Help! Made a mistake setting up Ally CDs-any repercussions?

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deskjockey
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Joined: Sat Dec 03, 2016 11:15 am

Help! Made a mistake setting up Ally CDs-any repercussions?

Post by deskjockey » Tue Jan 02, 2018 4:47 pm

I set up a couple of CDs at Ally a few minutes ago, but in doing so, I screwed up and set up an immediate ACH pull instead of not funding the CD immediately. The reason I wanted to wait is that the money is coming from Vanguard into a checking account at Capital One, and will not arrive until Thursday, at the earliest. Ally will now try to pull $45,000 from my Capital One account, but the account will not have sufficient funds (It will have $17,000 tomorrow and slightly more on Thursday). What can I do?

I'm on hold with Ally, but the wait time is over an hour, and Ally listed the ACH pull as "in process," which they say means it can't be cancelled. Will talking to Ally enable me to cancel the ACH pull? If not, what will happen? Will I be charged a fee (by either bank)? Any tips on what I can do? :confused

Thanks for helping me out.

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Alexa9
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Re: Help! Made a mistake setting up Ally CDs-any repercussions?

Post by Alexa9 » Tue Jan 02, 2018 7:14 pm

CapOne shouldn't allow it to go through. I'd call each bank and let them know the error. Honest mistake. They should take care of it. Let us know how it goes.

tibbitts
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Joined: Tue Feb 27, 2007 6:50 pm

Re: Help! Made a mistake setting up Ally CDs-any repercussions?

Post by tibbitts » Tue Jan 02, 2018 7:30 pm

I don't know whether it can be fixed, or if you just have to pay the fees and move on. In any case the fees probably wouldn't be that much - maybe just enough to help you not make that mistake again.

deskjockey
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Joined: Sat Dec 03, 2016 11:15 am

Re: Help! Made a mistake setting up Ally CDs-any repercussions?

Post by deskjockey » Wed Jan 03, 2018 2:19 am

Thanks, folks! I ended up on hold with Ally for 70-some minutes (apparently everyone was trying to get in on the CD deal), but in the end they were able to cancel the ACH transfers from their end. I also checked with Capital One to ensure that any ACH requests that would reate an overdraft would be denied (they would). I've learned my lesson not to fill out these applications on autopilot.

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HueyLD
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Re: Help! Made a mistake setting up Ally CDs-any repercussions?

Post by HueyLD » Wed Jan 03, 2018 9:16 am

deskjockey wrote:
Wed Jan 03, 2018 2:19 am
Thanks, folks! I ended up on hold with Ally for 70-some minutes (apparently everyone was trying to get in on the CD deal), but in the end they were able to cancel the ACH transfers from their end. I also checked with Capital One to ensure that any ACH requests that would reate an overdraft would be denied (they would). I've learned my lesson not to fill out these applications on autopilot.
You are not the first person to make such a quick finger mistake and won’t be the last. Join the club. :)

However, I am glad that Ally was willing to help you out. Congrats.

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