’s not a significant price to pay at 3.86%. You lose a little under percent to gain the flexibility to cancel, it doesn’t seem too bad and would be a fair price if you think interest rates are rising.

The only downside with the no penalty CD is that the only term they offer is 9 months.

Summary

It’s FDIC insured, they have great rates compared to their peers, and they seem to be in sound financial shape. I don’t have an account with them but I’ve heard good things about people who opened GMAC Bank accounts because of their great rates. I don’t see anything that would stop me from banking with them.

Do you have a GMAC Bank/Ally Bank account? What do you think of them?

{ 345 comments, please add your thoughts now! }

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345 Responses to “Ally Bank Review”

  1. Jim says:

    I’ve been an Ally customer for years and am very happy with the service. X-fers to/from Ally take a few days, but that’s normal for most banks. During my last CD renew, out of the blue, they gave me an interest rate boost above published APY for “customer loyalty”. By the way Mr. ToughMoneyLove, you made a choice to be “credit-averse” and not participate in our financial system. That choice is your right, but makes you a higher-risk (because your ability to handle credit is less known). That’s how the banking system works. As an Ally customer, I’d be nervious if they accepted your business without knowing your financial history.

    • “As an Ally customer, I’d be nervious if they accepted your business without knowing your financial history.” Jim – You can’t be serious with this comment. I fully participate in our financial system but in a way that reflects my values. Bank of America and Capital One Bank have greatly benefited from my participation. Ally Bank, on the other hand, has lost two excellent customers (one with a substantial net worth) because of its rigid, brain-dead FICO policies. You are defending the indefensible.

  2. Josh says:

    I am closing my account… I mailed my check deposit on 4/5 they received it on 4/8 but it will not clear until 4/19!!! what is that about? I called them an they said it is because it is an out of state bank (so if the bank is not in PA youre SOL) and it will always happen. I think I will just stick with bank of america… I had high hopes, but i am very disappointed.

    • Allen TX says:

      Josh, Capital One does this with its checks, when they are not even out of town. Everytime
      I give them a large check from another bank, they put a hold on the funds for over one week.
      You see, Banks dont even trust other banks right now! Money orders or Bank Checks they tell me are not real safe. So, when I deposit a large check, I ask for the manager, and she
      or he will call, the bank where the check is
      drawn up, and walk it thru, check ont the funds being there. I know this is very frustrating. My opinion is, and this is Only
      my opinion, I dont know if I want to deal with
      an online, out of state Bank. If I want my money, I want it NOW! Sound familiar? So, The
      rates may be good, But I think I will stay local, for now anyway!

      • Josh says:

        Bank of America is good with my checks they clear in 1-3 days for me… The only reason I wanted to switch was because my account was overdrawn from a large automatic transaction that I forgot about. and i was hit with 6 overdraft fees totaling over $200 and they would not credit me. So I switched to Ally because their fees are LOW and rates are high. but its just not for me…

      • cdiver says:

        Banks are allowed to hold funds under Regulation CC depending on various factors. This was set up this way to protect the banks from losses on fraudulent items. Now that checks are clearing faster then ever, most w/in 24-48 hrs, there will be no reason to have longer holds. The rules are up for review but we all know how long it takes for for regualtors and goveernment in general to change things.

  3. scott says:

    I had a CD due and called 2 weeks ahead of the renewal date to discuss interest rates. I was told I qualified for an additional .5% interest on the advertised CD rates. I agreeded to renew my CD and asked if any follow up was necessary. I was told "No, and my confirmation number would be my account number since all calls are noted in the accounts". Then on my due date I called to just confirm what I was told because for some reason I did not feel comfortable with the intial call. GUESS WHAT!!!! I was told I was misinformed and the additional rate could not be extended to me. They acknowleged the intial conversation, but could not honor the rate. I asked to speak to a manager and he confirmed Ally Banks position of not honoring the rate I was quoted. You can guess what I am doing with my Ally Accounts. Customer Beware!!!!!!!!!!!

  4. mike says:

    I opened my Ally accounts with high hopes, and can only say that I’m very disappointed. Everything was fine for the first week or so, and then one day I tried logging in to my account online and I got a message saying it had been blocked. I called them and the service rep said my account was being “researched” and that she couldn’t give me any more information. She gave me a phone number to call. So I called that number and they told me that my account was being investigated for fraud. I asked why, and they said that the welcome package they had mailed me was sent back as undeliverable, and they could therefore not verify my address. This was despite the fact that I had received my debit card and pin (in separate mailings) and had activated my card. They asked me to fax them a bunch of identity documents, and I’ve now had to do so 3 times because they say the documents are not legible. In the meantime, I had set up a transfer of most of my funds from my Bank of America account to Ally before they froze my account. The funds just cleared, but I still don’t have access to my account. So essentially I have no access to my funds, and I’m still waiting for Ally to get back to me. All this because the Postal Service couldn’t deliver a letter to me.

  5. JR says:

    After opening the acct and making $1500 monthly transfers from an outside checking acct into Ally for over a year, I tried to transfer $5K from an Ally acct to the same outside checking acct on 4/22 online and got a message, telling me I could not do it online and to call Ally CS#. I did and they could not transfer either. I was told SOMEONE would contact me in 24-48 hrs.

    On 4/26, I received an e-mail that there are new documents in my account for review, but when I went to login, my login is now “deactivated”. I cannot read these documents or what they pertain to.

    It is now 4/27, I have called yesterday and today and still being told “wait for someone to call in 24-48 hrs”.

    I cannot transfer money out, stop scheduled transfers into this Ally acct from my reg checking acct, close the account or get any information from anybody. I feel the acct is being held hostage!!!

    • Allen TX says:

      WOW JR, this sounds terrible! Keep us posted on this! There is supposed to be someone that keeps an eye on the banks that you can report this to. You should be able to get your money!
      Start with calling the attorney Generals office, and see who the overseer of the banks are. Anybody out there know who he can contact? This does not sound very good…

  6. David says:

    Ally refused to cash my tax payment to the IRS and says my account is under review. They say I will be contacted within 2 business days. Given evasive answers by everyone I talk to.

  7. Dan says:

    DO NOT DEPOSIT FUNDS INTO ANY ACCOUNTS @ ALLY!!! They are ridiculous. I opened a money market account and they locked up my funds for four weeks and made it as hard as possible to regain access to MY money. Without the liquidity, there is absolutely no reason for a money market account. My problems started more than a month ago, and I still have not been able to withdraw all of my money from the account. Customer service is available 24/7 by phone, but cannot do anything except provide you with your balance. Their “operations department”, who are supposedly the people who can actually help, never return any calls and do not have e-mail addresses. Once you deposit your money into an Ally account, be prepared to fight hard to get it back.

  8. Nicole says:

    I opened an interest checking account with Ally about a month ago and am very happy so far. I have called or used the chat option to talk with their CSR’s numerous times, and they are extremely friendly and helpful. When I have called, I have had zero wait time, and the same goes for online chats.

    The only complaint I would have so far is that it has taken a bit long to get my initial deposit available. I mailed it in and 3 days later it showed up in my account, but its been on hold for a week now. I was expecting that it would become available within 2 to 3 business days. It is not a big issue as long as it does not take much longer.

    All in all I am really happy with them so far, and I have tried out lots of different banks. I used to bank with Chase, and was in perfect standing with them. One day I went to use my check card and it was declined. I called their customer service line and after being on hold forever, I was told that my name had come up in the oh so popular Chexsystems, and that they would be closing my account. It turned out to be an error from a bank account I had with a different bank years back, but I was so upset with how Chase handled my account and threw out a customer in great standing that I wanted to find a bank who was not affiliated with Chexsystems. I was told that Ally did not use them, and that they had really great customer service. I did research on them, and so far I am pleased.

    • Nicole says:

      Update: My deposit ended up being on hold for 11 business days. That is quite a long time. If you are setting up Ally as a main checking
      account, and you do not have direct deposit, that could be a deal breaker.

      While waiting for my funds to become available, I noticed a 10 dollar insufficient funds fee pop up. I had not tried to use my account at all, and knew it was an error on Ally’s end. They immediatley took care of it. Once again, their customer service has been great, in my experience.

  9. Deb says:

    When looking through my Aunt’s effects, we found a privacy notice from Ally Bank. My mother, as executor of the estate contacted the Customer Service Department who would tell her nothing. She submitted copies of the death certificte and the required legal paperwork along with a letter of instruction and still heard nothing. When she called again, the CSC informed her they could not talk to her. Her third call landed her a CSC who told her she would need to write another letter of instruction asking that the account be transferred into her name. Only then would they be able to communicate with her. As the Court appointed Executor of an estate, it is her legal responsibility to identify if assets exist. Ally has done nothing but give her the run around with respect to this account. If a CD does exits, we will be pulling the business from this financial institution.

    • Deb says:

      After three months of getting nowhere, we finally got the FDIC involved. They did their investigation, contacted Ally and we finally go the answers we were looking for. It’s too bad it takes a government agency to get Ally to provide any sort of customer service.

  10. Erick says:

    I’ve just opened up a High Interest Savings account. I live in Canada. 2% interest is higher than PC Financial or ING Direct. I’ll post back if there is anything worth talking about.

  11. Southerngal says:

    Ally sounds so sketchy that I think I will stick with my small local southern bank that still smiles when I walk in the door and handles whatever problem I amy come up with. As for fees, you get what you pay for. Try small local banks and tell the big boys they are dinosaurs.

  12. Ryan (in Canada) says:

    Wish I would have stopped here and read how the funds get locked up. My story is in the early stages (1 week), but it’s starting to smell funky.

    Tempted by the better rates, I decided I would open this account up and transfer my house downpayment into here to earn better interest until we buy next summer.

    I applied online, answered their email verification check, answered their phone verification check, and mailed back their welcome kit with the initial cheques from 2 bank accounts (TD & PC Financial) for a total of $200. I received their Identity Verification Attestation, and sent that back completed. I had to call in to force the setup of the external cheques I had mailed in, which was weird that it wasn’t automatic but I dismissed it. Eventually, those needed microdeposit verification as well. In the meantime, I set up my ING account with a couple microdeposits and verified those.

    While on the phone verifying my other bank accounts, the phone rep (Raymond Sxxxx.) asked if I would like to make a transfer from my ING account. I thought it was a great idea, things were going relatively smooth so I decided to move the whole downpayment over, $73,000. I watched it leave my account 5 days ago, and ally hasn’t recognized it yet. I also tried another small dollar movement from my TD & PC Account, only to find my whole account was locked down. I chatted with them online and they took a long time to figure out what’s going on. I’m now being investigated for identity confirmation and I’m starting to get anxious. My money is now being held in a “Suspense Account” with either Canada Revenue, or “Canada Payroll Association”, whoever they are. Suspense is right. I’ve held up my end of the bargain fully and don’t like where this is heading. I really wish I would have started with baby steps instead of jumping into murky water head first.

    The chat people have been relatively helpful, but I’m still not satisfied with the processing. If the phone customer advocate had said “Give us your money, and we’ll keep it but you won’t be able to see it, nor will you have access to the cheques that cleared regularly” I obviously would have held back. Why would he have authorized such a large transaction on an account that wasn’t fully functional? I was under the distinct impression from him that everything would be fine.

    That’s a lot of money to send over the fence. I’m ashamed to have sent over that much so early. I hope you all don’t see me on Dateline in a month or two (or W5 for us in Cda).

    Even if my cash was in a Pending, or On Hold, or Under Review type of thing, and I could see that, I would feel better. I don’t like thinking that it’s currently in la-la land helping to prop up the US treasury or GM or whoever has the backing rights to it. Visibility and transparency counts for a lot.

    For a company that is so well put together on their advertising, website, and presentation, they certainly have a long way to go to nail down the actual processing behind the scenes.

    My guts tell me that I shouldn’t have left ING. Yes, they can be sluggish on their transfers (2-4 business days), but they’re at least consistent, predictable, and trustworthy. In my 4 years with ING I’ve never had a single issue, and I push a lot of transactions and volume through.

    I haven’t given up on them yet, but I will now maintain daily contact for follow-up. My advice to others is to keep your transactions small (<$10) in the initial stages until you can easily move your money with liquidity.

    I will keep you all posted on this one. I will be as patient as I can be, but I'm certainly not impressed. Sorry for writing a book, but thanks for listening.

    • Allen TX says:

      Ryan in Canada, Wow, what a story! That is why
      I am a little restless, about online banking.
      They can hold your funds, and cannot see them.
      Pls do keep us all posted on your situation.

      • Ryan (in Canada) says:

        Don’t let these guys be the example of all online banking. I wouldn’t know how to get by without online banking! Like I said, my experience with ING has always been above reproach.

        Update: Ally received my mail, but it will now take 3-4 more business days for processing. There’s only 8 lines of writing on that document, so I don’t see it taking more than 10 mins of true data entry. The inefficiencies are blatant.

        Good news: They’ve told me twice now that the 73,000 that was sent over is currently earning interest, so that’s positive.

        • Ryan (in Canada) says:

          The money is now posted, and my account is now unlocked. My accounts look fluid, so it looks good now, just took some time.

          For any newcomers, be prepared to put almost a month of wait time into these guys before you can see your money again. Don’t give them anything you won’t be able to live without for a while. It took 26 days, start to finish, and I was quick on my reply/mail that was required on their end.

  13. Paul S says:

    Folks I would not open an account with these theives under any circumstance. I made that mistake and still paying for it. Seems they could not automatic deposit my first paycheck in to the account. so I overnitghed at cost of $52 the check. Seems there was no one there on Saturday to accept the check so It was not delivered unitl Monday morning. Tuesday my Account showed the check deposited and my available balance was what I was expecting to be, so I started paying my bills. Next morning I now see a negative current balance and multiple 9.00 fees. Called the bank and they informed the check had a 10 day hold on it. So here I sit being payed but not able to access the funds. Next up they start sending out bill pays for bills I expected to have money for. They sent one out the 21st of the month and it has yet to arrives and tomorrow it will be late. Look at my account today and they sent another one to the same place that was not authorized. I have closed the savings account and just waiting for the hold to finally clear and I am gone from this bank. I would not trust ally to take out my trash let alone handle my money.

  14. Tbay says:

    I have not found an issue with Ally Bank. Been with them for 2 months.

    Their only flaw, when you sign up, they take a week to send out documentation, during that week, I never withdrew or deposited anything.

    As i suspected, those that are complaining about fees and holds on their account. Well if you wait a week and read the documentation that they send you, they can hold a paycheck for up to 10 days, they can take over 10 days to close an account.

    Quit blaming the bank, only blame yourselves.

  15. Christine says:

    THIS BANK IS TERRIBLE.

    I closed my ally bank account in March, which was difficult in its own right, and all of a sudden in this month my money was withdrawn from the external bank account I had transferred my money to and put back into my closed ally bank. I was not notified of this transfer. When I called to ask why, no one could explain why my money was transferred. When I requested it be transferred back, because it was taken out of my account by mistake, it was sent to the incorrect account. When I had not received my money by the promised day, I called again, and it was explained to me that it was sent to the wrong account, but that the error had already been caught and I would receive my money by Friday (yesterday.) My money had not been put back into my account on the promised, and I called just now to ask where it is, and they told me that it would not be transferred into my account until the next Wednesday. Everyone I’ve spoken to hasn’t really understood how money was transferred out of my account in the first place, or how it was sent to the wrong account, and I really don’t feel as if I should have to wait this long for my money when it was Ally’s mistake. This money never should have been withdrawn from my account in the first place, especially without my notification. At this point I’m concerned that I’ll even get my money back. And, after my account is closed, I shouldn’t have any ties with ally any more. This bank shouldn’t even have access to my external account to withdraw money in the first place. And now it’s unnecessarily difficult to resolve the issue. At this point it’s been so difficult to just get my money back that it honestly seems like theft. I don’t even feel like my complaints even help, because no one even has any idea what’s going on. Every time I try to complain everyone just says that they don’t understand what’s happening with my account and that they weren’t the ones that made the mistake. It’s very frustrating. I don’t know who made the mistake, but regardless I feel as if the employees should have been more helpful in solving it. Many people I’ve spoken with have talked down to me as if I was stupid for complaining so much about my predicament, and I don’t appreciate it. I feel as if my ordeal has given me the right to be upset. I am extremely dissatisfied with my entire Ally bank experience.

  16. Sean says:

    I just opened an Ally account, and like everything about them so far.

    I’m a college student, who just wants a simply checking and savings account with no b.s. attached. Bank of America has been charging me fees left and right which i never even knew existed.

    It’s the perfect bank. I saw their commercials, called in, was speaking to a real person after 15 seconds, asked what fees i would be charged, and was told only an overdraft fee if i were to overdraft. Simple to sign up online, and i can use any ATM and Ally picks up the fees.

    So far, Ally gets 5-stars.

    • Sean says:

      After posting this i read other reviews on this page, the fact that they seem to take so long to clear checks is somewhat disturbing, and its also going to be somewhat annoying to have to mail-in checks. I’m thinking it will be ok since i don’t need funds instantly as a college student, but all of a sudden i’m not feeling as good about Ally. I was going to go close my Bank of America accounts right now, but now i will most def. be waiting to do so. I’ll give them a fair trial period, but any funny business and im closing my newly opened Ally accounts.

  17. jim says:

    I opened 2 checking accounts with Ally bank about 45 days ago. At tat time I made a SIMPLE request. I wanted (2) Debit Cards 1 for each account they said it would take up to 10 business days. I also specifically told them NOT to send me a paper checkbook.

    Well 3 weeks later and I didnt get any debit cards, but I got other correspondence from Ally during that time so it’s obv. the mail is working properly.

    I call back about not receiving the cards and the customer service rep FLAT OUT LIES and says that they show the (2) debit cards were sent out. I KNOW 100% THAT WAS NOT TRUE (I will explain why later)

    I am cordial anyway to the rep. and he says they will send out another 2 debit cards. I made double sure to explain (1) card per each account.

    Now 5 days later I receive (1) debit card and 3 days after that I receive the pin #. It was about 10 days and I wondered where the 2nd debit card was. Judging by my previous experience with Ally a few weeks earlier, I was pretty sure they never sent out the 2nd one.

    I proceed to call customer service back again and explain to them that I only got 1 card and not 2. The customer service rep. checks and says they only sent me out 1 card but its “hooked up” to both accounts. This is CLEARLY NOT what I requested so I calmly explained that I wanted another debit card to be hooked up with the 2nd account and they said it will be yet ANOTHER 5-10 days. This is the third time already.

    So now today what do I receive in my mailbox? (2) sets of checkbooks from Ally bank dated the day after the last time I called. I never requested checks, in fact I mentioned clearly a few times do not send me paper checks. So what the idiot customer service rep did was send be sets of checkbooks instead of the debit card I wanted.

    So I call back again today, (4th time Ive had to call these morons) over at Ally and ask why did I get 2 checkbooks that I never ordered, and specifically told them numerous times to NOT send me checks. Why did I receive checkbooks instead of a debit card? I was sure at this point they never sent out the 2nd card not they sent checkbooks instead.

    This customer service rep this time JUST FLAT OUT TELLS ABOUT 10 FULL FLEDGED LIES. Starting with – “there was no money in the account so that’s why the card never got sent” uh excuse me I said but there was money in both accounts when originally requested. I only took out the money because Ally kept screwing up my simple request for (2) debit cards – 1 for each account.

    After knowing that she got caught in a lie the cust. service rep. said “Oh, the second time I ordered cards there was no money in the account” TRUE but I only took the money out of both accounts because they screwed up. But why would they send me 1 debit card anyway if they had that policy in effect. Which means that it doesnt matter if money was in the account or not, she was just trying to cover up for the fact that they never sent out 2.

    I then went on to request another debit card for my 2nd account which does have a zero balance. (I took all the money out because they kept messing up)and she said they wont send me a card when the account balance is ZERO. ANOTHER LIE!!!! Then how did I get the 1st card idiot?

    She just kept making tings up off the top of her head and every LIE/Point she tried to make was quickly disputed. Every point I made was valid and Im very sure they keep a record so she had no ground to dispute anything I said so she juat had to resort to making up lies.

    In hindsight, after I talked to the last rep. I realized the other reps I had talked to in the past were making up facts, because they all said different things.

    Summary – 1 month wait to get my 1st debit card from Ally. Its been 45 days from my 1st request and I havent received my 2nd debit card.

    Ally bank reps. LIE LIE LIE

    ABSOLUTELY THE WORST CUSTOMER SERVICE I HAVE RECEIVED FROM ANYONE IN ANY INDUSTRY EVER!!!!

    • Allen TX says:

      Jim, WOW! What a mess. I am glad that I am reading about this bank. I am really having my
      worries about dealing with them. The interest rate just isnt worth taking the chance. They seem to hold ones money up for weeks, by not sending cards, or checks.
      I hope you got your money out.

  18. michael lee says:

    I had a CD come due on the 24th of june. I called on the 23rd to close the account and request the funds. I was told an ETF would be sent on the 24th the day the CD matured. no problem. this is an electronic transfer. speed of light so to speak. today is the 29th–still no monies. when I called I was told oh they had a back office problem and the money didnt go out until the 28th. when i asked about the lost interest they said they dont pay during the 10 day grace period. I said that is if I delay but not when you hold the monies. when i told them that the funds were going to chase and chase said they should have received them already they basically said chase doesnt know what they are talking about because it can take up to 5 days. i have to agree with others these people just lie lie lie. i pray i get my monies. never do business with people that lie. service nonexistent. couldnt get a supervisor.

  19. randy parsons says:

    Ally denied me a simple checking account due to bad credit.
    They are NOT my ally.

  20. Linda Sebastian says:

    I (and a number of my friends) find your commercial disgusting. The commercial is the one with two little boys one gets an ice cream cone and the other does not. I think the commercial should be removed from TV.

  21. ML says:

    I have several bank accounts, but when I tried to open a CD with Ally I ran into several problems that caused me to close it down before it was funded. From what I could tell on the phone, they have several new procedures that the employees have no idea how to implement (at least that is what the last couple of reps I spoke to said as they put me on hold). In this low rate environment, do you really want to put your principal somewhere with a huge amount of hassle? I have had good luck finding local interest rates that beat any online banks at bankingmyway.com. The small local banks and credit unions want your money and are going to treat you better when any problems arise. Plus most of them were not as involved in the mortgage crisis and are better capitalized than the big banks.

  22. Rick Parson says:

    I have been a customer of Ally for a long time and I simply cannot relate to some of these comments. i find their transfers are faster than most banks I have dealt with and their customer service has always been amazing.
    I started with just a savings account since I was not sure but have now moved all my money over since I have been so pleased.

  23. Nicole says:

    I have an interest checking account with Ally, and have been banking with them since April. Up until now the experience has been a good one, as I have posted on here in the past. In mid-June I had made several returns. One was an online retailer, and one was a local store. When a week passed by, and I saw no credit for either of my returns into my Ally account, I checked with the retailers. I recieved a confirmation number and a receipt that showed details of the credit to my account from the online retailer, and I had my paper return receipt from the local retailer. They assured me everything had gone through on their ends, and both said the credits typically should have appeared by that time.

    I went to Ally next, and was passed around to different departments, only to be told to wait a few more days and “see what happens”. I have been calling and emailing them since, but each time I am contacted by a different person who tells me they are “researching” the issue and will let me know in 7-10 business days.

    Now, this is a matter of about 450 dollars, and it is not going to break me to not have it right away, but this has been really frustrating. Its now about 20 days since the credits were processed, and still no money. All Ally will say is to “keep checking” my account for the credit, and that they are still “researching” the issue. Or, they will point the finger at the retailers, but – I have proof of the credits, plus it is very unlikely that two seperate retailers messed up on the credits. When I mention this, they will again say they will further “research” the issue.

    Overall, I am most disappointed in the attitude of Ally. They just have that oh well attitude, too bad, just keep checking your account. They almost seem as if they expect me to call it a wash and leave it alone. Very disappointed. I will hesitate to make any more deposits into this account.

  24. Allen TX says:

    Nicole
    Now this is just utterly ridiculous! We should not having to be watching the bank!
    Id be worried about having money with this bank. There are too many red flags for me!

  25. ML says:

    I’d be curious to know why people take a chance on online banks when you can find local credit unions that offer comparable rates. Genuinely, I am curious. For example, looking at bankingmyway.com this morning I see two 5-year CDs within a few miles of my house at 3.1%, which is better than the best nationally available rate at bankrate.com and depending on your state you could do even better than that (I happen to live in a low rate state for some reason). I am not afraid of online banking (I still have my old account with ING, which was always hassle-free) but in this rate environment I don’t get why you would send your money to a bank across the country when you could have it near your house and drive over there if there is any problem.


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