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

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

Post by AlphaLess » Sun Oct 21, 2018 2:47 pm

simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Seems too good to be true...?
Why?
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linenfort
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by linenfort » Sun Oct 21, 2018 3:14 pm

I finally understand what dry powder is.
It has been argued that one doesn't need dry powder. You set your stock-bond (and/or cash) allocation and stick to it. I agree with that. Don't hold cash to time stocks.

Clearly, though, Bogleheads need dry powder to take advantage of these cash-related deals. It feels antithetical* to refer to liquid cash as dry powder in one breath, but if you're moving money from debt instrument to debt instrument like, say, Kevin M does, that's what you need. Liquid cash as dry powder.

Edit: *awkward English usage acknowledged. But, I like it, so I'm just going to leave it as is.
Last edited by linenfort on Sun Oct 21, 2018 3:17 pm, edited 1 time in total.
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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 3:15 pm

midareff wrote:
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.
It's not a requirement that you have to set up the funds transfer(s) at the same time you register for the offer. I didn't, and I still got the offer confirmation email even with 0 balance in my new Ally account.

I think you're reading too much between the lines of that eligibility language. The offer registration page takes you to the Ally transfer page just as a convenience, since most people don't have any concerns between ACH push or pull. If they were putting restrictions whereby funding the account has to be via an ACH pull (i.e. otherwise, with an ACH push, it is a disqualifying transfer) they would have to put that in writing explicitly since that would be a very bizarre restriction that nobody would expect as a reasonable/normal unstated business practice or offer condition. I'm not saying it's impossible, given their ridiculous blanket disclaimer about refusing the offer for any reason, but it seems highly unlikely, and a phone call should be able to give you an unambiguous answer. If you find out definitively that an ACH push is a disqualified transfer, definitely post your answer to the thread.

PS have you considered opening a "buffer account" on the other end? For example a checking account, where you generally keep zero balance, except when you want to do an ACH transfer? (You can often create and fund (via internal transfer) such an account in the same hour) That way only the buffer account can potentially be compromised, not your main account. And since you'd generally keep no or minimal balance in the buffer account, closing it is no big deal.

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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 » Sun Oct 21, 2018 5:48 pm

Doing a pull into Ally doesn't necessarily gain you anything. It could actually cause you to lose more interest, depending on the specific setup and limitations of the ACH each way.

For example, if I start scheduling a transfer at Ally from the external bank I will use to make my qualifying deposit, I'm informed that the money will be withdrawn from the external account on Monday and delivered to my Ally account on Wednesday. I lose two days of interest (Monday and Tuesday). But it's actually worse, since the link is to an external checking account that pays no interest, and the bank requires that the funds are in the account by 5pm of the day before they are transferred out. So I actually would need to transfer from savings into checking at the external account on Monday, then schedule the transfer for Tuesday withdrawal and Thursday delivery, thus losing three days of interest (M,T,W).

By contrast, I've done a push from this external bank to Ally, and the money arrived at Ally the next day, in which case I only lost one day of interest. The problem in my case is that the external bank has a daily limit of $25K, and I want to transfer more than $100K, so I must do the transfer from the Ally side. I don't have any checks for the external checking account.

Three days of lost interest at 2.50% (external savings account rate) reduces my annualized return by 10 basis points, from an expected 6.63% to an expected 6.53%. No big deal considering the exceptional return.

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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 » Sun Oct 21, 2018 6:27 pm

linenfort wrote:
Sun Oct 21, 2018 3:14 pm
I finally understand what dry powder is.
It has been argued that one doesn't need dry powder. You set your stock-bond (and/or cash) allocation and stick to it. I agree with that. Don't hold cash to time stocks.

Clearly, though, Bogleheads need dry powder to take advantage of these cash-related deals. It feels antithetical* to refer to liquid cash as dry powder in one breath, but if you're moving money from debt instrument to debt instrument like, say, Kevin M does, that's what you need. Liquid cash as dry powder.

Edit: *awkward English usage acknowledged. But, I like it, so I'm just going to leave it as is.
In my case I am simply moving my EF from one set of banks over to Ally.

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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 » Sun Oct 21, 2018 6:31 pm

I'm funding the Ally promotion by mobile check deposit. If you deposit the check on Friday, you gain 3 days of double interest (Fri, Sat, Sun). The check will only clear the debiting bank (in my case Vanguard) on Monday.
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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 6:37 pm

indexfundfan wrote:
Sun Oct 21, 2018 6:31 pm
I'm funding the Ally promotion by mobile check deposit. If you deposit the check on Friday, you gain 3 days of double interest (Fri, Sat, Sun). The check will only clear the debiting bank (in my case Vanguard) on Monday.
It doesn’t work that way as interest will be accrued starting the next business day after depositing your funds.

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

Post by Tribonian » Sun Oct 21, 2018 6:44 pm

I followed the allypaybacktime link, opened a savings account and it took all of 5 minutes. Transferred from a Fido account by wire, all done same day. Inquired via e-mail about depositing additional proceeds from a cd that matures Oct. 31 to see if there would be a grace period.

CSR e-mailed back 2 days later and confirmed the Nov 5 deadline but also said there was nothing to indicate that the initial deposit was “enrolled in the promotional offer.” Will follow up again tomorrow but I was surprised not to be enrolled given that I had followed the promotional link. (Brand new Ally account, no preexisting relationship).

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

Post by indexfundfan » Sun Oct 21, 2018 6:49 pm

LSLover wrote:
Sun Oct 21, 2018 6:37 pm
indexfundfan wrote:
Sun Oct 21, 2018 6:31 pm
I'm funding the Ally promotion by mobile check deposit. If you deposit the check on Friday, you gain 3 days of double interest (Fri, Sat, Sun). The check will only clear the debiting bank (in my case Vanguard) on Monday.
It doesn’t work that way as interest will be accrued starting the next business day after depositing your funds.
I don't think it works that way for funds deposited to Ally. Is there a reference for your statement?
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Sun Oct 21, 2018 6:50 pm

Tribonian wrote:
Sun Oct 21, 2018 6:44 pm
I followed the allypaybacktime link, opened a savings account and it took all of 5 minutes. Transferred from a Fido account by wire, all done same day. Inquired via e-mail about depositing additional proceeds from a cd that matures Oct. 31 to see if there would be a grace period.

CSR e-mailed back 2 days later and confirmed the Nov 5 deadline but also said there was nothing to indicate that the initial deposit was “enrolled in the promotional offer.” Will follow up again tomorrow but I was surprised not to be enrolled given that I had followed the promotional link. (Brand new Ally account, no preexisting relationship).
After you signed up did you receive an email message confirming your enrollment? Also, the email address you entered when signing up for the promotion must match the one associated with your savings account.

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

Post by Gemini » Sun Oct 21, 2018 7:43 pm

Forgive me if this has been discussed already. We have a joint ally savings account. If now I open one separate and then spouse opens another savings account separately and we transfer from the joint account, would this work?

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

Post by lakpr » Sun Oct 21, 2018 7:45 pm

Gemini wrote:
Sun Oct 21, 2018 7:43 pm
Forgive me if this has been discussed already. We have a joint ally savings account. If now I open one separate and then spouse opens another savings account separately and we transfer from the joint account, would this work?
No. The funds must be new to Ally. As in, from external sources.

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

Post by kaneohe » Mon Oct 22, 2018 9:09 am

I have a jt. trust acct at Ally which is not eligible for bonus. If I use these funds to pay bills AFTER the funding period has ended, will that reduce my bonus on the eligible accts?

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

Post by Tarkus » Mon Oct 22, 2018 11:27 am

I have a joint account with my wife. We've both signed up for the bonus.

Prior to this month, only I had a login to our accounts. It was relatively easy to create a login for her -- she had to answer a few financial questions to verify her identity, and then her login had instant access to the joint accounts.

We then set up a No Penalty CD for her (not jointly owned) and did an ACH pull into that CD. Only her login can see the No Penalty CD. The funds are going directly into the CD without flowing through any joint account.

I also funded a No Penalty CD for myself (not jointly owned). The only difference is that I first transferred the money into our jointly-owned Online Savings account. If I had it to do over again, I would have funded the CD directly, without first transferring the money through the joint account. I'm hoping this doesn't foul up the bonus.

My hope is that we are both eligible for a bonus. (If not, no big deal, the 2.1% rate of the No Penalty CD is about the same interest rate as the Prime Money Market anyway.)

I think this situation also demonstrates a benefit of doing an ACH pull. You can pull funds from each distinct Ally login. If you "push" into a joint account, which Ally "customer" gets credit for the funds? That seems impossible to determine.

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

Post by RCL » Mon Oct 22, 2018 11:54 am

Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by indexfundfan » Mon Oct 22, 2018 11:58 am

RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
I'm pretty sure it will be reported on 1099INT. It will increase your MAGI.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by xenial » Mon Oct 22, 2018 12:01 pm

RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.

Da5id
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Da5id » Mon Oct 22, 2018 12:10 pm

I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.

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

Post by Momus » Mon Oct 22, 2018 12:15 pm

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?
Can you tell me how to do a pull ACH from Vanguard to Ally? How to set it up?
I can only do a push (selling funds to transfer to ALLY).

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

Post by tj » Mon Oct 22, 2018 12:16 pm

Da5id wrote:
Mon Oct 22, 2018 12:10 pm
I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.
From the first post in the thread;

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.

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

Post by Momus » Mon Oct 22, 2018 12:20 pm

tj wrote:
Mon Oct 22, 2018 12:16 pm
Da5id wrote:
Mon Oct 22, 2018 12:10 pm
I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.
From the first post in the thread;

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.
Most of us are already enrolled, just need to transfer before 10/31.

Da5id
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Da5id » Mon Oct 22, 2018 12:21 pm

tj wrote:
Mon Oct 22, 2018 12:16 pm
Da5id wrote:
Mon Oct 22, 2018 12:10 pm
I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.
From the first post in the thread;

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.
Sure, just pointing out they seem to have exercised that shortened option.

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

Post by tj » Mon Oct 22, 2018 12:23 pm

Da5id wrote:
Mon Oct 22, 2018 12:21 pm
tj wrote:
Mon Oct 22, 2018 12:16 pm
Da5id wrote:
Mon Oct 22, 2018 12:10 pm
I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.
From the first post in the thread;

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.
Sure, just pointing out they seem to have exercised that shortened option.


I don't understand, the original was plan quoted was for the ability to enroll in the promo to expire last night at 11:59 ET....

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

Post by Momus » Mon Oct 22, 2018 12:24 pm

Da5id wrote:
Mon Oct 22, 2018 12:21 pm
tj wrote:
Mon Oct 22, 2018 12:16 pm
Da5id wrote:
Mon Oct 22, 2018 12:10 pm
I clicked on the link on the first page of this thread, and it says the offer is over.

"The Cash Bonus offer enrollment has ended, but here at Ally Bank we’re always committed to getting you the money you deserve"

FYI.
From the first post in the thread;

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.
Sure, just pointing out they seem to have exercised that shortened option.
Is it shortened? Today is 10/22. So, exactly ended like they said it would.

Da5id
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Da5id » Mon Oct 22, 2018 12:29 pm

OK, I plead blindness and lack of caffeine. Or something. You guys are of course correct. That is what I get for being off bogleheads for a while, I'd totally have done this offer.

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

Post by RCL » Mon Oct 22, 2018 12:36 pm

xenial wrote:
Mon Oct 22, 2018 12:01 pm
RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.
Following your link (thanks), doesn't it look like they will pay the bonus within 30 calendar days? making it paid in 2018?
Also, does "2019 tax liability" refer to income sources from 2018 or 2019?....Sorry, tax lingo always trip me up
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by le_sacre » Mon Oct 22, 2018 12:37 pm

It's kind of crazy the amount of time numerous people have spent scrutinizing the offer language and chatting at length with CSRs. I wonder how much the lack of clarity is costing Ally in customer service costs. And the more time I have spent trying to figure out what's worth it (e.g., should I break this CD?), the less worthwhile it seems.

(But I'm probably going to break the CD anyway... If the bonus actually works then my mental accounting is excited to call that getting to break and rate-chase with a discount on the early withdrawal penalty)

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

Post by kaneohe » Mon Oct 22, 2018 12:41 pm

RCL wrote:
Mon Oct 22, 2018 12:36 pm
xenial wrote:
Mon Oct 22, 2018 12:01 pm
RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.
Following your link (thanks), doesn't it look like they will pay the bonus within 30 calendar days? making it paid in 2018?
Also, does "2019 tax liability" refer to income sources from 2018 or 2019?....Sorry, tax lingo always trip me up
within 30 days of what?? Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements. When will you fulfill them?

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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 » Mon Oct 22, 2018 12:49 pm

kaneohe wrote:
Mon Oct 22, 2018 12:41 pm
RCL wrote:
Mon Oct 22, 2018 12:36 pm
xenial wrote:
Mon Oct 22, 2018 12:01 pm
RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.
Following your link (thanks), doesn't it look like they will pay the bonus within 30 calendar days? making it paid in 2018?
Also, does "2019 tax liability" refer to income sources from 2018 or 2019?....Sorry, tax lingo always trip me up
within 30 days of what?? Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements. When will you fulfill them?
You have to have the money in the account up until 1/15/2019.
Therefore, being paid the bonus within 30 days means it will be paid sometime between 1/16/2019 and 2/14/2019 - so certainly sounds like extra 2019 interest income to me.

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

Post by xenial » Mon Oct 22, 2018 1:18 pm

GoldStar wrote:
Mon Oct 22, 2018 12:49 pm
kaneohe wrote:
Mon Oct 22, 2018 12:41 pm
RCL wrote:
Mon Oct 22, 2018 12:36 pm
xenial wrote:
Mon Oct 22, 2018 12:01 pm
RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.
Following your link (thanks), doesn't it look like they will pay the bonus within 30 calendar days? making it paid in 2018?
Also, does "2019 tax liability" refer to income sources from 2018 or 2019?....Sorry, tax lingo always trip me up
within 30 days of what?? Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements. When will you fulfill them?
You have to have the money in the account up until 1/15/2019.
Therefore, being paid the bonus within 30 days means it will be paid sometime between 1/16/2019 and 2/14/2019 - so certainly sounds like extra 2019 interest income to me.
I agree with GoldStar. The term "2019 tax liability" refers to income sources from 2019. That income must be included on the tax return filed in early 2020.

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

Post by RCL » Mon Oct 22, 2018 1:23 pm

GoldStar wrote:
Mon Oct 22, 2018 12:49 pm
kaneohe wrote:
Mon Oct 22, 2018 12:41 pm
RCL wrote:
Mon Oct 22, 2018 12:36 pm
xenial wrote:
Mon Oct 22, 2018 12:01 pm
RCL wrote:
Mon Oct 22, 2018 11:54 am
Quick question about the bonus $$ being awarded.
In my case, they will be put in my existing Ally savings account.
Since I'm very close to getting hit with IRMAA this year, how is this bonus $$ treated tax wise? Hopefully it doesn't count towards MAGI.
It counts, but in 2019 rather than 2018, since it won't be paid out until February: 1% Cash Bonus Promotional Offer: Terms and Conditions
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.
Following your link (thanks), doesn't it look like they will pay the bonus within 30 calendar days? making it paid in 2018?
Also, does "2019 tax liability" refer to income sources from 2018 or 2019?....Sorry, tax lingo always trip me up
within 30 days of what?? Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements. When will you fulfill them?
You have to have the money in the account up until 1/15/2019.
Therefore, being paid the bonus within 30 days means it will be paid sometime between 1/16/2019 and 2/14/2019 - so certainly sounds like extra 2019 interest income to me.
Thanks, I guess I skimmed right over the "New deposits must remain in the eligible account(s) through 01/15/19 in order to qualify for the Cash Bonus" blurb,...because I had no intentions of withdrawing during that period. :oops:
It certainly makes sense now ...Thanks
2019 interest income won't be an issue for us
It Is Best To Consult Others Before Taking Unusual Actions

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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 » Mon Oct 22, 2018 3:04 pm

kaneohe wrote:
Mon Oct 22, 2018 9:09 am
I have a jt. trust acct at Ally which is not eligible for bonus. If I use these funds to pay bills AFTER the funding period has ended, will that reduce my bonus on the eligible accts?
Since trust accounts are not eligible accounts, movement in our out of them isn't factored into the funding period or the retention period. This is one area where what the Ally reps tell us has been consistent with the written rules. This is why I opened a trust checking account to pay bills during the retention period--I already had a trust savings account, so it was easy. The most time consuming part (other than the online chats), was switching all of my auto-payments and my auto-deposit over to the new checking account.

As much as possible, I plan to have no deposits from external accounts to eligible accounts or withdrawals to external accounts from eligible accounts during the retention period--only movement between eligible accounts. All external account deposits and withdrawals will be into or out of ineligible trust accounts, with a few exceptions where I can't change them in time (e.g., one auto-deposit in early November).

It may turn out that this was unnecessary, but every statement I've received from a chat rep indicates that any withdrawals from eligible accounts during the retention period will be subtracted from net new deposits during the funding period, thus reducing the qualifying funds. I'm doing everything I can, within reason, to avoid giving them an excuse to reduce my bonus.

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

Post by Katietsu » Mon Oct 22, 2018 3:43 pm

Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?

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

Post by GTBuzz » Mon Oct 22, 2018 3:47 pm

I got the same “Mark your calendar, (Last Name)” e-mail. I chuckled because that's how my wife addresses me when she means business. :D

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

Post by tj » Mon Oct 22, 2018 3:50 pm

GTBuzz wrote:
Mon Oct 22, 2018 3:47 pm
I got the same “Mark your calendar, (Last Name)” e-mail. I chuckled because that's how my wife addresses me when she means business. :D
Yep, I didn't even notice it the first the time I read the e-mail.

bpg1234
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by bpg1234 » Mon Oct 22, 2018 4:28 pm

Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
I am confused on the date. Do we surely have until 11/5 as the T&C's say or is it the 10/31 date that their promotions keep referring to?

Is it certain that the 11/5 date doesn't only apply to cases where you initiate an Ally transfer pull from your bank by 10/31 giving time for the ACH transfer to complete?

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

Post by kaneohe » Mon Oct 22, 2018 4:43 pm

Kevin M wrote:
Mon Oct 22, 2018 3:04 pm
kaneohe wrote:
Mon Oct 22, 2018 9:09 am
I have a jt. trust acct at Ally which is not eligible for bonus. If I use these funds to pay bills AFTER the funding period has ended, will that reduce my bonus on the eligible accts?
Since trust accounts are not eligible accounts, movement in our out of them isn't factored into the funding period or the retention period. This is one area where what the Ally reps tell us has been consistent with the written rules. This is why I opened a trust checking account to pay bills during the retention period--I already had a trust savings account, so it was easy. The most time consuming part (other than the online chats), was switching all of my auto-payments and my auto-deposit over to the new checking account.

As much as possible, I plan to have no deposits from external accounts to eligible accounts or withdrawals to external accounts from eligible accounts during the retention period--only movement between eligible accounts. All external account deposits and withdrawals will be into or out of ineligible trust accounts, with a few exceptions where I can't change them in time (e.g., one auto-deposit in early November).

It may turn out that this was unnecessary, but every statement I've received from a chat rep indicates that any withdrawals from eligible accounts during the retention period will be subtracted from net new deposits during the funding period, thus reducing the qualifying funds. I'm doing everything I can, within reason, to avoid giving them an excuse to reduce my bonus.

Kevin
Thanks, Kevin...........good to hear your interpretation . Even tho I have it documented in chat 2x plus several more verbal confirmations , it was good to get your take. Somebody should make a film about this event......millions chatting asking the same questions of multiple reps to back up their claim. Reps giving conflicting answers. Customers making decisions based on 2/3 vote or maybe 51/100.

I had another question before I did the last funding step.
I ran into a very conscientious rep who wanted to be sure she got the right answer so she connected me w/ some manager who also wanted to get the right answer so he got me an operational mgr who started reading the rules and then texted somebody who should know and said he should have the answer in 5 min. Told him I had to go to lunch.
Just now, 3 hrs later, I got a call w/ the answer I wanted (wish I had it on chat).

Prior to this last call, I had decided to go ahead w/ funding anyway. When I asked whether there was anything in my
file about the matter in the previous paragraph, the rep encouraged me to ask him the question before I did the funding. I told him that there was no way for me to know whether the answer he or anyone else gave me was the right answer, so I was just going to make my "possible big gain/guaranteed no loss" decision" to go ahead and fund.
I suspect when this all is done, I may have made minimum wage on the endeavor. At least now life is not on hold
and I can address other things. :happy
Last edited by kaneohe on Mon Oct 22, 2018 7:51 pm, edited 1 time in total.

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

Post by kaneohe » Mon Oct 22, 2018 4:48 pm

bpg1234 wrote:
Mon Oct 22, 2018 4:28 pm
Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
I am confused on the date. Do we surely have until 11/5 as the T&C's say or is it the 10/31 date that their promotions keep referring to?

Is it certain that the 11/5 date doesn't only apply to cases where you initiate an Ally transfer pull from your bank by 10/31 giving time for the ACH transfer to complete?
FWIW (nothing :happy ) here's one take.........I have been told multiple times w/ no contradictions by multiple reps that the deadline is 10/31 for initiating transfer (at Ally?) and 11/5 for receiving the funds. That seems to be consistent with what they told me today when I had them request the transfer....3 days to receive funds....so if you
request on 10/31 and have a 2 day wkend, 3 biz days gets you to 11/5.

bpg1234
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by bpg1234 » Mon Oct 22, 2018 4:54 pm

kaneohe wrote:
Mon Oct 22, 2018 4:48 pm
bpg1234 wrote:
Mon Oct 22, 2018 4:28 pm
Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
I am confused on the date. Do we surely have until 11/5 as the T&C's say or is it the 10/31 date that their promotions keep referring to?

Is it certain that the 11/5 date doesn't only apply to cases where you initiate an Ally transfer pull from your bank by 10/31 giving time for the ACH transfer to complete?
FWIW (nothing :happy ) here's one take.........I have been told multiple times w/ no contradictions by multiple reps that the deadline is 10/31 for initiating transfer (at Ally?) and 11/5 for receiving the funds. That seems to be consistent with what they told me today when I had them request the transfer....3 days to receive funds....so if you
request on 10/31 and have a 2 day wkend, 3 biz days gets you to 11/5.
So then if you DON'T initiate the transfer from Ally ACH pull by 10/31 and instead transferred in money after 10/31 but before 11/5 from your external account via an ACH PUSH or say Treasury Direct redemption of iBonds, etc., then those funds won't be eligible?

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

Post by kaneohe » Mon Oct 22, 2018 5:06 pm

bpg1234 wrote:
Mon Oct 22, 2018 4:54 pm
kaneohe wrote:
Mon Oct 22, 2018 4:48 pm
bpg1234 wrote:
Mon Oct 22, 2018 4:28 pm
Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
I am confused on the date. Do we surely have until 11/5 as the T&C's say or is it the 10/31 date that their promotions keep referring to?

Is it certain that the 11/5 date doesn't only apply to cases where you initiate an Ally transfer pull from your bank by 10/31 giving time for the ACH transfer to complete?
FWIW (nothing :happy ) here's one take.........I have been told multiple times w/ no contradictions by multiple reps that the deadline is 10/31 for initiating transfer (at Ally?) and 11/5 for receiving the funds. That seems to be consistent with what they told me today when I had them request the transfer....3 days to receive funds....so if you
request on 10/31 and have a 2 day wkend, 3 biz days gets you to 11/5.
So then if you DON'T initiate the transfer from Ally ACH pull by 10/31 and instead transferred in money after 10/31 but before 11/5 from your external account via an ACH PUSH or say Treasury Direct redemption of iBonds, etc., then those funds won't be eligible?
Excellent question! Wouldn't you hate to be an Ally rep having to answer all those questions. Common sense would say that the receipt date is the key date.......but who says common sense applies here. Maybe you can ask the question 7 x on chat and 4/7 wins or maybe you can do the sure thing and do all the right things and, as Kevin says, don't give them an excuse to deny you........that's called the robust approach.

bpg1234
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by bpg1234 » Mon Oct 22, 2018 5:42 pm

kaneohe wrote:
Mon Oct 22, 2018 5:06 pm
bpg1234 wrote:
Mon Oct 22, 2018 4:54 pm
kaneohe wrote:
Mon Oct 22, 2018 4:48 pm
bpg1234 wrote:
Mon Oct 22, 2018 4:28 pm
Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
I am confused on the date. Do we surely have until 11/5 as the T&C's say or is it the 10/31 date that their promotions keep referring to?

Is it certain that the 11/5 date doesn't only apply to cases where you initiate an Ally transfer pull from your bank by 10/31 giving time for the ACH transfer to complete?
FWIW (nothing :happy ) here's one take.........I have been told multiple times w/ no contradictions by multiple reps that the deadline is 10/31 for initiating transfer (at Ally?) and 11/5 for receiving the funds. That seems to be consistent with what they told me today when I had them request the transfer....3 days to receive funds....so if you
request on 10/31 and have a 2 day wkend, 3 biz days gets you to 11/5.
So then if you DON'T initiate the transfer from Ally ACH pull by 10/31 and instead transferred in money after 10/31 but before 11/5 from your external account via an ACH PUSH or say Treasury Direct redemption of iBonds, etc., then those funds won't be eligible?
Excellent question! Wouldn't you hate to be an Ally rep having to answer all those questions. Common sense would say that the receipt date is the key date.......but who says common sense applies here. Maybe you can ask the question 7 x on chat and 4/7 wins or maybe you can do the sure thing and do all the right things and, as Kevin says, don't give them an excuse to deny you........that's called the robust approach.
Yes I'll try yet again but perhaps Kevin or someone else can also give their take from their discussions with Ally as I got different answers when speaking to a couple different CSRs to date.

This is why I'm questioning whether this has been put to bed by the T&Cs stating 11/5/18 but then get confused when keep getting promo communications referencing the 10/31 date. Ugh!

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

Post by Gadget » Mon Oct 22, 2018 7:12 pm

Damn. I take a hiatis from Boggleheads for a few days and just miss out on this offer... That'll teach me.

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

Post by Tamales » Mon Oct 22, 2018 7:24 pm

Katietsu wrote:
Mon Oct 22, 2018 3:43 pm
Has anyone else received the “Mark your calendar, Name” email today stated that you have until October 31 for funding? It is not the date but the name that I have a question about. Mine uses my last name which seems odd. Just wondering if I put the names in backwards when I registered?
To answer your question that I don't think anyone answered, yes, I got the same email with just my last name.

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

Post by Kevin M » Mon Oct 22, 2018 7:29 pm

The terms clearly state 11/5/2018 as the last day of the funding period. As others have said, and I think as others have been told by Ally reps, the 10/31 date seems to be the latest date to initiate a pull transfer from Ally, as the transfer time would get it to Ally by 11/5.

For example, I just (again), went through the transfer screens until I got the timeline, and it said transfer initiated today (10/22, Monday), funds withdrawn 10/23 (Tuesday), funds deposited 10/25 (Thursday). Using the same timeline, with a transfer initiated on Wednesday 10/31, funds would be withdrawn on Thursday 11/1, and deposited on Monday 11/5 (since nothing happens on the weekend). In brokerage lingo, this would be T+3, where T is the "trade" date, or in the case of a transfer, the transfer initiation date.

I had been planning on initiating my transfer on Monday 10/29, in which case the funds would be deposited on Thursday 11/1. I don't want to add two days of lost interest by including the weekend in my transfer time, and I thought I'd add an extra day "just in case", rather than initiating the transfer on Tuesday for a Friday deposit.

Now I'm thinking I'll play it even safer, and initiate the transfer on Friday 10/26, which would mean funds withdrawn on Monday 10/29 and deposited on Wednesday 10/31. This adds two days to the retention period compared to initiating the withdrawal on Tuesday and having funds deposited on Friday, so 77 day retention period instead of 75 days. This reduces the annualized return from an estimated 6.61% to an estimated 6.49%.

I'd rather lose 10, 20 or even 30 basis points by playing it extra safe than lose more than 4% because of a technicality.

Having said that, I'm pretty sure that as long as the funds are deposited by 11/5, whether by push or pull, the net new amount of the deposit will qualify for the bonus.

Given that they're supposedly providing some sort of update in November, I'd expect there to be some huge outflows after that update if a bunch of people don't qualify due to a technicality that is clearly contrary to the terms and conditions.

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

Post by lisaneedsbraces » Mon Oct 22, 2018 8:06 pm

Has anyone received clarification on how a joint account is treated? I signed up for both owners.

Using round numbers, if I had $50k in savings/checking at the beginning of the month, and $10k in payments (checks or ACH out) mid-month, to get the full bonus do I need to transfer in $100k + $10k, and keep the full $150k in the account until 1/15?

Then coming back to the joint account, if each owner of the account wants to qualify for the full bonus, what would I need to qualify each individual account with? $110k?

Ideally, opening a $100k individual CD for each of us using external funds, and using the joint account as per usual, seems like it should satisfy the spirit of the promotion.

If not, I think it's time to move away from Ally for day to day usage.

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

Post by rfrego » Tue Oct 23, 2018 4:12 am

I signed up for the Ally Payback Offer and transferred cash from my *Goldman Sachs Savings account to Ally. On January 16th I will be transferring it back to Goldman Sachs. When I receive the $1000 taxble bonus on 15 Feb 19 I will transfer that to my Goldman Sachs Account as well. That will leave a $0 balance @ Ally but the account will remain open. I have had an Ally Account for many years but discovered that Goldman Sachs offers an equivalent account with the same features and FDIC guarantee as Ally but with a .5% higher yield. Ally pays 1.90%, Goldman Sachs pays 1.95%. Can transfer money between both accounts so the process is so easy. I just couldn’t justify keeping money at Ally at a lower rate than Goldman Sachs. I had a Goldman Sachs Account now for 2 years and they have the same stellar service as Ally. Both are great online banking companies, but the higher yield at Goldman Sachs gives GS the edge. This Ally Offer was a great one though and I hope a lot of Bogleheads jumped on it. You only have to keep it with Ally until 15 Jan 19 and then you can transfer it to a higher yield bank like Goldman Sachs. On 15 Feb 19 you will recieve your bonus money up to $1000. Keep in kind it is not cashback, so it will be taxable. Also on top of the 1% bonus you make interest on the additional effective 1.90% APY as well. It’s not what we make that counts it’s what we keep!!

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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 » Tue Oct 23, 2018 5:39 am

rfrego wrote:
Tue Oct 23, 2018 4:12 am
I signed up for the Ally Payback Offer and transferred cash from my *Goldman Sachs Savings account to Ally. On January 16th I will be transferring it back to Goldman Sachs. When I receive the $1000 taxble bonus on 15 Feb 19 I will transfer that to my Goldman Sachs Account as well. That will leave a $0 balance @ Ally but the account will remain open. I have had an Ally Account for many years but discovered that Goldman Sachs offers an equivalent account with the same features and FDIC guarantee as Ally but with a .5% higher yield. Ally pays 1.90%, Goldman Sachs pays 1.95%. Can transfer money between both accounts so the process is so easy. I just couldn’t justify keeping money at Ally at a lower rate than Goldman Sachs. I had a Goldman Sachs Account now for 2 years and they have the same stellar service as Ally. Both are great online banking companies, but the higher yield at Goldman Sachs gives GS the edge. This Ally Offer was a great one though and I hope a lot of Bogleheads jumped on it. You only have to keep it with Ally until 15 Jan 19 and then you can transfer it to a higher yield bank like Goldman Sachs. On 15 Feb 19 you will recieve your bonus money up to $1000. Keep in kind it is not cashback, so it will be taxable. Also on top of the 1% bonus you make interest on the additional effective 1.90% APY as well. It’s not what we make that counts it’s what we keep!!
The difference is currently only 0.05% not 0.5% although in the past the gap has been a bit higher (been watching these rates closely for many years starting from back when gsbank - now branded marcus - was GE-Capital-Bank).
Many folks here like Ally because it also has checking.

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

Post by RickBoglehead » Tue Oct 23, 2018 7:22 am

When you read through this thread you learn (or just verify, since you already knew it):

- This forum, like many others dedicated to maximizing your earnings/cashback/etc., is full of people that will find ways to get something that was not intended, but in fact is perfectly fine. And they will come up with methodologies that the creators of the opportunity never thought of. :twisted:

- People can't read. They will ask questions that are already clearly answered in the terms and conditions. :thumbsdown

- People can't follow directions/rules. They will continually try and circumvent directions/rules and then complain when they don't achieve the reward they expect. :annoyed

- People will create what/ifs that will leave you scratching your head due to their irrelevancy. :shock:

I setup two individual accounts in addition to our long-time joint accounts, for the deposits. I've funded one, and will fund the other shortly. I will continue doing normal business out of our joint accounts during the promotion period, and will enjoy the $2,000 bonus we get in mid-February. :sharebeer

I am currently pushing Ally to change my wife's account from 3 day transfer to 1 day, like mine, which they say is due to infrequent use...

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

Post by DrivingFun » Tue Oct 23, 2018 7:35 am

RickBoglehead wrote:
Tue Oct 23, 2018 7:22 am
When you read through this thread you learn (or just verify, since you already knew it):

- This forum, like many others dedicated to maximizing your earnings/cashback/etc., is full of people that will find ways to get something that was not intended, but in fact is perfectly fine. And they will come up with methodologies that the creators of the opportunity never thought of. :twisted:

- People can't read. They will ask questions that are already clearly answered in the terms and conditions. :thumbsdown

- People can't follow directions/rules. They will continually try and circumvent directions/rules and then complain when they don't achieve the reward they expect. :annoyed

- People will create what/ifs that will leave you scratching your head due to their irrelevancy. :shock:

I setup two individual accounts in addition to our long-time joint accounts, for the deposits. I've funded one, and will fund the other shortly. I will continue doing normal business out of our joint accounts during the promotion period, and will enjoy the $2,000 bonus we get in mid-February. :sharebeer

I am currently pushing Ally to change my wife's account from 3 day transfer to 1 day, like mine, which they say is due to infrequent use...
You forgot one.

People that oversimplify things by ignoring glaring holes in the terms and conditions because they would not be impacted by them, therefore they don't exist.

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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 » Tue Oct 23, 2018 8:55 am

I just called Ally as they left me voicemails yesterday asking me to call them. They couldn't tell me why they were trying to reach me so I told them it was likely because I attempted to open an account before my credit reports were completely unlocked. I told them if that was the reason - I no longer needed their help as I simply put the request through again and it worked. If they had open requests they could cancel them. After struggling with this first item they then asked if there was anything else they could help with so...

While I had them on the phone - I asked the rep if they could verify that all three of the accounts I opened were eligible for the bonus. They told me, "No Sir - only a single account is eligible for the bonus". I proceeded to tell her I was pretty sure she was wrong and read the terms and conditions directly to here (part that says "single or any combination of ..."). She then said that perhaps her understanding was wrong then. REALLY??!!
I then asked her if there was someone else there she could check with to verify all three of my accounts were eligible for the bonus so I would know whether or not I should close two of them out. After two 3-5 minute holds I was finally told all three of my accounts are eligible.

Two phone calls to Ally and two failures. Their customer service is atrocious. People that answer the phones are untrained (I ended up having to train them!) - don't know what they are talking about. After the promotion I will likely close out all my accounts and move back to my prior bank.

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