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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Rates are out of date.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. Susan says:

    Do NOT open an account with this bank. I had to receive large sum of wire transfer from overseas that was on a time constraint and because the customer representatives gave me wrong information, I had to get it wired twice, and because of this, the fund got recalled. Ally bank just closed my account after this happened and when I explained what had happened, why it got recalled because of the fact that the customer reps gave me the wrong information and I had to get the money wired twice, they still blamed it on me. They treated me like a criminal, talked down to me and over me, while shifting the blame on me and never apologizing or trying to rectify the problem. The manager, David Pakosh was the rudest most despicable person I ever dealt with with a bank. He practically told me to shut up while I was trying to explain what had happened and blamed it all on me and NEVER once accepted that Ally’s staff gave me the wrong information to screw up the transaction that should be so simple.
    If they deal with customers this way that put in large sums of money in the bank and handle large sums of money this way, imagine what they will do if it is small? I will never deal with this bank again. That manager needs to be fired because he obviously doesn’t belong in the service industry and I have never been more furious of how I was treated and how my money has been treated.

  2. Angry Client says:

    TERRIBLE EXPERIENCE—I applied for a mortgage through GMAC (now ALLY) about a month ago. I was told for the past three weeks that everything was going great and the loan would be finalized soon. I received a wonderful credit and interest rate….and then, last Friday got a call from them saying that despite making more than enough money, despite a previous mortgage with GMAC with an excellent payment history, despite credit scores over 720, etc etc etc, that they do not want to give the loan.

    They made the illusion that I had the loan and everything was going to go through fine for a month straight and then said no. They gave me NO explanation or reason why. This was a TERRIBLE EXPERIENCE, now I have to close in less than a month on the house I am buying because they wasted my time for a month straight. I wish that they were allowed to fail as they are failing to provide the services they advertise. It is all a facade, they got the bail out and they are not lending the money out and the customer service is terrible. No wonder they are changing there name to ALLY bank, they need to bury the skeletons they have. It is practices like this that make it obvious why they were in the trouble they were in financially and why THEY SHOULD HAVE BEEN ALLOWED TO FAIL!

  3. asshley says:

    I’m a customer of GMAC. As you may know, before Ally was founded in 2009, the company was part of GMAC Financial Services. I only have one checking bank account with the internet bank Ally. I used this account to receive deposits from a PayPal account when I sell my personal items on eBay. The last deposit I made to this account was when I sold a text book on ebay for 38.00 dollars, and I received the payment through my PayPal account. After the payment was in my PayPal account, I then had the funds transfer to my Ally checking account. I already had some funds left in this account so the remaining balance is now 44.00 dollars. So one day I tried to log into my online banking account with Ally and for some reason I was not able to log into my account online. I thought I may have accidently used the wrong password and block myself out. I tried calling the ally bank customer service number at (877)247-ALLY (2559). The customer service representatives could not give my any type of answers and always said that would just call me right bank and they never did. So I was left with having them transfer me to a supervisor and they told me they don’t have a direct line for me to speak with a supervisor and that the supervisor will call me back at my home phone number and that never happen. I haven’t been able to log into my account since August of 2010 and I still have 44 dollars left in this account. Due to the bad service with Ally bank, I decided to close my account on January 20, 2011. I called the customer service number and spoke with another customer service representative by the name of Gonzales. Gonzales said I can close my account over the phone and he ask for social security, full first and last name, and he wanted me to answer the security question. Gonzales said he close the account and it should take 1-2 business days for the remaining funds to be transfer electronically to my Bank of America account I had on file with Ally. It has been approximately more than a week and I have yet to see the funds in my Bank of America account or receive a confirmation via email stating that my account is even close. I read other numerous reviews about Ally Bank and the poor customer service they provide. I just want to close my account and receive help for this matter. I want to know if in fact my Ally checking account has been close and if the remaining funds will be transfer to my Bank of America account I have on file with Ally Bank.

  4. asshley says:

    If Ally makes a error in judgment whether it’s wiring money or making purchases using your debit card, they will BLAME IT ALL ON THE CUSTOMER. I’m a customer of GMAC. As you may know, before Ally was founded in 2009, the company was part of GMAC Financial Services. However, GMAC FAILED, they needed government bail out. Then when they receive their BAIL OUT, they change their name from GMAC to Ally Bank. I only had one checking bank account with the internet bank Ally. I used this account to receive deposits from a PayPal account when I sell my personal items on eBay. The last deposit I made to this account was when I sold a text book on ebay for a few dollars, and I received the payment through my PayPal account. After the payment was in my PayPal account, I then had the funds transfer to my Ally checking account. So one day I tried to log into my online banking account with Ally and for some reason I was not able to log into my account online. I thought I may have accidentally used the wrong password and block myself out. I tried calling the ally bank customer service number at (877)247-ALLY (2559). The customer service representatives could not give my any type of answers and always said that they would just call me right bank and they never did. So I was left with having them transfer me to a supervisor and they told me they don’t have a direct line for me to speak with a supervisor and that the supervisor will call me back at my home phone number and that never happen. I haven’t been able to log into my account since August of 2010 and I still had some funds left in this account. Due to the bad service with Ally bank, I decided to close my account on January in 2011. I called the customer service number and spoke with another customer service representative by the name of Gonzales. Gonzales said I can close my account over the phone and he ask for social security, full first and last name, and he wanted me to answer the security question. Gonzales said he close the account and it should take 1-2 business days for the remaining funds to be transfer electronically to my Bank of America account I had on file with Ally. It has been approximately more than a week and I have yet to see the funds in my Bank of America account or receive a confirmation via email stating that my account is even close. I read other numerous reviews about Ally Bank and the poor customer service they provide. I can definitely speak on the horrible customer service Ally has. A lot of the customer service representatives work from home and have no true knowledge on how to help the customer when something is wrong. They just dig into the employee manual to find the information, and if they can’t find it they just have someone to call you back and sometimes they never do. A lot of the customers representatives and supervisors are rude and plain ignorant at Ally Bank. I just wanted to close my account and receive help for this matter. I called the Ally Bank customer care number in order to get the corporate number because the customer representatives and supervisors at the regular customer care Ally Bank number weren’t able to provide any answers as to why they couldn’t close my account even though Gonzales said he could. I called the corporate Ally number at 215-734-6566 and guess what, I spoke to a rude supervisor. For some reason she acted as if she didn’t even know who she was speaking with on the phone, even though I had already answer all her verification questions to identify who I was. So it makes you wonder if a supervisor for some reason has a hard time verifying one of their customers over the phone even though their customer answers and gives all their personal information such as social security, is Ally a true secure and safe online bank. It makes me wonder how anyone can even trust the safety and security of an online bank like Ally if they can’t even verify a customer over the phone even though the customer provided all their verification (personal) information. How can you trust an Online Bank like Ally. I still can’t even get any answers from the manager and supervisors located at the headquarters of Ally, as to why they can’t close my account. So if this issue is not resolve, I will proceed to other legal actions.

  5. Angie says:

    I just wanted to say that Ally bank gave me a checking account and savings account with real check writting privelages with no monthly charges at all and when i put the application in the first time (online ) i received a message gthat the application could not be completed on line to please call a certain number . I called the # and the customer service reps were real nice and really professional and they acted as if nothing was wrong and treated me like if i had never been in check systems . which i am not going to lie its been over 5 years so if anything is showing its old and i never bounced a check i did not pay back and that was when i was like 19 im 32 now . Anyways my point is they may not announce it but it seems they are a second chance bank and i appreciate that i am decent and hard working and i disserve a good checking account . Prior to this i had been using preloaded debit cards which sucks because i had to pay 3 to 5 bucks to preload the card and then there is a 5 dollar monthly fee so this is like a good deal for me i am a happy customer and those loacal banks like bank of america , suntrust yall can kiss my ass because Ally bank got my back lol

  6. Dave K says:

    Ally is a joke! They have people answering the phones that can not speak correct english. I am ok with that alone- hey we have to start somewhere. But they put you on hold over and over again. I ask a question and they always have to get back to me- and dont!! Never a supervisor around (Never)
    When they changed names I called for information to mail my car pmt in.I wrote down the c/s ladies name/time/ and info she gave me. I set the information up in my auto bill pay. About 21/2 weeks later right before I was about to send another pmt I get a call saying they did not get my last pmt! I was shocked- went over the adress. I was told that was not the processing center adress and my payment is probably lost. Anyway I paid that month again and was refunded the lost money form my bank. However, it hit my almodt perfect credit score. They dont care!! I have name, adress, time and date I was given the payment mailing information- WHat can I do?? anything?
    I really,really do not like them and already startd the process to refiance elsewhere! Horrible service,. hard to understand, on hold a lot, rude, and supervisor always on other line! What a joke!!! Dont waste your time or money with them-please. Have a good day.

    • Carol Seymour says:

      Dave:

      I don’t know if you will get this blog from me. But I really understand your feelings about Ally. I too have a car financed with them and have made 30 payments and given credit for only 14. My original contract called for a 6 year agreement through GMAC. But now, Ally has taken over and stretched the payments out to 84 without my signature. I live in La. and recently learned that I can ask the Dept of Motor Vehicles to investigate the contract for me and if found faudulent, the I should request all my payments to be refunded back to me and give them the car. The original car cost $19,000 and if I paid it out to term, the total cost to me would be $41,000. I will have no other choice but to give it back to them and ruin my credit for 7 years. OH WELL. It’s better to have bad credit than too much debt.

      Thanks for listening,
      Carol in Louisiana

  7. Alex B. says:

    Just wanted to share my story. Stay away from them and here is why.
    I opened an account in September 2009. Everything was great until I had to use a Bill Pay. The check for $2550 for supposed to be delivered by February 2nd. When the check didn’t come on time, I called the bank and I was told they had some ‘issues’ with BillPay and that check should come on February 3rd, then on February 4th, then on February 5th… When the check didn’t come on February 7th, I told the supervisor (Daniel Moore) that I can’t wait no longer and that now I have to cancel the check. Also, I had to pay 10% fine ($255). Ally Bank promised to cover the fee. However, when I submitted the claim, my account was frozen because of ‘red flags’. Nobody called me, I discovered it only because I couldn’t login into my bank account. Here is when the funny part begins. I called the Customer service and I was told that my account was assigned to a ‘fraud’ specialist that can be reached at 215-682-3163. If you try to call that number, you’ll always go to a voice mail. I left multiple messages and I received a call only once (and I had to go through a customer service again for that). Francis (who told me to address her as ‘Franny’ instead) told me that she couldn’t verify my identity through public records. I have a dual citizenship Canada / US. So I faxed her my US and Canadian driver’s licenses, Bank of America statements and Federal Tax return.
    She didn’t even bother to give me a call back to confirm that she received the sensitive information. I had to call 20 times the next day to finally get a hold of her. To make story short, do not open an account with Ally Bank because if they don’t like something there is no easy way for you to get your money back. I had to file a complaint with FDIC to be able to talk to a supervisor who closed both my accounts (savings with about $8,500 in it and checking with about $6,000 in it). Stay away from them.

  8. Amanda says:

    I started with Gmac 5 years ago, now with Ally, and am very pleased with the high rates I have gotten the entire time. Their online security is excellent, which matters to me, and online tracking of accounts is very easy. However, I have had a very difficult time when trying to open new accounts with them online – their online process is not user-friendly, and their checking of credit records can run into glitches, too, voiding your online application until you clear it up on the phone with a representative. Plus they send signature cards through the mail with all of your personal information on them so anyone who steals your mail with that in it is home free (I sent mine back certified, signature and return receipt requested). I have two accounts with them, and I make sure never to open a third, but always roll a new cd over into the previous cd account, so I don’t have to go through the application nightmare again. I have had no other problems with them, though.

  9. Edward says:

    I’ve had Ally bank for savings/checking for about 6 months now (I used to use ING, but I was a rate-chaser… Ally and ING are about tied now so it doesn’t matter). I’m a college student so my first foray into taking care of my finances was by online banks (apart from the community bank I also use). I’m guess I’m lucky that I never had to deal with the big monoliths like Chase, BoA, etc.

    Ally’s site is very easy to navigate, and I’ve never had to contact customer support over the phone, although they are available 24/7. I particularly like the checking account’s unlimited free checks and ATM refunds. Now I don’t have to care about what ATM I use.

    ACH transfers are also noticably faster than say, ING Direct. They seem to take only about 1-2 days.

    I’m not a shill for Ally, of course, and here I’d like to point out that Capital One and Incredible Bank among others have somewhat higher interest rates.

  10. Sendi says:

    I recently found out that I need surgery for a cancer diagnosis. Prior to surgery I wanted to update my trust. I contacted my banks and with a copy of the trust all banks changed my accounts to the trust, within minutues no hassle. When I contacted Ally bank they wanted me to close my accounts and reopen them under the trust. Hassle but not that big of a deal. Other than they wanted me to pay a penalty for withdrawing my money, which of course I was not doing. They cannot convert an account to a trust without closing and reopening the account. So due to their cliche ( and no I was not actually withdrawing even one cent) I was told I had to pay a withdrawal penalty.
    Rather than forgo charging me a fee for their cliche, they were willing to forgo the accounts I currently have there and the 6 accounts I would have been adding this year and 6 next year as part of my laddering strategy.
    If they are willing to forgo so many accounts and don’t need the money; I hope they have paid back their government bail out.
    I am done with this bank.

  11. Satisfied Customer says:

    I opened an Ally Money Market account at the beginning of this year to use as an emergency savings account and have no problems. I had debated about opening an account for some time due to all the negative comments on several different forums. It seems to me that the people who are having the most difficulty are the people who cannot or have not read the disclosures that are sent to them through standard mail or available online.

    Also, the number of people who confuse Ally Bank with Ally Financial pertains to many of the negative comments. It is similar to calling Ford Credit to complain about your burnt, late delivered Pizza Hut pizza. They are not related. And, for some reason, those making negative comments cannot understand this.

    Finally, many of the common issues, signature cards, transfer limits, and mailing address verification, are all mandated by the federal government and apply to all banks; not just Ally. Many of the policies that are being negatively commented seem to come from people who are considered the “unbanked”. These are the people who do not use a bank. They utilize prepaid services such as Green Dot or frequent local liquor or party stores as their main financial institution because they cannot get a bank account locally. Therefore, their sophistication regarding banking policies is severely limited and the root cause of their financial problems.

    I am not an employee or know of anyone who is employed at Ally. I was just agitated that so many complaints were registered that were due to no fault of the bank itself. Rather, it was the user related issues that engendered problems.

    • maybe customer says:

      Interesting comment, but I would say if this many people are truly have issues with the bank, it may be the bank that is “unbanked” and not the other way around. It may be their policy and in their fine print to stall paying their customers, but that does not make it legal and it will eventually catch up with them if enough people report them to the proper authorities.

      My current online bank was good a few years ago but now is paying noticeably lower than banks such as Ally
      I am looking for a legit, high interest bank and they are in the running. But reading these comments leads me to believe they are ether one seriously corrupt bank or some competitor is intent on ruining their reputation and scarring off potential new customers like me. At this point I can’t resolve the truth.

  12. RD says:

    I Do have an ALLy Account, and despite all the negatives that people may have because of their prior existence, i find them very customer driven. Like you said i opened my first account and had some issues with transferring the money because i was living overseas at the time so they closed it. I did it again when i was back in the US, no probs. They have so far lived up too expectations. I’d recommend them.

    PS. As someone who has worked in Finance, people need to gripe less and read the fine print before they sign up for any service.

  13. Neither Thrilled Nor Angry Customer says:

    I’ve been with Ally Bank for 7 months and appreciate their rates and fees. Their reps are less arrogant than those in most financial institutions and I like that. I’ve never understood how people in that industry can be so arrogant with the very people whose money they hold.

    However, their bill payer service needs improvement. By the long call-time waits when trying to get help with that department, I know that I’m not alone in this.

    I’m currently dealing with a system glitch that cost me about $2K due to a double payment. Ally agreed to repay the interest once it is resolved but if I needed that $2000, this 2-week (so far) delay would have been unacceptable.

  14. Bob says:

    Thank you all for your comments, I was just about to open an account with Ally until I read your stories and I am out of here !!!Thank You Again, sounds like another Obama deal to me..

  15. Heather says:

    I tried to call and settle an account with Ally and each representative I spoke with was rude and hostile. They basically said it was “too bad.. your fault.. we don’t care about you or your situation.” There was no actual human emotion or involvement. I was ready to pay this bill in Full and they told me no, can’t do it…you have to take time off work in order to do this. I hope these “customer service” people are ashamed at how they act towards people. They treated me like I was worthless and that I deserved this treatment. I’m a hard working employee providing for my family who is part of this economic down turn. I do my best and find it difficult if not impossible to take time out of my work day to handle situations like this.

    I’m truly appalled at their lack of empathy and unwillingness to work with someone willing to make their account right and up to date. It saddens me that there is so many impassioned people in a business like this one.

  16. Dave says:

    Ally Bank has been fine for online savings and CDs. However my experience with their billpay offering has been an absolute disaster. Double postings, missed payments, lousy support for ebills and e-bill initiated auto pays and unacceptable support. It took them 12 days to correct a simple problem. I had to follow up with them 3 times. Each time they said they were waiting for an email response from their billpay provider. Are they serious? The only support they get from their provider is via email?

  17. S. M. Grantham says:

    My ex-husband took out a mortgage on his house from GMAC (for $30,000!), which I never knew about until he died. My name was on the deed, but I was never contacted (I would have refused to sign). GMAC never should have given him a loan. They didn’t check on his ability to pay, the area (low-income), what the house was really worth (under $10,000), or the fact that I didn’t sign it. I was not responsible for it because I didn’t sign it, but the house is now in limbo. The city was trying to make me pay for maintenance, taxes, etc., but I finally got relieved of that. GMAC was just irresponsible and unbusiness like.

  18. Jonathan says:

    I was going to buy a cd from ally until I lost confidence in them.They could not even send me signature cards in a timely manner,then when they did and i returned them they responded with two e-mails that they received the cards,the problem was they were both to my wife,that they received her card ,two identical e-mails. The cards were mailed in one envelope. I called ally and at that time i wasnt’t aware if they were mailed in one
    envelope or two.The rep.could not find any record of my card and told me if they were mailed seperate it had to have been the fault of the post office.I asked her if the bank would buy that excuse for a late car payment.She said yes they work with their customers.Now if you beleave this answer i want to sell you some ocean front property in kansas. This is not a bank i would recomend at all.With all the problems i am having making a deposit i wonder what a withdrawal would be like.

  19. tuli says:

    Ally Financial has the worst customer zservice out of any company I have ever done business with. I wanted to do a lease extension. It took 3 phone calls to get the paper work and they still sent it to the wrong place. Each call I was transferred from one person to another sometimes they hung up when I was on hold. When I finally did get the extension I sent it in with a check. They extended it then sent me something that said I was late on my payment. They obviously got the paperwork since they extended it screwed up on the check and made it my fault. I am now on my 3rd phone call on hold for 10 minutes already. I like the cars but I will never again lease from them because of their service. Over the lease they lost payment, that were mailed, payment that were made online didn’t go through and their website was constantly down. Oh and after being on hold they come back and tell me exactly what I told them was the problem to begin with. Also no one there speaks English.

  20. Monte says:

    I have been a customer of ALLY Demand Notes for over 25 years. Contrary to belief, you do not need to be a GM employee, retiree, relative, etc. I am none of those. You just check one of the boxes on the form and you are in. The rates are 2 to 4 times higher than competitor’s rates because these accounts are not FDIC insured. The parent company is Cerebus, which has a poor reputation for losing Billions on their investments. They also bought Crysler and took a bath on that one.
    I have never had any problems with my Demand Notes accounts from ALLY or any of my money market accounts at ALLY (these are FDIC insured). Be careful with the Demand Notes that are not FDIC insured. I used to have 70K in college savings in there but withdrew most of it right before the banking crisis hit because I thought Cerebus might dip into the Demand Notes funds for free money to help bail them out.
    I have noticed that Demand Notes is now using very cheap paper and cheap printers to send mail to me (i mean it is the cheapest stuff you’ve ever seen), but at least the numbers are correct.
    Demand Notes reps are well-spoken and well-educated in financial matters (they work for Mellon Bank), but the ALLY Bank reps are just plain dumb … most of them are non-white with poor English skills (i mean really poor; slurring their words and lacking the degree of training to understand common banking terminology).

    • joi says:

      i love ally…i have been banking with them since 2009. i found out about the bank thru MONEY magazine…i love the fact that they dont charge me ATM FEES and give me interest on my checking even if it almost emptied out….i think ALLY bank is the best out there> :) i can totally say ILOVE MY BANK!

  21. Monte says:

    for people who are complaining about banks not wanting to give you a break on your loan or your lease … these are a legal contracts. You agreed to pay your bill EVERY month (there are no provisions that say, “I will pay every month UNLESS I get sick, or I am on vacation in Europe for 3 months, or I lose my job, or I quit my job, or I fall and break my ankle, or I get laid off work for 6 weeks”. You agreed to pay EVERY month (without any excuses).

  22. Brian says:

    This is the most sneaky bank I have ever seen. I had my car financed by them. When I made a large payment in addition to my regular monthly pay, they tried a variety of methods to prevent the payment from reducing my loan terms. I called them at least five times (on average 45 mins/call including waiting time) to solve this problem. It’s fortunate that I know how to calculate all these stuffs. For people who are not so sure, it is very likely that you will go with whatever they provide you, which is far more expensive than what you can get.
    In addition, their saving account’s interest rate went down from 1.09% to 1.00% within a month.
    What they advertised is “Ally, Straightforward”, but my experience is just the opposite.

  23. Mike N. says:

    I open accounts, had an address change and then they closed the accounts and would not re-open them even after I informed them that I had moved, had both welcome kits and was willing to provide SSN, DOB, etc. I was set up for direct deposits, now I’m having my dividend checks mailed instead due to their incompetence. This has been an absolute fiasco since I moved, “fax this, mail that, we can’t accept this or that. Easy enough to open accounts online, just don’t relocate or you’ll be stocking up on triptan meds for migraine.

  24. joedog says:

    This bank is totally worthless. I called to find out the quickest way to sen a payoff for my vehicle. I was told to send a certified check which I did. Payoff occured March 30,2011. They were to send the lien realease and title in 48 hours. The title went to some P.O. in oklahoma and the lien suppposedly sent to me on April 2nd never arrived. I call and spoke with countless rep (most not able to speak clear english) and was assured that the lien release would be overnighted on Friday April 8th. I later found out that this cheap bank did not send it next day to arrive Saturday. because it would cost them a few dollars. Meanwhile the gentleman that I sold the vehicle to has the truck sitting on the US Canada border because the you need the title which I have not received. What a bunch of idiots. Please never finance your vehicle with ally it will be your worst nightmare

  25. Monte says:

    Ally Financial (leasing) is really poor. They have no website for online access to your account!! That is nuts. I called to verify and they said “no website for leasing”. I asked the rep if he could think of any other financial account in the nation that does not have a web site for their customers. He could think of one. Now that I have auto-pay, they stopped sending my monthly statements. So, I told him “I now have no audit trail for my lease payments … I cannot verify them from your web site and I no longer get monthly statements to verify payments”. His response was, “web sites and statements cost money; we are trying to save you money by cutting costs”. What a load of crap! At least this guy could speak English. The high-school drop-outs who answer the phones at Ally Bank can barely speak passable English and couldn’t care less about their work day. They are probably just counting the hours until they can get back to their crack pipe. Cost-cutting in this country has gone WAY too far.


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