Ally Bank's nightmarish online reviews -- should I be worried?

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miles dewey
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Ally Bank's nightmarish online reviews -- should I be worried?

Post by miles dewey » Sat Feb 02, 2019 5:06 pm

Hey all. I opened an Ally account several months ago, but I'm still hesitant to transfer any money into it, even though their current yield for a savings account is up to 2.20%. I know Ally is a Bogleheads fave, which initially attracted me to it, but the amount of frightening online reviews have prevented me from going through with it. There's an endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories.

All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield. Has anyone here had any negative experiences with them? Thanks for any input.

Jags4186
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Jags4186 » Sat Feb 02, 2019 5:08 pm

Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.

nilecruiser
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by nilecruiser » Sat Feb 02, 2019 5:16 pm

I have had an Ally savings account since 2015 with zero problems. I've made multiple transfers, including a large down payment for a house.

While I've seen a few issues reported on this board (you might do a search for other opinions), I'm confident that this is an example of people who have problems (even if the problem is on their end) tend to post, and the happy ones like me don't.

indexfund56
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by indexfund56 » Sat Feb 02, 2019 5:17 pm

I've had Ally's Online Savings account since 2013. I've never had any issue. Great customer service and great web site.

mega317
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by mega317 » Sat Feb 02, 2019 5:18 pm

If you can find any business of significant size without endless streams of bad online reviews I'll give you a dollar.

You can get a higher rate with treasuries (and no state tax) without fluctuations. Although I don't see why committing to 2.2% (which might also change) is better than a MM fund with a higher current yield. Either way you're talking about differences of dozens of dollars per year.

brokenmachine
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by brokenmachine » Sat Feb 02, 2019 5:23 pm

Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
Well I'm neither poor, nor misinformed, so let me give a poor review:

I had a very poor experience dealing with Ally to inherit the account of a close relative. Their customer service was absolutely horrible. The transition took ages longer than promised, paper-work was lost, reps in the estate department disagreed with each other about what specific paperwork was required and how to send it in, and on top of that they even ended up blocking me out of my own account for weeks (and leaving me with app only access for weeks more on top of that!). They're great at giving platitudes (i.e. "Oh, we're so sorry!"), but rather slow to actually help resolve issues, frequently missed scheduled calls, and generally seemed uninterested in helping reunite me with my money and restoring my access.

I've dealt with a lot of banks and brokerages, but Ally is hands-down the worst. I used to say they were excellent too until I actually needed their help with something. I ended up moving all my cash elsewhere because I plan on dying some day and wouldn't want my heirs to deal with the same problems I did.

28fe6
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by 28fe6 » Sat Feb 02, 2019 5:38 pm

Another happy customer. I recently called their customer service for an issue caused by another bank, and the lady I talked to was perhaps the most pleasant and competent phone customer service agent I've dealt with. Just one more data point.

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RickBoglehead
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by RickBoglehead » Sat Feb 02, 2019 5:47 pm

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
There's an endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories.
so·ci·o·path - a person with a personality disorder manifesting itself in extreme antisocial attitudes and behavior and a lack of conscience.

Really?

Been with Ally since 2008 if I recall properly. I would give them a 7 out of 10 in service. Slow on email responses for example. Website blows away others. I get 1 day ACH.

Why would you open an account several months ago without doing research like you just did, then not fund it?

I have every relative at Ally, except the one with a trust because Ally will not allow POAs with trusts.

Cap 1 would be a 3 or 4 out of 10. When they were ING Direct, I would have given them a 9.

Stop reading Credit Karma...
Last edited by RickBoglehead on Sat Feb 02, 2019 5:53 pm, edited 1 time in total.
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by S4C5 » Sat Feb 02, 2019 5:52 pm

I use dollar savings direct and have been extremely happy. Have 230k in an account with multiple linkages. I’m not motivated to transfer for a slightly higher rate.

Using the service with the absolute highest rate is a bit of a worry for me. Feel more comfortable with somebody at the 90th-%tile rate than the 99th-%tile. There’s got to be a trade-off somewhere to offer the highest possible rate. Whether it gets passed down to you is a bit of a gamble. Is that really worth 0.1 or 0.2% extra?

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Fallible » Sat Feb 02, 2019 5:57 pm

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
Hey all. I opened an Ally account several months ago, but I'm still hesitant to transfer any money into it, even though their current yield for a savings account is up to 2.20%. I know Ally is a Bogleheads fave, which initially attracted me to it, but the amount of frightening online reviews have prevented me from going through with it. There's an endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories. ...
Can you identify the sources of all these reviews? Are they from customers or blogs or formal court complaints? Has Ally responded to them?
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Triple digit golfer
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Triple digit golfer » Sat Feb 02, 2019 6:06 pm

I've had checking and savings since 2010 along with a couple CDs also. Never a single problem.

chw
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by chw » Sat Feb 02, 2019 6:09 pm

I've been an Ally Bank customer for 10 years. Have had no significant issues with them, and find their customer service be excellent, and available when I need them. IMO, you should be fine. Don't know where you're seeing the negative reviews, but sometimes it simply could be competitors trolling them.

arf30
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by arf30 » Sat Feb 02, 2019 6:18 pm

I used them for a while before consolidating accounts elsewhere, but their customer service was top notch and hold times less than a minute. User interface and mobile app also excellent.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by blueman457 » Sat Feb 02, 2019 6:21 pm

brokenmachine wrote:
Sat Feb 02, 2019 5:23 pm
Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
Well I'm neither poor, nor misinformed, so let me give a poor review:

I had a very poor experience dealing with Ally to inherit the account of a close relative. Their customer service was absolutely horrible. The transition took ages longer than promised, paper-work was lost, reps in the estate department disagreed with each other about what specific paperwork was required and how to send it in, and on top of that they even ended up blocking me out of my own account for weeks (and leaving me with app only access for weeks more on top of that!). They're great at giving platitudes (i.e. "Oh, we're so sorry!"), but rather slow to actually help resolve issues, frequently missed scheduled calls, and generally seemed uninterested in helping reunite me with my money and restoring my access.

I've dealt with a lot of banks and brokerages, but Ally is hands-down the worst. I used to say they were excellent too until I actually needed their help with something. I ended up moving all my cash elsewhere because I plan on dying some day and wouldn't want my heirs to deal with the same problems I did.
Unlike brokenmachine, I haven't had to actually contact customer service for anything significant. But if all you are doing is depositing money to sit there for a while, you'll be fine with Ally. Anything past that I can't comment.

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dual
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by dual » Sat Feb 02, 2019 6:33 pm

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield.
If you are just going to park money without having to withdraw/add periodically consider opening an account at a low-cost broker like Fidelity or Schwab and buying Treasury Bills at auction. A one year T-bill is now yielding around 2.5% with no state income tax on interest. That yields over $200 more than you get from Ally. And both Fido and Schwab have excellent customer service.

If you do need access, put some of the money in a money market fund at the broker and the rest into T-bills. The money market accounts are yielding close to what you get from Ally.

If you need help buying a T-Bill just ask around here. It is easy.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by sperry8 » Sat Feb 02, 2019 6:36 pm

I have contacted CS numerous times. Once they closed my account over fraud suspicions (the names on my personal and business accounts didn't match). It took many days to get the suspension lifted but CS was quite friendly dealing with the issue.

Another time I contacted them over their Zelle service - which is not immediate (ala Venmo or Paypal). In fact, it can take "up to" 3 business days to deliver the monies - and since I sent the monies on Friday eve of a holiday - it took 6 calendar days. Nothing wrong with that except unlike their ACH transfer service they do not show estimates of when money will be delivered. After calling them they said "they do not know" and that's why they can't offer estimates. I was not pleased with their responses and they made no apologies. Obviously I'll never use Zelle again. Venmo or Paypal it is (but surely that is less a reflection on Ally than Zelle, who is a separate entity).

With all this said, I like Ally bank and they are legit and generally try to help. So you shouldn't be worried - but do know as issues arise, while friendly, it can take a long time to get resolution.
Last edited by sperry8 on Sat Feb 02, 2019 6:38 pm, edited 1 time in total.
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by mx711yam » Sat Feb 02, 2019 6:38 pm

I just moved 100k from ally to CIT due to their poor customer service and refusal to uphold their recent bonus promotion.

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fortfun
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by fortfun » Sat Feb 02, 2019 6:40 pm

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
Hey all. I opened an Ally account several months ago, but I'm still hesitant to transfer any money into it, even though their current yield for a savings account is up to 2.20%. I know Ally is a Bogleheads fave, which initially attracted me to it, but the amount of frightening online reviews have prevented me from going through with it. There's an endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories.

All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield. Has anyone here had any negative experiences with them? Thanks for any input.
I love Ally! I wonder if Wellsfargo has programmed a bot to write bad reviews :)

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by mc7 » Sat Feb 02, 2019 7:07 pm

Most of the time they are great. If you are getting any kind of promotional rate, make sure to check the account to verify! You can comply with *all* terms of the offer, get stuck in a different rate, and strung along with promises to fix the rate. That was my experience. After multiple calls and broken promises, they eventually agreed to let me get the money out without penalty (gee thanks). Your mileage may vary.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by SoonerD » Sat Feb 02, 2019 7:15 pm

Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
The above comment seems to me to be the province of the ignorant and inconsiderate.

Jags, can you shed light on the poor? Who are they? What is the definition you use and where is the line drawn? Since I'm poor and, for many subjects, misinformed I'd like to know more about myself - please enlighten me.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by b.lock » Sat Feb 02, 2019 7:17 pm

I've been using Ally as my only bank for three years and it's been great. No complaints.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Reubin » Sat Feb 02, 2019 7:19 pm

I never had a problem with Ally Bank.

Topic Author
miles dewey
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by miles dewey » Sat Feb 02, 2019 7:20 pm

RickBoglehead, I had initially read the abysmal reviews before opening the Ally account. I considered bad online-bank reviews went with the territory, but the bad reviews seemed especially terrible, such as the story Brokenmachine just recounted. I guess it's all just gnawed at me, thus my reluctance.

So far I'm relieved that the majority of you have had no real issues with Ally. And great suggestions regarding alternate allocations, such as T-bills. I currently have it in Fidelity's SPRXX MM Fund, but Vanguard's VMMXX MM Fund is even more enticing with its higher yield and lower expense ratio. I just realized I'm back to square one with my decision! Heh.

(Oh, and as for where I read the majority of these bad reviews, it was, yes, CreditKarma and a few other sites).

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Jags4186 » Sat Feb 02, 2019 7:36 pm

SoonerD wrote:
Sat Feb 02, 2019 7:15 pm
Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
The above comment seems to me to be the province of the ignorant and inconsiderate.

Jags, can you shed light on the poor? Who are they? What is the definition you use and where is the line drawn? Since I'm poor and, for many subjects, misinformed I'd like to know more about myself - please enlighten me.
I know my comment seemed flippant, but often when you see complaints about bank products in the guise of “they stole my money”, “they’re holding my money hostage”, “they are ripping me off!” It’s dealing with people who overdraft the account constantly, don’t understand how long ACH takes to process, or are involved in some sort of fraudulent seeming activity such as check kiting.

Far be it from me to say that banks never mess up or cause a disaster for the normal person. But if you take your time to read some of these comments, and read between the lines, there’s often much more to the story than the bank just picking out people to be incompetent with.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by kaneohe » Sat Feb 02, 2019 7:54 pm

OP.......could you post links to the reviews that bother you: " endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories."
Google only found Credit Karma site w/ 2.5* . Most other sites had 4-5*. The same situation sometimes exists with restaurant reviews on Yelp with a bi-model distributions with many rating 4-5* and a smaller tail with ratings of 2-3 *. Never could understand that tail.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by jbuzolich » Sat Feb 02, 2019 8:10 pm

Like many others on this site, I've had many years of great experience with Ally. It's our main cash savings location and has been for years. Never an issue. Opening and closing accounts online and never talking to anybody. I've closed no penalty CD accounts and immediately had the funds in savings then put into new CDs. Super easy.

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miles dewey
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by miles dewey » Sat Feb 02, 2019 8:18 pm

Here's a sample from Credit Karma:

"This bank will not let me access my savings account. Will not call back. Can’t get a supervisor on the phone. I have nearly 250k in my account and I can’t get at it? Are you fu*king kidding me? I will be contacting the treasury dept. When this gets handled I am CLOSING MY ACCOUNT. Screw Ally bank."

"Sociopaths run this bank. They will lie."

"We opened up 2 CD's with them at a certain APY. Even though we already had several accounts with Ally, they didn't allow us to open them for several days. In the meantime they lowered the rate. Bait & switch & bank fraud. Don't use them. Use Marcus."

"I did a wire transfer using your Zelle service which never arrived at its intended destination. I've spoken with 6 different customer service reps, and not only do they flatly deny there is anything i can do, but they also give me conflictive information. I've clearly explained i want a trace back on my wire transfer and they say it is not even a possibility. As of today, i've been calling for over a month and spent countless hours with customer service. My $540 are lost in limbo and Ally washes its hands since they use a third party service called Zelle. Zelle cannot help me and there is no way to get my money back according to Ally. Stay away from this joke of a bank lest something goes wrong and the uselessness of their customer support leaves you stunned. To add insult to injury, i have the federal reserve trace number and they are unable to use it! Hopeless."

Hundreds of bad reviews on MyBankTracker:
https://www.mybanktracker.com/Ally-Bank ... tegory=all

And I even dipped into the Consumer Affairs abyss:
https://www.consumeraffairs.com/finance/ally_bank.html

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by welderwannabe » Sat Feb 02, 2019 8:31 pm

miles dewey wrote:
Sat Feb 02, 2019 8:18 pm
"I did a wire transfer using your Zelle service which never arrived at its intended destination. I've spoken with 6 different customer service reps, and not only do they flatly deny there is anything i can do, but they also give me conflictive information. I've clearly explained i want a trace back on my wire transfer and they say it is not even a possibility.
Zelle is a wire transfer service? I thought it was like Paypal. I have wired money with Ally and have had zero problems. I have gotten cashier's checks and they have overnighted them for free. Had nothing but good luck with them.

Go look at reviews for any major bank and they are going to stink.

IMHO Ally is one of the best online banks. If your nervous, then don't use then. You can't swing a dead cat and not hit a bank nowadays. They are popping up like mushrooms everywhere. Go use another if you don't trust Ally.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by midareff » Sat Feb 02, 2019 8:41 pm

I've been with Ally since 2011. Checking, multiple savings accounts and ties to several other banks and investment houses with scheduled in's and outs and periodic transfers. Have had numerous CD's as well. Never any issues.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by arcticpineapplecorp. » Sat Feb 02, 2019 9:03 pm

miles dewey wrote:
Sat Feb 02, 2019 8:18 pm
Here's a sample from Credit Karma:

"This bank will not let me access my savings account. Will not call back. Can’t get a supervisor on the phone. I have nearly 250k in my account and I can’t get at it? Are you fu*king kidding me? I will be contacting the treasury dept. When this gets handled I am CLOSING MY ACCOUNT. Screw Ally bank."

"Sociopaths run this bank. They will lie."

"We opened up 2 CD's with them at a certain APY. Even though we already had several accounts with Ally, they didn't allow us to open them for several days. In the meantime they lowered the rate. Bait & switch & bank fraud. Don't use them. Use Marcus."

"I did a wire transfer using your Zelle service which never arrived at its intended destination. I've spoken with 6 different customer service reps, and not only do they flatly deny there is anything i can do, but they also give me conflictive information. I've clearly explained i want a trace back on my wire transfer and they say it is not even a possibility. As of today, i've been calling for over a month and spent countless hours with customer service. My $540 are lost in limbo and Ally washes its hands since they use a third party service called Zelle. Zelle cannot help me and there is no way to get my money back according to Ally. Stay away from this joke of a bank lest something goes wrong and the uselessness of their customer support leaves you stunned. To add insult to injury, i have the federal reserve trace number and they are unable to use it! Hopeless."

Hundreds of bad reviews on MyBankTracker:
https://www.mybanktracker.com/Ally-Bank ... tegory=all

And I even dipped into the Consumer Affairs abyss:
https://www.consumeraffairs.com/finance/ally_bank.html
this one was my favorite:

I deposited a payroll check for $2300 10/1/18. I waited 1 whole month to be paid. Ally bank is withholding my paycheck from me which has resulted in me sleeping outside and almost being raped last night. I was bludgeoned in the head by a fellow homeless stranger. I may lose my job because I can't afford a place to stay or place to shower.

I explained my predicament to Ally bank customer service. They said I cannot speak to a manager other than a call center supervisor. They said they cannot release the funds for 5 business days without exception. It will take an "executive" research and resolution team three business days to get back to me. Meaning even if they could release the funds it would still take 5 total business days.

I have had two over drafts each less than $5 in the past 12 months. I paid $25 overdraft fees for each of those and I had a 3rd and final overdraft in the past month for $20 and an additional overdraft fee of $25 total.

My paycheck coveted this last 45 dollars. But Ally won't give me the rest of the funds. When I deposited my paycheck they gave me no warning that my check would be withheld. They had no mercy on my situation. Im trying to recover from a back injury that caused me to stop working months ago. I've been struggling and now I have a job I can't even start pulling myself out of this hole because Ally has stolen my paycheck.
credit karma reviewers gave Ally worse ratings (2.5) than nerdwallet (4.5) so there's some discrepancy there.

I haven't had any problems, but I only use it to earn interest. I don't write checks, pay bills, have paychecks deposited, take auto loans, etc. So maybe the more you do the more difficulty you have. Dunno. I haven't had any difficulty and I think their customer service has been good.

Another one, this time at nerdwallet said this:
They will not let you open a savings or checking without a credit check. My wife's credit is frozen due to equifax breach yet they do not care. I have several accounts with them but cannot co-open and account with them. I have tried support to no avail and they do not care. They would rather risk their clients identity versus allow you to have an joint account with someone they already bank with.
Yeah, they had to check my credit to open a CD. It's the law. It's called know thy customer. I thawed it for like 10 minutes while they did the check and then refroze it. easy peasy. Then I opened a savings account and didn't need to thaw the credit freeze again. They just had me answer some questions about what addresses I had in the past, loans, etc. to verify.
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Horsefly » Sat Feb 02, 2019 9:19 pm

Ally is our main bank, and so far we've been happy with them. Our account is in the name of our trust, and my one frustration (discussed here) is that I can't get Ally to go paperless on our statements. It is apparently only because of the trust.

On-line reviews can be a bit of the wild west. I would suspect that "banks" as a category don't get a good cross-section of reviews. When was the last time any of us thought to ourselves "Wow, I really like my bank. I think I'll go write a real glowing review!". Nope. It doesn't work that way. For the most part, the only people who are going to go to the trouble of writing a review of their bank will be those that are so P-O'd that they want to vent in any and all the ways they can. So I suspect that the reviews of Ally will be skewed, not reflecting all Ally customers but those how have had bad experiences. Still a valid consideration, but not representative.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by rhinopylon » Sat Feb 02, 2019 9:22 pm

I swapped all my banking from Wells Fargo to Ally and couldn't be happier. I have a very streamlined app and online interface and they are lightning quick with sending and receiving ACH. I also get a stellar savings rate compared to traditional B&M banks and a very competitive rate compared to other internet banks.

I will never bank with a large B&M bank name anymore.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Gadget » Sat Feb 02, 2019 9:45 pm

miles dewey wrote:
Sat Feb 02, 2019 7:20 pm
RickBoglehead, I had initially read the abysmal reviews before opening the Ally account. I considered bad online-bank reviews went with the territory, but the bad reviews seemed especially terrible, such as the story Brokenmachine just recounted. I guess it's all just gnawed at me, thus my reluctance.

So far I'm relieved that the majority of you have had no real issues with Ally. And great suggestions regarding alternate allocations, such as T-bills. I currently have it in Fidelity's SPRXX MM Fund, but Vanguard's VMMXX MM Fund is even more enticing with its higher yield and lower expense ratio. I just realized I'm back to square one with my decision! Heh.

(Oh, and as for where I read the majority of these bad reviews, it was, yes, CreditKarma and a few other sites).
If you already have all your money in SPRXX, why not use Fidelity CMA for your online banking needs? Free ATM withdrawls, and the simplest way to get a high yield checking account via SPRXX. Fidelity CMA also doesn't have the savings account withdrawal limitations.

Personally, I use Fidelity CMA with a local credit union in case I ever need to do something local. Ally is a good alternative too though. I would only really try to dissuade someone if they wanted to transfer everything to Bank of America or Wells Fargo.

Watts
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Watts » Sat Feb 02, 2019 9:50 pm

Using Ally as my primary bank (checking, savings, CDs) since 2012. I've had nothing but positive things to say about the company. Excellent place to do business with!

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by BogleMelon » Sat Feb 02, 2019 10:05 pm

The horrible reviews is about the Ally Auto Loan which looks like a complete different division. I don't remember seeing a single negative reviews on their banking. I have accounts there and working like a charm. It is even ranked higher in terms of financial health than BoA and Chase.
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by White Coat Investor » Sat Feb 02, 2019 10:07 pm

indexfund56 wrote:
Sat Feb 02, 2019 5:17 pm
I've had Ally's Online Savings account since 2013. I've never had any issue. Great customer service and great web site.
Same. But if you don't like them, just go to Vanguard. That's where my cash is these days now that yields on MMFs have gone back up.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by DEZ1 » Sat Feb 02, 2019 10:13 pm

been with them for 5 years never had a problem.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by radiowave » Sat Feb 02, 2019 11:01 pm

two thumbs up on Ally. Competitive savings, 2.20% compared to something like 0.04% at my local B&M bank; easy to create and manage CDs (2.75% for 1 year is competitive as well).
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by 3-20Characters » Sat Feb 02, 2019 11:16 pm

Another very satisfied ally customer. I’d trust bogleheads’ reviews x 1 million over credit karma, etc.

JamaicaMeCrazy
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by JamaicaMeCrazy » Sun Feb 03, 2019 7:47 am

Add another to the happy Ally customers. We've had (and continue) various accounts there, and are satisfied with them. They continue to have some of the better interest rates in the industry.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by SueG5123 » Sun Feb 03, 2019 7:55 am

Happy with Ally. Much better than Cap One.

student
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by student » Sun Feb 03, 2019 7:55 am

I do not have Ally Bank. The only reason that I did not open one with them (and went with a competitor) was it required a hard pull to open an account (at the time). In general, bogleheads are critical/careful when choosing a financial company. Given the generally positive experience given here, I would say that there is no need to worry. As a side note, Ally Bank is no longer the best in terms of interest rate among the big online banks, it seems that Marcus (from Goldman Sachs) has been offering a bit higher rate than them recently.

Minor edit for clarifications.
Last edited by student on Sun Feb 03, 2019 8:13 am, edited 1 time in total.

Pixafari
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Pixafari » Sun Feb 03, 2019 8:11 am

Satisfied Ally customer here. Have used them for savings and CDs for several years with no complaints.

Markr867
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Markr867 » Sun Feb 03, 2019 8:18 am

I opened a savings account with them during their 1% bonus promo a few months ago. I've been very happy since, and I'm considering making them my main bank.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by capsaicinguy » Sun Feb 03, 2019 8:18 am

Another vote for a great experience with Ally banking here. Have had accounts with them for about 4 years now and used their online savings and no penalty CDs. :sharebeer

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by sophie1 » Sun Feb 03, 2019 8:57 am

I've used Ally Bank since 2010, as my primary checking & savings. I've had a few bleeps with them over the years but nothing noteworthy and the sorts of things that will happen with any bank. Here's a couple of my niggling complaints, to give you an idea: dates of recurring ACH transfers can be unpredictable, and their mobile check deposit often takes several tries to accept checks. Stuff like this, though, pales in comparison to how easy and convenient Ally's website is, and their savings interest rates. I've also had good experiences with customer service.

You have to read between the lines of those bad reviews you posted. None of them sound like legit complaints, except the one about the money transfer which could easily be Zelle's problem and not Ally's. I mean, someone posts about being homeless and victimized because of Ally's policy of holding on to check funds beyond $200 for 5 days? Really?? That is common practice, not unique to Ally. And there's the person who said they'd call the treasury department? These things are pure entertainment, nothing more.

archie75
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by archie75 » Sun Feb 03, 2019 9:11 am

I've had an Ally Savings Account for over two years now with no issues. With that being said, maybe their sub-par customer service also reflects in the higher interest rates on the account.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by cheese_breath » Sun Feb 03, 2019 9:12 am

I've been with Ally since the really old days when it was GMAC Bank. No complaints from me.
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by HueyLD » Sun Feb 03, 2019 9:12 am

I read online reviews, but with a lot of caution.

There are so many "work from home" people whose jobs are to write fake reviews on various sites in order to generate the desired results by the companies that pay them.

I read that a lot of people only look at the number of stars (1 - 5) and never bother to read the comments. If one bothers to actually read a few comments from each star category, it is not that difficult to sniff out the fake ones.

As to Ally, my actual experience has been very good the vast majority of the time. Sure, they did something not to my liking once in a while, but in almost all such instances it was my lack of understanding of some of their policies and procedures. And they did work hard to address the issues in a timely manner. Compare that to your phone, cable or dish companies!!!

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by oldcomputerguy » Sun Feb 03, 2019 9:15 am

I'll add my voice to those above and say that, while I've only been with them a couple of years, I've had zero problems with them.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

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