A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

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Horsefly
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A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

[2018 thread bumped in 2021 -- admin LadyGeek]

We moved our primary banking from Wells Fargo to Ally bank about five months ago. I'm glad to be rid of the thieves at Wells Fargo, and we've been pretty happy with almost everything at Ally. Almost...

We have gone pretty much paperless for every business we deal with, for multiple reasons. We've had lots of incidents in our neighborhood of mail theft, including at our own address. The homes are pretty spread out (1-2 acre lots), and most have a normal mailbox at the end of the driveway. We often go on 4-8 day trips, and with everything paperless it is pretty much just a few pieces of junk mail each day, so we can let it accumulate until we get back without any issue. Finally, we don't like the waste of paper entailed in paper statements, and in the case of banking / investments, we don't like having to shred them periodically.

When we got the account set up at Ally, I immediately changed the preferences to go paperless. Somehow, the statements kept coming in the mail. So I would go back in and change it back and forth in hopes the paperless setting would "stick". No dice. Statements kept coming.

So today I call Ally and ask them to fix it. After some time, the agent explained that due to both Ally Policy and Law they had to send us paper statements because our account was registered under our Trust. I challenged him, in that other financial institutions (Wells Fargo, Fidelity, and our CU) all have our accounts registered under the same Trust, and were happy to go paperless with our statement. He quickly admitted that it probably was not required by law, but was an Ally policy. When I asked him to explain the policy, he couldn't.

So we have bank accounts, investment firms, credit union accounts, seven credit cards, a car loan, water bill, electric bill, cable bill, cell phone bill, and a gas bill. All are paperless, except for Ally. The real irony is that Ally is an online bank! Why Wells Fargo with all its 19th century habits can go paperless but Ally can't makes no sense to me.

I've written a letter to Ally asking them to both explain and reconsider this policy. I'll post back here if/when I hear back from them.

If anyone here knows the reason for this policy, I'd love to hear.

Steve

P.S. Just to be clear: Ally is in all other respects much, much better than Wells Fargo, and I would encourage anyone who does not have a Trust to move to Ally.
Trapper
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Trapper »

Get a PO Box?
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fortfun
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by fortfun »

Horsefly wrote: Tue Sep 18, 2018 5:24 pm We moved our primary banking from Wells Fargo to Ally bank about five months ago. I'm glad to be rid of the thieves at Wells Fargo, and we've been pretty happy with almost everything at Ally. Almost...

We have gone pretty much paperless for every business we deal with, for multiple reasons. We've had lots of incidents in our neighborhood of mail theft, including at our own address. The homes are pretty spread out (1-2 acre lots), and most have a normal mailbox at the end of the driveway. We often go on 4-8 day trips, and with everything paperless it is pretty much just a few pieces of junk mail each day, so we can let it accumulate until we get back without any issue. Finally, we don't like the waste of paper entailed in paper statements, and in the case of banking / investments, we don't like having to shred them periodically.

When we got the account set up at Ally, I immediately changed the preferences to go paperless. Somehow, the statements kept coming in the mail. So I would go back in and change it back and forth in hopes the paperless setting would "stick". No dice. Statements kept coming.

So today I call Ally and ask them to fix it. After some time, the agent explained that due to both Ally Policy and Law they had to send us paper statements because our account was registered under our Trust. I challenged him, in that other financial institutions (Wells Fargo, Fidelity, and our CU) all have our accounts registered under the same Trust, and were happy to go paperless with our statement. He quickly admitted that it probably was not required by law, but was an Ally policy. When I asked him to explain the policy, he couldn't.

So we have bank accounts, investment firms, credit union accounts, seven credit cards, a car loan, water bill, electric bill, cable bill, cell phone bill, and a gas bill. All are paperless, except for Ally. The real irony is that Ally is an online bank! Why Wells Fargo with all its 19th century habits can go paperless but Ally can't makes no sense to me.

I've written a letter to Ally asking them to both explain and reconsider this policy. I'll post back here if/when I hear back from them.

If anyone here knows the reason for this policy, I'd love to hear.

Steve

P.S. Just to be clear: Ally is in all other respects much, much better than Wells Fargo, and I would encourage anyone who does not have a Trust to move to Ally.
I had the same thing happen. They eventually stopped. I'm not sure if I clicked to go paperless on a subsequent email they sent me or if their system finally started working. I received them for the first year or so but have not received one in quite some time now. Maybe try making the change on your phone???
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

Trapper wrote: Tue Sep 18, 2018 6:25 pm Get a PO Box?
That was actually what the CSR suggested. Renting a P.O. Box (the nearest place I could do that is about 15 minutes away) just for one paper bank statement per month that I don't even want seems really un-Boglehead. I'm hoping that the people who read the letter will see how stupid this policy is and back down. I know, I'm being silly....
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

fortfun wrote: Tue Sep 18, 2018 6:30 pm I had the same thing happen. They eventually stopped. I'm not sure if I clicked to go paperless on a subsequent email they sent me or if their system finally started working. I received them for the first year or so but have not received one in quite some time now. Maybe try making the change on your phone???
When you say making the change on the phone, do you mean calling customer service? Since that is just what I did, I don't think that would work. If there is a menu system that I can try, I guess that is different. I'll call back and see if I can get paperless as an option in the menus.

Although it is confusing, I guess I'm a little more optimistic after reading that it did eventually stop for you. Thanks for giving me some hope!
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by HueyLD »

Horsefly wrote: Tue Sep 18, 2018 7:48 pm
fortfun wrote: Tue Sep 18, 2018 6:30 pm I had the same thing happen. They eventually stopped. I'm not sure if I clicked to go paperless on a subsequent email they sent me or if their system finally started working. I received them for the first year or so but have not received one in quite some time now. Maybe try making the change on your phone???
When you say making the change on the phone, do you mean calling customer service? Since that is just what I did, I don't think that would work. If there is a menu system that I can try, I guess that is different. I'll call back and see if I can get paperless as an option in the menus.

Although it is confusing, I guess I'm a little more optimistic after reading that it did eventually stop for you. Thanks for giving me some hope!
I am not sure if forfun's account is a trust account. It appears that it is not.

Ally's internal policy is to mail out statements for trust accounts. I have asked more than once, and there is no way to turn off the paper unless of course you either change your account type or close your account.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Zott »

I've been through this for several years. At one point, a CSR manually turned off paper statements for my trust account and that worked well for a couple of years. Then last year I purchased a CD (prior to that, everything was in an Online Savings account). That automatically caused the paper statements to start. I had multiple discussions, like you, with no answer except that it's their policy. I actually had a PO box (for other purposes) and the statements went there, but I decided to close it. I then also closed the account at Ally to be done with it. When I called to close, they asked why and I told them why they were losing an account well into 6-figures due to their dumb policy.

During this, I discovered that I could do just as well with this cash at Fidelity so I'm happy, although I keep a small joint account at Ally and have always been pretty happy with them except for this.
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fortfun
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by fortfun »

Horsefly wrote: Tue Sep 18, 2018 7:48 pm
fortfun wrote: Tue Sep 18, 2018 6:30 pm I had the same thing happen. They eventually stopped. I'm not sure if I clicked to go paperless on a subsequent email they sent me or if their system finally started working. I received them for the first year or so but have not received one in quite some time now. Maybe try making the change on your phone???
When you say making the change on the phone, do you mean calling customer service? Since that is just what I did, I don't think that would work. If there is a menu system that I can try, I guess that is different. I'll call back and see if I can get paperless as an option in the menus.

Although it is confusing, I guess I'm a little more optimistic after reading that it did eventually stop for you. Thanks for giving me some hope!
Sorry, I meant on the phone app. I checked it in a bunch of different places before it finally stuck. Besides that, I do love Ally.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Kevin M »

Been living with this idiocy for years.

If your trust is simple, an alternative is to use payable on death (POD) accounts instead. I started doing that when I was opening a bunch of CDs at Ally years ago, as it was much simpler and faster. I now have both at Ally, but still get the paper statements for the trust accounts. They go straight into the shredder.

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Horsefly
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

Zott wrote: Tue Sep 18, 2018 9:26 pm I've been through this for several years. At one point, a CSR manually turned off paper statements for my trust account and that worked well for a couple of years. Then last year I purchased a CD (prior to that, everything was in an Online Savings account). That automatically caused the paper statements to start. I had multiple discussions, like you, with no answer except that it's their policy. I actually had a PO box (for other purposes) and the statements went there, but I decided to close it. I then also closed the account at Ally to be done with it. When I called to close, they asked why and I told them why they were losing an account well into 6-figures due to their dumb policy.

During this, I discovered that I could do just as well with this cash at Fidelity so I'm happy, although I keep a small joint account at Ally and have always been pretty happy with them except for this.
This is really sad.

It took weeks for me to get my direct deposits and electronic payments all set up and verified, moving from Wells Fargo to Ally. I really hate doing it again, especially since I like Ally in all other respects.

I'm generally a Fidelity fan, and have used their Cash Management Account for bill pay and such, but didn't really like it. It's mostly because everything to Fidelity is kind of a brokerage account, so all the transactions look mostly like "orders". I just remember at the time I used it for a few weeks (before I moved to Ally), I decided to keep Wells Fargo as my main bank, instead of Fidelity.

I hope they will respond to my letter. I haven't mailed it yet, and I may mention this thread and the fact that they have lost other customers (you!) for the same reason.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by afan »

If someone reports getting them to stop sending paper then it appears not be be a policy that they must do this for trust accounts. This sounds more like a customer service problem. Annoying as it may be, often the solution is to escalate the concern past the person who answers the phone. Politely but firmly keep asking for someone higher up the food chain. A supervisor.

The alternative is to go above everyone's head and write to the CEO. They will not read your letter, of course. But whoever reads mail for the CEO will know where to send the issue within the Ally system.

If the reason HueyLD got them to stop is some difference in that account versus your's then it is possible the CSR person is correct about the policy and you may be stuck.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by terran »

Thanks for starting this thread. I've been a happy Ally customer for years and will be taking over as trustee of a trust, so I probably would have opened an account for it at Ally, but after this thread, probably not so much.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by GeoffD »

Holy first world problems, Batman.

If you have a mail theft problem, get a PO box. I have my emergency fund at Ally. 1 day transfers with my brick & mortar bank. They answer the phone without a huge queue. The person at the other end of the phone call typically speaks American English as their first language and tends to be well trained. Unless you have "chase the highest interest rates OCD", they pay the highest in the industry year after year so it's not worth the hassle of chasing introductory offers elsewhere.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Leemiller »

Move banks. Last I checked there were a number of options. Not sure I’d be risking identity theft or driving out of my way for a bank.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by PhilosophyAndrew »

OP, if you find it inconvenient to have the bank statements delivered to your mailbox, you can easily change banks or rent a PO Box.

Asking the organization to change its policy seems like an exercise in frustration because your request is unlikely to lead anywhere.

Andy.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by mrc »

A locking mailbox can solve this problem. Our box is across the street, and I've been thinking about doing just that for a while. Something like this model, isn't Fort Knox, but would deter the average drive-by sticky fingers from grabbing a statement.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Lancelot »

afan wrote: Wed Sep 19, 2018 6:39 am The alternative is to go above everyone's head and write to the CEO. They will not read your letter, of course. But whoever reads mail for the CEO will know where to send the issue within the Ally system.
I agree. I have done this a few times, with very satifactory results. Yes the CEO will not personally read your letter- but a very able assistant or VP will.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

OP here. It seems everyone has an opinion of what I should do to fix this on my end, mostly by changing where the statements get delivered (P.O. box or new mailbox) or changing banks. I don't find either of those acceptable, but I appreciate the thoughts.

Like I said in the original post, I was hoping someone had a high probability answer for why this policy would exist, given that other financial institutions don't have the same policy.

I've written the letter and was getting ready to send it to their customer care department, but based on a couple of comments here I'm going to address it both to the CEO and to the customer care department, and send it both places. I agree it is likely that nothing will come of it, so we'll just have to decide what we do about the statements.

We generally put our mail on vacation stop if we are gone more than a week. Ironically, that should be a good solution all the time, but our post office is not very dependable in starting or ending a vacation stop. We've had the neighbor check and found that mail was continuing to get delivered during the stop. Other times, after the scheduled end it could take a week or more before they start delivering our mail. Another frustration, for another thread!
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by HueyLD »

Please let us know what Ally tells you.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by dcnut »

DW and I both have living trusts with multiple accounts at Ally. We went thru this exact same problem several years ago -- made quite a stink about it too. Ally would not budge. We have had a similar problem at Discover Bank, but not at other banks such as Popular Direct (eLoan). We finally just opted for the PO box which costs us $110 per year now. We now have almost all our mail going to the PO box, with the exception of junk and charitable donations, which sell their address lists.

Glenn
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

dcnut wrote: Wed Sep 19, 2018 11:44 am DW and I both have living trusts with multiple accounts at Ally. We went thru this exact same problem several years ago -- made quite a stink about it too. Ally would not budge. We have had a similar problem at Discover Bank, but not at other banks such as Popular Direct (eLoan). We finally just opted for the PO box which costs us $110 per year now. We now have almost all our mail going to the PO box, with the exception of junk and charitable donations, which sell their address lists.

Glenn
Again, disheartening info. But thanks.

They never gave you any explanation as to why this was their policy?
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by dcnut »

Horsefly wrote: Wed Sep 19, 2018 1:43 pm
dcnut wrote: Wed Sep 19, 2018 11:44 am DW and I both have living trusts with multiple accounts at Ally. We went thru this exact same problem several years ago -- made quite a stink about it too. Ally would not budge. We have had a similar problem at Discover Bank, but not at other banks such as Popular Direct (eLoan). We finally just opted for the PO box which costs us $110 per year now. We now have almost all our mail going to the PO box, with the exception of junk and charitable donations, which sell their address lists.

Glenn
Again, disheartening info. But thanks.

They never gave you any explanation as to why this was their policy?
Oh, they said they same stuff -- trust statements had to be sent via US mail to satisfy some kind of regulation or another. Actually, for while, Ally did stop sending the statements via postal mail, but they reverted back to sending them again after a few months. That is when I raised a big stink -- even threatening to close the accounts.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

OP here. I thought I would follow-up with what I heard from Ally. They sent me a letter, and kind of addressed what I was asking. It's somewhat interesting, makes some sense, but doesn't explain why others don't do the same.

So to review: I want paperless statements. I'm paperless with every other institution that I do business with. Ally says they can't switch me to paperless, because our account is in the name of a revocable living trust.

So here's the crux of what they say. Each customer has a unique profile. If our account was a joint account, my wife and I would be the customers, and we each would have a profile. In the case of our current account, there are profiles for myself, my wife, and the trust itself. Although my wife and I (the trustees) could consent to paperless statements, there really is no way for the trust to consent, and the trust can not access on-line statements. Hence, they must mail paper statements to the address on record for the trust.

The letter specifically says that they have to do this to comply with Federal Regulations. I pointed out that no one else has this problem, but they didn't really address why they are unique.

EDIT: One thing I thought of since the original thread discussion: I think the other accounts I have that are in the name of our trust and remain paperless (Fidelity, Credit Union, Wells Fargo) all were open as a joint account, and were re-titled for our trust when we did it back in 2013. Maybe if I had opened the Ally account before, then re-titled it under our trust we could have been paperless?
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by carbil »

Does anyone know the specific regulation(s) to which they are referring, and that few other institutions apparently adhere?
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by HueyLD »

It is obviously Ally’s own internal policy. Ally is regulated just like other banks and other banks seem to have no problem with e-statements.

They use one of the two oldest excuses in the book: (1) the government forces us to do it, and/or (2) our computer/IT system is not capable of handling it.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by MikeG62 »

I've been an Ally customer for over a decade. Have referred lots of people their way too.

However, the relationship has not always been smooth. Most frustration resulting out of joint checking account I set up with my daughter for her to draw cash from while in college. Forget about me calling and getting any answers from them about anything having to do with transactions arising from my daughter's use of her ATM/Debit card. I might as well be a complete stranger - and this response despite me being listed as primary on the account and every single dollar in that account being supplied by me.

My daughter has graduated college this past spring and I subsequently closed that joint checking account out of more frustration with them about it. Was easier than trying to get my daughter to call them with me. We tried that last year and my daughter forgot the answer to one of her security words (note I was able to provide all of mine) and they hung up the phone on us.

I was not sad to close 9 no-penalty CD's and move a mid 6-figure amount of money out of Ally earlier this year (got higher yield elsewhere). Felt they got what they deserved frankly.

This has not stopped me from though from taking advantage of their new $1,000 bonus offer (well $2,000 when combined with my DW). :beer
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by mptfan »

HueyLD wrote: Thu Oct 18, 2018 6:41 am They use one of the two oldest excuses in the book: (1) the government forces us to do it, and/or (2) our computer/IT system is not capable of handling it.
+1 It drives me crazy when someone or some organization claims that they have to do something because of a law or a regulation, but they can't cite the law or regulation, or the law or regulation they cite does not say what they claim it says. It's often made up to justify the way they do things.
Last edited by mptfan on Thu Oct 18, 2018 8:33 pm, edited 1 time in total.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by mptfan »

Horsefly wrote: Wed Oct 17, 2018 6:38 pm The letter specifically says that they have to do this to comply with Federal Regulations. I pointed out that no one else has this problem, but they didn't really address why they are unique.
Did the letter specifically cite which federal regulations?
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

mptfan wrote: Thu Oct 18, 2018 4:19 pm
Horsefly wrote: Wed Oct 17, 2018 6:38 pm The letter specifically says that they have to do this to comply with Federal Regulations. I pointed out that no one else has this problem, but they didn't really address why they are unique.
Did the letter specifically cite which federal regulations?
No.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by gmcatlin »

This thread is a few years old, but things have changed on this subject at Ally. I also complained persistently about wanting to go paperless on my Living Trust account. Eventually I got an email stating:

"We’ve heard your feedback regarding statement delivery preferences for the account for your Trust. We are pleased to inform you that we have enhanced our system to support your request to receive Trust statements online. If you prefer to receive your Trust’s statements online, we ask that you complete the following steps:
1) Provide your electronic consent through Ally Online Services (AOS), if applicable. Please note that you must have online login credentials in order to access AOS.
2) Fill out and send the enclosed form to the address listed in the instructions.
Upon receipt of your form, it may take one or two statement cycles for the change to take effect and will change your statement cycle date to the end of each month. Please note this change only applies to statements – other correspondence addressed to the Trust will be mailed to the address on file. If you have any questions, please contact us at the number provided below.
For inquiries related to this matter, you may contact our Trust Department at 1-855-290-2559 ext. 5706."

There was a PDF attached to the email with a form called "CONSENT TO RECEIVE TRUST STATEMENT ELECTRONICALLY". I filled it out and returned it via their online messaging system. Not enough time has elapsed so far to see if the paper statements have stopped.

My experience was that the regular phone reps do not know about this policy, and will tell you the paper statements for a trust can't be stopped. I suggest you contact the Trust Department directly to get the form.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Kevin M »

Thanks for the tip. I sent a secure message requesting the form, or that they please just stop paper statements. Got a quick reply, the rep saying that she would submit the request to some executive team for consideration, but no promises.

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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by anon_investor »

gmcatlin wrote: Mon Dec 13, 2021 11:14 pm This thread is a few years old, but things have changed on this subject at Ally. I also complained persistently about wanting to go paperless on my Living Trust account. Eventually I got an email stating:

"We’ve heard your feedback regarding statement delivery preferences for the account for your Trust. We are pleased to inform you that we have enhanced our system to support your request to receive Trust statements online. If you prefer to receive your Trust’s statements online, we ask that you complete the following steps:
1) Provide your electronic consent through Ally Online Services (AOS), if applicable. Please note that you must have online login credentials in order to access AOS.
2) Fill out and send the enclosed form to the address listed in the instructions.
Upon receipt of your form, it may take one or two statement cycles for the change to take effect and will change your statement cycle date to the end of each month. Please note this change only applies to statements – other correspondence addressed to the Trust will be mailed to the address on file. If you have any questions, please contact us at the number provided below.
For inquiries related to this matter, you may contact our Trust Department at 1-855-290-2559 ext. 5706."

There was a PDF attached to the email with a form called "CONSENT TO RECEIVE TRUST STATEMENT ELECTRONICALLY". I filled it out and returned it via their online messaging system. Not enough time has elapsed so far to see if the paper statements have stopped.

My experience was that the regular phone reps do not know about this policy, and will tell you the paper statements for a trust can't be stopped. I suggest you contact the Trust Department directly to get the form.
Thanks, I have to try that.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

gmcatlin wrote: Mon Dec 13, 2021 11:14 pm This thread is a few years old, but things have changed on this subject at Ally. I also complained persistently about wanting to go paperless on my Living Trust account. Eventually I got an email stating:

"We’ve heard your feedback regarding statement delivery preferences for the account for your Trust. We are pleased to inform you that we have enhanced our system to support your request to receive Trust statements online. If you prefer to receive your Trust’s statements online, we ask that you complete the following steps:
1) Provide your electronic consent through Ally Online Services (AOS), if applicable. Please note that you must have online login credentials in order to access AOS.
2) Fill out and send the enclosed form to the address listed in the instructions.
Upon receipt of your form, it may take one or two statement cycles for the change to take effect and will change your statement cycle date to the end of each month. Please note this change only applies to statements – other correspondence addressed to the Trust will be mailed to the address on file. If you have any questions, please contact us at the number provided below.
For inquiries related to this matter, you may contact our Trust Department at 1-855-290-2559 ext. 5706."

There was a PDF attached to the email with a form called "CONSENT TO RECEIVE TRUST STATEMENT ELECTRONICALLY". I filled it out and returned it via their online messaging system. Not enough time has elapsed so far to see if the paper statements have stopped.

My experience was that the regular phone reps do not know about this policy, and will tell you the paper statements for a trust can't be stopped. I suggest you contact the Trust Department directly to get the form.
Well, I started this thread over 3 years ago, and you can imagine my excitement when I saw this post!

So I sent off a secure message to customer service, and in a couple of days I got the response, but.... Not what I was wanting to hear. They gave the same song and dance they gave me three years ago: The trust itself is one of the owners of the account, and the trust is not able to agree to electronic delivery. Blah, blah, blah. This requirement doesn't seem to prevent Wells Fargo or Fidelity Investments from giving me electronic statements.

I guess I'll call the number you posted. Maybe someone more qualified will answer.
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Kevin M
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Kevin M »

Kevin M wrote: Thu Dec 16, 2021 6:18 pm Thanks for the tip. I sent a secure message requesting the form, or that they please just stop paper statements. Got a quick reply, the rep saying that she would submit the request to some executive team for consideration, but no promises.

Kevin
In reply, I received an email with a form I need to fill out, sign, and return. However, the instructions were a little confusing:

---------------
We are pleased to inform you that we have enhanced our system to support your request to receive Trust statements online. If you prefer to receive your Trust’s statements online, we ask that you complete the following steps:

1) Provide your electronic consent through Ally Online Services (AOS), if applicable. Please note that you must have online login credentials in order to access AOS.

2) Fill out and send the enclosed form to the address listed in the instructions.
-----------------

Not sure what they mean by #1, so I sent another message asking them. Maybe they mean that I can sign, scan, and upload the form via secure message--we shall see.

Kevin
If I make a calculation error, #Cruncher probably will let me know.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by gmcatlin »

I reopened this thread in December to state that Ally will now honor your request to have paperless statements on your Trust account. I just want to add that this has worked for me. I got one more paper statement after submitting the required form, and that was it. I have had several paperless months so far. Good luck to all! -- GMC
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by dbc47 »

gmcatlin wrote: Sat Apr 02, 2022 1:26 pm I reopened this thread in December to state that Ally will now honor your request to have paperless statements on your Trust account. I just want to add that this has worked for me. I got one more paper statement after submitting the required form, and that was it. I have had several paperless months so far. Good luck to all! -- GMC

Thanks for the update. I just called Ally's Trust Department and they were unaware of a form that would accomplish opting out of paper statements. Would you happen to remember a form number or the form title so I can call them back to see if it rings a bell with someone there?
Thanks!
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Kevin M »

dbc47 wrote: Sat Apr 02, 2022 3:01 pm
gmcatlin wrote: Sat Apr 02, 2022 1:26 pm I reopened this thread in December to state that Ally will now honor your request to have paperless statements on your Trust account. I just want to add that this has worked for me. I got one more paper statement after submitting the required form, and that was it. I have had several paperless months so far. Good luck to all! -- GMC
Thanks for the update. I just called Ally's Trust Department and they were unaware of a form that would accomplish opting out of paper statements. Would you happen to remember a form number or the form title so I can call them back to see if it rings a bell with someone there?
Thanks!
Form title is "CONSENT TO RECEIVE TRUST STATEMENT ELECTRONICALLY", last updated 07/2019. I do not see a form number on it.

Kevin
If I make a calculation error, #Cruncher probably will let me know.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by dbc47 »

Kevin M wrote: Sat Apr 02, 2022 3:14 pm
dbc47 wrote: Sat Apr 02, 2022 3:01 pm
gmcatlin wrote: Sat Apr 02, 2022 1:26 pm I reopened this thread in December to state that Ally will now honor your request to have paperless statements on your Trust account. I just want to add that this has worked for me. I got one more paper statement after submitting the required form, and that was it. I have had several paperless months so far. Good luck to all! -- GMC
Thanks for the update. I just called Ally's Trust Department and they were unaware of a form that would accomplish opting out of paper statements. Would you happen to remember a form number or the form title so I can call them back to see if it rings a bell with someone there?
Thanks!
Form title is "CONSENT TO RECEIVE TRUST STATEMENT ELECTRONICALLY", last updated 07/2019. I do not see a form number on it.

Kevin
Thanks Kevin! I'll give it another shot tomorrow.
Dan
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dbc47
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by dbc47 »

I received the form this morning! There isn't much to it but will submit it right away. Apparently it can take a couple of statement cycles to work into the system. I find it interesting that the updated version of this form is dated July 2019 so it has been around for quite some time. Nobody knew about it?
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by gzimmerm »

It is good to know about the form - and I will try that, but my real problem has been the inability to get 1099s electronically during tax season. USPS forwarding hasn't worked real well for me for the Ally 1099s (the paper statements seem to forward to the mail service just fine, but not the 1099s. Some years they work and others they don't. This will be our last year with Ally if they cannot fix the lack of electronic 1099s. I wind up having to file an extension just because I cannot be absolutely sure what is on the 1099. Has anyone been able to get Ally 1099s electronically if they are in a trust? I get the same lies from Ally as you all do regarding (1) its a regulation - and when I correct that they (2) say its their policy.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by wymby »

I tried a secure message requesting the form by name, and received the same old reply that paper statements can't be stopped.

Calling the Trust Department (855-290-2559 ext 5706), as suggested, is the way to do it. The rep couldn't find the form online either, but promptly sent it to me in a secure message. She also mentioned that all trustees need to select paperless in their online profiles.
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Horsefly
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

gzimmerm wrote: Thu Feb 02, 2023 2:20 pm It is good to know about the form - and I will try that, but my real problem has been the inability to get 1099s electronically during tax season. USPS forwarding hasn't worked real well for me for the Ally 1099s (the paper statements seem to forward to the mail service just fine, but not the 1099s. Some years they work and others they don't. This will be our last year with Ally if they cannot fix the lack of electronic 1099s. I wind up having to file an extension just because I cannot be absolutely sure what is on the 1099. Has anyone been able to get Ally 1099s electronically if they are in a trust? I get the same lies from Ally as you all do regarding (1) its a regulation - and when I correct that they (2) say its their policy.
Hi - I started this thread long ago, and through the help of this forum did manage to get my statements to all be electronic. However, you are correct that there doesn't seem to be any way to get the 1099 from Ally electronically for a Trust account. As I'm sure you've noticed, when you go to the Tax Form page on Ally there is a statement that says "Tax forms for trust accounts aren't available online, so we'll mail them to you." So far it hasn't been a huge problem for us, but it sounds like you winter somewhere other than the address Ally has you located, which I can imagine being a real problem. I don't blame you for ditching Ally. I hope you can leave a stinging review about this issue on your way out.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by bsteiner »

Horsefly wrote: Tue Sep 18, 2018 5:24 pm ... After some time, the agent explained that due to both Ally Policy and Law they had to send us paper statements because our account was registered under our Trust. ...
"Our" trust? Your profile says that you're in Colorado, which isn't a community property state. Unless you moved to Colorado from a community property state, wouldn't you each have separate trusts, or since Colorado is a Uniform Probate Code state (which means simplified procedures) no trust?
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Horsefly
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

bsteiner wrote: Sat Feb 04, 2023 3:13 pm
Horsefly wrote: Tue Sep 18, 2018 5:24 pm ... After some time, the agent explained that due to both Ally Policy and Law they had to send us paper statements because our account was registered under our Trust. ...
"Our" trust? Your profile says that you're in Colorado, which isn't a community property state. Unless you moved to Colorado from a community property state, wouldn't you each have separate trusts, or since Colorado is a Uniform Probate Code state (which means simplified procedures) no trust?
Well, as you've been able to tell from my previous posts, I may be highly educated but I seem to have a mental block for much of the trust terminology. As a result, I don't know if I can give you a very complete answer to your question. Ours is a family trust, with my wife and I as the two trustees. I actually know several Colorado couples that seem to have the same type of trust, so I would assume it's not something that doesn't fit Colorado law. I'm guessing it would be off-topic here to go into more depth, but I'd be happy to dialog with you via private message if there's something I can look for to give you a better answer.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by ssel »

will change your statement cycle date to the end of each month
So for those that got this done, do your statements come out at the end of the month now? Is interest credited on the last day of the month?

My statement cycle date currently is mid-month, which isn't critical but kind of nice.
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Re: A Frustration w/ Ally Bank, Trust Account, and Paperless Statements

Post by Horsefly »

ssel wrote: Sun Feb 05, 2023 3:54 am
will change your statement cycle date to the end of each month
So for those that got this done, do your statements come out at the end of the month now? Is interest credited on the last day of the month?

My statement cycle date currently is mid-month, which isn't critical but kind of nice.
Yes. Before, mine had ended on the 10th or 11th of each month, and it switched to the end of the month when I switched to e-delivery. Interest is credited on the last day of the month. I didn't care one way or the other.
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