Ally bonus question

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Topic Author
am
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Ally bonus question

Post by am » Wed Jan 09, 2019 8:15 pm

January 15th is coming close and I’m eager to move my money out of Ally. According to what I read, money has to be kept at Ally until Jan 15 to receive the bonus, I have a no penalty CD right now which I plan on closing on Jan 16th and then transferring the money out. But I do not want to jeopardize the 1k due to me and was wondering if I should keep the cd open until the bonus posts, which can be up to Feb 15? I have other savings accounts under my name and social at Ally. What are others doing?

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indexfundfan
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Re: Ally bonus question

Post by indexfundfan » Wed Jan 09, 2019 8:22 pm

I put the money in the savings account to keep it simple. Will submit a pull request on 1/15 from Vanguard to withdraw most of the money. The actual withdrawal will take place in the 16th.
My signature has been deleted.

Elena
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Re: Ally bonus question

Post by Elena » Wed Jan 09, 2019 8:25 pm

am wrote:
Wed Jan 09, 2019 8:15 pm
January 15th is coming close and I’m eager to move my money out of Ally. According to what I read, money has to be kept at Ally until Jan 15 to receive the bonus, I have a no penalty CD right now which I plan on closing on Jan 16th and then transferring the money out. But I do not want to jeopardize the 1k due to me and was wondering if I should keep the cd open until the bonus posts, which can be up to Feb 15? I have other savings accounts under my name and social at Ally. What are others doing?
I was planning on closing my no penalty CD on the 15th as well. Many of us read the rules and received the emails, and it was pretty clear that Jan. 15th was the deadline for keeping the funds invested, then the bonus would post in the savings acct. at a later date.
Now, your post makes me have second thoughts...

RickBoglehead
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Re: Ally bonus question

Post by RickBoglehead » Wed Jan 09, 2019 8:27 pm

If one reads the rules, you do not have to have the CD open, just one account. Not that complex...

https://www.allypaybacktime.com/rules

Topic Author
am
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Re: Ally bonus question

Post by am » Wed Jan 09, 2019 8:32 pm

RickBoglehead wrote:
Wed Jan 09, 2019 8:27 pm
If one reads the rules, you do not have to have the CD open, just one account. Not that complex...

https://www.allypaybacktime.com/rules
I’ve got 5 different savings account, if I close the cd on Jan 15th, will the bonus post to one of the savings accounts or does the bonus post to the original account where money was deposited? I emailed ally last week but have not gotten an answer yet.

Watts
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Re: Ally bonus question

Post by Watts » Wed Jan 09, 2019 8:54 pm

am wrote:
Wed Jan 09, 2019 8:32 pm
RickBoglehead wrote:
Wed Jan 09, 2019 8:27 pm
If one reads the rules, you do not have to have the CD open, just one account. Not that complex...

https://www.allypaybacktime.com/rules
I’ve got 5 different savings account, if I close the cd on Jan 15th, will the bonus post to one of the savings accounts or does the bonus post to the original account where money was deposited? I emailed ally last week but have not gotten an answer yet.
Based on the rules, it looks like it will post first to a savings account:
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.

SrGrumpy
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Re: Ally bonus question

Post by SrGrumpy » Wed Jan 09, 2019 9:05 pm

Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.

RickBoglehead
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Re: Ally bonus question

Post by RickBoglehead » Wed Jan 09, 2019 9:50 pm

SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.

SrGrumpy
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Re: Ally bonus question

Post by SrGrumpy » Wed Jan 09, 2019 10:10 pm

RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"Any withdrawals prior to 01/15/19 may reduce ..."

Man, I'll be glad when this complicated promo is over.

kaneohe
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Re: Ally bonus question

Post by kaneohe » Wed Jan 09, 2019 10:23 pm

RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"New deposits must remain in the eligible account(s) through 01/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount...........................................
...................................
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 reduce the qualifying funds total, thereby reducing Cash Bonus payout."


The terms are not clear...........through and until seem to conflict w/ each other
Last edited by kaneohe on Thu Jan 10, 2019 12:33 am, edited 1 time in total.

Topic Author
am
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Re: Ally bonus question

Post by am » Wed Jan 09, 2019 10:23 pm

SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"Any withdrawals prior to 01/15/19 may reduce ..."

Man, I'll be glad when this complicated promo is over.
Same here. My money will be transferred over to Vang. Interm. Muni Admiral. I tax loss harvested that fund and then this bonus came along so I opened a cd. In the mean time rates fell, and I probably lost money even after I get the bonus :annoyed

workoutexcite
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Re: Ally bonus question

Post by workoutexcite » Wed Jan 09, 2019 11:34 pm

Will be back to mysavingsdirect 2.4% savings.

exigent
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Re: Ally bonus question

Post by exigent » Wed Jan 09, 2019 11:38 pm

I wonder what their end game is. Are they going to dangle a juicy CD offer in hopes of keeping some of that money around? Or are they content to have people cash out and walk away with their $1k bonus?

Small Change
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Re: Ally bonus question

Post by Small Change » Wed Jan 09, 2019 11:46 pm

I figured Ally’s play was to boost its 12-31-18 reported deposits for some reason.

fujiters
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Re: Ally bonus question

Post by fujiters » Thu Jan 10, 2019 12:03 am

SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"Any withdrawals prior to 01/15/19 may reduce ..."

Man, I'll be glad when this complicated promo is over.
What's complicated? Don't withdraw money until the 16th. Or are you overly bothered by the possibility of withdrawing on the 15th?
“The purpose of the margin of safety is to render the forecast unnecessary.” -Benjamin Graham

RickBoglehead
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Re: Ally bonus question

Post by RickBoglehead » Thu Jan 10, 2019 6:06 am

Maybe Ally was conducting a Darwin-like Marketing study...

Huntington Bank sent me a one year 2.78% Money Market offer good till mid-Feb. Absent anything else, that looks good. Already a customer and they knew I was at Ally.
Small Change wrote:
Wed Jan 09, 2019 11:46 pm
I figured Ally’s play was to boost its 12-31-18 reported deposits for some reason.


Agreed.

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DaftInvestor
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Re: Ally bonus question

Post by DaftInvestor » Thu Jan 10, 2019 5:21 pm

RickBoglehead wrote:
Thu Jan 10, 2019 6:06 am
Maybe Ally was conducting a Darwin-like Marketing study...

Huntington Bank sent me a one year 2.78% Money Market offer good till mid-Feb. Absent anything else, that looks good. Already a customer and they knew I was at Ally.
Small Change wrote:
Wed Jan 09, 2019 11:46 pm
I figured Ally’s play was to boost its 12-31-18 reported deposits for some reason.


Agreed.
They are also probably hoping a lot of us that shifted to Ally won't get around to shifting back. I moved money from Marcus Online-Savings over to a CD + Savings. With Marcus being at 2.2% online savings and Ally at 2.0% - not sure why I wouldn't simply shift back (or move to one of the new top-tier banks like mysavingsdirect) on 1/16 (might leave a little at Ally - perhaps even get the 2.85% 14-month CD - so perhaps their plan worked in-part on me).
I really do like Ally's online experience - I just wish they kept pace with Marcus, Synchrony, Barclay's, etc. when it came to rates (they seem to be closer now than they were a few years ago but still ...)

MikeG62
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Re: Ally bonus question

Post by MikeG62 » Fri Jan 11, 2019 8:38 am

My plan had been to leave the money (separate accounts for my wife and i with separate log-in’s) until the bonus posts. I’ve not touched either of our Ally accounts (no $ in or out) since we made the qualifying deposit.

My worry with busting the CD’s on Jan 16th and moving the funds is that the CD’s are our only individual accounts at Ally (only other account is a joint online savings we’ve had for years). Don’t want to put either of our bonuses at risk if Ally gets cute about their definition of having an other account held by “the eligible customer.” Guess I could open new and separate individual online savings accounts. Just seems like wasted effort for funds I can access on or about Feb 15th with zero risk to the bonus.
Real Knowledge Comes Only From Experience

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GoldStar
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Re: Ally bonus question

Post by GoldStar » Fri Jan 11, 2019 9:43 am

MikeG62 wrote:
Fri Jan 11, 2019 8:38 am
My plan had been to leave the money (separate accounts for my wife and i with separate log-in’s) until the bonus posts. I’ve not touched either of our Ally accounts (no $ in or out) since we made the qualifying deposit.

My worry with busting the CD’s on Jan 16th and moving the funds is that the CD’s are our only individual accounts at Ally (only other account is a joint online savings we’ve had for years). Don’t want to put either of our bonuses at risk if Ally gets cute about their definition of having an other account held by “the eligible customer.” Guess I could open new and separate individual online savings accounts. Just seems like wasted effort for funds I can access on or about Feb 15th with zero risk to the bonus.
Me too. The extra money I could make in 30 days isn't worth the risk of losing the bonus by moving the money in my opinion.

Jags4186
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Re: Ally bonus question

Post by Jags4186 » Fri Jan 11, 2019 9:53 am

I would just leave the money in there until it posts. You have a CD likely earning north of 2%. What is the alternative? Moving the money elsewhere to get an extra .25%-.5% interest 30 days early? We’re talking $41 before taxes in incremental interest on a 0.5% additional interest rate boost on a $100,000 deposit.

Jags4186
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Re: Ally bonus question

Post by Jags4186 » Fri Jan 11, 2019 9:54 am

SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"Any withdrawals prior to 01/15/19 may reduce ..."

Man, I'll be glad when this complicated promo is over.
I wish all promos were as complicated as “deposit money, leave until a certain date, get bonus”.

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GoldStar
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Re: Ally bonus question

Post by GoldStar » Fri Jan 11, 2019 10:03 am

Jags4186 wrote:
Fri Jan 11, 2019 9:54 am
SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
RickBoglehead wrote:
Wed Jan 09, 2019 9:50 pm
SrGrumpy wrote:
Wed Jan 09, 2019 9:05 pm
Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so.
Through Jan 15th.. That means no withdrawals until the 16th or bonus gets reduced.
"Any withdrawals prior to 01/15/19 may reduce ..."

Man, I'll be glad when this complicated promo is over.
I wish all promos were as complicated as “deposit money, leave until a certain date, get bonus”.
LOL.
SrGrumpy - you do realize it is only complicated by the fact that you are trying to pay a bill that is due a day before the promo has completed? Of all the bonuses I have participated in - this one has been one of the simplest.

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am
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Re: Ally bonus question

Post by am » Fri Jan 11, 2019 10:04 am

MikeG62 wrote:
Fri Jan 11, 2019 8:38 am
My plan had been to leave the money (separate accounts for my wife and i with separate log-in’s) until the bonus posts. I’ve not touched either of our Ally accounts (no $ in or out) since we made the qualifying deposit.

My worry with busting the CD’s on Jan 16th and moving the funds is that the CD’s are our only individual accounts at Ally (only other account is a joint online savings we’ve had for years). Don’t want to put either of our bonuses at risk if Ally gets cute about their definition of having an other account held by “the eligible customer.” Guess I could open new and separate individual online savings accounts. Just seems like wasted effort for funds I can access on or about Feb 15th with zero risk to the bonus.
I recently got a written response from Ally regarding this and they said that the cd can be broken and the bonus will be deposited into the savings account with the highest balance by Feb 15. So on Jan 16th, I plan on breaking the cd, and transferring most of the money to its long time resting place of van. Int. Muni fund. It just so happened that I tax loss harvested the fund last year and then this bonus popped up which I couldn’t resist.

SrGrumpy
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Re: Ally bonus question

Post by SrGrumpy » Sun Jan 13, 2019 1:04 am

GoldStar wrote:
Fri Jan 11, 2019 10:03 am

SrGrumpy - you do realize it is only complicated by the fact that you are trying to pay a bill that is due a day before the promo has completed? Of all the bonuses I have participated in - this one has been one of the simplest.
No, but thank you for the comment. "LOL." It is complicated only by your failure to understand the context of my observation. Two other posters managed to give conflicting info about the end date. And @Kaneohe wisely concluded underneath my post:
kaneohe wrote:
Wed Jan 09, 2019 10:23 pm
The terms are not clear...........through [Jan. 15] and until [Jan. 15] seem to conflict w/ each other
And then OP, even more wisely, agreed with me:
am wrote:
Wed Jan 09, 2019 10:23 pm
SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
Man, I'll be glad when this complicated promo is over.
Same here. My money will be transferred over to Vang. Interm. Muni Admiral. I tax loss harvested that fund and then this bonus came along so I opened a cd. In the mean time rates fell, and I probably lost money even after I get the bonus :annoyed
I personally don't care. I am good to go, thank you for your concern. And I will note that Bogleheads, as is their wont, managed to turn the original thread on this bonus - which I agree is fairly simple - into an 11-page (and counting) opus full of questions.

MisterMister
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Re: Ally bonus question

Post by MisterMister » Sun Jan 13, 2019 1:44 am

RickBoglehead wrote:
Thu Jan 10, 2019 6:06 am
Maybe Ally was conducting a Darwin-like Marketing study...

Huntington Bank sent me a one year 2.78% Money Market offer good till mid-Feb. Absent anything else, that looks good. Already a customer and they knew I was at Ally.
Small Change wrote:
Wed Jan 09, 2019 11:46 pm
I figured Ally’s play was to boost its 12-31-18 reported deposits for some reason.


Agreed.
Ally has a 14month CD @ 2.85%. Not on their web site but I think anyone can get it (not sure for how long though).

If you get it by funding from an existing CD that is maturing there's the added .05% customer retention bonus for a total of 2.9%

pasadena
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Re: Ally bonus question

Post by pasadena » Sun Jan 13, 2019 2:49 am

My bonus money is in a no-penalty CD (at 2.10%). I'll initiate a pull from Vanguard on Jan 16th. The timing of this bonus was perfect for me. I had $60k lying around in a MM fun, $40k of which was planned to be reinvested in January (the other $20k is my EF) - I had just found a job when they announced the bonus and wanted to wait until I had relocated and settled in my new job and home before letting go of the cash. So now that that's done, and the holding period at Ally is ending, back to VG it goes, and into MM/VTSAX/VTIAX/VWITX with the rest of my little workers.

kaneohe
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Re: Ally bonus question

Post by kaneohe » Mon Jan 14, 2019 9:33 am

SrGrumpy wrote:
Sun Jan 13, 2019 1:04 am
GoldStar wrote:
Fri Jan 11, 2019 10:03 am

SrGrumpy - you do realize it is only complicated by the fact that you are trying to pay a bill that is due a day before the promo has completed? Of all the bonuses I have participated in - this one has been one of the simplest.
No, but thank you for the comment. "LOL." It is complicated only by your failure to understand the context of my observation. Two other posters managed to give conflicting info about the end date. And @Kaneohe wisely concluded underneath my post:
kaneohe wrote:
Wed Jan 09, 2019 10:23 pm
The terms are not clear...........through [Jan. 15] and until [Jan. 15] seem to conflict w/ each other
And then OP, even more wisely, agreed with me:
am wrote:
Wed Jan 09, 2019 10:23 pm
SrGrumpy wrote:
Wed Jan 09, 2019 10:10 pm
Man, I'll be glad when this complicated promo is over.
Same here. My money will be transferred over to Vang. Interm. Muni Admiral. I tax loss harvested that fund and then this bonus came along so I opened a cd. In the mean time rates fell, and I probably lost money even after I get the bonus :annoyed
I personally don't care. I am good to go, thank you for your concern. And I will note that Bogleheads, as is their wont, managed to turn the original thread on this bonus - which I agree is fairly simple - into an 11-page (and counting) opus full of questions.
I agree w/ you that the deadly combo of Ally reps/BH/Ally promotion designers turned what could have been a simple thing into a 3-ring circus due to fuzzy promotion material, fuzzy rep interpretations , etc. FWIW, the last info I got from a rep on chat this AM said you could withdraw funds on the 16th w/o putting your reward at risk. That is the safe answer.
I should have asked what about the 15th but didn't.

When such fog obscures the view, I guess you should ask yourself what is the penalty for being wrong and act accordingly.
If taking a withdrawal on the 15th might put the entire bonus at risk, what is the penalty on the other end? Perhaps it's a for sure late penalty ...........how much? vs how much if you lose the whole promotion bonus. Then throw in the
(unknown) probabilities and it gets even fuzzier.

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