Ally Banking 1% extra back up to $1,000 on new money deposited

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SlowMovingInvestor
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by SlowMovingInvestor » Tue Oct 16, 2018 6:42 pm

deanmoriarty wrote:
Tue Oct 16, 2018 11:24 am
Can anyone shed some light on the timing required to open an account? Here's what I did:

1) Yesterday I opened an account online: it just told me the application was submitted and I should hear back in 3-5 days.

2) Today I called to inquire about the status, and they told me I should lift my credit. Still unclear why they waited for me to call them, rather than them reaching out to me after the submission, if they detected the problem?

3) I went online and lifted my credit with Chexsystems, Transunion and Experian.

4) Called again, the operator said she left a note for the other department about me lifting the credit, and I should hear back in a few days. Typically, when I open a new credit card, at this step the operator just confirms and approves my application.

Is this the best I can do? I'm usually not in a rush for an account, but since the money needs to be transferred by 10/31 I'm trying to make sure I can meet the deadline, and sometimes bureaucracy can take longer.

Thanks
I had the same problem in that the page told me it would take 3-5 days. I tried calling them, and I was told I would hear back from them in 3-5 days. The CSR did not tell me about the credit freeze issue. I learned about it only from reading your comment. I will try and call back tomorrow, but on the whole I find it a little frustrating that their operators don't seem to know how to verify the application process or how to lift it (your experience).

If I don't hear back in 2-3 days, I may just open another account with a different email -- since I have my credit unfrozen now, the creation should work. Given that it might take 3 or so days to set up an ACH link to an external account and another 2-3 days to transfer money over, this delay is a little annoying.

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Kevin M
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Tue Oct 16, 2018 7:42 pm

Here is a message I sent to Ally via secure email today. I'm not particularly optimistic that I'll get clear answers to all questions, but I'm taking a shot. I'm thinking the answers via secure email might be more authoritative than answers via online chat or phone.
I have a few questions about the terms and conditions for the 1% payback promotion, which I have already read (so please don't just quote those terms back to me in answering these questions). The questions are mostly about exactly how you count "new money" during the deposit period of 10/8/2018 - 11/5/2018, and how deposits and withdrawals during the retention period affect the bonus. Since I use my Ally checking accounts to pay my bills, there have been and will continue to be ongoing deposits and withdrawals from my eligible accounts.

Deposit period
-------------------
Say there are withdrawals of $5,000 from my checking accounts, mostly to pay bills, between 10/8/2018 and 11/5/2018. Must I deposit $100,000 or $105,000 during this period to qualify for the maximum bonus of $1,000?

Assuming the answer is $105,000, do bills paid out of my wife's and my joint checking account count against both my wife's and my "new money" in full, or one half for each of us?

Retention period.
----------------------
Say I put $100,000 into an 11-month no-penalty CD by 11/5/2018, and leave it in the CD account until 1/15/2019, at which time I do an early withdrawal and transfer it out of Ally, but I still have other eligible accounts open into which the bonus can be deposited until 2/15/2019. During the retention period, I continue to make deposits and withdrawals from my Ally checking accounts.

Do you subtract withdrawals from deposits during the retention period, and compare it to the balances in all eligible accounts as of 11/5/2018 to determine if I've maintained the full $100K in eligible accounts during the retention period?

Assuming it works this way, do you look at the minimum balance at any time between 11/5/2018 and 1/15/2019 to see if it is less than the total balances in all eligible accounts as of 11/5/2018, or do you look only at the balance as of 1/15/2019 compared to the balance as of 11/5/2018?

POD accounts. Trust accounts are not eligible accounts, but there is no mention of POD accounts. Are accounts with POD designations eligible accounts? I ask because these also are referred to as Totten trust accounts

Refusal to pay cash bonus. I am concerned about the second part of this clause in the consent terms: "Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason." How do I know Ally will not simply refuse to pay the bonus within 30 calendar days at the end of the retention period without providing any reason, even if I have met all of the stated conditions? This clause seems to make that possible. What are examples of things that might cause Ally not to pay the bonus?
Kevin
Wiki ||.......|| Suggested format for Asking Portfolio Questions (edit original post)

Kennedy
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kennedy » Tue Oct 16, 2018 9:36 pm

Be careful. Did you all read this? Don't expect to get the extra 1% on a CD account if you also have a savings account, money market account or interest checking account. You only get the cash bonus on one Ally account, and they order the accounts with regard to priority as described below:

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:

Online Savings Account with highest balance
If no Online Savings Account: Money Market Account with highest balance
If no Online Savings or Money Market Account: Interest Checking Account with highest balance
If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.
Last edited by Kennedy on Tue Oct 16, 2018 9:45 pm, edited 1 time in total.

lisaneedsbraces
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by lisaneedsbraces » Tue Oct 16, 2018 9:43 pm

Kennedy wrote:
Tue Oct 16, 2018 9:36 pm
Be careful. Did you all read this? Don't expect to get the extra 1% on a CD account if you also have a savings account, money market account or interest checking account. You only get the cash bonus on one Ally account, and they order the accounts with regard to priority as described below?

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:

Online Savings Account with highest balance
If no Online Savings Account: Money Market Account with highest balance
If no Online Savings or Money Market Account: Interest Checking Account with highest balance
If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.
That’s just where the cashback will be deposited.

mattfr
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mattfr » Tue Oct 16, 2018 11:21 pm

MotoTrojan wrote:
Tue Oct 16, 2018 12:27 pm
mattfr wrote:
Mon Oct 15, 2018 9:45 pm
MotoTrojan wrote:
Mon Oct 15, 2018 9:38 pm
No cash around? Also how can one not need to TLH? It helps anyone unless they have a lifetime of losses already.
Actually, there are a few situations where TLH can be an unwise move. We happen to be in one of those situations this year.
Curious to hear more.
Qualified dividends in our taxable accounts are taxed at the long-term capital gains rate. In our case, we have a 0% LT cap gains rate this year based on our current tax bracket. If we tax-loss harvest this year, those qualified dividends diminish the realized loss, even though they are taxed at a 0% rate. This eliminates any tax advantage and becomes an outright loss.

The wiki outlines a couple of other circumstances where one should think twice about TLH.

MotoTrojan
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MotoTrojan » Tue Oct 16, 2018 11:33 pm

mattfr wrote:
Tue Oct 16, 2018 11:21 pm
MotoTrojan wrote:
Tue Oct 16, 2018 12:27 pm
mattfr wrote:
Mon Oct 15, 2018 9:45 pm
MotoTrojan wrote:
Mon Oct 15, 2018 9:38 pm
No cash around? Also how can one not need to TLH? It helps anyone unless they have a lifetime of losses already.
Actually, there are a few situations where TLH can be an unwise move. We happen to be in one of those situations this year.
Curious to hear more.
Qualified dividends in our taxable accounts are taxed at the long-term capital gains rate. In our case, we have a 0% LT cap gains rate this year based on our current tax bracket. If we tax-loss harvest this year, those qualified dividends diminish the realized loss, even though they are taxed at a 0% rate. This eliminates any tax advantage and becomes an outright loss.

The wiki outlines a couple of other circumstances where one should think twice about TLH.
Very interesting, thank you.

xenial
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Tue Oct 16, 2018 11:37 pm

The Eligibility paragraph in the terms and conditions states
Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout.
Does this sentence mean that if you use a No Penalty CD you might need to keep the money there until 2/15/19? If you were to withdraw your funds on 1/16/19, the CD would be closed immediately. Of course, an online savings account wouldn't have that issue.

imaconfused
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by imaconfused » Wed Oct 17, 2018 12:05 am

Does this work like the Barclays high yield online banking where they automatically increase rates?

tj
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by tj » Wed Oct 17, 2018 12:27 am

imaconfused wrote:
Wed Oct 17, 2018 12:05 am
Does this work like the Barclays high yield online banking where they automatically increase rates?


For the savings account? Sure.

kaneohe
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by kaneohe » Wed Oct 17, 2018 1:47 am

mattfr wrote:
Tue Oct 16, 2018 11:21 pm
........................................................
Qualified dividends in our taxable accounts are taxed at the long-term capital gains rate. In our case, we have a 0% LT cap gains rate this year based on our current tax bracket. If we tax-loss harvest this year, those qualified dividends diminish the realized loss, even though they are taxed at a 0% rate. This eliminates any tax advantage and becomes an outright loss.

..........................................................
If you had LT capital gains being taxed at 0% this yr, I would agree that adding TLH losses would not be useful because
the losses that offset the gains would not reduce your taxes below zero and would in some sense be wasted.
However if you had qualified dividends but no LT capital gains, adding TLH losses would not offset the qualified dividends . Capital losses offset capital gains but not qualified dividends and could be useful in reducing taxes.

see line 3 of the QDIV /CG wksht......QDIV/CG combined only if positive .
https://apps.irs.gov/app/vita/content/g ... _1040i.pdf

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indexfundfan
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by indexfundfan » Wed Oct 17, 2018 7:05 am

SlowMovingInvestor wrote:
Tue Oct 16, 2018 6:42 pm
deanmoriarty wrote:
Tue Oct 16, 2018 11:24 am
Can anyone shed some light on the timing required to open an account? Here's what I did:

1) Yesterday I opened an account online: it just told me the application was submitted and I should hear back in 3-5 days.

2) Today I called to inquire about the status, and they told me I should lift my credit. Still unclear why they waited for me to call them, rather than them reaching out to me after the submission, if they detected the problem?

3) I went online and lifted my credit with Chexsystems, Transunion and Experian.

4) Called again, the operator said she left a note for the other department about me lifting the credit, and I should hear back in a few days. Typically, when I open a new credit card, at this step the operator just confirms and approves my application.

Is this the best I can do? I'm usually not in a rush for an account, but since the money needs to be transferred by 10/31 I'm trying to make sure I can meet the deadline, and sometimes bureaucracy can take longer.

Thanks
I had the same problem in that the page told me it would take 3-5 days. I tried calling them, and I was told I would hear back from them in 3-5 days. The CSR did not tell me about the credit freeze issue. I learned about it only from reading your comment. I will try and call back tomorrow, but on the whole I find it a little frustrating that their operators don't seem to know how to verify the application process or how to lift it (your experience).

If I don't hear back in 2-3 days, I may just open another account with a different email -- since I have my credit unfrozen now, the creation should work. Given that it might take 3 or so days to set up an ACH link to an external account and another 2-3 days to transfer money over, this delay is a little annoying.
I received the same 3-5 days wait message when I tried to open an account last night. I then remembered my Transunion credit report was locked. So I unlocked it and tried again about two hours later. This time, the account opened on the spot. I was a former client. YMMV.
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MathIsMyWayr
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MathIsMyWayr » Wed Oct 17, 2018 7:13 am

I opened a new joint account online minutes ago and received an email "Your new Ally account is now open." No delay.

MikeG62
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Wed Oct 17, 2018 7:28 am

xenial wrote:
Tue Oct 16, 2018 11:37 pm
The Eligibility paragraph in the terms and conditions states
Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout.
Does this sentence mean that if you use a No Penalty CD you might need to keep the money there until 2/15/19? If you were to withdraw your funds on 1/16/19, the CD would be closed immediately. Of course, an online savings account wouldn't have that issue.
I have the same question. Bottom line I think is that the CSR's don't know anything more about the offer than we are reading in the fine print. I called yesterday and CSR had to talk to two different people to provide an answer - which was not in writing (so not sure what it is really worth in the end).

I am leaning toward opening two CD's and then closing them once the bonus posts. Would provide 20 extra bps of yield for two/three months. If I were to close them on 1/16, I think they will place the deposit in my/our online savings account, but I don't think I could speak to anyone there who can provide 100% assurance that it will work that way. OTOH, we could just fund $100K into my existing personal online savings, open an online savings account for my wife (again in her name only - using her login) and deposit another $100K there and then sweep all the funds out on 1/16 (other than leaving behind some small token amount, like $100) and wait for the bonus to post on 2/15.
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DaftInvestor
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DaftInvestor » Wed Oct 17, 2018 8:09 am

lisaneedsbraces wrote:
Tue Oct 16, 2018 9:43 pm
Kennedy wrote:
Tue Oct 16, 2018 9:36 pm
Be careful. Did you all read this? Don't expect to get the extra 1% on a CD account if you also have a savings account, money market account or interest checking account. You only get the cash bonus on one Ally account, and they order the accounts with regard to priority as described below?

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:

Online Savings Account with highest balance
If no Online Savings Account: Money Market Account with highest balance
If no Online Savings or Money Market Account: Interest Checking Account with highest balance
If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.
That’s just where the cashback will be deposited.
Agreed - Kennedy - you are misreading this. It specifically says it applies to multiple accounts. The 1% bonus will only be deposited in a single account however (OnLine Savings if you have it; otherwise ...).

Here's where it says multiple accounts are eligible:
Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD account

DrivingFun
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DrivingFun » Wed Oct 17, 2018 8:27 am

xenial wrote:
Tue Oct 16, 2018 11:37 pm
The Eligibility paragraph in the terms and conditions states
Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout.
Does this sentence mean that if you use a No Penalty CD you might need to keep the money there until 2/15/19? If you were to withdraw your funds on 1/16/19, the CD would be closed immediately. Of course, an online savings account wouldn't have that issue.
This is of course a good question, as many others. It may be we're overthinking this. Ultimately as long as the money stays within any of the qualified Ally accounts, I would think there is no issue. In other words money can sit in a CD then go to savings, or the other way around, at any time throughout the period.

It's very possible than when rates go up in December, we'll get better No Penalty CD rates, so lets say 2.1% will jump to 2.25% or something like that. I'm assuming there is no issue with closing the old and opening a new for the remainder of the term.

I guess until we see the bonus credits, no one will know for sure. :|

RickBoglehead
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Wed Oct 17, 2018 9:00 am

I emailed Ally yesterday with this question:

Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it?

Answer:

11/5/18.

They also said:

he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance.

Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus.

Edit:

My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hold (surprising, figure they would have received this question already). My wife also emailed back, because we want an answer in writing.

The phone rep came back on and said:

It is $100,000 per customer.
Each customer must register for the promo (we did).
Each customer must separately log in and transfer the $100,000. You cannot transfer $200,000 yourself and get $2,000 bonus.

Ally doesn't see any account registration info on the Vanguard ACH to my knowledge, so it would be necessary to sell at Vanguard, send it to our local bank, then my wife log on to Ally and pull it from the bank to Vanguard. Except our local bank has transfer limits if initiated there. I asked them about limits if I initiate elsewhere (sell Vanguard, send to them, pull from Ally a day or two later).

Kennedy
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kennedy » Wed Oct 17, 2018 9:46 am

DaftInvestor wrote:
Wed Oct 17, 2018 8:09 am
lisaneedsbraces wrote:
Tue Oct 16, 2018 9:43 pm
Kennedy wrote:
Tue Oct 16, 2018 9:36 pm
Be careful. Did you all read this? Don't expect to get the extra 1% on a CD account if you also have a savings account, money market account or interest checking account. You only get the cash bonus on one Ally account, and they order the accounts with regard to priority as described below?

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:

Online Savings Account with highest balance
If no Online Savings Account: Money Market Account with highest balance
If no Online Savings or Money Market Account: Interest Checking Account with highest balance
If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.
That’s just where the cashback will be deposited.
Agreed - Kennedy - you are misreading this. It specifically says it applies to multiple accounts. The 1% bonus will only be deposited in a single account however (OnLine Savings if you have it; otherwise ...).
Here's where it says multiple accounts are eligible:
Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD account
Yep. I see that now. Thank you for the correction.

hectorochoa
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by hectorochoa » Wed Oct 17, 2018 9:56 am

RickBoglehead wrote:
Wed Oct 17, 2018 9:00 am
My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hold (surprising, figure they would have received this question already). My wife also emailed back, because we want an answer in writing.

The phone rep came back on and said:

It is $100,000 per customer.
Each customer must register for the promo (we did).
Each customer must separately log in and transfer the $100,000. You cannot transfer $200,000 yourself and get $2,000 bonus.

Ally doesn't see any account registration info on the Vanguard ACH to my knowledge, so it would be necessary to sell at Vanguard, send it to our local bank, then my wife log on to Ally and pull it from the bank to Vanguard. Except our local bank has transfer limits if initiated there. I asked them about limits if I initiate elsewhere (sell Vanguard, send to them, pull from Ally a day or two later).
I did the same thing, and was told we could EACH get a $1,000 bonus. However they didn't mention anything about 'each customer must separately log in and transfer the $100,000.' Since I always use my login to transfer money in/out, I need to jump through this hoop now. I'll transfer $100k out and then back in through my wife's login, even though our account is joint. That way we'll each have a net increase of $100k since Oct. 8. I am glad you posted this!

hap_ca
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by hap_ca » Wed Oct 17, 2018 10:14 am

I signed up for this as a new customer of ally.

1) The terms said deposit by 10/31 and NOT 11/5. Where do you see the 11/5 date?

2) I just confirmed the micro deposits on Vanguard but Vanguards website said it will take an additional 7-10 BUSINESS days. That might be too long if the 10/31 date is the deadline.

What should I do? Ach to a bank I already linked and Ach from that bank to Ally?

Thanks!

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DaftInvestor
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DaftInvestor » Wed Oct 17, 2018 10:17 am

hap_ca wrote:
Wed Oct 17, 2018 10:14 am
I signed up for this as a new customer of ally.

1) The terms said deposit by 10/31 and NOT 11/5. Where do you see the 11/5 date?

2) I just confirmed the micro deposits on Vanguard but Vanguards website said it will take an additional 7-10 BUSINESS days. That might be too long if the 10/31 date is the deadline.

What should I do? Ach to a bank I already linked and Ach from that bank to Ally?

Thanks!
The terms for me also stated 11/5. The terms I saw and captures where the same that the OP cut/paste into the original post. Look at the original post - you will see the 11/05 date at least twice.

seek1227
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by seek1227 » Wed Oct 17, 2018 10:20 am

Does a push from Vanguard to Ally qualify for this bonus once you register your email?

Vanguard does not show up while setting up external accounts thru Ally.

Beach
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Beach » Wed Oct 17, 2018 10:23 am

jay22 wrote:
Tue Oct 16, 2018 2:33 pm
Longdog wrote:
Tue Oct 16, 2018 2:30 pm
tj wrote:
Tue Oct 16, 2018 2:14 pm
jay22 wrote:
Tue Oct 16, 2018 2:01 pm
MikeG62 wrote:
Tue Oct 16, 2018 1:59 pm


https://www.allypaybacktime.com/
Thanks. Is this only for new money that goes in after signing up?

What if I move some money out of Ally and then move it back in after a few days. Would that count too?

I doubt it. That's kind of abusing the system.
My guess is that they look at the total of your account balances on October 8 and anything above that on October 31 (or maybe November 5 - I seem to recall seeing that date somewhere in the documentation) will be considered new money. They then look at the lowest balance between then and January 15, and calculate the bonus based on that amount. I think that fairly simple calculation eliminates most opportunities to game the system. They still need to be able to track monies transferred from differently registered Ally accounts.
That would make sense to eliminate any gaming.
Then they should have put something in the fine print, they are asking to be gamed. There is nothing in the fine print about balances that was theorized above....I could argue that I pulled my cash out because I was unhappy, then saw the advertisement and decided to place my cash back in. Are you really going to fight the customer and create headaches for yourself? I won't be that guy that complains, however there will be many others. I personally have been very happy with Ally and will continue to be their customer. However, there are many reward chasers who have a large online presence to bash the company. I expect this will be an expensive mistake for Ally.

RickBoglehead
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Wed Oct 17, 2018 11:21 am

seek1227 wrote:
Wed Oct 17, 2018 10:20 am
Does a push from Vanguard to Ally qualify for this bonus once you register your email?

Vanguard does not show up while setting up external accounts thru Ally.
Yes, you can send from Vanguard to Ally, assuming you have setup your Ally on Vanguard to send to.

No, you cannot pull from Vanguard to Ally, which is your second question. Vanguard doesn't let you pull from banks, you have to push from Vanguard.

RickBoglehead
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Wed Oct 17, 2018 11:28 am

For those trying to figure out how to get funds from Vanguard to Ally as separate people, and worried about the amount of time it might take Vanguard to setup Ally as a bank, here's what I'm doing:

1) On a different online bank, my spouse signed in and created an INDIVIDUAL account, in addition to our joint accounts. This bank used to have high rates, doesn't any longer, so we have $1.00 in our joint accounts.

2) I will sell the max amount x 2 on Vanguard, and send it all to this other bank.

3) Once the funds arrive at this other bank, I will sign in as my spouse and move 1/2 the balance to her individual account.

4) I will sign into Ally as myself, and pull 1/2 the funds from the joint account at this other bank.

5) I will then sign into Ally as my wife, and pull the other 1/2 from her individual account at this other bank into our account at Ally.

This will remove any doubt that might be created by Vanguard sending from a joint account to Ally, and Ally disputing WHO sent the funds. If I pull them from Ally signed in as an individual, there is no question.

I have already setup the individual account at this other bank, and setup the trial deposits to connect the new account, both ways just in case.

LSLover
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by LSLover » Wed Oct 17, 2018 12:32 pm

RickBoglehead wrote:
Wed Oct 17, 2018 11:21 am
seek1227 wrote:
Wed Oct 17, 2018 10:20 am
Does a push from Vanguard to Ally qualify for this bonus once you register your email?

Vanguard does not show up while setting up external accounts thru Ally.
Yes, you can send from Vanguard to Ally, assuming you have setup your Ally on Vanguard to send to.

No, you cannot pull from Vanguard to Ally, which is your second question. Vanguard doesn't let you pull from banks, you have to push from Vanguard.
That's not accurate. I can both pull and push from/to Vanguard and from/to Ally. I have Vanguard Advantage account which may explain why that is though...

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Wed Oct 17, 2018 12:39 pm

LSLover wrote:
Wed Oct 17, 2018 12:32 pm
RickBoglehead wrote:
Wed Oct 17, 2018 11:21 am
seek1227 wrote:
Wed Oct 17, 2018 10:20 am
Does a push from Vanguard to Ally qualify for this bonus once you register your email?

Vanguard does not show up while setting up external accounts thru Ally.
Yes, you can send from Vanguard to Ally, assuming you have setup your Ally on Vanguard to send to.

No, you cannot pull from Vanguard to Ally, which is your second question. Vanguard doesn't let you pull from banks, you have to push from Vanguard.
That's not accurate. I can both pull and push from/to Vanguard and from/to Ally. I have Vanguard Advantage account which may explain why that is though...
That is why.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by listedguru » Wed Oct 17, 2018 3:26 pm

RickBoglehead wrote:
Wed Oct 17, 2018 9:00 am
I emailed Ally yesterday with this question:

Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it?

Answer:

11/5/18.

They also said:

he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance.

Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus.

Edit:

My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hold (surprising, figure they would have received this question already). My wife also emailed back, because we want an answer in writing.

The phone rep came back on and said:

It is $100,000 per customer.
Each customer must register for the promo (we did).
Each customer must separately log in and transfer the $100,000. You cannot transfer $200,000 yourself and get $2,000 bonus.

Ally doesn't see any account registration info on the Vanguard ACH to my knowledge, so it would be necessary to sell at Vanguard, send it to our local bank, then my wife log on to Ally and pull it from the bank to Vanguard. Except our local bank has transfer limits if initiated there. I asked them about limits if I initiate elsewhere (sell Vanguard, send to them, pull from Ally a day or two later).
I too am interested in depositing 200K and receiving the $2K in bonuses. It sounds like in order to be safe both the wife and I would need to open and fund our own individual acct correct? My concern is safety of that money in an individual acct should something happen to once of us? If I open an account at Ally in just my name and I'm hit by a bus how does my wife get access to that money? We have joint accounts now...

Any help would be greatly appreciated,

-Guru

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Wed Oct 17, 2018 3:38 pm

listedguru wrote:
Wed Oct 17, 2018 3:26 pm
RickBoglehead wrote:
Wed Oct 17, 2018 9:00 am
I emailed Ally yesterday with this question:

Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it?

Answer:

11/5/18.

They also said:

he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance.

Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus.

Edit:

My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hold (surprising, figure they would have received this question already). My wife also emailed back, because we want an answer in writing.

The phone rep came back on and said:

It is $100,000 per customer.
Each customer must register for the promo (we did).
Each customer must separately log in and transfer the $100,000. You cannot transfer $200,000 yourself and get $2,000 bonus.

Ally doesn't see any account registration info on the Vanguard ACH to my knowledge, so it would be necessary to sell at Vanguard, send it to our local bank, then my wife log on to Ally and pull it from the bank to Vanguard. Except our local bank has transfer limits if initiated there. I asked them about limits if I initiate elsewhere (sell Vanguard, send to them, pull from Ally a day or two later).
I too am interested in depositing 200K and receiving the $2K in bonuses. It sounds like in order to be safe both the wife and I would need to open and fund our own individual acct correct? My concern is safety of that money in an individual acct should something happen to once of us? If I open an account at Ally in just my name and I'm hit by a bus how does my wife get access to that money? We have joint accounts now...

Any help would be greatly appreciated,

-Guru
You can just designate her as beneficiary on your account and vice-versa.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by grkmec » Wed Oct 17, 2018 5:47 pm

RickBoglehead wrote:
Tue Oct 16, 2018 12:32 pm
grkmec wrote:
Tue Oct 16, 2018 9:45 am
The actual calculation for measurement data / balance is still unclear to me. Here is my exact situation:

10/5 balance = $273k
10/9 credit = -250k (mortgage paydown)
10/9 debit = +5.3k (online check deposit)
10/10 debit = +1k (ACH in)
10/15 debit = +85k (ACH in)
10/16 debit = +0.5k (ACH in)

So current balance is approx. $114.8k

I signed up for the promo last night. According to the promo rules have I deposited any money? Meaning has the 250k mortgage paydown negated the money $91.8k of deposits between 10/9-10/16 ?
Pretty clear to me. You withdrew $250k and deposited $114.8k. You are $135.2k in the hole. No bonus for you at this point. You have until 10/31 to remedy that.
Sadly, I think you a correct. I e-mail Ally this through the online system:

------------------------------

"I am writing to ask your Ally 1% cash bonus on new deposits up to 100k, or 1k bonus per customer. My wife and I have a joint saving account. Is it possible for us to each get the maximum $1k cash bonus? If so, can you please advise on how we can structure the 200k of deposits into Ally?"

------------------------------

Ally's response:

Dear XXXXX,

Thank you for contacting Ally Bank. I do apologize for my delayed response. I will be more than happy to assist you with your inquiry today.

The Cash Bonus is calculated using the total deposit of net new, external funds received into any eligible account(s) between 10/8/18 and 11/5/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Withdrawing funds from existing accounts and placing those same deposits back into these accounts between 10/8/18 and 11/5/18 will not qualify as new deposits.

For example, if you withdraw $50,000 from your Ally Online Savings Account on 10/16 and place $50,000 back into your account on 10/31, your net new external deposits is zero.

During the promotion, you can transfer the new external funds between eligible accounts, as defined in the Terms & Conditions.

Any net new external deposits that post to your eligible accounts between 10/8/18 and 11/5/18 will qualify towards your bonus.

Long as the new deposits brought during the funding period are transferred to an eligible account, and retained through 1/15/19, they will be counted towards your bonus.

Eligible accounts include Single or Jointly-owned Ally Bank:
Online Savings Accounts (OSAs)
Money Market Accounts (MMAs)
Interest Checking Accounts (ICAs)
Certificates of Deposit (CDs)
IRA, Trust, Fiduciary, and Ally Invest accounts are not eligible (any type of Trust Account)


We appreciate your business and want to thank you for choosing Ally Bank. If you have any additional questions, we are here for you 24 hours a day, seven days a week, by phone, Live Chat, or Secure Messaging. Our toll free number is 1-877-247-ALLY (2559) or you can visit us online at ally.com.

Thank you

Shekida

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Wed Oct 17, 2018 5:53 pm

Ken Tumin's blog contains an update to his original post about Ally's offer. It answers many of the questions posed here.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by need403bhelp » Wed Oct 17, 2018 6:19 pm

Mods, if it is inappropriate to post here, please delete my post.

However, I am thinking about taking advantage of this promotion for our down payment, but had some questions related to the specifics (having to do two separate accounts to be able to get $1000 bonus for me and DW whereas we'd like to get a mortgage in my name only to get a better rate) that I posted in a separate thread:

viewtopic.php?f=2&t=261692

Any thoughts/suggestions on that question would be much appreciated.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by arcticpineapplecorp. » Wed Oct 17, 2018 6:21 pm

thanks to the original poster! My timing is great. I just transferred money to an Ally CD 12 months 2.5%. Signed up for the 1% bonus. 3.5% for the next year!! :moneybag
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Wed Oct 17, 2018 7:02 pm

xenial wrote:
Wed Oct 17, 2018 5:53 pm
Ken Tumin's blog contains an update to his original post about Ally's offer. It answers many of the questions posed here.
The update is good, but there still are some things I'm not clear about. The most obvious is this answer from Ally that Ken posted:
Withdrawals during the retention period do not necessarily result in a forfeit of the cash bonus but may reduce the cash bonus amount.

Fluctuations in any eligible account during the retention period may impact the bonus amount.
I'm hoping to get more clarity on the last point.

Here's another thing that I need further clarification on:
The Cash Bonus is calculated using the total deposit of net new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Withdrawing funds from existing accounts and placing those same deposits back into these accounts between 10/8 – 11/5 will not qualify as new deposits.

Example, if you withdraw $50,000 from your Ally Online Savings Account on 10/16 and place $50,000 back into your account on 10/31, your net new external deposits is zero.

<snip>

Starting balance was the total balance in eligible accounts as of 10/8

Any net new external deposits that post to your eligible accounts between 10/8 – 11/5 will qualify toward your bonus
An example of my situation: Eligible checking account balance on 10/8 = $1,000, an on 11/5 also = $1,000. However, during that period, multiple transfers were made into the eligible checking account from a non-eligible trust savings account, and the amount transferred into the eligible checking account was transferred out of Ally in the form of bill payments.

I have been assuming that they just look at the balances of all eligible accounts on 10/8 and 11/5 to determine net new external deposits, which is what the last couple of statements imply. But looking at their example, I will have had several thousand dollars "withdrawn" from the eligible checking account. I'll need to follow up with them on this.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DrakeSRT » Wed Oct 17, 2018 7:20 pm

Hate to be me Lol. This just irks me and is why I should keep my money in multiple online banks. I currently have 95% of available cash in Ally so no bonus for me.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by NewbieBogle007 » Wed Oct 17, 2018 7:31 pm

So am I understanding this correctly?

If I withdrew 30k on 10/11/18, then I would have to bring back $130k to maximize this bonus?

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Wed Oct 17, 2018 7:42 pm

DrakeSRT wrote:
Wed Oct 17, 2018 7:20 pm
Hate to be me Lol. This just irks me and is why I should keep my money in multiple online banks. I currently have 95% of available cash in Ally so no bonus for me.
It's annoying to be punished for being a loyal customer, isn't it? Ally is my only bank. I think I'll go after the bonus by selling some Treasuries maturing early in 2019 that I hold at Vanguard.

I don't normally do it myself, but if you want to get in on the bonus action, Ally's not the only game in town. For example, Capital One currently has a bonus offer for up to $500. Hustler Money Blog has a pretty long list of bank promotions. I'm sure you can find other lists if you Google around.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Wed Oct 17, 2018 7:46 pm

NewbieBogle007 wrote:
Wed Oct 17, 2018 7:31 pm
So am I understanding this correctly?

If I withdrew 30k on 10/11/18, then I would have to bring back $130k to maximize this bonus?
That's also my understanding of the rules.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by NewbieBogle007 » Wed Oct 17, 2018 8:00 pm

xenial wrote:
Wed Oct 17, 2018 7:46 pm
NewbieBogle007 wrote:
Wed Oct 17, 2018 7:31 pm
So am I understanding this correctly?

If I withdrew 30k on 10/11/18, then I would have to bring back $130k to maximize this bonus?
That's also my understanding of the rules.

What a kick in the nuts...

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Wed Oct 17, 2018 8:04 pm

I think that this is such a good deal that my wife and I will do it for the max each of $100K, even with the uncertainties involved. The upside if it works out is so much larger than the downside, even if Ally didn't pay any bonus. Here's how I figure.

Assume you put $100K into an 11-month no-penalty CD at 2.1% APY on 11/1/2018, and remove it on 1/15/2019. The earnings over that 75-day period are 1,437.14 (calculations explained below). If this money would otherwise earn 2.50% in a savings account, it would earn 508.67 over the same 75-day period. So the benefit if the full bonus is received is 928.47.

If the bonus were not paid, you'd earn just the 2.1% APY in the no-penalty CD, which would be 427.95. This is 80.72 less than if the $100K were left in the 2.50% APY savings account.

This is a best-case upside of 928.47 gained compared to a worst-case downside of 80.72 lost. It's not quite that good, because I'll lose three days of interest at 2.50% during the transfer, which is 20.30, but that doesn't change the huge potential benefit that much. Ditto even if Ally chips away at the bonus some for whatever reason.

Calculations
---------------

I think it makes sense to combine nominal yields (APR) rather than effective yields (APY).

The APR on 1% for 75 days is 4.87% = 1%/75*365. I'll assume daily compounding in converting between APR and APY, because Ally's APY figures are based on daily compounding.

The APR on the 2.1% APY no-penalty CD is 2.08%, which I compute with the spreadsheet function =NOMINAL(2.1%, 365). These figures are all rounded here to 2 decimal places, but the calculations in the spreadsheet are done with the un-rounded numbers.

The combined APR for the CD is 6.94% = 4.87% + 2.08% (remember calculation done before rounding). Note that this is significantly higher than the 6.08% you get if you simply multiply 1% by 4 and add to 2.08%. This is because 75 days is less than 365/4 = 91.25 days.

The dollar return of the CD with the bonus is 1,437.14 =100,000*(((1+6.94498%/365)^75)-1). I included enough decimal places in the CD APR here to get the correct result. All of the other interest values for the 75-day period are calculated using a similar formula.

The APR of 6.94% is an APY of 7.19% assuming daily compounding. That is a phenomenal yield for what is essentially a 75-day CD with a balance cap of $100K ($200K for a couple). It's an especially good deal if one already banks at Ally, so no hoops to jump through to join a new bank, or worse, a new credit union.

Of course there are hoops in figuring out exactly how it works. :confused

Kevin
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by radiowave » Wed Oct 17, 2018 8:14 pm

Thanks. I have a T-Bill maturing tomorrow, perfect timing.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by tibbitts » Wed Oct 17, 2018 8:29 pm

Can you deposit funds into one Ally account from outside now, and move the same funds directly to another qualifying Ally account during the promotion, and still qualify for the maximum bonus?

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by BlackcatCA » Wed Oct 17, 2018 8:29 pm

xenial wrote:
Wed Oct 17, 2018 7:42 pm
DrakeSRT wrote:
Wed Oct 17, 2018 7:20 pm
Hate to be me Lol. This just irks me and is why I should keep my money in multiple online banks. I currently have 95% of available cash in Ally so no bonus for me.
It's annoying to be punished for being a loyal customer, isn't it? Ally is my only bank. I think I'll go after the bonus by selling some Treasuries maturing early in 2019 that I hold at Vanguard.

I don't normally do it myself, but if you want to get in on the bonus action, Ally's not the only game in town. For example, Capital One currently has a bonus offer for up to $500. Hustler Money Blog has a pretty long list of bank promotions. I'm sure you can find other lists if you Google around.
I think it’s totally unfair tha Ally would punish loyal account holders just for transferring money out during the week before they announce the promotion. I am in the same situation: moved out 75k on 10/9. I have a question into Ally yesterday about the 10/8 date (how silly it is for those of us who use Ally as regular bank), but haven’t heard back.

I did read a comment in Ken’s blog that has a different take: comment #172 from B42: what he got from talking to 3 CSRs is that he’s good for the bonus based on the date he signed up (Tuesday) not on 10/8.

Maybe those of us on the unlucky side of this should find a way to let Ally know how ridiculous it is to punish existing customers by those arbitrary dates?

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Wed Oct 17, 2018 8:53 pm

tibbitts wrote:
Wed Oct 17, 2018 8:29 pm
Can you deposit funds into one Ally account from outside now, and move the same funds directly to another qualifying Ally account during the promotion, and still qualify for the maximum bonus?
Yes. Here is the answer from Ally to that question posted in Ken's blog post:
After adding new funds to Ally, can I transfer funds between eligible accounts?

During the promotion, you can transfer the new external funds between eligible accounts, as defined in the T&Cs.
Kevin
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by listedguru » Wed Oct 17, 2018 10:00 pm

GoldStar wrote:
Wed Oct 17, 2018 3:38 pm
listedguru wrote:
Wed Oct 17, 2018 3:26 pm
RickBoglehead wrote:
Wed Oct 17, 2018 9:00 am
I emailed Ally yesterday with this question:

Says funds must be deposited by 10/31/18 in one place, 11/5/18 in another. Which is it?

Answer:

11/5/18.

They also said:

he promotion is based on an overall increase in funds to your account during the funding period. If you withdraw funds and deposit the same amount back in the two transactions will result in no net increase to your balance.

Note the words "overall increase". So they are looking at the balance before 10/8, and any increase over that balance during the period results in a 1% bonus.

Edit:

My wife separately asked about putting in more money and each getting 1% bonuses. Answer was word for word same as mine, cut and pasted. So I called and asked. She had to put me on hold (surprising, figure they would have received this question already). My wife also emailed back, because we want an answer in writing.

The phone rep came back on and said:

It is $100,000 per customer.
Each customer must register for the promo (we did).
Each customer must separately log in and transfer the $100,000. You cannot transfer $200,000 yourself and get $2,000 bonus.

Ally doesn't see any account registration info on the Vanguard ACH to my knowledge, so it would be necessary to sell at Vanguard, send it to our local bank, then my wife log on to Ally and pull it from the bank to Vanguard. Except our local bank has transfer limits if initiated there. I asked them about limits if I initiate elsewhere (sell Vanguard, send to them, pull from Ally a day or two later).
I too am interested in depositing 200K and receiving the $2K in bonuses. It sounds like in order to be safe both the wife and I would need to open and fund our own individual acct correct? My concern is safety of that money in an individual acct should something happen to once of us? If I open an account at Ally in just my name and I'm hit by a bus how does my wife get access to that money? We have joint accounts now...

Any help would be greatly appreciated,

-Guru
You can just designate her as beneficiary on your account and vice-versa.
So I assume the beneficiary designation(s) can all be done online at Ally when I open the accounts online correct?

Thanks,

-Guru

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Thu Oct 18, 2018 12:26 am

listedguru wrote:
Wed Oct 17, 2018 10:00 pm
So I assume the beneficiary designation(s) can all be done online at Ally when I open the accounts online correct?
Yes, it's really easy.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Thu Oct 18, 2018 6:38 am

Kevin M wrote:
Wed Oct 17, 2018 8:04 pm
I think that this is such a good deal that my wife and I will do it for the max each of $100K, even with the uncertainties involved. The upside if it works out is so much larger than the downside, even if Ally didn't pay any bonus.
Yep, came to the same conclusion. Planning on moving $200k from Vanguard to our joint checking account. Then with my login, create my own $100k 11-month no-penalty CD and my wife will do the same.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Thu Oct 18, 2018 6:57 am

Kevin M wrote:
Wed Oct 17, 2018 8:04 pm

Assume you put $100K into an 11-month no-penalty CD at 2.1% APY on 11/1/2018, and remove it on 1/15/2019.

Kevin
Kevin, are you actually planning on closing the CD right after the cutoff (and transferring the $ back to your B&M bank)?

I am "a little" concerned that if the CD account no longer exists on the day the bonus is to be paid that Ally may not pay the bonus. No matter who you talk to at Ally (and I have called them myself) or no matter how many of the canned responses I read that people are getting from their chat sessions (and they all seem to say exactly the same thing - same exact words used in every case), I have seen nothing in writing from Ally which specifically indicates that the bonus would be paid in this case.

This leads me to lean toward leaving the funds in the no-penalty CD until the bonus posts - better safe than sorry.

What are you planning to do?
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by LSLover » Thu Oct 18, 2018 7:37 am

MikeG62 wrote:
Thu Oct 18, 2018 6:57 am
Kevin M wrote:
Wed Oct 17, 2018 8:04 pm

Assume you put $100K into an 11-month no-penalty CD at 2.1% APY on 11/1/2018, and remove it on 1/15/2019.

Kevin
Kevin, are you actually planning on closing the CD right after the cutoff (and transferring the $ back to your B&M bank)?

I am "a little" concerned that if the CD account no longer exists on the day the bonus is to be paid that Ally may not pay the bonus. No matter who you talk to at Ally (and I have called them myself) or no matter how many of the canned responses I read that people are getting from their chat sessions (and they all seem to say exactly the same thing - same exact words used in every case), I have seen nothing in writing from Ally which specifically indicates that the bonus would be paid in this case.

This leads me to lean toward leaving the funds in the no-penalty CD until the bonus posts - better safe than sorry.

What are you planning to do?
FWIW, I spoke to Ally and asked them exactly that question, i.e. if a CD is cancelled on 1/16/19, would it qualify for the bonus. The rep emphatically said NO because it has to be open at the time the bonus is credited... After that I decided to forgo the CD and just stick with the savings account. I also think that Ally will raise the rate on Savings account in the next few weeks while the CD will obviously be frozen at 2.1%. So, in the end, it is not worth the risk for me.

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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Thu Oct 18, 2018 7:46 am

LSLover wrote:
Thu Oct 18, 2018 7:37 am
MikeG62 wrote:
Thu Oct 18, 2018 6:57 am
Kevin M wrote:
Wed Oct 17, 2018 8:04 pm

Assume you put $100K into an 11-month no-penalty CD at 2.1% APY on 11/1/2018, and remove it on 1/15/2019.

Kevin
Kevin, are you actually planning on closing the CD right after the cutoff (and transferring the $ back to your B&M bank)?

I am "a little" concerned that if the CD account no longer exists on the day the bonus is to be paid that Ally may not pay the bonus. No matter who you talk to at Ally (and I have called them myself) or no matter how many of the canned responses I read that people are getting from their chat sessions (and they all seem to say exactly the same thing - same exact words used in every case), I have seen nothing in writing from Ally which specifically indicates that the bonus would be paid in this case.

This leads me to lean toward leaving the funds in the no-penalty CD until the bonus posts - better safe than sorry.

What are you planning to do?
FWIW, I spoke to Ally and asked them exactly that question, i.e. if a CD is cancelled on 1/16/19, would it qualify for the bonus. The rep emphatically said NO because it has to be open at the time the bonus is credited... After that I decided to forgo the CD and just stick with the savings account. I also think that Ally will raise the rate on Savings account in the next few weeks while the CD will obviously be frozen at 2.1%. So, in the end, it is not worth the risk for me.
Interesting...

What if the no-penalty CD rate is increased. I would think one would be safe to close the old and open a new one (and keep it open until the bonus posts). After all, that would be a qualifying account.
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DaftInvestor
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DaftInvestor » Thu Oct 18, 2018 8:00 am

GoldStar wrote:
Tue Oct 16, 2018 2:23 pm
Tamales wrote:
Tue Oct 16, 2018 2:21 pm
GoldStar wrote:
Tue Oct 16, 2018 2:16 pm
It seems they verified me without doing a credit-pull.
I was asked several multiple choice identity verification questions with info they could have only gotten from a credit report. Did you not have that as part of your online application process?
Nope. Never happened. I was surprising how quick it was.
However, I opened a 12-month CD - maybe they only do the pull for Online-savings. (?).
It seems they do instant opens on CDs but take some time for Online accounts.
I opened a CD two days ago - was approved in minutes with the account open. I've never been a Ally customer before. After verifying my bank account for the transfer (took 1 day) I transferred the funds (another day) and now that account is all set.
Today I decided to transfer a bit more over but by opening an Online savings account with them. I ended up on a screen of "You'll hear from us in 3 to 5 business days". My credit is all frozen so I'm guessing I will have to go unfreeze it as well. We'll see what they say when they contact me. They might be inundated with new accounts so not sure if the clock will run out before the account is open and my transfer is made.

Is this a regulatory thing whereby they can provide an instant CD account but have to do credit checks, etc. for a Savings Account?

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