Losing confidence in Ally Bank - what would you do

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Krischi
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Losing confidence in Ally Bank - what would you do

Post by Krischi » Thu Aug 03, 2017 8:34 am

This is the second time that I've had difficulties making a transfer from Ally to my main brick and mortar checking account when I needed it, but this second case is a particularly egregious example. So, I'd be interested in what you would do in my situation - stay with them and give them a chance to work out matters, or vote with my feet.

I submitted a transfer request yesterday that drew one of my savings accounts down to zero, in order to cover a large bill. The next day I received two email notifications stating that the transfer failed, and that my account was suspended, and to contact their customer service immediately. Customer service put me on hold to check with their transfer department and then told me with a straight face that the failure and suspension were due to insufficient funds, then stated that the account balance was zero, and that I could get the suspension lifted in 6 months. I told them to actually look at the transaction history to show that the zero balance was due to the failed transfer, and that right now they had funds of mine in the ether somewhere - and that this was in no way due to an error of mine.

So, they put me on hold again, then came back to me saying that they had experienced difficulties with their system and were working to resolve them. They could not tell me when the funds actually would become available again. I told them that they just pretty much destroyed my confidence in being able to do business with them, and that messing with liquidity was a big no-no.

What would you do in my shoes? I chose Ally for their rates and the good reputation of their customer service, but this experience today is not what I am looking for with banking. What are recent impressions of other high-yield savings account banks?

Jack FFR1846
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Re: Losing confidence in Ally Bank - what would you do

Post by Jack FFR1846 » Thu Aug 03, 2017 8:40 am

I have a pretty low tolerance of banks screwing up and if in your shoes would wait for them to clear this up and then withdraw everything you have there.

I also use Redneck Bank which is a very quirky internet division of All America Bank. Their rates are higher but they do limit ins and outs to very low levels for some amount of time (90 days for me for some reason). But online chat messages are answered very nicely and they have been quite credible for me.

I have had no issues with Ally except with their credit card system which doesn't allow me to change the automatic payments....so I simply stopped using it (what I do when I'm not happy).

Discover bank is another good option. I had an account there for the big bonus but didn't keep it up as I was using both Ally and Redneck and Discover didn't beat them.
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rec7
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Re: Losing confidence in Ally Bank - what would you do

Post by rec7 » Thu Aug 03, 2017 8:43 am

I know you were right but next time leave a dollar or two in there. That is what I do. I have got into trouble getting the last cent out of several places.
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Jags4186
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Re: Losing confidence in Ally Bank - what would you do

Post by Jags4186 » Thu Aug 03, 2017 8:47 am

I use Ally but if I were in your shoes I'd take my business elsewhere. There's really nothing special about them. You can get 1.15% savings rate at many places now--AMEX, Discover, Barclays, Sychrony, Capital One...etc etc.

kaneohe
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Re: Losing confidence in Ally Bank - what would you do

Post by kaneohe » Thu Aug 03, 2017 8:47 am

Do you have some other institution that you have confidence in that you could use as a hub to shuttle things around. I use my broker
and have had no problems. Often the restrictions on how much you move can be lessened also.

omgbirdman
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Re: Losing confidence in Ally Bank - what would you do

Post by omgbirdman » Thu Aug 03, 2017 8:47 am

Wow, really don't like to hear this, as I park my emergency fund in Ally..

If you don't mind me asking, what was the amount of the transfer? Also, I assume you hadn't exceeded the limit for transfers out per month?

jimmyrules712
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Re: Losing confidence in Ally Bank - what would you do

Post by jimmyrules712 » Thu Aug 03, 2017 8:48 am

Not trying to downplay the significance of your issue but I'm extremely surprised. I've been using Ally for my main bank for over 5 years and have 3 checking accounts and 4 savings accounts with them. I transfer money around (internally and externally) all the time and have never experienced a "failed transfer" or a temporary loss of funds. However, I don't know if I've ever done an external transfer from a savings account. I always pull from my checking.

If that issue were to happen to me I'd probably give them some slack the first time. If it happened 2 or 3 times in a short period of time then I'd start looking at other options. To be honest I would probably put up with quite a bit before I switched because overall I like Ally's features, products, and website significantly better than any other option I've seen so far.

Beehave
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Re: Losing confidence in Ally Bank - what would you do

Post by Beehave » Thu Aug 03, 2017 8:58 am

Krischi wrote:This is the second time that I've had difficulties making a transfer from Ally to my main brick and mortar checking account when I needed it, but this second case is a particularly egregious example. So, I'd be interested in what you would do in my situation - stay with them and give them a chance to work out matters, or vote with my feet.

I submitted a transfer request yesterday that drew one of my savings accounts down to zero, in order to cover a large bill. The next day I received two email notifications stating that the transfer failed, and that my account was suspended, and to contact their customer service immediately. Customer service put me on hold to check with their transfer department and then told me with a straight face that the failure and suspension were due to insufficient funds, then stated that the account balance was zero, and that I could get the suspension lifted in 6 months. I told them to actually look at the transaction history to show that the zero balance was due to the failed transfer, and that right now they had funds of mine in the ether somewhere - and that this was in no way due to an error of mine.

So, they put me on hold again, then came back to me saying that they had experienced difficulties with their system and were working to resolve them. They could not tell me when the funds actually would become available again. I told them that they just pretty much destroyed my confidence in being able to do business with them, and that messing with liquidity was a big no-no.

What would you do in my shoes? I chose Ally for their rates and the good reputation of their customer service, but this experience today is not what I am looking for with banking. What are recent impressions of other high-yield savings account banks?
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8foot7
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Re: Losing confidence in Ally Bank - what would you do

Post by 8foot7 » Thu Aug 03, 2017 9:09 am

I would suggest that anytime you are stopped from getting your own money out of some place, you should immediately stop doing business with that place.

open_circuit
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Re: Losing confidence in Ally Bank - what would you do

Post by open_circuit » Thu Aug 03, 2017 9:14 am

I'm both stubborn and impatient. I don't often give a company two opportunities to squander my time, money, or trust like that. There are plenty of other firms available to service your need. I would find another one and set up an account immediately, preparing to transfer all funds out of Ally as soon as the issue is resolved.

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flamesabers
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Re: Losing confidence in Ally Bank - what would you do

Post by flamesabers » Thu Aug 03, 2017 9:15 am

Krischi wrote:What would you do in my shoes? I chose Ally for their rates and the good reputation of their customer service, but this experience today is not what I am looking for with banking. What are recent impressions of other high-yield savings account banks?
If I was in your shoes, I would close my accounts with Ally once this issue has been resolved. Ally isn't the only bank in town that offers relatively good rates. If Ally can't manage my money properly, I would take my business to another bank.

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Re: Losing confidence in Ally Bank - what would you do

Post by gator1 » Thu Aug 03, 2017 9:18 am

I like Ally and keep about $100k with them. Other than their online banking being down for long periods of time I've never had issues. I will say though that the money I keep with them is park it and leave it for the most part so maybe if I used it more often there could be more issues with them. I can certainly understand your frustrations with them though. I'd probably put them on a "1 more strike and I'm out" if I were in your shoes.

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JamesSFO
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Re: Losing confidence in Ally Bank - what would you do

Post by JamesSFO » Thu Aug 03, 2017 9:54 am

So totally get being frustrated. The answers you have thus far are pretty unacceptable.

BUT, every institution is going to make a mistake at some point or have a computer glitch at some point so if having any snafu is the criteria to "quit the bank" that seems unproductive. Give them 2-3 business days to sort this out or provide a clearer explanation of what the resolution path is and then after it resolves give things a week or so before making a quick move away. The new bank you pick might have other problems, etc.

rjbraun
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Re: Losing confidence in Ally Bank - what would you do

Post by rjbraun » Thu Aug 03, 2017 10:04 am

rec7 wrote:I know you were right but next time leave a dollar or two in there. That is what I do. I have got into trouble getting the last cent out of several places.
What kind of "trouble" have you got into in the past?

I would be a bit concerned about having to deal with random paperwork (mandatory regulatory disclosures from the financial institution, tax statements, etc.) by keeping an account open with a nominal amount. I currently have at least one account I am thinking of closing and intended to do so in full, your experience could be helpful.

TIA :happy

BogleMelon
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Re: Losing confidence in Ally Bank - what would you do

Post by BogleMelon » Thu Aug 03, 2017 10:06 am

I saw someone recommended Discover. I vote against Discover. Had a nastier issue with them before with account being suspended too and so much hassle and back and forth to get things straighten out.
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H-Town
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Re: Losing confidence in Ally Bank - what would you do

Post by H-Town » Thu Aug 03, 2017 10:09 am

Krischi wrote: What would you do in my shoes? I chose Ally for their rates and the good reputation of their customer service, but this experience today is not what I am looking for with banking. What are recent impressions of other high-yield savings account banks?
I suggest you talk to the manager of customer rep and see if they give you some remedies. Technical issue can happen at bigger banks as well.

Anyhow, you already gave Ally a second chance. If it were me, it's tough to give them another chance.

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munemaker
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Re: Losing confidence in Ally Bank - what would you do

Post by munemaker » Thu Aug 03, 2017 10:13 am

Jack FFR1846 wrote:
Discover bank is another good option.
I had a situation at Discover somewhat similar to the OP experienced at Ally. I requested an ACH transfer (not drawing down to zero balance) and received email that it failed. I called them and was told it was blocked by their security department and I should resubmit the transfer request (They did not suspend my account). They would not tell me the reason why the transfer was blocked, so I just closed the account. What good is a bank if you can't get your money when you need it? If they had given me a reason that made any kind of sense, I would probably have stayed...but apparently whatever their security department says cannot be questioned by their customer service and their customers.

Too bad because my experience with Discover Credit Card goes back almost to their inception, and I have only had good experience there.

livefreefam
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Re: Losing confidence in Ally Bank - what would you do

Post by livefreefam » Thu Aug 03, 2017 10:15 am

We use Alliant CU as our cash transfer hub. 1 day transfers if submitted before 12p CST.
The bar for attaining membership is pretty easy. Never had any issues with customer service.
http://www.alliantcreditunion.org/

2015
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Re: Losing confidence in Ally Bank - what would you do

Post by 2015 » Thu Aug 03, 2017 10:50 am

jimmyrules712 wrote:Not trying to downplay the significance of your issue but I'm extremely surprised. I've been using Ally for my main bank for over 5 years and have 3 checking accounts and 4 savings accounts with them. I transfer money around (internally and externally) all the time and have never experienced a "failed transfer" or a temporary loss of funds. However, I don't know if I've ever done an external transfer from a savings account. I always pull from my checking.

If that issue were to happen to me I'd probably give them some slack the first time. If it happened 2 or 3 times in a short period of time then I'd start looking at other options. To be honest I would probably put up with quite a bit before I switched because overall I like Ally's features, products, and website significantly better than any other option I've seen so far.
+1
Been with Ally for at least 10 years, never a problem, with transfers (whether from savings or MM) or anything else. Same with Vanguard, never a problem. I've never understood the myriad Bash Vanguard threads on this site.

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Re: Losing confidence in Ally Bank - what would you do

Post by radiowave » Thu Aug 03, 2017 11:41 am

A side note from the OP post. If you are using savings for your cash repository, probably not a good idea to directly transfer money from there. Consider doing all bank to bank (brokerage) transfers from checking. Yes it's an extra step but the added layer of security could be helpful if you get hacked and someone empties out your savings account. I'm making the assumption that is where most of your cash is stored at Ally.
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Krischi
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Re: Losing confidence in Ally Bank - what would you do

Post by Krischi » Thu Aug 03, 2017 11:46 am

radiowave wrote:A side note from the OP post. If you are using savings for your cash repository, probably not a good idea to directly transfer money from there. Consider doing all bank to bank (brokerage) transfers from checking. Yes it's an extra step but the added layer of security could be helpful if you get hacked and someone empties out your savings account. I'm making the assumption that is where most of your cash is stored at Ally.
Could you please elaborate? I'm not following here. How would transfer from savings to checking at Ally, then Ally checking to brick & mortar checking - as opposed to Ally savings to brick & mortar checking - add security?

mrb09
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Re: Losing confidence in Ally Bank - what would you do

Post by mrb09 » Thu Aug 03, 2017 11:52 am

Just my experience with Ally:

I made a large double credit card payment. Completely my fault.

When the second payment cleared, it dropped my checking balance below zero. I got the email notification but by then they had put a hold on my savings for the amount of the overdraft, so I was in this weird in-between area where they put a lock on my funds but I still showed overdraft in my checking.

Anyway, I called them and they cleared it up right away and even waived the overdraft free. Dealing with the CC company for my overpayment took much longer :)

I second what other folks are saying, I think they're used to dealing with checking issues but not so much savings. I always transfer payments and transfers from other banks using my checking, and only transfer to/from savings from ally checking.

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welderwannabe
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Re: Losing confidence in Ally Bank - what would you do

Post by welderwannabe » Thu Aug 03, 2017 11:59 am

mrb09 wrote: I got the email notification but by then they had put a hold on my savings for the amount of the overdraft, so I was in this weird in-between area where they put a lock on my funds but I still showed overdraft in my checking.

Anyway, I called them and they cleared it up right away and even waived the overdraft free.
Do you have your savings linked to your checking as the designated overdraft account? If so, why was there an overdraft fee to waive? I haven't overdrafted my Ally checking yet but part of the reason I moved my checking there was for free overdraft from savings...my CU charges $10 per overdraft from savings (ridiculous, but that is what they do).
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

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Re: Losing confidence in Ally Bank - what would you do

Post by neilpilot » Thu Aug 03, 2017 12:07 pm

welderwannabe wrote:
mrb09 wrote: I got the email notification but by then they had put a hold on my savings for the amount of the overdraft, so I was in this weird in-between area where they put a lock on my funds but I still showed overdraft in my checking.

Anyway, I called them and they cleared it up right away and even waived the overdraft free.
Do you have your savings linked to your checking as the designated overdraft account? If so, why was there an overdraft fee to waive? I haven't overdrafted my Ally checking yet but part of the reason I moved my checking there was for free overdraft from savings...my CU charges $10 per overdraft from savings (ridiculous, but that is what they do).
I avoid automatic overdraft protection to improve security of my checking account. I don't keep a large balance in my checking, and that limits my potential loss should an unauthorized transfer occur.

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welderwannabe
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Re: Losing confidence in Ally Bank - what would you do

Post by welderwannabe » Thu Aug 03, 2017 12:09 pm

neilpilot wrote: I avoid automatic overdraft protection to improve security of my checking account. I don't keep a large balance in my checking, and that limits my potential loss should an unauthorized transfer occur.
I am the same way. I have my checking linked to my Ally moneymarket for overdraft. I keep $2,500 in the moneymarket. The rest is in savings.

However, my problem is I run notoriously low balances in my checking account...intentionally. I transfer anything extra out into savings the first chance I get. 'Pay yourself first'. The less I have in checking the more 'poor' I feel and the less I spend. It is all psychological, but it works for me. The drawback is if I miscalculate I have occasionally overdrafted. :oops:

That is why I like to have some protection.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

lostdog
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Re: Losing confidence in Ally Bank - what would you do

Post by lostdog » Thu Aug 03, 2017 12:22 pm

Stick with your brick and mortar bank for checking. For money market use Vanguard. Keep things simple.

mrb09
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Re: Losing confidence in Ally Bank - what would you do

Post by mrb09 » Thu Aug 03, 2017 12:40 pm

welderwannabe wrote:
mrb09 wrote: I got the email notification but by then they had put a hold on my savings for the amount of the overdraft, so I was in this weird in-between area where they put a lock on my funds but I still showed overdraft in my checking.

Anyway, I called them and they cleared it up right away and even waived the overdraft free.
Do you have your savings linked to your checking as the designated overdraft account? If so, why was there an overdraft fee to waive? I haven't overdrafted my Ally checking yet but part of the reason I moved my checking there was for free overdraft from savings...my CU charges $10 per overdraft from savings (ridiculous, but that is what they do).
I didn't have overdraft set up. Again completely my fault, but I tend to pay most of my stuff by CC and do fairly coarse grained transactions from checking and transfer money in as required.

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Re: Losing confidence in Ally Bank - what would you do

Post by junior » Thu Aug 03, 2017 1:17 pm

I use Ally, though I signed up for Capital One 360 in order to get a signup bonus. They made a good impression. I'd consider them if you want to switch.

AntsOnTheMarch
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Re: Losing confidence in Ally Bank - what would you do

Post by AntsOnTheMarch » Thu Aug 03, 2017 2:29 pm

I went to ally for the no penalty cd. Lock up $25k for 6 days and get 1.50%, get to keep the interest if you break the cd, plus no other penalty. That's pretty sweet, imo.

I have three of these at $25k each. Those along with a small savings account for day to day liquidity are my emergency funds. I still use brick mortar for checking. I haven't tried a transfer from ally savings to the brick and mortar yet but I am due in September so I'll keep an eye on it.

I never run my checking or other bank accounts down anywhere zero. I'd rather have $$ in low interest accounts earning zero than have to deal with hassles from a mistake (mine usually). That doesn't absolve ally of the screwup though and if anyone freezes my account for 6 months for any reason, I'm outa there faster than you can say Jack Robinson. IMO, they should be bending over backwards to retain you as a customer.

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Re: Losing confidence in Ally Bank - what would you do

Post by mlipps » Thu Aug 03, 2017 2:33 pm

I had a similar issue where Ally botched a transfer from my savings to my checking account a few years back. I was leaving for a trip abroad & planning to use my Ally debit card to not incur fees, but instead ended up with no cash available and wasted several hours in a hotel room in Italy in the middle of the night arguing with them to unfreeze my money. I closed the account the minute I returned home and never looked back.

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Re: Losing confidence in Ally Bank - what would you do

Post by sschoe2 » Thu Aug 03, 2017 2:36 pm

I also use Alliant Credit Union for my primary emergency fund ($10k savings) and one credit card. I am very pleased with them.

I tried doing business with Ally back in 2009 when it was GMAC bank. I had just moved and despite my full cooperation they had such a hard time dealing with that fact that they decided to deny me the account so I told them to pound sand as I don't want incompetents handling my money.

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Re: Losing confidence in Ally Bank - what would you do

Post by jebmke » Thu Aug 03, 2017 2:43 pm

My ACH transfers (AMEX Bank <-> USAA and VG --> USAA) go through in ~24 hours now - have for a couple of years at least. Any institution that cannot do 24 hour cycle now is behind.
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Re: Losing confidence in Ally Bank - what would you do

Post by Gnirk » Thu Aug 03, 2017 2:48 pm

I also tried to transfer funds from my Ally savings to my credit union checking, and received a message on the page that the transfer couldn't be completed, and to call. So I did, and was told that there was a glitch in the system, and to try again today. I did, and today's transfer was successful. Though the account still shows my other attempt as " transfer of $$$ requested" , but that one hasn't been deducted from the account balance. I'm going to give it a couple of days.

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Re: Losing confidence in Ally Bank - what would you do

Post by rec7 » Thu Aug 03, 2017 9:52 pm

rjbraun wrote:
rec7 wrote:I know you were right but next time leave a dollar or two in there. That is what I do. I have got into trouble getting the last cent out of several places.
What kind of "trouble" have you got into in the past?

I would be a bit concerned about having to deal with random paperwork (mandatory regulatory disclosures from the financial institution, tax statements, etc.) by keeping an account open with a nominal amount. I currently have at least one account I am thinking of closing and intended to do so in full, your experience could be helpful.

TIA :happy
I set up ACH with $0 in the account. Which on the surface should be fine but resulted in something like a $39 fee for insufficient funds. I was lucky and got it waived but I learned a lesson. So from now on I leave a few bucks in all my accounts. Now if you no longer need the account then close it. If the account earns less than $10 I am guessing there would be no tax paperwork. I have several near empty accounts. I keep them for good credit cards, loans and future cd's
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student
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Re: Losing confidence in Ally Bank - what would you do

Post by student » Thu Aug 03, 2017 10:06 pm

rec7 wrote:
rjbraun wrote:
rec7 wrote:I know you were right but next time leave a dollar or two in there. That is what I do. I have got into trouble getting the last cent out of several places.
What kind of "trouble" have you got into in the past?

I would be a bit concerned about having to deal with random paperwork (mandatory regulatory disclosures from the financial institution, tax statements, etc.) by keeping an account open with a nominal amount. I currently have at least one account I am thinking of closing and intended to do so in full, your experience could be helpful.

TIA :happy
I set up ACH with $0 in the account. Which on the surface should be fine but resulted in something like a $39 fee for insufficient funds. I was lucky and got it waived but I learned a lesson. So from now on I leave a few bucks in all my accounts. Now if you no longer need the account then close it. If the account earns less than $10 I am guessing there would be no tax paperwork. I have several near empty accounts. I keep them for good credit cards, loans and future cd's
Actually there is paperwork. Even if the amount is less than $10, you will not receive a tax form but you are still required to report it on the tax return.

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whodidntante
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Re: Losing confidence in Ally Bank - what would you do

Post by whodidntante » Thu Aug 03, 2017 10:18 pm

Ally might as well be "Boglehead bank" but I have not been able to understand what others here see in Ally. I churned bank bonuses for a while and Ally doesn't offer one, so I don't have an account there. From what I have seen, there are better rates elsewhere even if you do not churn. And I've never had anything like the problems you described across dozens of banks and credit unions.

Once you can get your money out, close the account.

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Re: Losing confidence in Ally Bank - what would you do

Post by JimD7 » Thu Aug 03, 2017 11:52 pm

I rarely defend, but I've been a customer with large balances since the old days when they were GMAC Bank.

I've had the rare hiccup, but considering thousands of transactions over the years , Ally, have been 99.99% pure.

I think the bashing here is unfair. There are actually many things about the site that are top notch. Not saying they are the only game in town , but one 'screwup' is hardly a reason to burn down the house.

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Re: Losing confidence in Ally Bank - what would you do

Post by Katietsu » Fri Aug 04, 2017 1:22 am

I have not had any problems with Ally. I do very few transactions but have found their website excellent to use. I have had glitches like you have described with other banks. Actually, the frequency of these type of issues has seemed to increase over the last few years. I do not think switching to another bank will decrease your likelihood of a future incidence.

JBTX
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Re: Losing confidence in Ally Bank - what would you do

Post by JBTX » Fri Aug 04, 2017 2:24 am

I have had discover bank online savings acct for years with no issues. I do move money in and out at times and never had an issue. But I have never taken it to zero or anything close to that.

MathWizard
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Re: Losing confidence in Ally Bank - what would you do

Post by MathWizard » Fri Aug 04, 2017 3:33 am

I would vote with my feet.

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Re: Losing confidence in Ally Bank - what would you do

Post by gilgamesh » Fri Aug 04, 2017 4:50 am

Thank you for reporting.

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Re: Losing confidence in Ally Bank - what would you do

Post by MikeG62 » Fri Aug 04, 2017 7:09 am

I have been doing business with three online banks for many years now - Ally, Discover and Barclays. My relationship with Ally and Discover span almost a full decade, while my relationship with Barclays is about 5 years.

As I have been continually investing excess cash, I have gotten to the point where I now only need one online bank and I have chosen Ally as the last one standing. After having dealt with all three, my experiences with Ally have been the best. So Ally will get my online banking business.

FWIW, I move cash around monthly (sometimes several times per month) and the funds move the quickest when I use Ally. I have never had an issue with a funds transfer.
Real Knowledge Comes Only From Experience

Krischi
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Re: Losing confidence in Ally Bank - what would you do

Post by Krischi » Fri Aug 04, 2017 8:04 am

OP here - Ally credited back the missing funds to my Ally account, not the brick & mortar bank. IOW, I have the funds back, but will have to redo the transfer. So they will be several days late in being where I need them. There are a lot of things I do like about Ally, but I very rarely make outgoing transactions - I do them only if I need to cover a liquidity gap. I've probably done only four or five such outgoing transfers in my entire lifetime with them as a customer, and two of these ran into problems that caused delays. I believe people who say that 99% of the time they have no problems, but my personal batting average with them is very poor.

abner kravitz
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Location: Beaufort County, SC

Re: Losing confidence in Ally Bank - what would you do

Post by abner kravitz » Fri Aug 04, 2017 8:07 am

8foot7 wrote:I would suggest that anytime you are stopped from getting your own money out of some place, you should immediately stop doing business with that place.
+1

I often give businesses second chances, but this is one situation where I would not

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DaftInvestor
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Re: Losing confidence in Ally Bank - what would you do

Post by DaftInvestor » Fri Aug 04, 2017 8:43 am

If all you use them for is high-yield savings - I''d take out all your money and move to gsbank. The rate is slightly higher than Ally (1.2%) and transfers for me have always completed in a day without issue.

gator1
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Re: Losing confidence in Ally Bank - what would you do

Post by gator1 » Fri Aug 04, 2017 5:04 pm

Krischi wrote:OP here - Ally credited back the missing funds to my Ally account, not the brick & mortar bank. IOW, I have the funds back, but will have to redo the transfer. So they will be several days late in being where I need them. There are a lot of things I do like about Ally, but I very rarely make outgoing transactions - I do them only if I need to cover a liquidity gap. I've probably done only four or five such outgoing transfers in my entire lifetime with them as a customer, and two of these ran into problems that caused delays. I believe people who say that 99% of the time they have no problems, but my personal batting average with them is very poor.
I stand by what I said above. Give them one more chance. One more strike and I'm out of here.

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fishandgolf
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Re: Losing confidence in Ally Bank - what would you do

Post by fishandgolf » Fri Aug 04, 2017 5:34 pm

I've been with Ally since Feb. 2017. Moved nearly everything to Ally except for a small checking account at a local B&M.

I made the move based on positive comments from folks on this site........very happy with their rates, program options and polite customer personnel.

If Ally is having a few snafus, I believe the cause might be attributed to the deluge of folks moving from B&M to on-line banking for obvious reasons. I sorta liken it to what Vanguard is experiencing.....lots of folks moving to index based investing.
As a result, the growing pains are not going to be without a few hiccups....goes with the territory I guess. :sharebeer

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tuningfork
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Re: Losing confidence in Ally Bank - what would you do

Post by tuningfork » Sat Aug 05, 2017 9:03 am

Regardless of the financial institution, I would never intentionally draw an account balance to zero unless I was intending to close it. Some accounts have minimum balances to maintain the account or other fees hidden in the fine print that I might not understand or remember. Best not to dance around the edges and get hit by extra fees or canceled transactions. And if I'm using an account as an overdraft account, I would never ever reduce its balance anywhere close to zero.

If a financial institution makes a mistake (their fault, not mine) that causes me significant inconvenience, I would move my account elsewhere.

Krischi
Posts: 92
Joined: Tue Dec 02, 2014 2:23 pm

Re: Losing confidence in Ally Bank - what would you do

Post by Krischi » Sat Aug 05, 2017 10:35 am

tuningfork wrote:Regardless of the financial institution, I would never intentionally draw an account balance to zero unless I was intending to close it. Some accounts have minimum balances to maintain the account or other fees hidden in the fine print that I might not understand or remember. Best not to dance around the edges and get hit by extra fees or canceled transactions. And if I'm using an account as an overdraft account, I would never ever reduce its balance anywhere close to zero.
OP here - Ally specifically advertised and encouraged customers to hold multiple accounts to manage different buckets of funds. In that context, it's not necessarily unusual or unexpected to draw something down all the way. If they can't make this reliable, they should not be encouraging customers to take this approach.

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Toons
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Re: Losing confidence in Ally Bank - what would you do

Post by Toons » Sat Aug 05, 2017 10:46 am

Move On
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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