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

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

Post by MrBeaver » Fri Oct 19, 2018 10:04 am

I just opened an Ally account and transferred other savings acct. money into it. I was contemplating selling my short term bond holdings from Vanguard and moving that over also (guaranteed 1.475% 3-month return vs 0.875% 3-month return plus bond fund price change), as it seems unlikely and foolish to assume the price of the bond fund will rise 0.6% or more in the next three months, but who knows. When I linked Vanguard to Ally and confirmed the micro transactions though, the Vanguard website says it may take 7-10 days before final verification is complete so that transfers out are available. I could route through my checking account and probably still make the 10/31 window as my bank (USAA) is very generous in crediting funds from incoming ACH transactions (often making funds available immediately).

So, should I (A)leave the ST Bond where it is and not worry about it (total expected difference is only $100), (B)route through checking, or (C)wait for Vanguard to finish approvals and hope it is complete by next Wednesday/Thursday?

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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 » Fri Oct 19, 2018 10:06 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.
It actually showed up for me once, but then not again. Perhaps its using a cookie to decide whether or not to display the offer (e.g. if you are a returning customer perhaps it doesn't show) so possible existing customers aren't seeing it.

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

Post by Tamales » Fri Oct 19, 2018 10:44 am

RickBoglehead wrote:
Fri Oct 19, 2018 9:49 am
I just got a phone call from Ally. ... (yes, I verified it was Ally calling).
I also got a call from Ally but the caller-ID info said "800 service" which has in the past always been telemarketers.
Fortunately they left a message.
Not sure why their Caller ID info can't show something obvious like "Ally Bank."

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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 » Fri Oct 19, 2018 11:33 am

So I asked the question a different way to get better clarification:

You missed a crucial point, let me ask it differently.

Promotion is limited to 1% back and $1,000, i.e. a deposit of $100,000. How does that apply to a joint account? Can we deposit $200,000 and get $2,000 back? Or, can we put $100,000 in the joint account and $100,000 in my account (secondary owner), and get $2,000 back?

Answer:

Thank you for taking the time to contact Ally Bank. Your business is important to us and I sincerely apologize for the delay in responding to your e-mail. I would be happy to assist provide additional information on our Payback promotion.

A joint account is considered one account regardless of how many owners. Therefore if each joint owners make a deposit of $100,000.00 each, the maximum bonus amount is $1,000 for the joint account. I apologize for any inconvenience caused and hope this explanation help.


My plan is to do the following:

1) I will transfer $100,000 into Ally, signed in as myself, putting the funds into a individually owned Savings Account, with my spouse as beneficiary (Ally lets you set them online).

2) My spouse will do exactly the same.

No funds will be in the joint account, so now issue of who did what or who owns what, and we'll get the $2,000 bonus.
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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 » Fri Oct 19, 2018 12:16 pm

I followed up with an online chat to get further clarification on what I thought I already understood about two issues. The chat verified my understanding, but as usual, I had to ask the questions multiple ways to get clear answers, even though I thought my questions were stated quite clearly. The first question is about withdrawing funds from eligible accounts during the retention period, and the second question is about closing a no penalty CD after 1/15/2019 but before 2/15/2019, as long as other eligible accounts remain open until at least 2/15/2019.

Below is the way I asked the first question. The first paragraph is just to review what seems to have been already made clear by Ally in various replies to different people, but I wanted to clearly set up the scenario, so included it.
Kevin wrote: On 10/8 I had about $20,000 in eligible accounts. Between 10/8 and 11/5, the funding period, assume I withdraw $5,000 from the eligible accounts. Before 11/5 I deposit $105,000 into an 11-month no-penalty CD from an external account. $100,000 of this counts as new deposits during the funding period.

During the retention period, 11/5/2018 - 1/15/2019, I withdraw $20,000 from eligible checking accounts. Also assume I deposit $20,000 into eligible checking and savings accounts during the retention period. The $105,000 remains in the CD until at least 1/15/2019, the end of the retention period.

Is my bonus $1,000 or $800?
After some more back and forth, I finally got this answer:
Ally online chat rep wrote:Your bonus would be $800.
<snip -- removing some more back and forth>
All of the funds must remain in your eligible Ally accounts to qualify for this promotion.
I summarized with this, to which I received no correction:
Kevin wrote: So no money can be withdrawn from *any* eligible account during the retention period to qualify for the full bonus of $1,000, even if a compensating amount is deposited into eligible accounts.
Second question:
Kevin wrote: Next question. On 1/16/2019 I do an early withdrawal from the no-penalty CD, and withdraw the proceeds from Ally. I still have other eligible accounts open until 2/15/2019 (and beyond). Will the bonus be paid? I still will have eligible accounts into which the bonus can be deposited, even though I closed the CD?
Ally online chat rep wrote: Yes, the bonus would be paid, the funds must stay until 1/15/2018, after that, you are able to withdraw the funds and still receive the same bonus amount.
<snip -- some more back and forth to clarify that I'm asking about closing the CD before 2/15/2019, not keeping the funds in eligible accounts during the retention period>
Certainly. We would simply pay the bonus to another account.
So, regarding the first issue, my plan still is to switch all deposits and withdrawals over to a non-eligible trust checking account, which is in the process of being opened. If there were any problem in opening the trust checking account, I would switch deposits and bill payments to another bank account (probably my Heritage Bank RCA).

Regarding the second issue, to be on the safe side, I'll deposit the new money into an eligible checking account, then fund the no-penalty CD from that checking account the same day (I will open the CD a few days before this, to allow for any delays, which I've never experienced before in opening non-trust CDs). This way, the account that the new money was deposited into will still be open beyond 2/15/2019, and the terms/answers allow moving money between eligible accounts during the retention period.

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

Post by listedguru » Fri Oct 19, 2018 12:23 pm

Just got my accounts open but I'm wondering how I link my Ally acct to my funding acct? I have to move the funds from a different acct into my funding acct which I'm in the process of doing. Do I need to wait for those funds to be available in my funding acct before I can link it? I thought I read somewhere on here about ally doing micro deposits into the funding acct, etc. When does that activity take place and how long does it take?

My funds won't be available to move over into the Ally acct until sometime next week. I don't want to miss the funding cutoff date. I believe I need to have the funds in the Ally account by October 31st correct? That's what the e-mail says they sent.

Thanks,

-Guru

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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 » Fri Oct 19, 2018 12:28 pm

listedguru wrote:
Fri Oct 19, 2018 12:23 pm
Just got my accounts open but I'm wondering how I link my Ally acct to my funding acct? I have to move the funds from a different acct into my funding acct which I'm in the process of doing. Do I need to wait for those funds to be available in my funding acct before I can link it? I thought I read somewhere on here about ally doing micro deposits into the funding acct, etc. When does that activity take place and how long does it take?

My funds won't be available to move over into the Ally acct until sometime next week. I don't want to miss the funding cutoff date. I believe I need to have the funds in the Ally account by October 31st correct? That's what the e-mail says they sent.

Thanks,

-Guru
Once you establish your Ally account, you can link it with your funding bank account. Ally will do two micro deposits within a day, and withdraw them on the same day. You do not need to wait for the funds to be in your funding account. Click on Transfers, then Manage Other Accounts.

The cutoff day for funds is 11/5, not 10/31. Ally says 10/31 on the ad I saw, but the terms clearly say 11/5. I moved quickly and hope to have my funding done by the middle of next week.
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DrivingFun
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by DrivingFun » Fri Oct 19, 2018 12:32 pm

Kevin M wrote:
Fri Oct 19, 2018 12:16 pm
Ally online chat rep wrote:Your bonus would be $800.
<snip -- removing some more back and forth>
All of the funds must remain in your eligible Ally accounts to qualify for this promotion.
This makes no sense whatsoever. People get direct deposits and pay bills out of their Ally checking account. If the net of those transactions is positive, why on earth would people be penalized by paying their bills? I'm hoping that the rep has no idea what they are talking about. :x

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

Post by feehater » Fri Oct 19, 2018 12:39 pm

Here's another data point on opening a savings account:

I had a no-penalty CD last year that is now closed, and no other accounts with Ally. In this order I:
1. Unfroze TransUnion credit report.
2. Logged in to Ally with my old login. It displayed a screen that said "you have no current accounts with us but you can update your profile." I went to the profile because I needed to remember what email they had for me.
3. Signed up for the promotion in a different window.
4. Returned to the window where I was logged in already, and opened a savings account there.

The account opened in 15 seconds and there was no further ID confirmation needed. They even remembered the bank account I had linked to fund the CD, so there was no relinking necessary.

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

Post by DaftInvestor » Fri Oct 19, 2018 1:59 pm

My prediction: We will see some threads here on 2/15 with folks complaining that they didn't get the bonus the expected :D

I registered my email address for the bonus (thought they said you just need to make sure the primary email matches) but since one of the accounts is a joint account I just registered my spouses as well just to be sure (based upon what someone stated above).

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

Post by DaftInvestor » Fri Oct 19, 2018 2:00 pm

Tamales wrote:
Fri Oct 19, 2018 10:44 am
RickBoglehead wrote:
Fri Oct 19, 2018 9:49 am
I just got a phone call from Ally. ... (yes, I verified it was Ally calling).
I also got a call from Ally but the caller-ID info said "800 service" which has in the past always been telemarketers.
Fortunately they left a message.
Not sure why their Caller ID info can't show something obvious like "Ally Bank."
How many days from when you attempted to open the account until when they called you?

I still have two pending requests sitting in their system. I called but they didn't want to / or didn't think they knew how to / cancel them so wondering when I will get a call. (I no longer need those two accounts as I corrected the issues stopping the account from opening and resubmitted the request online).

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

Post by TravelGeek » Fri Oct 19, 2018 2:31 pm

MikeG62 wrote:
Fri Oct 19, 2018 6:43 am
Just curious, where did you identify this offer as it does not appear on the Ally home page?
I saw it on the Doctor of Credit site shortly before it appeared here. I scan DoC as part of my morning routine. I was pretty sure, though, that it would be posted here as well, as with most/all good CD offers etc.

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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 2:42 pm

LSLover wrote:
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.
Makes sense that they are blitzing the newspapers with this ad - perhaps targeting people outside their typical customer demographic (like my parents and my in-laws who still have not tried (bought into) online banks yet). They see the $1,000 bonus and maybe that's enough to get them to give it a try and once in they may be sticky.
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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 » Fri Oct 19, 2018 3:22 pm

DrivingFun wrote:
Fri Oct 19, 2018 12:32 pm
Kevin M wrote:
Fri Oct 19, 2018 12:16 pm
Ally online chat rep wrote:Your bonus would be $800.
<snip -- removing some more back and forth>
All of the funds must remain in your eligible Ally accounts to qualify for this promotion.
This makes no sense whatsoever. People get direct deposits and pay bills out of their Ally checking account. If the net of those transactions is positive, why on earth would people be penalized by paying their bills? I'm hoping that the rep has no idea what they are talking about. :x
I agree that it doesn't make much sense, but I have received essentially the same answer from two reps in two different chat sessions. I think the logic is as follows.

Only net deposits from an external account to an eligible Ally account during the funding period, 10/8-11/05/2018, count as new money. Any withdrawals from eligible accounts during the retention period are subtracted from the "new money", but deposits to eligible accounts during the retention period do add to new money (since the deposits occur after the funding period).

Here is what the terms actually say:
New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount.
However, every time I read the terms and the various replies I've received, I realize that I still may not fully understand how it works. Although I think it's pretty clear that if you start with $0 in eligible accounts on 10/8/2018, you must add $100K to eligible accounts by 11/5/2018, and not do any withdrawals from eligible accounts until 1/15/2019 (end of retention period) to receive the maximum bonus of $1K (even if you make compensating deposits during the retention period).

But this is not my situation. It's more like I had about $20K in eligible accounts on 10/8/2018, and will have withdrawn about $5K by 11/5/2018. It's clear I must add $105K by 11/5/2018 to get the full bonus, since I must replace the $5K I withdrew during the funding period before anything counts as new money. This has been made crystal clear in numerous examples provided by Ally. BUT, if I do this, as of 11/5/2018, I will have $100K of new money and $20K of pre-existing money in my eligible accounts. So now I'm thinking that I could withdraw up to $20K from eligible accounts during the retention period, and still qualify for the max bonus of $1K.

I see another Ally chat session in my future. :oops:

I'm still going to switch as much of my withdrawals as possible over to a non-eligible trust checking account, but now I'm less worried that bills that are difficult to switch in time will reduce my bonus, since the will amount to much less than $20K.

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

Post by harmoniousmonk » Fri Oct 19, 2018 3:35 pm

Might take some time to link the bank accounts but folks can still deposit money using the mobile app. Just write yourself a check from your funding account, take a picture of it and viola.

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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 4:00 pm

Kevin M wrote:
Fri Oct 19, 2018 12:16 pm

...Second question:
Kevin wrote: Next question. On 1/16/2019 I do an early withdrawal from the no-penalty CD, and withdraw the proceeds from Ally. I still have other eligible accounts open until 2/15/2019 (and beyond). Will the bonus be paid? I still will have eligible accounts into which the bonus can be deposited, even though I closed the CD?
Ally online chat rep wrote: Yes, the bonus would be paid, the funds must stay until 1/15/2018, after that, you are able to withdraw the funds and still receive the same bonus amount.
<snip -- some more back and forth to clarify that I'm asking about closing the CD before 2/15/2019, not keeping the funds in eligible accounts during the retention period>
Certainly. We would simply pay the bonus to another account.
So, regarding the first issue, my plan still is to switch all deposits and withdrawals over to a non-eligible trust checking account, which is in the process of being opened. If there were any problem in opening the trust checking account, I would switch deposits and bill payments to another bank account (probably my Heritage Bank RCA).

Regarding the second issue, to be on the safe side, I'll deposit the new money into an eligible checking account, then fund the no-penalty CD from that checking account the same day (I will open the CD a few days before this, to allow for any delays, which I've never experienced before in opening non-trust CDs). This way, the account that the new money was deposited into will still be open beyond 2/15/2019, and the terms/answers allow moving money between eligible accounts during the retention period.

Kevin
Kevin,

Why do you think sweeping the funds through another Ally account helps?

After all, you plan to close the CD after 1/15, sweep the money back through the checking account and on to where the funds came from originally right?

It seems if they are OK with the no penalty CD being closed after 1/15 (and the funds moved completely out of Ally) wouldn't the mere fact that one had any existing eligible account (online savings or checking) still open be all one needs to ensure they get the bonus?

I understand this is all like trying to read tea leaves.
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kaneohe
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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 4:07 pm

RickBoglehead wrote:
Fri Oct 19, 2018 12:28 pm
listedguru wrote:
Fri Oct 19, 2018 12:23 pm
Just got my accounts open but I'm wondering how I link my Ally acct to my funding acct? I have to move the funds from a different acct into my funding acct which I'm in the process of doing. Do I need to wait for those funds to be available in my funding acct before I can link it? I thought I read somewhere on here about ally doing micro deposits into the funding acct, etc. When does that activity take place and how long does it take?

My funds won't be available to move over into the Ally acct until sometime next week. I don't want to miss the funding cutoff date. I believe I need to have the funds in the Ally account by October 31st correct? That's what the e-mail says they sent.

Thanks,

-Guru
Once you establish your Ally account, you can link it with your funding bank account. Ally will do two micro deposits within a day, and withdraw them on the same day. You do not need to wait for the funds to be in your funding account. Click on Transfers, then Manage Other Accounts.

The cutoff day for funds is 11/5, not 10/31. Ally says 10/31 on the ad I saw, but the terms clearly say 11/5. I moved quickly and hope to have my funding done by the middle of next week.
My impression is that you have to request the funds by 10/31 which they figure will get the funds in time by 11/5
which includes a wkend

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

Post by DrivingFun » Fri Oct 19, 2018 4:18 pm

Kevin M wrote:
Fri Oct 19, 2018 3:22 pm
I agree that it doesn't make much sense, but I have received essentially the same answer from two reps in two different chat sessions. I think the logic is as follows.

Only net deposits from an external account to an eligible Ally account during the funding period, 10/8-11/05/2018, count as new money. Any withdrawals from eligible accounts during the retention period are subtracted from the "new money", but deposits to eligible accounts during the retention period do add to new money (since the deposits occur after the funding period).

Here is what the terms actually say:
New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount.
I am not willing to switch out my direct deposits to another institution just so I can pay my bills from there for the next 3 months. I'll probably have $20,000 worth of bills during the retention period, so as it stands it's going to eat away quite heavily at my bonus. If that's the case I'm probably just going to skip out, and to be honest lose some affinity for Ally. That approach makes no sense whatsoever. They should simply impose that the net cash flow during the retention period is greater than zero. :x

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

Post by Kevin M » Fri Oct 19, 2018 6:10 pm

MikeG62 wrote:
Fri Oct 19, 2018 4:00 pm
Kevin M wrote:
Fri Oct 19, 2018 12:16 pm
Regarding the second issue, to be on the safe side, I'll deposit the new money into an eligible checking account, then fund the no-penalty CD from that checking account the same day (I will open the CD a few days before this, to allow for any delays, which I've never experienced before in opening non-trust CDs). This way, the account that the new money was deposited into will still be open beyond 2/15/2019, and the terms/answers allow moving money between eligible accounts during the retention period.
Kevin,

Why do you think sweeping the funds through another Ally account helps?

After all, you plan to close the CD after 1/15, sweep the money back through the checking account and on to where the funds came from originally right?

It seems if they are OK with the no penalty CD being closed after 1/15 (and the funds moved completely out of Ally) wouldn't the mere fact that one had any existing eligible account (online savings or checking) still open be all one needs to ensure they get the bonus?
I'm 99% sure it would be fine to deposit directly into the CD for the reason you state, but it's only a few extra clicks to go through the checking account, and I'll feel slightly more comfortable using the same account for the "new money" deposit and the withdrawal on or after 1/15/2019. I just want to minimize the chances of Ally having an excuse not to pay the bonus.

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

Post by Kevin M » Fri Oct 19, 2018 6:40 pm

I thought it would be useful to quantify the impact on the rate of return of not getting the full bonus, and/or of having to deposit more than $100K to make up for withdrawals from eligible accounts during the funding period, and to a lesser extent of lost interest during the ACH transfer time. All of this assumes one wants to get the maximum bonus of $1,000 on $100,000 of "new funds".

First, the simple scenario of depositing $100,000 into a no-penalty CD at 2.08% (2.10% APY) during the funding period, all of which is considered new funds, and not withdrawing anything from eligible accounts during the retention period.

427.95 = interest on $100K at 2.08% for 75 days.
100,000 = amount bonus paid on
1,000.00 = bonus = 1% * 100,000
1,427.95 = interest + bonus
6.95% = annualized return = 1427.95/100,000/75*365
7.20% = APY = (1+6.95%/365)^365-1

Next, assume one deposits $105,000 into the CD to cover $5,000 of withdrawals from eligible accounts during the funding period, with $100K of that counting as new funds.

449.35 = interest on $105K at 2.08% for 75 days.
100,000 = amount bonus paid on
1,000.00 = bonus = 1% * 100,000
1,449.35 = interest + bonus
6.72% = annualized return = 1,449.35/105,000/75*365
6.95% = APY = (1+6.72%/365)^365-1

Still very good.

Next, assume one withdraws 20,000 from eligible accounts during the retention period, and this is subtracted from the "new funds" the bonus is paid on. This is about the worst case I'd expect in my case, and it probably won't be nearly that bad, even with the worst-case interpretation of the Ally terms. I'll also subtract three days of lost interest, for ACH transfer time, at 2.50% for this scenario.

449.35 = interest on $105K at 2.08% for 75 days.
80,000 = amount bonus paid on
800.00 = bonus = 1% * 100,000
-21.35 = three days of lost interest on $105K at 2.50%
1,228.04 = interest + bonus - lost interest
5.69%% = annualized return = 1,228.04/105,000/75*365
5.86% = APY = (1+5.69%/365)^365-1

So even in the worst case scenario I can conjur up, this still is an incredible return for what is essentially a 75-day CD.

Of course for those depositing much less than $100K, and withdrawing a relatively large portion of it during the retention period, the return is much lower, assuming the worst-case interpretation of the Ally terms.

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

Post by kaneohe » Sat Oct 20, 2018 12:14 am

We had all the "old" money in ineligible trust accounts. New money will be placed in qualifying jt accounts. Am I correct in assuming that the old money can be withdrawn w/o affecting the bonus?

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

Post by Momus » Sat Oct 20, 2018 12:32 am

If i sign up and ACH push money from Vanguard, selling prime MM, I get the bonus right? Or I have to ACH pull from Ally only?

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

Post by SVT » Sat Oct 20, 2018 12:53 am

Momus wrote:
Sat Oct 20, 2018 12:32 am
If i sign up and ACH push money from Vanguard, selling prime MM, I get the bonus right? Or I have to ACH pull from Ally only?
It doesn't matter at all. Just need to transfer new money into Ally, however you want to do that.

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

Post by Markr867 » Sat Oct 20, 2018 6:41 am

Does anyone know if the money needs to be transferred in one lump sum, or if it can be done in multiple transactions? I've read conflicting reports.

I had $25K tied up going to Discover Bank for their $200 bonus, so I deposited $5K to start the process with Ally. I transferred the $25K from Discover to Ally last night, but I'm hoping they don't just count the $5K.

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

Post by MikeG62 » Sat Oct 20, 2018 7:00 am

Markr867 wrote:
Sat Oct 20, 2018 6:41 am
Does anyone know if the money needs to be transferred in one lump sum, or if it can be done in multiple transactions? I've read conflicting reports.

I had $25K tied up going to Discover Bank for their $200 bonus, so I deposited $5K to start the process with Ally. I transferred the $25K from Discover to Ally last night, but I'm hoping they don't just count the $5K.
I have read nothing to suggest this is a problem. There are two measurement dates - Oct 8 and Nov 5. It's the increase in your eligible account balance between those dates which matters (and must be maintained through Jan 15). Make sure you read Kevin's notes above about money money into and out of Ally during the promotional period (Nov 5 - Jan 15).
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Sat Oct 20, 2018 7:10 am

Kevin M wrote:
Fri Oct 19, 2018 6:10 pm
MikeG62 wrote:
Fri Oct 19, 2018 4:00 pm
Kevin M wrote:
Fri Oct 19, 2018 12:16 pm
Regarding the second issue, to be on the safe side, I'll deposit the new money into an eligible checking account, then fund the no-penalty CD from that checking account the same day (I will open the CD a few days before this, to allow for any delays, which I've never experienced before in opening non-trust CDs). This way, the account that the new money was deposited into will still be open beyond 2/15/2019, and the terms/answers allow moving money between eligible accounts during the retention period.
Kevin,

Why do you think sweeping the funds through another Ally account helps?

After all, you plan to close the CD after 1/15, sweep the money back through the checking account and on to where the funds came from originally right?

It seems if they are OK with the no penalty CD being closed after 1/15 (and the funds moved completely out of Ally) wouldn't the mere fact that one had any existing eligible account (online savings or checking) still open be all one needs to ensure they get the bonus?
I'm 99% sure it would be fine to deposit directly into the CD for the reason you state, but it's only a few extra clicks to go through the checking account, and I'll feel slightly more comfortable using the same account for the "new money" deposit and the withdrawal on or after 1/15/2019. I just want to minimize the chances of Ally having an excuse not to pay the bonus.

Kevin
Totally understand Kevin. My goal is exactly the same as yours. Just seems like too much opportunity for Ally to find an excuse not to pay to anyone who moves their $100K/$200K out after Jan 15th (after all, they would ideally like the funds to remain at Ally indefinitely - or your balance to grow beyond that in the future). Their goal is surely not to hand out lots of money to people who housed the funds with them for only 2 months and 10 days.

Just completed my own Ally chat session and got them to confirm in writing that the no-penalty CD which receives the funds directly from my outside financial institution does not need to be open on Jan 15 or the day the bonus is posted). As long as the funds stay with Ally through and including Jan 15 and I have any other eligible Ally account open on Feb 15th, then I will get the bonus. Covered even closing the no-penalty CD between Nov 5 and Jan 15 (and rolling the funds into a new higher yielding no-penalty CD) and that was fine. Funds just need to stay with Ally for the full length of the promotional period (11/5-1/15) and I need an eligible Ally account in existence on Feb 15th to receive the bonus. Got all this in writing (for what that is worth). Agent kept wanting to say I would get an e-mail in Nov and another in Jan conforming the details of the promotion. I kept pushing for her to confirm the details of my example in writing, which she eventually did.

All this being said, I may still keep the funds at Ally through the date the bonus posts just to be completely certain they won't have any grounds to renege on the bonus.

Edited to add that although I elected to have the chat e-mailed to me at the end (after taking the survey) it has still not arrived in my inbox. However, I cut and pasted it into a word document that I saved on my computer. So there is that.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Sat Oct 20, 2018 7:32 am

MikeG62 wrote:
Fri Oct 19, 2018 2:42 pm
LSLover wrote:
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.
Makes sense that they are blitzing the newspapers with this ad - perhaps targeting people outside their typical customer demographic (like my parents and my in-laws who still have not tried (bought into) online banks yet). They see the $1,000 bonus and maybe that's enough to get them to give it a try and once in they may be sticky.
I just saw a TV advertisement on HGTV so they are going all out now.

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

Post by kaneohe » Sat Oct 20, 2018 8:13 am

MikeG62 wrote:
Sat Oct 20, 2018 7:10 am
.............................................................................
Edited to add that although I elected to have the chat e-mailed to me at the end (after taking the survey) it has still not arrived in my inbox. .................................................
had the same problem w/ 3 chats............I found them the next day in the junk mail folder. Seems like everyone has the same idea...........document in writing what the reps tell us and use that as ammo in case some something goes wrong ........even if the reps are only 1 step ahead of us in knowing about the gory details. I love the documentation part of chat but it (having to type in the words) sure is a lot more cumbersome than talking. I suspect by the time this is over, my bonus will be in the $10/hr range :happy

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

Post by money100 » Sat Oct 20, 2018 10:23 am

Hi

So looking at the agreement regarding the cash bonus. Does it mean if i opened a savings acoount and placed money in it then transferred it to a cd. I would only get the cash bonus on the balance in the savings account balance? Is it ok to transfer it to a cd.

see 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.
The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.

Ally will treat the Cash Bonus as interest for tax reporting purposes. Please consult your tax advisor for potential impacts to your 2019 tax liability.

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

Post by Tarkus » Sat Oct 20, 2018 11:17 am

money100 wrote:
Sat Oct 20, 2018 10:23 am
So looking at the agreement regarding the cash bonus. Does it mean if i opened a savings acoount and placed money in it then transferred it to a cd. I would only get the cash bonus on the balance in the savings account balance? Is it ok to transfer it to a cd.
You can definitely transfer to a CD. The terms you quoted simply identify the account where the bonus that you earned will be paid.

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

Post by Kevin M » Sat Oct 20, 2018 3:06 pm

MikeG62 wrote:
Sat Oct 20, 2018 7:00 am
Markr867 wrote:
Sat Oct 20, 2018 6:41 am
Does anyone know if the money needs to be transferred in one lump sum, or if it can be done in multiple transactions? I've read conflicting reports.

I had $25K tied up going to Discover Bank for their $200 bonus, so I deposited $5K to start the process with Ally. I transferred the $25K from Discover to Ally last night, but I'm hoping they don't just count the $5K.
I have read nothing to suggest this is a problem. There are two measurement dates - Oct 8 and Nov 5. It's the increase in your eligible account balance between those dates which matters (and must be maintained through Jan 15). Make sure you read Kevin's notes above about money money into and out of Ally during the promotional period (Nov 5 - Jan 15).
Agreed. The relevant clauses in the terms and conditions are these:
Ally rules webpage wrote: New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000.
<snip>
Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18.
We have received multiple answers from Ally reps verifying that there can be multiple deposits of new external funds during the funding period, and all will count toward qualifying funds.

I didn't see a link in this thread to the promotion "rules". Here it is: https://www.allypaybacktime.com/rules.

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

Post by Kevin M » Sat Oct 20, 2018 4:14 pm

Kevin M wrote:
Fri Oct 19, 2018 3:22 pm
But this is not my situation. It's more like I had about $20K in eligible accounts on 10/8/2018, and will have withdrawn about $5K by 11/5/2018. It's clear I must add $105K by 11/5/2018 to get the full bonus, since I must replace the $5K I withdrew during the funding period before anything counts as new money. This has been made crystal clear in numerous examples provided by Ally. BUT, if I do this, as of 11/5/2018, I will have $100K of new money and $20K of pre-existing money in my eligible accounts. So now I'm thinking that I could withdraw up to $20K from eligible accounts during the retention period, and still qualify for the max bonus of $1K.

I see another Ally chat session in my future. :oops:
I did another online chat to try and get clarification on whether withdrawals during the retention period count first against pre-existing funds (total balances in eligible accounts on 10/7/2018) or net new deposits during the funding period of 10/8-11/5. It was as frustrating as usual to get a straight answer. I stated my scenario in chunks, since the reps seem to have a hard time digesting an entire scenario. I started with this:
Kevin wrote: On 10/8/2018 I have $20,000 in eligible accounts, and on 11/4/2018 I also have $20,000 in eligible accounts. On 11/5/2018, I deposit $100,000 into an eligible account. I now have a total of $120,000 in eligible accounts as of the end of the funding period. With me so far?
There was some back and forth, including clarification about when the $20K was deposited. I should have used the date 10/7/2018 as the date I had $20,000 in eligible accounts. I clarified that the $20K was already there, so not a new deposit. This back and forth was concluded by this exchange:
Kevin wrote:I have $100,000 of new/qualifying deposits/funds, and $20,000 of non-qualifying funds.
Ally chat associate wrote:Yes, I am with you.
Next:
Kevin: Now, the important part ..
Kevin: During the retention period, from 11/5/2018 to 1/15/2019, I withdraw $20,000 from eligible accounts. Did I withdraw the $20,000 from the pre-existing funds or new/qualifying funds/deposits?
Ally chat associate wrote: This $20,000 would be drawn from the new net funds. The total amount of the starting balance plus the new net funds balance, must remain in the account as a whole during the retention period.
The key point is underlined.

I then proceed to tell the chat rep that the rules don't state what she said; i.e., the rules say nothing about funds in the account prior to 10/8/2018 (or deposits made between 11/5/2018 and 1/15/2019, but I didn't get into this in this chat). We went back and forth on this for quite awhile. I asked her to quote the clause in the rules that say anything about funds in the account prior to 10/8/2018, she just kept quoting the rules that don't say anything about it, and I kept telling her what she was quoting me didn't say anything about it.

I finally asked her how I could escalate this, and after asking a second time, she said her supervisor would take over the chat. After waiting for awhile, I told her I didn't have time to continue this chat (it was dinner time, and the chat duration was already 52 minutes at this point), and after some more back and forth, she said that I could reference the chat date, time and her name, and a supervisor could review the transcript of this chat in a subsequent chat (so I wouldn't have to repeat everything again). I don't know if I'll have the energy to do this.

The bottom line is that the answers I've gotten to my various questions imply that the actual rule is as follows, in which I've changed a few words of the actual rule:
Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 01/15/19. Any withdrawals prior to 01/15/19 may will reduce the qualifying funds total, thereby reducing which may reduce the Cash Bonus payout.
All answers I've received in my online chats indicate that there is no first in first out or last in first out principle applied to funds in eligible accounts as of 10/7/2018 or to deposits made during the retention period. All answers indicate that any withdrawals during the retention period are subtracted from the qualifying funds total.

Note that this interpretation means that if you make net new deposits of $120K during the funding period, you start off with $120K of qualifying funds, so you could withdraw $20K and still qualify for the maximum bonus of $1K, since you would then have qualifying funds of $100K = $120K - $20K. This was stated explicitly by a chat rep in an earlier chat.

There is only a slight benefit to depositing more during the funding period than not doing so to cover withdrawals during the retention period, so I probably will only deposit $100K of net new deposits during the funding period (which means about $105K of total deposits, to make up for about $5K of withdrawals during the funding period).

For example, if I deposit $105K during the funding period and withdraw $10K during the retention period, thus reducing my qualifying funds to $90K and reducing the bonus from $1,000 to $900, the annualized return is 6.16% (APY 6.35%). If instead I deposit $115K, withdrawing $10K reduces qualifying funds to $100K, I get the full $1,000 bonus, and annualized return is 6.22% (APY = 6.41%).

If I change the withdrawal amount to $2,000, which is a more realistic value of total withdrawals I may not be able to switch to an ineligible checking account in time, the annualized return is 6.53% in either scenario above (i.e., no difference to two decimal places). Note that this is only a 9 basis point reduction over the maximum possible return of 6.62%. Since the amount of withdrawals is uncertain, I probably will only deposit $105K, which is about $100K of net new external deposits.

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

Post by jeam3131 » Sat Oct 20, 2018 10:14 pm

any idea if I open a savings account and then transferred $100,000 in, but then open up a no penalty CD and move the money from the savings account into it, will the bonus still apply?

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

Post by Katietsu » Sat Oct 20, 2018 11:58 pm

jeam3131 wrote:
Sat Oct 20, 2018 10:14 pm
any idea if I open a savings account and then transferred $100,000 in, but then open up a no penalty CD and move the money from the savings account into it, will the bonus still apply?
My understanding is that you can move the money around within eligible account types as much as you want. Though, all the methods of funding available for the online savings account are also available for the CD. I guess the main reason to do this is if the chunks of money being transferred were not acceptable as the amounts for the individual CDs.

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

Post by Katietsu » Sun Oct 21, 2018 12:06 am

To Kevin M

I read the rules the same as you. I think it is crazy if they enforce them as your chat responses describe. They are going to upset some of their most loyal customers who are using Ally as their primary bank. I suspect many of these customers are not as persistent at seeking clarification as you have been.

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

Post by MikeG62 » Sun Oct 21, 2018 6:45 am

kaneohe wrote:
Sat Oct 20, 2018 8:13 am
MikeG62 wrote:
Sat Oct 20, 2018 7:10 am
.............................................................................
Edited to add that although I elected to have the chat e-mailed to me at the end (after taking the survey) it has still not arrived in my inbox. .................................................
had the same problem w/ 3 chats............I found them the next day in the junk mail folder. Seems like everyone has the same idea...........document in writing what the reps tell us and use that as ammo in case some something goes wrong ........even if the reps are only 1 step ahead of us in knowing about the gory details. I love the documentation part of chat but it (having to type in the words) sure is a lot more cumbersome than talking. I suspect by the time this is over, my bonus will be in the $10/hr range :happy
In my chat session I was told we will receive e-mails in November and again in January spelling out the bonus details and eligibility. I suspect that somewhere in the terms and conditions will be an "entire agreements" clause which says something along the lines of "This represents the final and entire agreement and understanding between the Parties and supersedes all prior agreement and understandings, whether oral or written...". As a result, the copies of our chat sessions may not in fact be useful in getting Ally to pay a bonus it feels does not meet its stated terms and conditions.

Having said that, I think it was worth the time invested to complete our diligence and understand as best we can what we should not do to put any portion of (or the entire amount of) the bonus at risk. I plan to keep the money there through the date the bonus posts and otherwise not to withdraw any funds during the retention period (Nov 5 - Jan 15) for any reason (even if replacing those withdrawn funds with other outside funds). Fortunately I do not use Ally as my checking account and do not pay bills from Ally or otherwise have debits posted to my Ally account that I need to worry about.

I agree on your comment about the typing BTW - I am a horribly slow typist.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by midareff » Sun Oct 21, 2018 7:57 am

I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.

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

Post by LSLover » Sun Oct 21, 2018 8:15 am

midareff wrote:
Sun Oct 21, 2018 7:57 am
I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.
By forgoing the pulling option you maybe losing interest on a couple of otherwise interest-earning days. Some financial institutions (E-Trade comes to mind) when pushing is requested, debit your account immediately while the receiving bank will not credit interest until the day after the funds have been received. Pulling eliminates the gap.

What makes you leery of pulling if you end up entrusting your transferred funds to the very institution you distrust to do the pulling?

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

Post by midareff » Sun Oct 21, 2018 8:25 am

LSLover wrote:
Sun Oct 21, 2018 8:15 am
midareff wrote:
Sun Oct 21, 2018 7:57 am
I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.
By forgoing the pulling option you maybe losing interest on a couple of otherwise interest-earning days. Some financial institutions (E-Trade comes to mind) when pushing is requested, debit your account immediately while the receiving bank will not credit interest until the day after the funds have been received. Pulling eliminates the gap.

What makes you leery of pulling if you end up entrusting your transferred funds to the very institution you distrust to do the pulling?
What makes you leery of pulling if you end up entrusting your transferred funds to the very institution you distrust to do the pulling?

In this case this case the funds will be coming from Vanguard (taxable). I had just tax loss harvested an amount to cover taxable gains from sales earlier in the year by moving money from IT Tax-Ex to Limited Term Tax-Ex. I am now moving via Vanguard to Ally the $100K max bonus amount from LT Tax-Ex to Ally Savings and then to the no penalty CD @ 2.1%. I simply don't want the capability to pull and push at any banking institution just like I don't want credit card companies snail mailing statements that contain account numbers. I feel that less is more, and I don't think there is sufficient time to set up the pull anyway, which would require the fund be liquidated before pulling anyway. In this case the sale takes place at Monday's close and the finds will be delivered Wednesday, I may lose one day.

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

Post by LSLover » Sun Oct 21, 2018 8:31 am

midareff wrote:
Sun Oct 21, 2018 8:25 am
LSLover wrote:
Sun Oct 21, 2018 8:15 am
midareff wrote:
Sun Oct 21, 2018 7:57 am
I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.
By forgoing the pulling option you maybe losing interest on a couple of otherwise interest-earning days. Some financial institutions (E-Trade comes to mind) when pushing is requested, debit your account immediately while the receiving bank will not credit interest until the day after the funds have been received. Pulling eliminates the gap.

What makes you leery of pulling if you end up entrusting your transferred funds to the very institution you distrust to do the pulling?
What makes you leery of pulling if you end up entrusting your transferred funds to the very institution you distrust to do the pulling?

In this case this case the funds will be coming from Vanguard (taxable). I had just tax loss harvested an amount to cover taxable gains from sales earlier in the year by moving money from IT Tax-Ex to Limited Term Tax-Ex. I am now moving via Vanguard to Ally the $100K max bonus amount from LT Tax-Ex to Ally Savings and then to the no penalty CD @ 2.1%. I simply don't want the capability to pull and push at any banking institution just like I don't want credit card companies snail mailing statements that contain account numbers. I feel that less is more, and I don't think there is sufficient time to set up the pull anyway, which would require the fund be liquidated before pulling anyway. In this case the sale takes place at Monday's close and the finds will be delivered Wednesday, I may lose one day.
I guess what you are saying this is not a distrust issue. Notwithstanding your situation, in my experience pulling is always the preferred option in any ACH transfer between two financial institutions.

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

Post by midareff » Sun Oct 21, 2018 8:41 am

"I guess what you are saying this is not a distrust issue. Notwithstanding your situation, in my experience pulling is always the preferred option in any ACH transfer between two financial institutions."

I don't think that's what I said, or certainly not what I meant when I said, " I simply don't want the capability to pull and push at any banking institution just like I don't want credit card companies snail mailing statements that contain account numbers. I feel that less is more,.....". Sites get hacked all the time.... the less is known about my stuff at various places the better.

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

Post by Tarkus » Sun Oct 21, 2018 9:32 am

I still have a hard time believing the CSRs. As they have described the promotion, Ally is incentivizing their regular customers to transfer $100K to their bank, but also to STOP using them as a primary bank. I've got large bills to pay (regular expenses plus year-end estimated taxes) that would effectively "spend" all of the money transferred in during the promotion period.

I have another checking account, and it would probably take me 30 minutes to switch all of my ACHes to the other checking account. That's probably worth it. Not sure whether it will be worth it to switch back after 1/15, though. What a curious deal.

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

Post by libralibra » Sun Oct 21, 2018 12:16 pm

post removed
Last edited by libralibra on Sun May 26, 2019 9:33 pm, edited 1 time in total.

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

Post by Tamales » Sun Oct 21, 2018 1:13 pm

midareff wrote:
Sun Oct 21, 2018 7:57 am
I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.
What?
Are you saying people are now concerned whether one or the other of an ACH push or ACH pull is disqualifying for this bonus offer?

Can you point to the post in this thread where that belief started?

hmw
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Joined: Sun Mar 02, 2014 11:44 am

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

Post by hmw » Sun Oct 21, 2018 1:17 pm

I tried to sign up for the promo today but I noticed that the new money has to be deposited by 10/31, not 11/5.

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

Post by Tamales » Sun Oct 21, 2018 1:22 pm

LSLover wrote:
Sun Oct 21, 2018 8:31 am
...in my experience pulling is always the preferred option in any ACH transfer between two financial institutions.
Is this just due to "motivation?" In other words, the bank doing the pulling is gaining something and wants it to complete ASAP, while pushing from the losing bank carries with it no motivation to complete it quickly? Or is there some logistical reason in the standard ACH process that an ACH pull is fundamentally faster?

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

Post by kaneohe » Sun Oct 21, 2018 2:08 pm

hmw wrote:
Sun Oct 21, 2018 1:17 pm
I tried to sign up for the promo today but I noticed that the new money has to be deposited by 10/31, not 11/5.
My impression is that you have to request the funds by 10/31 and receive them by 11/5. Under normal conditions,
my impression is that if you meet the first deadline, you should meet the second w/ ACH transactions even w/
wkend there.......but your links need to be setup beforehand......still time to do that.

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

Post by midareff » Sun Oct 21, 2018 2:09 pm

Tamales wrote:
Sun Oct 21, 2018 1:13 pm
midareff wrote:
Sun Oct 21, 2018 7:57 am
I don't think there is clarity in the new money being pushed in, as in transferred in by Vanguard, vs. being pulled in as in transferred in from Vanguard. I don't allow institutions to pull from my investment accounts so my transfer will have to be a push .. which means even though I have registered and received an acknowledging email, the link furnished will not be the one used for the transfer in, although I will use it to buy the CD. Two phone conversations have stated this will be OK ..... I now have asked the question in a chat for a written response.
What?
Are you saying people are now concerned whether one or the other of an ACH push or ACH pull is disqualifying for this bonus offer?

Can you point to the post in this thread where that belief started?
New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts. 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. Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s). Limit one Cash Bonus per customer of no more than $1,000. Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason."

That comes from the offer.... Now, when you use the prescribed web page to start the process you receive an email acknowledging your sign-up and a box to click to either open an account or to add funds. The add funds takes you to the Ally Bank transfer page. That's a pull. .. hence my concern.

pasadena
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Location: Washington State

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

Post by pasadena » Sun Oct 21, 2018 2:28 pm

I just did this. I'm sitting on a fairly big (for me) amount of cash in VG Prime MM, which I can't invest for the next 1-3 months. So I just transferred the $60k back to ally, distributed into 2 $30k no-penalty CD's. After Jan 15th, it will all go back to VG and the non-EF part of it will be invested as scheduled.

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

Post by LSLover » Sun Oct 21, 2018 2:45 pm

Tamales wrote:
Sun Oct 21, 2018 1:22 pm
LSLover wrote:
Sun Oct 21, 2018 8:31 am
...in my experience pulling is always the preferred option in any ACH transfer between two financial institutions.
Is this just due to "motivation?" In other words, the bank doing the pulling is gaining something and wants it to complete ASAP, while pushing from the losing bank carries with it no motivation to complete it quickly? Or is there some logistical reason in the standard ACH process that an ACH pull is fundamentally faster?
I am not making any assertions that pulling is faster. What I am saying is that pulling, in my experience, avoids a gap (up to 2-3 business days) between the debit and the credit and therefore you are not wasting interest. As I mentioned in my post above, if you are pushing some financial institutions would debit your account the moment you put in a request to do the transfer while the receiving bank will start accruing interest only one day after the funds have been received. Since there is a gap of 2-3 business days between debit and credit, you are losing out on interest during that period.

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