Ally as a one stop shop

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Topic Author
Tdubs
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Ally as a one stop shop

Post by Tdubs » Sun Nov 10, 2019 10:05 am

Since Ally joined the free ETF/stock trading herd, I've been considering simplifying (for the benefit of my DW if I pass on) by moving my Vanguard taxable account (very small) and IRAs to Ally where we bank. I'd be satisfied with their no-fee ETFs.

I've been quite happy with Ally's customer service, but have no experience with their investment side. Downsides?

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Wiggums
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Re: Ally as a one stop shop

Post by Wiggums » Sun Nov 10, 2019 10:14 am

Tdubs wrote:
Sun Nov 10, 2019 10:05 am
Since Ally joined the free ETF/stock trading herd, I've been considering simplifying (for the benefit of my DW if I pass on) by moving my Vanguard taxable account (very small) and IRAs to Ally where we bank. I'd be satisfied with their no-fee ETFs.

I've been quite happy with Ally's customer service, but have no experience with their investment side. Downsides?
I have CDs at Ally, but have not used their ETFs before. One possible solution is to open and account an try it out before you start moving all your money.

If you want to wife to take over the financials when you pass, I would encourage you to include her with the move to Ally. Have her move one of the accounts, make trades, etc.

Good luck to you...

iamblessed
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Re: Ally as a one stop shop

Post by iamblessed » Sun Nov 10, 2019 11:07 am

Make sure if a crook gets in your checking account they can't get into the brokerage.
I wonder if dividends can be put into that saving account on auto pilot?
Report back if you don't mind.

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Sun Nov 10, 2019 11:24 am

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:42 pm, edited 1 time in total.

Topic Author
Tdubs
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Re: Ally as a one stop shop

Post by Tdubs » Sun Nov 10, 2019 12:32 pm

TaxingAccount wrote:
Sun Nov 10, 2019 11:24 am
iamblessed wrote:
Sun Nov 10, 2019 11:07 am
Make sure if a crook gets in your checking account they can't get into the brokerage.
I wonder if dividends can be put into that saving account on auto pilot?
Report back if you don't mind.
They can to the first one no to the second, thanks.
So the login/pw has to be the same?

TaxingAccount
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Joined: Sun Mar 17, 2019 8:34 am

Re: Ally as a one stop shop

Post by TaxingAccount » Sun Nov 10, 2019 12:35 pm

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:42 pm, edited 1 time in total.

Topic Author
Tdubs
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Re: Ally as a one stop shop

Post by Tdubs » Sun Nov 10, 2019 1:46 pm

TaxingAccount wrote:
Sun Nov 10, 2019 12:35 pm
Tdubs wrote:
Sun Nov 10, 2019 12:32 pm
TaxingAccount wrote:
Sun Nov 10, 2019 11:24 am
iamblessed wrote:
Sun Nov 10, 2019 11:07 am
Make sure if a crook gets in your checking account they can't get into the brokerage.
I wonder if dividends can be put into that saving account on auto pilot?
Report back if you don't mind.
They can to the first one no to the second, thanks.
So the login/pw has to be the same?
yes sir
So do you still have an Ally account? Happy/unhappy?

iamblessed
Posts: 307
Joined: Sat Jun 09, 2018 11:52 am

Re: Ally as a one stop shop

Post by iamblessed » Sun Nov 10, 2019 2:03 pm

May try a brokerage account and a local credit union checking account. Only two places with no fees. That way if a problems up with the checking she can walk in and get it ironed out.

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Sun Nov 10, 2019 2:42 pm

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:41 pm, edited 1 time in total.

anon_investor
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Re: Ally as a one stop shop

Post by anon_investor » Sun Nov 10, 2019 10:04 pm

TaxingAccount wrote:
Sun Nov 10, 2019 2:42 pm
Tdubs wrote:
Sun Nov 10, 2019 1:46 pm
TaxingAccount wrote:
Sun Nov 10, 2019 12:35 pm
Tdubs wrote:
Sun Nov 10, 2019 12:32 pm
TaxingAccount wrote:
Sun Nov 10, 2019 11:24 am


They can to the first one no to the second, thanks.
So the login/pw has to be the same?
yes sir
So do you still have an Ally account? Happy/unhappy?
yes very happy Ally Invest is the best broker, thanks.
What does Ally use as a sweep account since dividends cannot be automatically deposited into an Ally savings account?

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Mon Nov 11, 2019 3:25 am

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RickBoglehead
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Re: Ally as a one stop shop

Post by RickBoglehead » Mon Nov 11, 2019 6:14 am

TaxingAccount wrote:
Mon Nov 11, 2019 3:25 am
anon_investor wrote:
Sun Nov 10, 2019 10:04 pm
TaxingAccount wrote:
Sun Nov 10, 2019 2:42 pm
Tdubs wrote:
Sun Nov 10, 2019 1:46 pm
TaxingAccount wrote:
Sun Nov 10, 2019 12:35 pm

yes sir
So do you still have an Ally account? Happy/unhappy?
yes very happy Ally Invest is the best broker, thanks.
What does Ally use as a sweep account since dividends cannot be automatically deposited into an Ally savings account?
it just stays in cash and doesn't pay interest
That's awful! How can you be very happy with that?
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Mon Nov 11, 2019 6:23 am

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:41 pm, edited 1 time in total.

anon_investor
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Re: Ally as a one stop shop

Post by anon_investor » Mon Nov 11, 2019 7:52 am

TaxingAccount wrote:
Mon Nov 11, 2019 3:25 am
anon_investor wrote:
Sun Nov 10, 2019 10:04 pm
TaxingAccount wrote:
Sun Nov 10, 2019 2:42 pm
Tdubs wrote:
Sun Nov 10, 2019 1:46 pm
TaxingAccount wrote:
Sun Nov 10, 2019 12:35 pm

yes sir
So do you still have an Ally account? Happy/unhappy?
yes very happy Ally Invest is the best broker, thanks.
What does Ally use as a sweep account since dividends cannot be automatically deposited into an Ally savings account?
it just stays in cash and doesn't pay interest
I guess that's how they can support commission free trading. Such a shame since their savings accounts have always paid very good rates.

pjohn07
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Re: Ally as a one stop shop

Post by pjohn07 » Thu Nov 14, 2019 2:02 am

Been an Ally customer (mostly on the checking/savings side, but do have an invest account as well) for awhile and generally pretty happy. There savings account rates have been been dwindling lately (1.7%) so I've been moving things to simple where above $10K currently at 2.15%.

UpperNwGuy
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Re: Ally as a one stop shop

Post by UpperNwGuy » Thu Nov 14, 2019 3:12 am

My advice would be to stop seeking a one-stop shop and use a mix of financial institutions, focusing on the strengths of each one.

inbox788
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Re: Ally as a one stop shop

Post by inbox788 » Thu Nov 14, 2019 5:27 am

UpperNwGuy wrote:
Thu Nov 14, 2019 3:12 am
My advice would be to stop seeking a one-stop shop and use a mix of financial institutions, focusing on the strengths of each one.
That strategy has led me to having multiple accounts with at least 8 institutions, not counting Ally. I don't have any accounts at Ally yet, but have been tempted, but that would just add to my complexity. I'm trying to reduce both the accounts and institutions, and use just few "one stop shops". Don't think it will ever be down to just one. I've gotten rid of most of the single account shops and have at least 2 or more reasons to keep accounts, which makes it harder to give up or move. Still, I've flagged some accounts for long term (too many) and other for sun-setting (not enough).

Is customer service at Ally substantially better than the alternatives like Fidelity? Which services stand out as strengths over Fidelity?
https://www.bogleheads.org/wiki/Fidelity:_one_stop_shop

Fidelity as a one stop shop
viewtopic.php?f=2&t=266538&start=1200 (over 1200 posts!)

Schwab as a one stop shop
viewtopic.php?t=287311 (63 posts)

Topic Author
Tdubs
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Joined: Tue Apr 24, 2018 7:50 pm

Re: Ally as a one stop shop

Post by Tdubs » Thu Nov 14, 2019 5:34 am

anon_investor wrote:
Mon Nov 11, 2019 7:52 am
TaxingAccount wrote:
Mon Nov 11, 2019 3:25 am
anon_investor wrote:
Sun Nov 10, 2019 10:04 pm
TaxingAccount wrote:
Sun Nov 10, 2019 2:42 pm
Tdubs wrote:
Sun Nov 10, 2019 1:46 pm


So do you still have an Ally account? Happy/unhappy?
yes very happy Ally Invest is the best broker, thanks.
What does Ally use as a sweep account since dividends cannot be automatically deposited into an Ally savings account?
it just stays in cash and doesn't pay interest
I guess that's how they can support commission free trading. Such a shame since their savings accounts have always paid very good rates.
Can it easily be moved to you bank accounts?

mac808
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Joined: Mon Sep 19, 2011 8:45 pm

Re: Ally as a one stop shop

Post by mac808 » Thu Nov 14, 2019 7:42 am

What does cash in an Ally brokerage account currently yield? I looked around their website but it wasn’t clear to me.

ARoseByAnyOtherName
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Re: Ally as a one stop shop

Post by ARoseByAnyOtherName » Thu Nov 14, 2019 9:33 am

UpperNwGuy wrote:
Thu Nov 14, 2019 3:12 am
My advice would be to stop seeking a one-stop shop and use a mix of financial institutions, focusing on the strengths of each one.
Some people don’t want the overhead of dealing with multiple institutions. It sounds like OP is one of those people.

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RickBoglehead
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Re: Ally as a one stop shop

Post by RickBoglehead » Thu Nov 14, 2019 9:34 am

mac808 wrote:
Thu Nov 14, 2019 7:42 am
What does cash in an Ally brokerage account currently yield? I looked around their website but it wasn’t clear to me.
Answered earlier in the thread. Nothing.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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tc101
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Re: Ally as a one stop shop

Post by tc101 » Thu Nov 14, 2019 9:37 am

I've been quite happy with Ally's customer service, but have no experience with their investment side. Downsides?
Last time I called them there was something like a 10 minute wait to talk to a person so I decided to keep some CDs there but not do any new business with them. Maybe I just had bad luck that one time. I suggest you do a few test calls to see how long the wait time is.
. | The most important thing you should know about me is that I am not an expert.

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Thu Nov 14, 2019 10:09 am

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:40 pm, edited 1 time in total.

lazyday
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Re: Ally as a one stop shop

Post by lazyday » Thu Nov 14, 2019 11:15 am

anon_investor wrote:
Mon Nov 11, 2019 7:52 am
TaxingAccount wrote:
Mon Nov 11, 2019 3:25 am
anon_investor wrote:
Sun Nov 10, 2019 10:04 pm
What does Ally use as a sweep account since dividends cannot be automatically deposited into an Ally savings account?
it just stays in cash and doesn't pay interest
I guess that's how they can support commission free trading. Such a shame since their savings accounts have always paid very good rates.
Fidelity has free trading, but pays a decent rate on cash balances. They also claim to have excellent price improvement on trades, which is believable since they seem to be the only broker to report data on it.

If I were to use only one company for brokerage and banking, I would probably choose Fidelity.

anon_investor
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Re: Ally as a one stop shop

Post by anon_investor » Thu Nov 14, 2019 1:00 pm

ARoseByAnyOtherName wrote:
Thu Nov 14, 2019 9:33 am
UpperNwGuy wrote:
Thu Nov 14, 2019 3:12 am
My advice would be to stop seeking a one-stop shop and use a mix of financial institutions, focusing on the strengths of each one.
Some people don’t want the overhead of dealing with multiple institutions. It sounds like OP is one of those people.
Yea others are definitely in the same boat. I am not interested for myself (I like Vanguard well enough), but I am interested for some older family members who would prefer a one stop shop. I know many suggest Schwab or Fidelity as a one stop shop, but I have personal experience with Ally as a Bank, and they have been fantastic. I use it as my primary (pay check direct deposit, pay all my bills, etc.), and I would totally get rid of my brick and mortar bank account if not for the periodic need for notary/medallion signature guarantee services and cash deposit.

TaxingAccount
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Re: Ally as a one stop shop

Post by TaxingAccount » Fri Nov 15, 2019 7:47 am

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Last edited by TaxingAccount on Tue Nov 19, 2019 12:40 pm, edited 1 time in total.

Topic Author
Tdubs
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Re: Ally as a one stop shop

Post by Tdubs » Fri Nov 15, 2019 8:11 am

anon_investor wrote:
Thu Nov 14, 2019 1:00 pm
ARoseByAnyOtherName wrote:
Thu Nov 14, 2019 9:33 am
UpperNwGuy wrote:
Thu Nov 14, 2019 3:12 am
My advice would be to stop seeking a one-stop shop and use a mix of financial institutions, focusing on the strengths of each one.
Some people don’t want the overhead of dealing with multiple institutions. It sounds like OP is one of those people.
Yea others are definitely in the same boat. I am not interested for myself (I like Vanguard well enough), but I am interested for some older family members who would prefer a one stop shop. I know many suggest Schwab or Fidelity as a one stop shop, but I have personal experience with Ally as a Bank, and they have been fantastic. I use it as my primary (pay check direct deposit, pay all my bills, etc.), and I would totally get rid of my brick and mortar bank account if not for the periodic need for notary/medallion signature guarantee services and cash deposit.
It would serve my wife well if on the day after I passed away (I'm healthy now!), she could look at all her money in one place. It looks like I can buy plenty of VG etf and similar products there with no fees. Why not? What is magical about keeping the same funds at VG?

lazyday
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Re: Ally as a one stop shop

Post by lazyday » Fri Nov 15, 2019 9:06 am

Tdubs wrote:
Fri Nov 15, 2019 8:11 am
What is magical about keeping the same funds at VG?
Vanguard is owned by fund shareholders like you and me, so it has less incentive to sell expensive products.

Other brokers like Fidelity or maybe Ally can have some advantages like better customer service or banking services, but there is a risk of being pushed into expensive products. I hope to move to Vanguard long before I suffer cognitive decline and become vulnerable to this.

anon_investor
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Re: Ally as a one stop shop

Post by anon_investor » Fri Nov 15, 2019 11:11 am

lazyday wrote:
Fri Nov 15, 2019 9:06 am
Tdubs wrote:
Fri Nov 15, 2019 8:11 am
What is magical about keeping the same funds at VG?
Vanguard is owned by fund shareholders like you and me, so it has less incentive to sell expensive products.

Other brokers like Fidelity or maybe Ally can have some advantages like better customer service or banking services, but there is a risk of being pushed into expensive products. I hope to move to Vanguard long before I suffer cognitive decline and become vulnerable to this.
Amen! :sharebeer

I have never been with Fidelity, but I have several friend tell me that Fidelity will occasionally call them out of the blue to try to sell them some service or suggest they invest in some high expense ratio actively managed fund.

May it really is better to just keep brokerage/retirement accounts at Vanguard and banking separate.

There is also a separate thread talking about how someone had their Ally Bank account locked for days. Another reason to have money in more than one place...

Topic Author
Tdubs
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Re: Ally as a one stop shop

Post by Tdubs » Fri Nov 15, 2019 2:13 pm

anon_investor wrote:
Fri Nov 15, 2019 11:11 am
lazyday wrote:
Fri Nov 15, 2019 9:06 am
Tdubs wrote:
Fri Nov 15, 2019 8:11 am
What is magical about keeping the same funds at VG?
Vanguard is owned by fund shareholders like you and me, so it has less incentive to sell expensive products.

Other brokers like Fidelity or maybe Ally can have some advantages like better customer service or banking services, but there is a risk of being pushed into expensive products. I hope to move to Vanguard long before I suffer cognitive decline and become vulnerable to this.
Amen! :sharebeer

I have never been with Fidelity, but I have several friend tell me that Fidelity will occasionally call them out of the blue to try to sell them some service or suggest they invest in some high expense ratio actively managed fund.

May it really is better to just keep brokerage/retirement accounts at Vanguard and banking separate.

There is also a separate thread talking about how someone had their Ally Bank account locked for days. Another reason to have money in more than one place...
And yet, Vanguard sells its products to me all the time. I don't get calls, but emails? Yes. Ads as I access the site. I wonder how much Ally investments does it. Well, there is one way to find out!

anon_investor
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Re: Ally as a one stop shop

Post by anon_investor » Fri Nov 15, 2019 3:11 pm

Tdubs wrote:
Fri Nov 15, 2019 2:13 pm
anon_investor wrote:
Fri Nov 15, 2019 11:11 am
lazyday wrote:
Fri Nov 15, 2019 9:06 am
Tdubs wrote:
Fri Nov 15, 2019 8:11 am
What is magical about keeping the same funds at VG?
Vanguard is owned by fund shareholders like you and me, so it has less incentive to sell expensive products.

Other brokers like Fidelity or maybe Ally can have some advantages like better customer service or banking services, but there is a risk of being pushed into expensive products. I hope to move to Vanguard long before I suffer cognitive decline and become vulnerable to this.
Amen! :sharebeer

I have never been with Fidelity, but I have several friend tell me that Fidelity will occasionally call them out of the blue to try to sell them some service or suggest they invest in some high expense ratio actively managed fund.

May it really is better to just keep brokerage/retirement accounts at Vanguard and banking separate.

There is also a separate thread talking about how someone had their Ally Bank account locked for days. Another reason to have money in more than one place...
And yet, Vanguard sells its products to me all the time. I don't get calls, but emails? Yes. Ads as I access the site. I wonder how much Ally investments does it. Well, there is one way to find out!
I see no harm in trying the Ally brokerage. I may actually do that, to transfer some random gifted individual stocks I have in my Vanguard brokerage to sell commission free, since I already have an Ally login, one less login to create, sorry Fidelity/Schwab! (unless Vanguard decides to give some free trades to us non-Flagship folks :-)). I have had Ally bank accounts/CDs for several years now, I do not recall getting any sales calls or emails, but I have selected "no" to receiving any marketing emails/calls.

dboeger1
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Re: Ally as a one stop shop

Post by dboeger1 » Fri Nov 15, 2019 3:59 pm

Tdubs wrote:
Fri Nov 15, 2019 2:13 pm
And yet, Vanguard sells its products to me all the time. I don't get calls, but emails? Yes. Ads as I access the site. I wonder how much Ally investments does it. Well, there is one way to find out!
In my opinion, it has less to do with selling of other products and more to do with the integrity of the primary product I'm interested in, which is retirement accounts. Every now and then, I hear about some interesting new fee-free fund or no-expense ETF, but even if those products are wonderful today, there's nothing stopping Fidelity or whoever from just adding expense ratios or fees in the future. I feel Vanguard's mutual structure is the only one of the main providers that is inherently superior in its guarantee of orientation to shareholder value. I suppose there might be some weird roundabout way of Vanguard adding fees to their funds in the future, but they have to know that it would go against the spirit of the company that made them one of the world's biggest fund companies and made indexing the norm rather than the exception. So yes, Vanguard may try to cross-sell some advisory services or whatever, but where their core retirement products are concerned, I do trust that they're not going to mess with me or my potential beneficiaries for the foreseeable future.

In the past 10 years alone, I've switched accounts for search, email, banking, social media, tax services, employers, entertainment, lodging, credit cards, shipping, shopping, you name it. Many of those switches were because of some change that I found disagreeable, like when Facebook started auto-tagging people in photos, or when Google started started publishing location history by default. I need my retirement accounts to be there for me 50+ years from now, long after I've stopped caring to follow such developments. Vanguard may not be perfect, but there is simply no other major offerer that has built integrity above profit into its operating structure, so I'll take it. That's not to say there aren't legitimate reasons to use someone else; they may have specific features or conveniences that you value, especially if you're retiring soon and can trust them in the near future. But 50 years is a long time to trust a big corporation that is first and foremost concerned with profit.

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