Ally Bank Replacement

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jkrm
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Ally Bank Replacement

Post by jkrm » Sat Mar 11, 2017 9:54 am

Once again, for maybe the fourth or fifth time in the past year, Ally Bank's website is unavailable. A call to them only got an apology and "We're doing updates."

I do my banking on Saturday mornings and this is getting ridiculous. Capital One, when I was with them, was more reliable.

Can anyone suggest another online bank? I read about a new one called Radius Bank, but have heard little about it. I do not want to return to Capital One for other reasons.

Thanks in advance.

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pennstater2005
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Re: Ally Bank Replacement

Post by pennstater2005 » Sat Mar 11, 2017 10:08 am

People seem to have good luck here with Fidelity accounts. I have a cash management account only because I have it linked to my 2% cash back card. If I ever switched from Ally I would consider them.

https://www.fidelity.com/cash-managemen ... t/overview
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KT785
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Re: Ally Bank Replacement

Post by KT785 » Sat Mar 11, 2017 10:13 am

jkrm wrote:Once again, for maybe the fourth or fifth time in the past year, Ally Bank's website is unavailable. A call to them only got an apology and "We're doing updates."

I do my banking on Saturday mornings and this is getting ridiculous. Capital One, when I was with them, was more reliable.

Can anyone suggest another online bank? I read about a new one called Radius Bank, but have heard little about it. I do not want to return to Capital One for other reasons.

Thanks in advance.


What types of accounts do you currently have at Ally that you'd want to move? Savings only, checking/savings, etc.? Is Ally currently your primary bank?

I've used Ally to hold my emergency fund for the past few years and haven't had any trouble, though I rarely access it outside of seeing the balance through Mint or Quicken.

For my primary checking account, I use State Farm Bank--mainly due to the benefits associated with their checking account: unlimited ATM reimbursement (including international), mobile check deposit, cash deposit via ATM, etc.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sat Mar 11, 2017 10:18 am

I use both Ally and CapitalOne360 (formerly ING Direct). Ally has had better rates in the past few years so I use them mainly but still have my CapitalOne360 account from way back.

What are you looking for specifically? Place for checking online/banking? Highest savings or CD rates?

For general online banking with decent rates, I'd stick with CapOne360 or Ally.

For highest rates, check Barclays, Synchrony, Everbank.

For primary cash management/checking go with Fidelity or Schwab.

jkrm
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Re: Ally Bank Replacement

Post by jkrm » Sat Mar 11, 2017 10:21 am

Thanks for the suggestions so far.

I have retirement accounts at Fidelity and a Fidelity Visa. I will check out their cash management accounts. Maybe I will look at Vanguard too.

I use Ally as my primary checking account, paying all of my bills electronically through them, and also depositing checks with their iPhone app. When it's working, it works great. But this being down on Saturday mornings is getting old. We also have a lot of money in a savings account and a CD there.

We use State Farm for most of our insurance, but didn't know there was a State Farm bank. I'll check that out as well.

Thanks.

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KSOC
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Re: Ally Bank Replacement

Post by KSOC » Sat Mar 11, 2017 10:23 am

I have EF savings at Ally (1%) & Goldman Sachs (1.05%). I too will check out Fidelity in the near future to replace my household expenses bank.
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SeekingAPlan
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Re: Ally Bank Replacement

Post by SeekingAPlan » Sat Mar 11, 2017 10:25 am

Ally is not alone in updating their systems on the weekend. Obviously that makes more sense than doing so on a business day.

Be careful that you do not jump to another bank that will do the same thing. Also, if the new bank doesn't do that, ask yourself if you need to be concerned that they are not keeping up to date with the latest features & security.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sat Mar 11, 2017 10:27 am

jkrm wrote:I use Ally as my primary checking account, paying all of my bills electronically through them, and also depositing checks with their iPhone app.


If I were you, I'd go with Fidelity. You already have several accounts there and Fidelity billpay/cash management is the best I've ever used:

1. You schedule bill pay for the day you want it paid and Fidelity debits your account on that day. Every other bill pay I've ever used requires you to calculate +2 days for electronic transfer or +5 days for mailed check when you schedule and then deduct the money in advance. In other words, if my bill is due on the 31st, I tell Fidelity to pay on the 31st and I get debited on the 31st. Every other bank I tell them to pay on the 28th to make sure it arrives by the 31st and I get debited on the 31st.

2. Immediate reimbursement for ATM fees, even internationally (Schwab does this too, but you have to wait until the end of the money to be reimbursed)

3. You get $1+ million dollars in FDIC coverage because they allocate your money across several other banks behind the scenes so you don't go over the $250K limit for one account.

4. Excellent customer service.

tibbitts
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Re: Ally Bank Replacement

Post by tibbitts » Sat Mar 11, 2017 10:37 am

Once when I needed access to my local bank, it was closed all day due to computer issues. So nothing is perfect. Maybe because I work in IT, and web support specifically, I have more tolerance for websites being unavailable. How long is it unavailable for each time? A few hours four or five times a year would be okay with me.

jkrm
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Re: Ally Bank Replacement

Post by jkrm » Sat Mar 11, 2017 10:39 am

If I were you, I'd go with Fidelity.


Thanks. I am looking into it now. Ally is still down.

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pennstater2005
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Re: Ally Bank Replacement

Post by pennstater2005 » Sat Mar 11, 2017 10:40 am

tibbitts wrote:Once when I needed access to my local bank, it was closed all day due to computer issues. So nothing is perfect. Maybe because I work in IT, and web support specifically, I have more tolerance for websites being unavailable. How long is it unavailable for each time? A few hours four or five times a year would be okay with me.


That's why I've stuck with Ally. On the rare occasion I've needed customer service it's been fine. Other online banks will have down time as well.
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JeepDaze
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Re: Ally Bank Replacement

Post by JeepDaze » Sat Mar 11, 2017 10:42 am

jkrm wrote:Once again, for maybe the fourth or fifth time in the past year, Ally Bank's website is unavailable. A call to them only got an apology and "We're doing updates."

I do my banking on Saturday mornings and this is getting ridiculous. Capital One, when I was with them, was more reliable.

Can anyone suggest another online bank? I read about a new one called Radius Bank, but have heard little about it. I do not want to return to Capital One for other reasons.

Thanks in advance.


Redneck Bank?

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HueyLD
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Re: Ally Bank Replacement

Post by HueyLD » Sat Mar 11, 2017 10:43 am

JeepDaze wrote:Redneck Bank?

Is this a joke? Do you have to be one to join?

JeepDaze
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Re: Ally Bank Replacement

Post by JeepDaze » Sat Mar 11, 2017 10:45 am

HueyLD wrote:
JeepDaze wrote:Redneck Bank?

Is this a joke? Do you have to be one to join?


No joke. I had to look at their website 10 times to make sure.

Chip
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Re: Ally Bank Replacement

Post by Chip » Sat Mar 11, 2017 10:57 am

Choy wrote:If I were you, I'd go with Fidelity. You already have several accounts there and Fidelity billpay/cash management is the best I've ever used:


What rate of interest is Fidelity paying you on your cash deposits?

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pennstater2005
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Re: Ally Bank Replacement

Post by pennstater2005 » Sat Mar 11, 2017 11:23 am

Chip wrote:
Choy wrote:If I were you, I'd go with Fidelity. You already have several accounts there and Fidelity billpay/cash management is the best I've ever used:


What rate of interest is Fidelity paying you on your cash deposits?


Last I checked it was .07%
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Silence Dogood
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Re: Ally Bank Replacement

Post by Silence Dogood » Sat Mar 11, 2017 11:32 am

jkrm wrote:
If I were you, I'd go with Fidelity.


Thanks. I am looking into it now. Ally is still down.


Ally had a notification all week about doing site maintenance today.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sat Mar 11, 2017 11:41 am

pennstater2005 wrote:
Chip wrote:
Choy wrote:If I were you, I'd go with Fidelity. You already have several accounts there and Fidelity billpay/cash management is the best I've ever used:


What rate of interest is Fidelity paying you on your cash deposits?


Last I checked it was .07%


Correct. I'm not advocating using it for stashing all your cash. I keep enough for monthly cash flow needs and the rest in *wait for it* Ally.

gmc4h232
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Re: Ally Bank Replacement

Post by gmc4h232 » Sat Mar 11, 2017 11:48 am

Ally appears to be back up

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tc101
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Re: Ally Bank Replacement

Post by tc101 » Sat Mar 11, 2017 11:49 am

People seem to have good luck here with Fidelity accounts. I have a cash management account only because I have it linked to my 2% cash back card. If I ever switched from Ally I would consider them.


If you have a problem with a check or ATM transaction in a Fidelity cash management acct and call Fidelity, they will not handle it but tell you that you have to call a bank connected with cash management. The bank is not nearly as quick to pick up the phone and not nearly as efficient as regular Fidelity service.

I had Fidelity but switched to Schwab for this reason.
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ndpage
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Re: Ally Bank Replacement

Post by ndpage » Sat Mar 11, 2017 11:51 am

Yep, I wanted to use Ally last night and this morning as well, because I finished paying off my 0.49%/48 car loan and thus wanted to increase my monthly savings towards my expected 2022 car purchase to go from the $275/month I've been putting in lately to $550/month now that I'm not making payments.

I'm really purpose-driven in my accounts, because the clarity of them makes up for the fact that I might be losing $7-8/month in interest.

- House: CapitalOne 360. Mortgage, property taxes, HOA, utilities, payroll direct deposit 2x/month, automatic payments.

- Car: Ally. Laddered savings for my next car purchase in 2022. When PenFed offered me a 4-year 0.49% loan to get the truecar referral fee, I just used the ladder to pay for the monthly payments

- Emergency funds: Either Cap1 or VWSUX, depending on interest rates.

- ATM access while traveling: State Farm. It has $2700 sitting in it at all times, more if I'm going on a long trip which will be cash-heavy. It'll become my primary checking account in 2019 once I move away from Chicago

- B&M primary checking. Inertia, it's across the street from my office. WIll eventually go to State Farm.

Ally is back online now as I finish writing this up.

jkrm
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Re: Ally Bank Replacement

Post by jkrm » Sat Mar 11, 2017 11:54 am

Ally had a notification all week about doing site maintenance today.


I didn't see that. I pretty much only use it on Saturday mornings, when I do my banking. It is good to know that they had forewarned people, but I still don't see why a bank that claims 24/7 availability isn't. I have never experienced Vanguard's, or Fidelity's, or one of my credit card's sites being down. Not saying it's never happened, I just have not experienced it. And Ally has been down, as I said, four or five times at least in the past year. Very frustrating.

But they are back up now, and I've gotten my bills paid.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sat Mar 11, 2017 11:58 am

tc101 wrote:If you have a problem with a check or ATM transaction in a Fidelity cash management acct and call Fidelity, they will not handle it but tell you that you have to call a bank connected with cash management. The bank is not nearly as quick to pick up the phone and not nearly as efficient as regular Fidelity service.


I can't recall ever having an issue with a check or ATM transaction -- at least never an issue that required me calling a different bank. The few times I ever called for anything, Fidelity was able to handle it themselves. But that does sound very annoying! *fingers crossed* that I never have such an issue.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sat Mar 11, 2017 12:00 pm

jkrm wrote:I have never experienced Vanguard's, or Fidelity's, or one of my credit card's sites being down.


Ah you clearly missed the whole Vanguard is down during trading hours debacle the other week!

viewtopic.php?t=211331

Jack FFR1846
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Re: Ally Bank Replacement

Post by Jack FFR1846 » Sat Mar 11, 2017 12:03 pm

JeepDaze wrote:Redneck Bank?


Where Bankin's funner!

I'm a customer and have a Megamoney 1.25% account with them. I also have an Ally account.
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jkrm
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Re: Ally Bank Replacement

Post by jkrm » Sat Mar 11, 2017 12:04 pm

Ah you clearly missed the whole Vanguard is down during trading hours debacle the other week!


Guess I was lucky!

To be fair, I know that all web sites have downtime. Ally's just frustrates me because of their timing. Other than that I honestly have no complaints about them, and I probably will just get over this, till next time.

Chip
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Re: Ally Bank Replacement

Post by Chip » Sat Mar 11, 2017 12:04 pm

Choy wrote:Correct. I'm not advocating using it for stashing all your cash. I keep enough for monthly cash flow needs and the rest in *wait for it* Ally.


I see. Your comment about FDIC insurance at Fidelity made me think you were advocating putting large sums there.

FWIW, I have used FIdelity billpay for years. I think it's pretty good, though I have had some checks that were lost (probably USPS problem). But no problem getting a stop payment/reissue.

I also only keep about a month's worth of expenses there.

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pennstater2005
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Re: Ally Bank Replacement

Post by pennstater2005 » Sat Mar 11, 2017 12:05 pm

tc101 wrote:
People seem to have good luck here with Fidelity accounts. I have a cash management account only because I have it linked to my 2% cash back card. If I ever switched from Ally I would consider them.


If you have a problem with a check or ATM transaction in a Fidelity cash management acct and call Fidelity, they will not handle it but tell you that you have to call a bank connected with cash management. The bank is not nearly as quick to pick up the phone and not nearly as efficient as regular Fidelity service.

I had Fidelity but switched to Schwab for this reason.


Good to know. So far I've never had an issue with Ally. I've called just two times in about five years and had my questions answered promptly.
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ClevrChico
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Re: Ally Bank Replacement

Post by ClevrChico » Sun Mar 12, 2017 11:19 am

I was caught by the outage yesterday too.

The flip-side is that Ally seems to be investing and updating their software for the good of the customers. The latest mobile app is great! The fingerprint authentication is very handy.

I'm sticking with Ally.

marcopolo
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Re: Ally Bank Replacement

Post by marcopolo » Sun Mar 12, 2017 12:15 pm

jkrm wrote:Thanks for the suggestions so far.

I have retirement accounts at Fidelity and a Fidelity Visa. I will check out their cash management accounts. Maybe I will look at Vanguard too.

I use Ally as my primary checking account, paying all of my bills electronically through them, and also depositing checks with their iPhone app. When it's working, it works great. But this being down on Saturday mornings is getting old. We also have a lot of money in a savings account and a CD there.

We use State Farm for most of our insurance, but didn't know there was a State Farm bank. I'll check that out as well.

Thanks.


Ally has good saving acct rates, OK CD rates. But, if you are looking for better checking/bill pay option, I would highly recommend Fidelity Cash management. I have been using it for a couple of years, easiest one i have found, and the customer service is top notch.
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gclancer
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Re: Ally Bank Replacement

Post by gclancer » Sun Mar 12, 2017 12:30 pm

jkrm wrote:Maybe I will look at Vanguard too.


I wouldn't recommend Vanguard for cash management. I'm a bank account connoisseur of sorts, and for my money I don't think you can beat Ally. Every institution has its warts. I've tried a lot of them, and the one constant for me through the years has been Ally.

Miriam2
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Re: Ally Bank Replacement

Post by Miriam2 » Sun Mar 12, 2017 12:46 pm

HueyLD wrote:
JeepDaze wrote:Redneck Bank?

Is this a joke? Do you have to be one to join?

nope, no joke, nope, don't need to be a redneck to join - jus' want to earn interest on yer money at a real, bonafide, upstandin' financial institushun :happy

https://redneck.bank/

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tc101
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Re: Ally Bank Replacement

Post by tc101 » Sun Mar 12, 2017 1:07 pm

Choy wrote:
tc101 wrote:If you have a problem with a check or ATM transaction in a Fidelity cash management acct and call Fidelity, they will not handle it but tell you that you have to call a bank connected with cash management. The bank is not nearly as quick to pick up the phone and not nearly as efficient as regular Fidelity service.


I can't recall ever having an issue with a check or ATM transaction -- at least never an issue that required me calling a different bank. The few times I ever called for anything, Fidelity was able to handle it themselves. But that does sound very annoying! *fingers crossed* that I never have such an issue.


It only happened to me once. An ATM gave me $20 less than it should have. It ended up being more trouble than it was worth to get back the $20.

$20 is no big deal, but the incident set off alarm bells for me. What if I ever had a major issue.

I switched to schwab for most cash management after that incident.
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Jags4186
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Re: Ally Bank Replacement

Post by Jags4186 » Sun Mar 12, 2017 1:12 pm

If it makes you feel any better, Chase is updating this weekend as well.

If you're just using Ally for the 1% savings I see no reason to be loyal to them. Pure Point Financial has a 1.25% account available now ($10k minimum balance for that rate). Ally does have the convenience of unlimited account you can transfer to/from which makes it a great hub account. Not sure how Pure Point stacks up to that.

For a transactional account I prefer Schwab because they have the best phone customer service I've encountered.

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whodidntante
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Re: Ally Bank Replacement

Post by whodidntante » Sun Mar 12, 2017 1:14 pm

I have accounts at discover, capital one 360, Fidelity, synchrony, and Redneck bank. Most of those were opened to earn a promotional bonus. Redneck bank pays really good interest and does fast transfers, but you can only originate a transfer of $2,500 or so per day which is rather silly. They also have a rewards checking account. You can get the exact same terms without the ridiculous horse on your debit card by going to all America bank. Same bank, different branding.

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whodidntante
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Re: Ally Bank Replacement

Post by whodidntante » Sun Mar 12, 2017 1:24 pm

pennstater2005 wrote:
Chip wrote:
Choy wrote:If I were you, I'd go with Fidelity. You already have several accounts there and Fidelity billpay/cash management is the best I've ever used:


What rate of interest is Fidelity paying you on your cash deposits?


Last I checked it was .07%


I buy a money market fund which currently pays 0.69%. Fidelity liquidates that on a daily basis to cover my spendthrift ways.

Choy
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Re: Ally Bank Replacement

Post by Choy » Sun Mar 12, 2017 1:33 pm

whodidntante wrote:I buy a money market fund which currently pays 0.69%. Fidelity liquidates that on a daily basis to cover my spendthrift ways.


SPRXX has a yield of .69 and ER of .42. How does the ER factor in if the fund always maintains $1 per share? Does the yield of .69 already take the ER into account?

KidneyMD
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Re: Ally Bank Replacement

Post by KidneyMD » Sun Mar 12, 2017 1:36 pm

I've used Synchrony the past couple years after switching from Capital One 360, haven't had any problems with them yet.

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whodidntante
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Re: Ally Bank Replacement

Post by whodidntante » Sun Mar 12, 2017 2:48 pm

Choy wrote:
whodidntante wrote:I buy a money market fund which currently pays 0.69%. Fidelity liquidates that on a daily basis to cover my spendthrift ways.


SPRXX has a yield of .69 and ER of .42. How does the ER factor in if the fund always maintains $1 per share? Does the yield of .69 already take the ER into account?


Yes, 0.69% after expenses.

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Re: Ally Bank Replacement

Post by *3!4!/5! » Sun Mar 12, 2017 3:11 pm

jkrm wrote:
Ally had a notification all week about doing site maintenance today.


I didn't see that. I pretty much only use it on Saturday mornings, when I do my banking. It is good to know that they had forewarned people, but I still don't see why a bank that claims 24/7 availability isn't. I have never experienced Vanguard's, or Fidelity's, or one of my credit card's sites being down. Not saying it's never happened, I just have not experienced it. And Ally has been down, as I said, four or five times at least in the past year. Very frustrating.

But they are back up now, and I've gotten my bills paid.


You should consider buying lottery tickets. That's how improbable your experiences sound.

JustASimpleMan
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Re: Ally Bank Replacement

Post by JustASimpleMan » Sun Mar 12, 2017 3:15 pm

Check out Barclays US online savings.

https://www.banking.barclaysus.com/online-savings.html

saj
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Re: Ally Bank Replacement

Post by saj » Sun Mar 12, 2017 4:15 pm

I recently opened an account at Alliant. They also have a 1% savings account. Opening an account with them was a much better experience than with Ally. Their website is above average and the phone app is good. They also have a 0.65% interest checking account. I typically don't keep a ton of money in my checking account, but I'll take the $25-30 of interest each year.

fourwheelcycle
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Re: Ally Bank Replacement

Post by fourwheelcycle » Sun Mar 12, 2017 5:42 pm

Our liquid cash, other than our checking balance at Bank of America, is at Goldman Sachs Online Bank, at 1.05%, FDIC insured. I have had no problems with them. Our GS account is linked to our Vanguard account and we have moved money both ways with no problems.

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Re: Ally Bank Replacement

Post by radiowave » Sun Mar 12, 2017 9:03 pm

Jags4186 wrote:
. . .

For a transactional account I prefer Schwab because they have the best phone customer service I've encountered.


Is Schwab like Fidelity, their bank is external so you have to deal with a subcontractor or does Schwab actually have their own bank?
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Jags4186
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Re: Ally Bank Replacement

Post by Jags4186 » Sun Mar 12, 2017 9:08 pm

radiowave wrote:
Jags4186 wrote:
. . .

For a transactional account I prefer Schwab because they have the best phone customer service I've encountered.


Is Schwab like Fidelity, their bank is external so you have to deal with a subcontractor or does Schwab actually have their own bank?


Schwab is an actual bank. It's not like Fidelity with BNY Mellon.

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FiveK
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Re: Ally Bank Replacement

Post by FiveK » Sun Mar 12, 2017 9:22 pm


BanditKing
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Re: Ally Bank Replacement

Post by BanditKing » Sun Mar 12, 2017 10:09 pm

Fidelity was down for a while this weekend as well. Logged in to look at a couple things and got a "maintenance" notice.

Maintenance is required no matter where you go.

Texanbybirth
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Re: Ally Bank Replacement

Post by Texanbybirth » Sun Mar 12, 2017 10:10 pm

I would suggest writing Ally and calling their customer service to let them know of your frustration. Maybe they could move the maintenance window to Saturday evening, when I bet there are a A LOT less people trying to use their service? I was a little miffed at them this weekend, but then I remembered seeing the warning all week and how I really have no other complaints about them. :beer

(I do hope for two things soon: ability to deposit cash - no idea how that'll work; and, linking up the credit card to the main Ally page with all my other accounts, instead of just a link to the third party servicing site.)

Loandapper
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Re: Ally Bank Replacement

Post by Loandapper » Sun Mar 12, 2017 10:49 pm

I have the ability to bank during the week. (Really, it's never more than five minutes.) I didn't notice the Saturday downtime, but I've noticed all the recent upgrades to the site. It looks and functions very well now.

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Calygos
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Re: Ally Bank Replacement

Post by Calygos » Sun Mar 12, 2017 11:15 pm

Jags4186 wrote:If you're just using Ally for the 1% savings I see no reason to be loyal to them. Pure Point Financial has a 1.25% account available now ($10k minimum balance for that rate). Ally does have the convenience of unlimited account you can transfer to/from which makes it a great hub account. Not sure how Pure Point stacks up to that.


Wow! I've got my $21k EF with Ally but I'm looking at Pure Point tomorrow since I plan on increasing my EF to probably $50k over the next couple of years.

EDIT: Also this is literally what's on jefffoxworthy.com/jokes right now: http://imgur.com/gqPX9th

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