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

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

Post by RickBoglehead » Thu Oct 18, 2018 8:15 am

I guess either I'm missing something, or people aren't playing with a full deck.

If the only account you open with Ally is a CD, and you then close the CD before the bonus is paid, and leave no open account with Ally, you won't get a dime. Says so right in the terms:

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:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.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.


So if you're going to close the CD, then you need to have another account open as specified on this list. It does not say "if you have no accounts, we'll mail you a check".

LSLover
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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 8:18 am

RickBoglehead wrote:
Thu Oct 18, 2018 8:15 am
I guess either I'm missing something, or people aren't playing with a full deck.

If the only account you open with Ally is a CD, and you then close the CD before the bonus is paid, and leave no open account with Ally, you won't get a dime. Says so right in the terms:

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:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.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.


So if you're going to close the CD, then you need to have another account open as specified on this list. It does not say "if you have no accounts, we'll mail you a check".
That’s exactly what I was told by the customer service representative (see my post of earlier today).

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

Post by indexfundfan » Thu Oct 18, 2018 9:13 am

DaftInvestor wrote:
Thu Oct 18, 2018 8:00 am
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?
Same thing happened to me. Unfreeze your credit and it will go through instantly. You can open another account and when the "failed" one appears a few days later, ask them to remove it.
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sperry8
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by sperry8 » Thu Oct 18, 2018 9:14 am

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).
Bold above (emphasis mine). This is annoying. I already hold $100k in Ally but use it. That is, I need to spend it over the next few months. So if I move in a "new" $100k, I'll have $200k today. BUT then... some of that "old" $100k will go away over the next 3 months. So I'll be left with little interest. This analysis traps whatever money you hold there for 3 months. And in my case it was temporary funds that were there temporarily (because Ally is a great ACH hub).
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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 9:50 am

indexfundfan wrote:
Thu Oct 18, 2018 9:13 am
DaftInvestor wrote:
Thu Oct 18, 2018 8:00 am
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?
Same thing happened to me. Unfreeze your credit and it will go through instantly. You can open another account and when the "failed" one appears a few days later, ask them to remove it.
Thanks for this tip. Did you just unfreeze Transunion or others as well?

3-20Characters
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by 3-20Characters » Thu Oct 18, 2018 11:00 am

Read this whole thread and some links but I’m still not sure if this will work. Can anyone verify if the scenario qualifies?

1. Transfer $$$ from ally to vanguard today (but do not deplete ally account completely).
2. Enroll in 1% back at ally.
3. Transfer $$$ back from vanguard to ally before end-month.

xenial
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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 11:08 am

3-20Characters wrote:
Thu Oct 18, 2018 11:00 am
Read this whole thread and some links but I’m still not sure if this will work. Can anyone verify if the scenario qualifies?

1. Transfer $$$ from ally to vanguard today (but do not deplete ally account completely).
2. Enroll in 1% back at ally.
3. Transfer $$$ back from vanguard to ally before end-month.
No, it won't work. Ken Tumin's blog contains questions and answers from an Ally representative:
Can I withdraw money and put it back in and receive a bonus for it?
* 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.

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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 » Thu Oct 18, 2018 11:12 am

DaftInvestor wrote:
Thu Oct 18, 2018 9:50 am
indexfundfan wrote:
Thu Oct 18, 2018 9:13 am
DaftInvestor wrote:
Thu Oct 18, 2018 8:00 am
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?
Same thing happened to me. Unfreeze your credit and it will go through instantly. You can open another account and when the "failed" one appears a few days later, ask them to remove it.
Thanks for this tip. Did you just unfreeze Transunion or others as well?
I only unfroze TU. My other credit reports were not frozen.
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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 11:17 am

indexfundfan wrote:
Thu Oct 18, 2018 11:12 am
DaftInvestor wrote:
Thu Oct 18, 2018 9:50 am
indexfundfan wrote:
Thu Oct 18, 2018 9:13 am
DaftInvestor wrote:
Thu Oct 18, 2018 8:00 am
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?
Same thing happened to me. Unfreeze your credit and it will go through instantly. You can open another account and when the "failed" one appears a few days later, ask them to remove it.
Thanks for this tip. Did you just unfreeze Transunion or others as well?
I only unfroze TU. My other credit reports were not frozen.
I unfroze the big 3 just to be sure (disturbingly it seems anyone with my info could have done it: viewtopic.php?f=11&t=261733&newpost=4171924).
I waited a bit and tried again - same result - being processed - 3-5 business days. I made sure I got a verification email from Transunion before I tried again. I will see if they reach out to me or not. Perhaps will try again tomorrow or Monday (maybe the freezes take some time to migrate).

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

Post by indexfundfan » Thu Oct 18, 2018 11:19 am

DaftInvestor wrote:
Thu Oct 18, 2018 11:17 am
I unfroze the big 3 just to be sure (disturbingly it seems anyone with my info could have done it: viewtopic.php?f=11&t=261733&newpost=4171924).
I waited a bit and tried again - same result - being processed - 3-5 business days. I made sure I got a verification email from Transunion before I tried again. I will see if they reach out to me or not. Perhaps will try again tomorrow or Monday (maybe the freezes take some time to migrate).
Hmm, your experience is different from mine. I did wait for about two hours before trying again.
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ensign_lee
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ensign_lee » Thu Oct 18, 2018 11:20 am

3-20Characters wrote:
Thu Oct 18, 2018 11:00 am
Read this whole thread and some links but I’m still not sure if this will work. Can anyone verify if the scenario qualifies?

1. Transfer $$$ from ally to vanguard today (but do not deplete ally account completely).
2. Enroll in 1% back at ally.
3. Transfer $$$ back from vanguard to ally before end-month.
No that won't work. They'll count your transfer out as -$100k . Then your transfer in as +$100k. So your net inflows will be +$0.

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

Post by 3-20Characters » Thu Oct 18, 2018 11:22 am

xenial wrote:
Thu Oct 18, 2018 11:08 am
3-20Characters wrote:
Thu Oct 18, 2018 11:00 am
Read this whole thread and some links but I’m still not sure if this will work. Can anyone verify if the scenario qualifies?

1. Transfer $$$ from ally to vanguard today (but do not deplete ally account completely).
2. Enroll in 1% back at ally.
3. Transfer $$$ back from vanguard to ally before end-month.
No, it won't work. Ken Tumin's blog contains questions and answers from an Ally representative:
Can I withdraw money and put it back in and receive a bonus for it?
* 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.
Thanks much! I appreciate the reply. :beer

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

Post by Bulgogi Head » Thu Oct 18, 2018 11:33 am

I had a CD with them already and opened a savings account, but I don’t recall seeing any 3-5 business days message or anything about credit check. As far as I can tell the account opened immediately. I’m concerned I might have done it wrong?

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

Post by tj » Thu Oct 18, 2018 11:38 am

My savings account was opened instantly. Did ya'll unfreeze your ChexSystems ?

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

Post by 618744 » Thu Oct 18, 2018 11:43 am

tj wrote:
Thu Oct 18, 2018 11:38 am
My savings account was opened instantly. Did ya'll unfreeze your ChexSystems ?
Mine opened instantly as well. 10 minutes before, I'd lifted the freeze at Transunion(only).

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

Post by hicabob » Thu Oct 18, 2018 11:49 am

Bulgogi Head wrote:
Thu Oct 18, 2018 11:33 am
I had a CD with them already and opened a savings account, but I don’t recall seeing any 3-5 business days message or anything about credit check. As far as I can tell the account opened immediately. I’m concerned I might have done it wrong?
Same here and I have my credit freezes all intact.I believe that if you have an account with Ally in decent standing they don't do a credit check.

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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 12:10 pm

hicabob wrote:
Thu Oct 18, 2018 11:49 am
Bulgogi Head wrote:
Thu Oct 18, 2018 11:33 am
I had a CD with them already and opened a savings account, but I don’t recall seeing any 3-5 business days message or anything about credit check. As far as I can tell the account opened immediately. I’m concerned I might have done it wrong?
Same here and I have my credit freezes all intact.I believe that if you have an account with Ally in decent standing they don't do a credit check.
Seems like "it depends". I have a CD open but they apparently are stumbling with the savings account. Maybe its not the credit freezes (which I removed) but something else. In the meantime - I pulled this money out of another account that was earning 1.95% so losing a little for every day they take.
tj wrote:
Thu Oct 18, 2018 11:38 am
My savings account was opened instantly. Did ya'll unfreeze your ChexSystems ?
Yes - and they are the only ones that actually asked for my PIN. Maybe its some other reason they don't want to instantly give me a savings account after giving me a CD.

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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 12:30 pm

I just called Ally regarding the troubles with the Online Savings getting opened (after having a CD) as I mentioned above.

1) Confirmed Opening a CD requires fewer security/credit checks than opening an OnLine savings account. More regulation on that account type since there is more access, etc. They seemed to think opening a CD required no credit check - but didn't seem too sure.
2) Could see that I had 2 requests in process. Could not tell me what was pending other than "Someone needs to review it". Weren't able to cancel one of the two but said that 'the reviewer' would be able to do this. They didn't have the capability to review it for me while I was on the phone; nor to transfer me to someone that could (not the experience I've had with other banks).
3) Claimed it normally takes 3-5 days to get an account approved and opened (so not sure why some folks are getting instant; person I was talking to may not know what they are talking about).
4) I explained that if it will take 5 business days I may run out of time for the promotion so at that point likely wouldn't want the account.
They recommended I call back in 3 days and ask for status.

I should have just opened the no-penalty CD instead of attempting an Online savings. Online Savings with Ally seems to be more work that it is worth. I've already pulled money from a 1.95% savings account into a hub-account so it was ready to be transferred to Ally. The account the money is in now makes almost nothing so every day that Ally takes to "review my information" is now costing me interest that would have been accumulating. So instead of a 0.95% interest gain - I may be looking at interest lost.
Last edited by DaftInvestor on Thu Oct 18, 2018 12:58 pm, edited 2 times in total.

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

Post by RickBoglehead » Thu Oct 18, 2018 12:31 pm

We have multiple joint accounts with them, and have for years. Both individual accounts we opened are pending.

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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 12:36 pm

RickBoglehead wrote:
Thu Oct 18, 2018 12:31 pm
We have multiple joint accounts with them, and have for years. Both individual accounts we opened are pending.
Surprising. I am starting to wonder why folks here seem to like this bank so much.
I've opened online savings accounts at multiple banks over the years chasing various yields and promotions - Ally, so far, is the worse one.

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

Post by HueyLD » Thu Oct 18, 2018 1:15 pm

Worse in what way?

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

Post by kaneohe » Thu Oct 18, 2018 1:17 pm

Do we have the definitive answer about how to get > 1K with two people? I don't think the reps know (for sure)....
they seem to talk among themselves rather w/ a higher level.....at least the one I talked to last......a group of 6
of them discussed it and gave me an "answer" instead of going to an authority w/ higher power.

Different variations:
1) two separate single accts......one owned by A and the other by B. B & A could be beneficiaries of the other's acct.
2)two separate jt. accts .... w/ A primary on one and B primary on the other. B & A would be the jt on the other's acct. Could also have a beneficiary on each.
3) one jt acct w/ A primary and B secondary. Another single acct w/ B primary and A beneficiary.

Would all of those work? If a definitive answer was given earlier, pls give date/time if possible.

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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 2:01 pm

kaneohe wrote:
Thu Oct 18, 2018 1:17 pm
Do we have the definitive answer about how to get > 1K with two people?
Via online chat (I have this saved):

Me: so for example, if we have a joint checking account and bring in $200k, and then transfer $100k each to our own separate accounts, we'll each get the bonus?
Rep: That is correct.


I plan on going the 11-month no-penalty CD route.

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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 2:32 pm

kaneohe wrote:
Thu Oct 18, 2018 1:17 pm
Do we have the definitive answer about how to get > 1K with two people? I don't think the reps know (for sure)....
they seem to talk among themselves rather w/ a higher level.....at least the one I talked to last......a group of 6
of them discussed it and gave me an "answer" instead of going to an authority w/ higher power.

Different variations:
1) two separate single accts......one owned by A and the other by B. B & A could be beneficiaries of the other's acct.
2)two separate jt. accts .... w/ A primary on one and B primary on the other. B & A would be the jt on the other's acct. Could also have a beneficiary on each.
3) one jt acct w/ A primary and B secondary. Another single acct w/ B primary and A beneficiary.

Would all of those work? If a definitive answer was given earlier, pls give date/time if possible.
I can't give you a definitive answer and I've spoken directly with an Ally CSR (who put me on hold twice to talk to other people).

It seems clear to me that both you and your spouse need your own Ally log in (and an account that is linked to each of your own e-mails) in order to register on the special website for the bonus. As a result, I think putting the money in a joint account has too much risk of not generating the fully $2,000 bonus. This despite the Ally CSR telling me they "thought it would be fine".

So here is what I decided to do.

1. On Tuesday we set up a separate online log-in for my DW (I have always had one). After doing that, she logged in and we linked her profile to an outside account (Fidelity). That initiated the two test deposits (which took one day).
2. Logged back in Wednesday and verified the external account with the test deposit amounts.
3. Today she opened a new no-penalty CD.

Interestingly, when we tried to fund the CD by pulling the cash from Fidelity (the account we had verified yesterday) it did not show up in the section where we were opening the CD. So we elected to choose the "fund later" option for the CD. We then completed the CD opening process (clicking through the remaining screens). Then we went to the transfer tab of the Ally web site and initiated a $100K transfer to the CD (from Fidelity). Outside account showed up fine here.

Tomorrow I will open my no-penalty CD. I will pull the funds from another bank (Barclay's) which has long been linked to Ally.

Both CD's will be owned individually, with me as 100% beneficiary on hers and her 100% on mine. We intend to revisit whether these CD's are the best place for our money once the bonus dollars post to our accounts.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by indexfundfan » Thu Oct 18, 2018 2:38 pm

MikeG62 wrote:
Thu Oct 18, 2018 2:32 pm
It seems clear to me that both you and your spouse need your own Ally log in (and an account that is linked to each of your own e-mails) in order to register on the special website for the bonus. As a result, I think putting the money in a joint account has too much risk of not generating the fully $2,000 bonus. This despite the Ally CSR telling me they "thought it would be fine".
Yes, the safest choice is to have two separate logins, with the accounts opened as individual accounts. Then put the spouse as the beneficiary (easy to do online). Also, transfer in the money separately into each account (e.g. do NOT transfer in $200k into a joint account and then split it).
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Thu Oct 18, 2018 2:44 pm

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.
But from your subsequent reply on the next page, it sounds like you were talking about having only the CD account, and no other eligible accounts, such as a savings account. The terms (or answers from Ally) allow you to move money between eligible accounts. Doing a withdrawal from a CD and placing the proceeds into an eligible savings account is exactly this. The terms also say that eligible "account(s)" must be open for the deposit to be paid. I read this as saying that you must have at least one eligible account open into which the bonus can be deposited.

Assuming my understanding is correct, you would be able to close the no-penalty CD during the retention period and move the proceeds to a new no-penalty CD if they raised the rate on the no-penalty CD.

I got all my other questions answered today via chat, after the rep assuring me that I could trust the answers as much as ones received via secure email (will post answers), indicating that they've all received the same training on this. I'll follow up with this question as well, since I have a number of existing eligible accounts.

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

Post by Kevin M » Thu Oct 18, 2018 3:27 pm

Here is my understanding of the answers I got to my questions via online chat.

Accounts with designated beneficiaries, either POD or ITF, are eligible accounts (even though they also are referred to as Totten trust accounts).

Any withdrawals from eligible accounts during the funding period will decrease the bonus, unless replaced with deposits from external accounts during the funding period. The deposits from my ineligible trust savings account into the eligible checking account during the funding period do not count; i.e., it's not the same as if I had paid the bills directly out of the trust savings account. So if I paid $5,000 in bills that flowed from trust savings to eligible checking then out of Ally, I must deposit $105,000 into eligible accounts during the funding period to earn the maximum bonus of $1,000.

Any withdrawals from eligible accounts during the retention period will decrease the bonus, even if replaced with deposits from external accounts during the retention period. This basically means that I won't earn the full bonus if use my eligible checking account to pay say $20K of bills during the retention period, unless I deposit an extra $20K to eligible accounts during the funding period. Assuming the $5K of bills paid from an eligible account during the funding period, that would mean I'd have to deposit $125K into eligible accounts during the funding period to earn the full $1K bonus.

This seemed to be the bottom line on the, "Fluctuations in any eligible account during the retention period may impact the bonus amount".

(However, in reviewing the chat transcript, I'm still not 100% sure my understanding of this is correct. I had to ask it in several different ways, using several different examples, and the answers were somewhat confusing. I think I need to follow up on this one some more, but I think the safest approach is to have no cash inflows into or outflows out of eligible accounts during the retention period--at least as much as possible.)

My workaround to this is to open a new trust checking account (I have a trust savings account, but not a trust checking account), and switch all deposits and withdrawals over to this account. I'm fine continuing to use the new trust checking account on an ongoing basis, so won't have to switch things again after the retention period. I already submitted the request to open this account, which was quick and easy since I already have an account in the name of the trust. From experience, I know that it takes them a few days to review the request and open the account.

So basically I will try to set things up so that there is no cash flows into our out of my eligible accounts as a whole. Again, movement between eligible accounts does not affect the bonus. If I'm unable to switch everything over, I will need to leave any deposits in eligible accounts during the retention period to receive the full bonus, and the bonus will be reduced if I'm unable to switch any auto-payments over to the trust checking account before the first withdrawal during the retention period (my utility bill payment comes to mind).

Withdrawals from an eligible joint account count in full against each joint account owner. We pay a car payment from our joint account, and the last payment was made on Oct 9; let's say it was $1,300. My wife and I each will need to deposit that much extra to receive the full $1,000 bonus. We probably will switch the car payment to my new (ineligible) trust checking account once it's open.

With respect to this term, "Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason", it would only apply if they had to close an eligible account for "bank reason", which would be something like excessive negative balance or "violation of federal regulation limits". The rep stated, "you have Ally Bank's guarantee that the bonus will be paid out if all the stated conditions are met".

Kevin
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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 3:49 pm

Kevin M wrote:
Thu Oct 18, 2018 3:27 pm
Here is my understanding of the answers I got to my questions via online chat.

Any withdrawals from eligible accounts during the funding period will decrease the bonus, unless replaced with deposits from external accounts during the funding period.

Any withdrawals from eligible accounts during the retention period will decrease the bonus, even if replaced with deposits from external accounts during the retention period. This basically means that I won't earn the full bonus if use my eligible checking account to pay say $20K of bills during the retention period, unless I deposit an extra $20K to eligible accounts during the funding period. Assuming the $5K of bills paid from an eligible account during the funding period, that would mean I'd have to deposit $125K into eligible accounts during the funding period to earn the full $1K bonus.

This seemed to be the bottom line on the, "Fluctuations in any eligible account during the retention period may impact the bonus amount".

(However, in reviewing the chat transcript, I'm still not 100% sure my understanding of this is correct. I had to ask it in several different ways, using several different examples, and the answers were somewhat confusing. I think I need to follow up on this one some more, but I think the safest approach is to have no cash inflows into or outflows out of eligible accounts during the retention period--at least as much as possible.)

So basically I will try to set things up so that there is no cash flows into our out of my eligible accounts as a whole. Again, movement between eligible accounts does not affect the bonus.

With respect to this term, "Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason", it would only apply if they had to close an eligible account for "bank reason", which would be something like excessive negative balance or "violation of federal regulation limits". The rep stated, "you have Ally Bank's guarantee that the bonus will be paid out if all the stated conditions are met".

Kevin
Kevin,

I truly had to laugh when I read your response. I felt exactly the same way - hard to get a straight answer out of them and when you ask the question a slightly different way you seem to get a different answer. When the bright people on this forum (of which you are clearly one) can't get a straight answer out of them, this tells me that there are more risks to getting the bonus than meets the eye and increases the importance of structuring the transfers very carefully (and I agree not touching any of the money during the retention money).

Personally I don't take a lot of comfort from the last thing you were told "you have Ally Bank's guarantee...". Who knows what interpretation of the fine print they will come up with (like moving money in and out during the retention period that one might think is perfectly acceptable but causes the bonus to be reduced). Part of me thinks they are still trying to figure out how they are going to handle the various permutations that will be thrown at them or they will figure it out later.
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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 4:07 pm

HueyLD wrote:
Thu Oct 18, 2018 1:15 pm
Worse in what way?
I can only speak from my experiences so far:
- No other online bank I've joined has taken "3 to 5 days" to approve an account (and sounds like it may simply fail at the end). Others have been either instant or 24 hours. In this day and age - for an "online" bank to take 5 days seems ridiculous.
- When calling, I've never had any other online bank have people answering the phones that are so clueless (I'm not sure why they even bother taking calls? they can't tell you anything). If my account needs to be "reviewed" for 3 to 5 days at least tell me why - or transfer me to someone that can. Based upon the discussions here it also sounds like they don't understand their own promotion very well. Now most online banks I haven't had the need to actually place phone calls into - but the one time I did I was on the phone with someone that was able to explain everything to me confidently and thoroughly.

I was thinking "Okay - I finally have incentive to jump on the Ally bandwagon - this might become my new online bank" but my first 2 days of experience have been the worse first 2 days of any bank thus far.

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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 4:26 pm

DaftInvestor wrote:
Thu Oct 18, 2018 12:10 pm
hicabob wrote:
Thu Oct 18, 2018 11:49 am
Bulgogi Head wrote:
Thu Oct 18, 2018 11:33 am
I had a CD with them already and opened a savings account, but I don’t recall seeing any 3-5 business days message or anything about credit check. As far as I can tell the account opened immediately. I’m concerned I might have done it wrong?
Same here and I have my credit freezes all intact.I believe that if you have an account with Ally in decent standing they don't do a credit check.
Seems like "it depends". I have a CD open but they apparently are stumbling with the savings account. Maybe its not the credit freezes (which I removed) but something else. In the meantime - I pulled this money out of another account that was earning 1.95% so losing a little for every day they take.
tj wrote:
Thu Oct 18, 2018 11:38 am
My savings account was opened instantly. Did ya'll unfreeze your ChexSystems ?
Yes - and they are the only ones that actually asked for my PIN. Maybe its some other reason they don't want to instantly give me a savings account after giving me a CD.
I JUST FIGURED OUT MY ISSUE (sorry for the all CAPs but I'm excited). I don't understand why they couldn't tell me when I called nor why I didn't think of it sooner.
I unfroze all my credit reports BUT as I was filling in the application I said "sure I will add my wife as a co-owner" and clicked the checkbox next to her name without really thinking about it. Her reports are still frozen. I really am "Daft" :oops:

I just went back in and set up the account just under my name and it was opened in an instant (will add her as a beneficiary; I don't have over $100K in cash like others so didn't need separate accounts). I don't understand why they couldn't tell me when I called what was holding it up - they could see it in the system but could provide no info. Anyway - just figured I'd relay the story in case anyone else is making the same mistake I am.

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

Post by investor4life » Thu Oct 18, 2018 4:34 pm

MathIsMyWayr wrote:
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.
This! I opened a CD and funded it from an outside account and got the “account is open” email. Took under 5 minutes. I already had an Ally account so no credit check (my credit file has a freeze); just a 15-second “verification” in lieu of a credit check. Real smooth.

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

Post by bandoba » Thu Oct 18, 2018 4:39 pm

Kevin M wrote:
Thu Oct 18, 2018 3:27 pm
Here is my understanding of the answers I got to my questions via online chat.

Accounts with designated beneficiaries, either POD or ITF, are eligible accounts (even though they also are referred to as Totten trust accounts).

...

Kevin
Kevin, thanks for posting the details. Do you know if the promotion is also applicable to trust account? For example if the money is transferred to trust account in Ally and then moved to individual 11M CD accounts, would those individual CDs still be eligible for 1% promotion?

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

Post by GoldStar » Thu Oct 18, 2018 4:44 pm

investor4life wrote:
Thu Oct 18, 2018 4:34 pm
MathIsMyWayr wrote:
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.
This! I opened a CD and funded it from an outside account and got the “account is open” email. Took under 5 minutes. I already had an Ally account so no credit check (my credit file has a freeze); just a 15-second “verification” in lieu of a credit check. Real smooth.
They don't appear to be doing credit checks for CDs anyway (even for new customers) - just for other account types. Seems CDs are instant - savings accounts are getting mixed results.

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

Post by midareff » Thu Oct 18, 2018 5:01 pm

OK, so I could drop $100K into a $2.1% CD and keep it there until 1/15/2019 and get a $1K bonus... is that the deal? I can harvest some IT Tax-Ex loss and do this maybe twice easily. 1% ($1000.00 bonus for 2 1/2 months of 2.1% interest and no penalty... woohoo. Question is can I do this more than once?
Last edited by midareff on Thu Oct 18, 2018 5:18 pm, edited 2 times in total.

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

Post by JonFromDimensionC137 » Thu Oct 18, 2018 5:13 pm

Thanks for sharing OP.

I plan to take out a margin loan (3.19% with Interactive Brokers) to take advantage of this.
--This message sent from an NSA monitored device.

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

Post by Kevin M » Thu Oct 18, 2018 5:39 pm

bandoba wrote:
Thu Oct 18, 2018 4:39 pm
Kevin M wrote:
Thu Oct 18, 2018 3:27 pm
Here is my understanding of the answers I got to my questions via online chat.
<snip>
Accounts with designated beneficiaries, either POD or ITF, are eligible accounts (even though they also are referred to as Totten trust accounts).
Kevin, thanks for posting the details. Do you know if the promotion is also applicable to trust account? For example if the money is transferred to trust account in Ally and then moved to individual 11M CD accounts, would those individual CDs still be eligible for 1% promotion?
Actual trust accounts (as opposed to Totten trust accounts) are not eligible accounts. Based on my online chat, my understanding is that transferring into a trust account would not count as new money into an eligible account, and neither would transferring from a trust account to an eligible account, so I would assume that what your are suggesting would not work. I would transfer directly into an eligible (non-trust) CD, checking, or savings account, and then only transfer between eligible accounts during the retention period.

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

Post by indexfundfan » Thu Oct 18, 2018 5:42 pm

DaftInvestor wrote:
Thu Oct 18, 2018 4:26 pm
I JUST FIGURED OUT MY ISSUE (sorry for the all CAPs but I'm excited). I don't understand why they couldn't tell me when I called nor why I didn't think of it sooner.
I unfroze all my credit reports BUT as I was filling in the application I said "sure I will add my wife as a co-owner" and clicked the checkbox next to her name without really thinking about it. Her reports are still frozen. I really am "Daft" :oops:

I just went back in and set up the account just under my name and it was opened in an instant (will add her as a beneficiary; I don't have over $100K in cash like others so didn't need separate accounts). I don't understand why they couldn't tell me when I called what was holding it up - they could see it in the system but could provide no info. Anyway - just figured I'd relay the story in case anyone else is making the same mistake I am.
Thanks for updating us on the mystery.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Thu Oct 18, 2018 5:46 pm

midareff wrote:
Thu Oct 18, 2018 5:01 pm
OK, so I could drop $100K into a $2.1% CD and keep it there until 1/15/2019 and get a $1K bonus... is that the deal? I can harvest some IT Tax-Ex loss and do this maybe twice easily. 1% ($1000.00 bonus for 2 1/2 months of 2.1% interest and no penalty... woohoo. Question is can I do this more than once?
Only one bonus per individual, so max $1K bonus on $100K for just you.

You must have at least one eligible account open until 2/15/2019, as the bonus will be paid sometime between 1/15/2019 and 2/15/2019. My understanding is that you could do an early withdrawal from a no-penalty CD on or after 1/15/2019 (I'd wait until 1/16/2019 to be safe), and withdraw those funds from Ally, but you'd have to have another eligible account still open until the bonus is paid.

Others have reported that the CD account must remain open until the bonus is paid, but that may only be if the CD is one's only eligible account. I will do an online chat later to request clarification on this point.

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

Post by bandoba » Thu Oct 18, 2018 9:40 pm

Kevin M wrote:
Thu Oct 18, 2018 5:39 pm
bandoba wrote:
Thu Oct 18, 2018 4:39 pm
Kevin M wrote:
Thu Oct 18, 2018 3:27 pm
Here is my understanding of the answers I got to my questions via online chat.
<snip>
Accounts with designated beneficiaries, either POD or ITF, are eligible accounts (even though they also are referred to as Totten trust accounts).
Kevin, thanks for posting the details. Do you know if the promotion is also applicable to trust account? For example if the money is transferred to trust account in Ally and then moved to individual 11M CD accounts, would those individual CDs still be eligible for 1% promotion?
Actual trust accounts (as opposed to Totten trust accounts) are not eligible accounts. Based on my online chat, my understanding is that transferring into a trust account would not count as new money into an eligible account, and neither would transferring from a trust account to an eligible account, so I would assume that what your are suggesting would not work. I would transfer directly into an eligible (non-trust) CD, checking, or savings account, and then only transfer between eligible accounts during the retention period.

Kevin
Got it! Thanks.

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

Post by mattfr » Fri Oct 19, 2018 1:02 am

indexfundfan wrote:
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

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?

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.
Similar experience here. Unfreeze Transunion & ChexSystems and call back between 9-5 Eastern Time. Inform the CSR you had a pending application and had to unfreeze your credit reports; ask them if they can validate the account with their back-office team immediately. They'll place you on hold and your account should be opened within minutes.

A bit of a hassle, but 100x easier than Chase and I'll get over it when the bonus appears.

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

Post by MikeG62 » Fri Oct 19, 2018 6:43 am

LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/
OP, just wanted to give you a shout out for finding the promotion and bringing to the attention of the forum. DW and I just moved $100,000 each into separate individual no-penalty CD's. Very little effort to pick up $2,000. So really, thanks for this post.

Just curious, where did you identify this offer as it does not appear on the Ally home page?
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ERISA Stone
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ERISA Stone » Fri Oct 19, 2018 8:20 am

simplesimon wrote:
Tue Oct 16, 2018 6:43 am
RickBoglehead wrote:
Tue Oct 16, 2018 6:31 am
mggray17 wrote:
Mon Oct 15, 2018 6:23 pm
simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.
Exactly...hold in a higher yielding account until a few days before the deadline, then move the money over.

I confirmed over the phone that a joint account is okay - the spouse's email just needs to be enrolled as well.
Can you have multiple email addresses on an account? When you enroll, the instructions clearly state the email address must match the email address on the account.

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

Post by LSLover » Fri Oct 19, 2018 8:42 am

MikeG62 wrote:
Fri Oct 19, 2018 6:43 am
LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/
OP, just wanted to give you a shout out for finding the promotion and bringing to the attention of the forum. DW and I just moved $100,000 each into separate individual no-penalty CD's. Very little effort to pick up $2,000. So really, thanks for this post.

Just curious, where did you identify this offer as it does not appear on the Ally home page?
It’s advertised in all major newspapers.

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

Post by MikeG62 » Fri Oct 19, 2018 8:46 am

ERISA Stone wrote:
Fri Oct 19, 2018 8:20 am

Can you have multiple email addresses on an account? When you enroll, the instructions clearly state the email address must match the email address on the account.
Don't know, but you could call Ally. Personally given all the vagueness around the fine print, I would use different accounts for each of you with only one e-mail address for each one (one for you and one for your spouse). This seems much safer and much more squarely within the printed rules we've been able to see.

DW and I have separate log-in's and both opened individual no-penalty CD's. Both registered separately for the offer.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by kaneohe » Fri Oct 19, 2018 8:59 am

MikeG62 wrote:
Fri Oct 19, 2018 6:43 am
LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/
OP, just wanted to give you a shout out for finding the promotion and bringing to the attention of the forum. DW and I just moved $100,000 each into separate individual no-penalty CD's. Very little effort to pick up $2,000. So really, thanks for this post.

Just curious, where did you identify this offer as it does not appear on the Ally home page?

not sure what you are calling the home page, but google produces this:
https://www.ally.com/ and the offer is right there at the top.
But echoing your shout out to OP for posting since I would not have known since I'm a telephone/paper kind of guy.

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

Post by midareff » Fri Oct 19, 2018 9:18 am

Kevin M wrote:
Thu Oct 18, 2018 5:46 pm
midareff wrote:
Thu Oct 18, 2018 5:01 pm
OK, so I could drop $100K into a $2.1% CD and keep it there until 1/15/2019 and get a $1K bonus... is that the deal? I can harvest some IT Tax-Ex loss and do this maybe twice easily. 1% ($1000.00 bonus for 2 1/2 months of 2.1% interest and no penalty... woohoo. Question is can I do this more than once?
Only one bonus per individual, so max $1K bonus on $100K for just you.

You must have at least one eligible account open until 2/15/2019, as the bonus will be paid sometime between 1/15/2019 and 2/15/2019. My understanding is that you could do an early withdrawal from a no-penalty CD on or after 1/15/2019 (I'd wait until 1/16/2019 to be safe), and withdraw those funds from Ally, but you'd have to have another eligible account still open until the bonus is paid.

Others have reported that the CD account must remain open until the bonus is paid, but that may only be if the CD is one's only eligible account. I will do an online chat later to request clarification on this point.

Kevin
Thanks.. will do.

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

Post by RickBoglehead » Fri Oct 19, 2018 9:29 am

ERISA Stone wrote:
Fri Oct 19, 2018 8:20 am

Can you have multiple email addresses on an account? When you enroll, the instructions clearly state the email address must match the email address on the account.
You can. One is "primary". Use that one.

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

Post by SchruteB&B » Fri Oct 19, 2018 9:41 am

kaneohe wrote:
Fri Oct 19, 2018 8:59 am
MikeG62 wrote:
Fri Oct 19, 2018 6:43 am
LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/
OP, just wanted to give you a shout out for finding the promotion and bringing to the attention of the forum. DW and I just moved $100,000 each into separate individual no-penalty CD's. Very little effort to pick up $2,000. So really, thanks for this post.

Just curious, where did you identify this offer as it does not appear on the Ally home page?

not sure what you are calling the home page, but google produces this:
https://www.ally.com/ and the offer is right there at the top.
But echoing your shout out to OP for posting since I would not have known since I'm a telephone/paper kind of guy.
Not when I click on that link, it just advertises their no penalty 11 month CD. I have been on the ally bank site a number of times in the last few days and have never seen this offer. I appreciate the heads up on here!

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

Post by ivk5 » Fri Oct 19, 2018 9:48 am

SchruteB&B wrote:
Fri Oct 19, 2018 9:41 am
kaneohe wrote:
Fri Oct 19, 2018 8:59 am
MikeG62 wrote:
Fri Oct 19, 2018 6:43 am
OP, just wanted to give you a shout out for finding the promotion and bringing to the attention of the forum. DW and I just moved $100,000 each into separate individual no-penalty CD's. Very little effort to pick up $2,000. So really, thanks for this post.

Just curious, where did you identify this offer as it does not appear on the Ally home page?
not sure what you are calling the home page, but google produces this:
https://www.ally.com/ and the offer is right there at the top.
But echoing your shout out to OP for posting since I would not have known since I'm a telephone/paper kind of guy.
Not when I click on that link, it just advertises their no penalty 11 month CD. I have been on the ally bank site a number of times in the last few days and have never seen this offer. I appreciate the heads up on here!
Try an incognito window.

RickBoglehead
Posts: 953
Joined: Wed Feb 14, 2018 9:10 am

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

Post by RickBoglehead » Fri Oct 19, 2018 9:49 am

I just got a phone call from Ally. Account did not open because of the credit freeze. Because I am an existing customer, I don't have to lift the freeze, but they are asking identity questions (yes, I verified it was Ally calling).

They asked about a dozen questions...

Account was opened immediately after that.

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