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

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

Post by Longdog » Tue Feb 05, 2019 7:47 pm

jst wrote:
Tue Feb 05, 2019 5:12 pm
robertmcd wrote:
Tue Feb 05, 2019 4:13 pm
z91 wrote:
Tue Feb 05, 2019 4:09 pm
Boy, I wonder how much cash Ally is losing on this promo. I'm sure they wanted people to keep their money in there or get loans and other upsell opportunities, but the target audience was probably severely missed here..
Exactly what I was just thinking as I immediately transferred the balance out to $0. :D

Someone is probably gonna get fired tomorrow. :shock:
I think they know what they're doing.

For me and my wife, we added $200K to Ally, and we haven't (yet) figured out where to stick it next. It might very well just sit there. They know that once they get money in, people are pretty slow about transferring it out.
I think the primary purpose was that they needed a cash infusion to solve a capitalization issue. In other words, they expected to be audited during the timeframe of the promotion and needed to ensure adequate funds on account to avoid some type of audit finding that they were undercapitalized. They probably expected some percentage of the new funds to remain, but that was a secondary goal. They probably also saw a cash outflow in the months leading up to it because rates became competitive elsewhere (including Money Market funds) and were trying to counteract that effect.
Steve

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

Post by AlphaLess » Tue Feb 05, 2019 8:35 pm

tj wrote:
Tue Feb 05, 2019 2:27 pm
indexfund56 wrote:
Tue Feb 05, 2019 8:47 am
When I login into my account, I see the following notification:

"We’re excited to let you know that your cash bonus for the Payback Time promotion is processing. Your cash bonus will be deposited into your account within the next 48 hours."

Ugh, Mine doesn't seem to have that. Hopefully it shows up.
Bonus already showing.
Feb 05, 2019 Payback Time Cash Bonus $1,000.00
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.

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

Post by pasadena » Tue Feb 05, 2019 8:41 pm

AlphaLess wrote:
Bonus already showing.
Feb 05, 2019 Payback Time Cash Bonus $1,000.00
Mine showed up tonight too.

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

Post by ReformedSpender » Tue Feb 05, 2019 9:47 pm

z91 wrote:
Tue Feb 05, 2019 4:09 pm
Boy, I wonder how much cash Ally is losing on this promo. I'm sure they wanted people to keep their money in there or get loans and other upsell opportunities, but the target audience was probably severely missed here..
On the other hand, I bet you’d be surprised how much money this promo has made them...
Market history shows that when there's economic blue sky, future returns are low, and when the economy is on the skids, future returns are high. The best fishing is done in the most stormy waters.

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

Post by pghpens » Wed Feb 06, 2019 9:31 am

I didn't get my bonus for this- I put in $29K, but took $6K out and they said the terms of the offer state that when I take any amount of money out it reduces the balance eligible for the bonus to $0. Does anyone have the terms to confirm this? I can't find them.

indexfund56
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by indexfund56 » Wed Feb 06, 2019 9:39 am

pghpens wrote:
Wed Feb 06, 2019 9:31 am
I didn't get my bonus for this- I put in $29K, but took $6K out and they said the terms of the offer state that when I take any amount of money out it reduces the balance eligible for the bonus to $0. Does anyone have the terms to confirm this? I can't find them.
This link has the details, I believe:

https://www.mymoneyblog.com/ally-bank-p ... otion.html

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

Post by nexesn » Wed Feb 06, 2019 10:08 am

This is what I got today...

"We attempted to process your cash bonus for the Payback Time promotion, however, the account scheduled to receive the bonus has been closed. Please allow an additional 30 days to reprocess your bonus to another eligible account."

At least they are going to place it in another account :).

I know, I know, I should have kept the account that the money was in open, but the problem was, it was I placed it in a no-penalty CD. Once my eligible time was up, I wanted to transfer the money out into a 529, Backdoor Roths, and a few other investments (Ally didn't offer the option of leaving a few dollars int he CD). I did email them once I did this, and asked that it was ensured that they transferred into my Ally savings... but, obviously that never got to the automated system that does the payouts :).

Anyway, looks like I'm still getting the bonus, just have to wait a little longer :D :D :idea:

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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 » Wed Feb 06, 2019 10:49 am

nexesn wrote:
Wed Feb 06, 2019 10:08 am
This is what I got today...

"We attempted to process your cash bonus for the Payback Time promotion, however, the account scheduled to receive the bonus has been closed. Please allow an additional 30 days to reprocess your bonus to another eligible account."

At least they are going to place it in another account :).

I know, I know, I should have kept the account that the money was in open, but the problem was, it was I placed it in a no-penalty CD. Once my eligible time was up, I wanted to transfer the money out into a 529, Backdoor Roths, and a few other investments (Ally didn't offer the option of leaving a few dollars int he CD). I did email them once I did this, and asked that it was ensured that they transferred into my Ally savings... but, obviously that never got to the automated system that does the payouts :).

Anyway, looks like I'm still getting the bonus, just have to wait a little longer :D :D :idea:
I closed my no-penalty CD that held the "new" cash on 1/16/2019, and my bonus was deposited into one of my eligible savings accounts yesterday. It's weird that it didn't work for you.

I originally deposited the money into an eligible savings account, then opened a NP CD, funding it from the savings account. Then when the NP CD rate increased, I closed the first CD, with the proceeds going to an eligible savings account, then opened another NP CD, funding it from that savings account.

The bonus was deposited into an entirely different eligible savings account, based on their algorithm for choosing which account to deposit it into.

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

Post by nexesn » Wed Feb 06, 2019 12:18 pm

Kevin M wrote:
Wed Feb 06, 2019 10:49 am
nexesn wrote:
Wed Feb 06, 2019 10:08 am
This is what I got today...

"We attempted to process your cash bonus for the Payback Time promotion, however, the account scheduled to receive the bonus has been closed. Please allow an additional 30 days to reprocess your bonus to another eligible account."

At least they are going to place it in another account :).

I know, I know, I should have kept the account that the money was in open, but the problem was, it was I placed it in a no-penalty CD. Once my eligible time was up, I wanted to transfer the money out into a 529, Backdoor Roths, and a few other investments (Ally didn't offer the option of leaving a few dollars int he CD). I did email them once I did this, and asked that it was ensured that they transferred into my Ally savings... but, obviously that never got to the automated system that does the payouts :).

Anyway, looks like I'm still getting the bonus, just have to wait a little longer :D :D :idea:
I closed my no-penalty CD that held the "new" cash on 1/16/2019, and my bonus was deposited into one of my eligible savings accounts yesterday. It's weird that it didn't work for you.

I originally deposited the money into an eligible savings account, then opened a NP CD, funding it from the savings account. Then when the NP CD rate increased, I closed the first CD, with the proceeds going to an eligible savings account, then opened another NP CD, funding it from that savings account.

The bonus was deposited into an entirely different eligible savings account, based on their algorithm for choosing which account to deposit it into.

Kevin
"I originally deposited the money into an eligible savings account, then opened a NP CD"

This is probably where I got myself into trouble. I deposited the money directly into the NP CD. I wonder if I'd gone the route you did, the money would have deposited into the savings. Oh well. I can't really complain. It seems like it will eventually come, and it really is just free money since it was accumulating a decent interest rate while sitting in the NP CD.

Thanks for the info from your experience.

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

Post by DaftInvestor » Wed Feb 06, 2019 12:36 pm

indexfund56 wrote:
Wed Feb 06, 2019 9:39 am
pghpens wrote:
Wed Feb 06, 2019 9:31 am
I didn't get my bonus for this- I put in $29K, but took $6K out and they said the terms of the offer state that when I take any amount of money out it reduces the balance eligible for the bonus to $0. Does anyone have the terms to confirm this? I can't find them.
This link has the details, I believe:

https://www.mymoneyblog.com/ally-bank-p ... otion.html
Note the terms were directly cut and paste when this thread started - so go back to the beginning of this thread and read the original post.

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

Post by stoptothink » Wed Feb 06, 2019 12:53 pm

Mine posted too. I sent a large deposit to my Ally account literally the day before I found out about this offer, would have more than tripled the bonus. Oh well, it covered our groceries for the week with a few clicks of a mouse.

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

Post by andronikus » Wed Feb 06, 2019 1:12 pm

robertmcd wrote:
Tue Feb 05, 2019 2:43 pm
cashheavy18 wrote:
Tue Feb 05, 2019 2:41 pm
andronikus wrote:
Tue Feb 05, 2019 1:23 pm
Where are folks moving their funds after the payout?

Ally has a 2.85/14 month CD available until the end of the month. (https://www.ally.com/learn/selectcd-14m/)

Anything else out there thats better?
Yes, NASA Federal Credit Union 15 month CD @ 3.20%

https://www.depositaccounts.com/banks/n ... on/offers/
This NASA deal is very good and I wouldn't expect it to last long.
Whats the limit on the NASA CD? It says minimum 10k, but does it work the same as an FDIC account (250k single/500k joint)?

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

Post by ThisTimeItsDifferent » Wed Feb 06, 2019 1:57 pm

Woo Hoo. I got mine yesterday too.

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

Post by MikeG62 » Fri Feb 08, 2019 10:05 am

I wonder how Ally ultimately computed the bonus for people who had activity (both in and out) during the retention period?

There was considerable debate on this thread about whether Ally would count all withdrawals during the retention period as going against the original deposit, and thereby reducing the amount on which the bonus would be computed (regardless of offsetting inflows), or whether Ally would look at the net activity during that period in terms of the impact on the bonus eligible deposit.

Anyone who continued to use their Ally accounts during the retention period willing to chime in on how this activity impacted their bonus if at all?
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cookymonster
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by cookymonster » Fri Feb 08, 2019 11:24 am

MikeG62 wrote:
Fri Feb 08, 2019 10:05 am
I wonder how Ally ultimately computed the bonus for people who had activity (both in and out) during the retention period?

There was considerable debate on this thread about whether Ally would count all withdrawals during the retention period as going against the original deposit, and thereby reducing the amount on which the bonus would be computed (regardless of offsetting inflows), or whether Ally would look at the net activity during that period in terms of the impact on the bonus eligible deposit.

Anyone who continued to use their Ally accounts during the retention period willing to chime in on how this activity impacted their bonus if at all?
Withdrawals did not have any impact. I just tried not to let my total balance dip below the amount after initial deposits and my bonus was identical to the projections they initially sent me.

cashheavy18
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by cashheavy18 » Fri Feb 08, 2019 11:29 am

andronikus wrote:
Wed Feb 06, 2019 1:12 pm
robertmcd wrote:
Tue Feb 05, 2019 2:43 pm
cashheavy18 wrote:
Tue Feb 05, 2019 2:41 pm
andronikus wrote:
Tue Feb 05, 2019 1:23 pm
Where are folks moving their funds after the payout?

Ally has a 2.85/14 month CD available until the end of the month. (https://www.ally.com/learn/selectcd-14m/)

Anything else out there thats better?
Yes, NASA Federal Credit Union 15 month CD @ 3.20%

https://www.depositaccounts.com/banks/n ... on/offers/
This NASA deal is very good and I wouldn't expect it to last long.
Whats the limit on the NASA CD? It says minimum 10k, but does it work the same as an FDIC account (250k single/500k joint)?
It does. This is a credit union, so they are covered by NCUA for the same dollar amounts as FDIC. Opening an account is extremely easy (all confirmed within 5 minutes, including opening a CD). You have to fund within 10 days and I just learned about co-op shared branch network for credit unions https://www.co-opfs.org/Solutions/Netwo ... ch-Network
, I walked into a local CU and they made the deposit into my NASA account. I called their toll free number the next day and had them apply the dollars into the CDs. Seamless experience.

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

Post by radiowave » Fri Feb 08, 2019 1:48 pm

Yep got mine on Wed as well!
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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 » Sat Feb 09, 2019 2:12 pm

z91 wrote:
Tue Feb 05, 2019 4:09 pm
Boy, I wonder how much cash Ally is losing on this promo. I'm sure they wanted people to keep their money in there or get loans and other upsell opportunities, but the target audience was probably severely missed here..
On these types of bonuses, it is always adverse fill.

People who take advantage of such bonuses are those who are on top of things, and will do everything on time, and to the T.

The reality is that if you want to catch large, non-bonus chasing populations, you need to keep this promo going for a long time, like 2-3 years.

And you need to make sure that there is a restriction of one-bonus every 3 year or something like.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.

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

Post by AlphaLess » Sat Feb 09, 2019 2:13 pm

MikeG62 wrote:
Fri Feb 08, 2019 10:05 am
I wonder how Ally ultimately computed the bonus for people who had activity (both in and out) during the retention period?

There was considerable debate on this thread about whether Ally would count all withdrawals during the retention period as going against the original deposit, and thereby reducing the amount on which the bonus would be computed (regardless of offsetting inflows), or whether Ally would look at the net activity during that period in terms of the impact on the bonus eligible deposit.

Anyone who continued to use their Ally accounts during the retention period willing to chime in on how this activity impacted their bonus if at all?
I am guessing their IT is coded for the following:
- influx of $X by date Y,
- ensure that balance is above $X on every day.

That way, they don't have to keep track of incoming and outgoing activity at all.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.

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

Post by arcticpineapplecorp. » Sat Feb 09, 2019 2:13 pm

Got mine. Thanks Ally!
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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 » Sat Feb 09, 2019 2:26 pm

Summer wrote:
Tue Feb 05, 2019 4:28 pm
Mine Posted!

FYI- with Ally Bank, even if your saving account goes to $0 it remains open indefinitely, until you call/ contact them to officially close it.
One advantage to closing it is that future bonuses might be impacted.
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.

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

Post by hicabob » Sun Mar 10, 2019 12:09 pm

I had to harass them to get my $1K. I inadvertently used 2 different emails so technically they could have refused but Ally said they will give me an exception. I do have a fair amount of $$$ with them and have been a customer for a couple years so I expect that was a factor.

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