Comments on: Ally Bank Review

By: Awiddershinlife

Awiddershinlife — Mon, 16 Nov 2009 19:42:12 +0000

Thank you, Mr. TML(and sorry for the typos in previos post – haha)!! I will look into I-bonds

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Mon, 16 Nov 2009 18:26:13 +0000

For high interest bank accounts, find them at checkingfinder.com. For a $500 gift to minors, consider an I-Bond.

By: Awiddershinlife

Awiddershinlife — Mon, 16 Nov 2009 18:09:32 +0000

Dear Mr. ToughMoneyLove:

I an not financially savvy, but trying to figure out the best option for a bit of money (~$500 each) I set aside for my children as a giftgift to minors. You mentioned, “There are much better options out there.” What would they be?

Many, many thanks!

By: bob

bob — Wed, 11 Nov 2009 19:53:23 +0000

ally bank is great they have good rates and are customer helpfull

By: russ E.

russ E. — Thu, 05 Nov 2009 19:02:17 +0000

Three cds with ally all 1yrsame rate. each mth’s statement apy earned climbed tp the last month’s yield of 4.53%. Ally transferred money to on line savings but only paid 4.36%. Dozens of phone calls, no one knows anything, supervisors promise to call back same day, NEVER call back. Hide behind NO PHONE NUMBERS, can’t trace anyone. It’s like a sweat box or boiler room in a collection agency. Lies, hiding, etc, etc. Take evry cent and RUN BABY RUN.

By: JIm R

JIm R — Tue, 03 Nov 2009 15:44:24 +0000

I moved my savings from my credit union last March. I have no complaints. They are who they say they are.

By: Stephen

Stephen — Thu, 29 Oct 2009 19:27:26 +0000

It was reported on the news that GMAC is going to ask the government for more bailout money. So I am inclined to think they are desperate for deposits just to keep them afloat. Too many car and home loans going sour. Not sure it the rate justifies the risk. Sure, it’s FDIC insured, but what happens to your money in a bankruptcy? And even if you got dollar for dollar back after a bankruptcy, how long would you have to wait for it?

By: GW

GW — Mon, 26 Oct 2009 17:49:18 +0000

Ally Bank owns and services my home loan, which is a HELOC rather than a conventional mortgage (this is part of CMG’s Home Ownership Accelerator program). The HELOC is tied to a checking account for bill payment, etc.

Earlier this year, after depositing $100,000 in the checking account (proceeds of some investment liquidations), Ally Bank swept the funds from my checking account into the HELOC and then immediately dropped the credit line on the HELOC by that amount! I now have no access to those funds at all, and Ally Bank refuses to release them back to me.

On continuing to wrestle with them over this, it has become clear to me that GMAC/Ally is in severe financial distress and probably insolvent. I’ve been taking a much closer look at their financial statements, and have taken every liquid dollar I still have access to out of my accounts with them. I’m even considering shorting their stock because it looks like they’re a failure candidate.

If you’re considering doing business with them, be very, very careful. They are desperate for cash, so don’t let them have any opportunity to take yours.

By: BankingGuy

BankingGuy — Wed, 21 Oct 2009 02:51:46 +0000

I watched the initial ads from Ally and decided to open an online savings account to test the service. Since then, I have been so impressed that I have not only opened more accounts but have transferred all my savings to them. IMHO they are the best online bank.

By: Jennifer

Jennifer — Sun, 18 Oct 2009 05:17:07 +0000

I’ve been with ING since 2002. Interest rates, as everyone knows (or should) are crappy, but they have a special deal for a 12 month CD at 2.25% as of today. Whew, and to think I was considering Ally!

By: R

Sat, 17 Oct 2009 13:41:06 +0000

10/17/09: Ally Bank has reduced the APY for the
Online Savings Account from to 1.70% from 1.80%
at the beginning of the week.

I opened a OSA this past week. Verified banks
via trial deposit, started money movement, all
went fine. I like the simple, clean web site User Interface. Compared to the cluttered chaos
of citibank or tdameritrade, it is quite nice.
They show you the current interest rate your
money is earning right there at account status,
not hidden (ever try to find the rate Citibank’s
Ultimate Money Market is presently paying? –
impossible!) so you’ll easily and immediately
see when they adjust the rate.

They show you the current w/d counter for the
statement period (says “Limited Transaction
Count”) right there at account status, so you
know when you are close to hitting the federal
law limit, 6 w/d per period. I’ve never seen
this feature from any bank before.

So far, it is just like their commercials,
“story” and banner ads state: nothing hidden,
being 100% straightforward with the customer.

- unlimited number of linked external accounts
-Quarter mil xfer $ limit (website msg is “Amount must be 250,000 or less”)
- ACH deposit start
to earn interest immediately (i.e. “good faith”)
but will take 3 business days to clear the
source bank.
- ACH w/d show up in destination bank in 3
business days (so I’m told)
- Alerts possible for
“Regular Deposit” and “Cross Balance Threshold”
Other activity automatically generates a
status email.

One glitch: a visual-only rendering imperfection
of login & “security image” dialog boxes on
firefox 1.5 & 2.

Ally bank: please implement “next day” ACH for
deposit and wd/! Countrywide’s late Savingslink
account had this feature, so I know it can
be done.

By: peterson

peterson — Sun, 11 Oct 2009 14:34:21 +0000

Your message makes no sense. I have linked my Ally accounts with external accounts with no issues. They use the same process as other online banks like ING. You are asked to verify it with trial deposits which is also pretty standard.
In fact, I was a customer when they were GMAC bank and was very pleased with their service then, as I am now.

By: Mike

Mike — Fri, 09 Oct 2009 01:31:45 +0000

Thanks a ton David,
I ran into the same issue and both banks are no wiser to the issue.

By: Robert Hitchcock

Robert Hitchcock — Fri, 09 Oct 2009 00:48:12 +0000

Beware of Ally Bank. I opened a MMA and a CD. I wanted to link the MMA to my Citibank checking. It appeared their cumbersome method, through some website called Money HQ, finally worked. But when I tried to make a transfer, it showed somebody else’s name on the Ally MMA. I have been fighting them for a week. Finally today, their Cust Svc rep told me that I should go elsewhere, that Ally Bank was not the bank for me. I am willing to go elsewhere, but they want to assess a sizeable penalty on my CD. I think they should waive the CD because they cannot fix my account and are basically kicking me out.

I have read that they are getting heat from the gov’t because they are doing the same things they were doing as GMAC bank which cost us taxpayers a chunk of bailout money when it failed. Everyone, pull out your money.

By: ken

ken — Tue, 29 Sep 2009 00:14:26 +0000

I just received an e-mail from Ally telling me that I could save even more by taking some money that I have not used in my Online Savings Account and putting that to work in a higher paying CD! When was the last time a bank tried to help you at their expense?
I am very happy with Ally.