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

[DaftInvestor]

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.

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

- 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.

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

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.

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.

In peoples defense it doesn't help that when you call or chat with Ally you get incorrect and inconsistent information (see my post above).
My case was simple - new customer - toss some money in accounts and get the bonus. For my "simple" case they gave me incorrect info - so I can see why folks with existing accounts are struggling.

[kaneohe]

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.

I can only give you hope........not certainty.............I'm only dealing w/ jt accts and everything I have been told is that the primary acct holder on a jt acct gets the credit if the funds are pulled in under the primary's profile. What happens if the secondary pulls the funds in under the secondary's profile? What happens if you push the funds in where, I assume, Ally can't tell who pushed the funds in? As you stated, much cleaner to have separate owners and to have the individual owner's pull into their own accts.

[dollarsaver]

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!!

Thanks. The one thing I didn't notice is that I can transfer the money out on 1/16/19 and leave a zero balance in the Ally Savings Account and the bonus will be added to that account by 2/15/19. And then transfer that out of Ally. Great info.

[White Coat Investor]

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

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

I think the offer was closed early. The notice I see at that link says it's all over.

[tc101]

Yes. I just went to sign up and they say it is over.

Ally.com/payback

[theDON2050]

Hopefully if you already signed up for the 1% back they still keep their word. I have a large (for me) transfer going from Chase to Ally en route right as of Saturday morning.

[kaneohe]

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

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

I think the offer was closed early. The notice I see at that link says it's all over.

It was not closed early. "Both new and existing customers must sign up for this offer at www.ally.com/payback by 10/21/2018" https://www.depositaccounts.com/banks/ally-bank/offers/
There are many fuzzy things about the details of this offer but this was not one of them.

[bpg1234]

Maybe this has been answered before but didn't find:

What happens if you Ally ACH pull money into a joint savings account but then move some of the funds over the $100K into a NPCD that is in spouse's name under their profile with the same email that they signed up with?

[MikeG62]

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.

I can only give you hope........not certainty.............I'm only dealing w/ jt accts and everything I have been told is that the primary acct holder on a jt acct gets the credit if the funds are pulled in under the primary's profile. What happens if the secondary pulls the funds in under the secondary's profile? What happens if you push the funds in where, I assume, Ally can't tell who pushed the funds in? As you stated, much cleaner to have separate owners and to have the individual owner's pull into their own accts.

Honestly, I don't think whether it is pushed or pulled makes any difference. What matters is each account holder register separately (at the payback link) and use an e-mail address that is the one associated with their account. This is why I think a husband and wife need to use separate accounts each with their open specific (and different) e-mail address.

We have had accounts with a single log-in (which I used) with Ally for a decade. For this offer I established a separate log in for my DW. Both log-in's can see our JT account, but only she can see the no-penalty CD we set up for her (and only I can see the one set up for me). Funds were pulled into the CD's from different banks (although I don't think that matters).

I set up the pulls late on Thursday (directly into the CD's - no stop over in our Jt Acct) and the funds appeared in the two separate CD accounts today.

I plan to leave the CD's alone and not touch any of the funds in our joint account until at least Jan 16th. May even keep the CD's in place until the bonus posts. Then I will look at all opportunities available at that time and invest the funds in the most sensible place (whether at Ally, or in a Fidelity MM or in Treasuries or in Muni's).

[White Coat Investor]

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

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

I think the offer was closed early. The notice I see at that link says it's all over.

It was not closed early. "Both new and existing customers must sign up for this offer at www.ally.com/payback by 10/21/2018" https://www.depositaccounts.com/banks/ally-bank/offers/
There are many fuzzy things about the details of this offer but this was not one of them.

Oh, sorry, thought it was 10/31 as noted in the OP.

[tj]

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!!

Ally has the 2.1% No penalty CD, so why bother with Goldman Sachs?

[kaneohe]

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

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

I think the offer was closed early. The notice I see at that link says it's all over.

It was not closed early. "Both new and existing customers must sign up for this offer at www.ally.com/payback by 10/21/2018" https://www.depositaccounts.com/banks/ally-bank/offers/
There are many fuzzy things about the details of this offer but this was not one of them.

Oh, sorry, thought it was 10/31 as noted in the OP.

Bad initial paragraph in OP. Better to have left this leading teaser out completely: It is the truth but not the whole truth

"The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31". .................................

It's an AND gate requirement. Add money before 10/31 (which is misleading but would still qualify you) AND also
enroll on time. Further down in the details of OP:
..............................................
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. ..........................

[bpg1234]

Maybe this has been answered before but didn't find:

What happens if you Ally ACH pull money into a joint savings account but then move some of the funds over the $100K into a NPCD that is in spouse's name under their profile with the same email that they signed up with?

Spoke at length again to another Ally CSR who indicated the above situation works fine for both individuals getting the bonus as long as the account (e.g. NPCD, etc.) under the second owners name is owned by that individual under their profile and matches the email used to enroll.

One concern of note in my further discussions with the CSR regarding the 10/31 and 11/5 dates (CSR got off the phone twice for several minutes to internally verify), was that if we do an ACH PUSH in to Ally from an external source or say redeem some iBonds from Treasury Direct which deposits the proceeds directly into Ally account that this must be completed and posted by 10/31.

Only if we initiated an ACH PULL from within the Ally system from an external source by the 10/31 date would the 11/5 date then be the allowable posting date.

He went on further to say that they know the ACH PULL was initiated by the 10/31 date so those funds would qualify for the bonus and if PUSHED in or deposited directly as in the case of Treasury Direct iBond redemption after the 10/31 date instead, even though posted before the 11/5 date, would not qualify for the bonus.

This lack of real clarity from one CSR to the next has me just going to ensure I get any money that I planned to PUSH or would directly get deposited in, as in the case of iBond redemptions, completed before the 10/31 date.

[RickBoglehead]

Today I worked my way to a very senior person at Ally. I did not speak to them, they had someone call me. What I learned.

1) They cannot change the fact that a 2nd owner (spouse) has a 3 day transfer via ACH while the other spouse has a 1 day. Factors include, among other things, the number of transfers you do, so the 2nd owner is not getting 1 day ACH for a while.

2) The funds do sit with the ACH network, not the sending bank, not Ally, so they can't expedite the funding for you - the ACH house makes the interest.

3) In our discussions, we realized that they can do checks of up to $50,000 per day, and that said checks get credited immediately with funds not available for 2 days. So we wrote 1 check for $50,000 and deposited it before the 7PM cutoff, and tomorrow morning (they suggested waiting 1 calendar day) we'll do that with the 2nd check. Faster overall.

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that. So the ONLY way to get twice the reward is to send the funds to two individual accounts, or request the funds from two individual accounts, which means signing on via two different userids. My sending bank takes 3 days for an ACH, so no help there.

Hope this helps others.

[MikeG62]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that. So the ONLY way to get twice the reward is to send the funds to two individual accounts, or request the funds from two individual accounts, which means signing on via two different userids. My sending bank takes 3 days for an ACH, so no help there.

This is important and I think likely to trip up a number of people (including some who have posted to this thread). Wonder why they are being so difficult. After all, the point it to bring in "new money". Who cares if it passes through a joint account or not - well, apparently Ally does.

Good thing I did the pulls directly from the separate log-in's for me and my DW and directly into the individual CD's (and signed us both up separately). This behavior on Ally's part is going to increase the number of people who pull funds out on Jan 16 (or Feb 16) - just out of spite.

[Lancelot]

I have a one year CD with Ally, so I thought opening a savings account would be a cinch. Na, they wanted address verification, lol. That's after I verified two trial deposits to link my Vanguard Prime MM to Ally to fund the account. Zheesh!

[ivk5]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that.

Thanks for sharing. Was your understanding that they will only credit funds pushed to joint account to first named owner? Or that they will credit it 50/50 to the two named owners?

Unfortunately I only had joint account setup at VG and without thinking pushed 135k from there (emptying muni MMF). And have pulled/pushed other bits and bobs into the joint acct or individual acct of first named owner on joint acct (me). Only have about 25k in other funds that I can push directly to spouse’s individual acct.

Of the ~185k I had readily available to fund, ~60k may end up earning only 2.1% versus TEY of ~2.5% for me (currently... variable of course) for me in muni MMF. I calculate 40 bps on 60k for 2.5m is about $50 max downside, for upside of $550 (1% x 60k - $50 in lost interest). Think I will count the $50 as my annual gambling budget and chance it, and press my case with customer service after the fact if needed...

[RickBoglehead]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that.

Thanks for sharing. Was your understanding that they will only credit funds pushed to joint account to first named owner? Or that they will credit it 50/50 to the two named owners?

Unfortunately I only had joint account setup at VG and without thinking pushed 135k from there (emptying muni MMF). And have pulled/pushed other bits and bobs into the joint acct or individual acct of first named owner on joint acct (me). Only have about 25k in other funds that I can push directly to spouse’s individual acct.

Of the ~185k I had readily available to fund, ~60k may end up earning only 2.1% versus TEY of ~2.5% for me (currently... variable of course) for me in muni MMF. I calculate 40 bps on 60k for 2.5m is about $50 max downside, for upside of $550 (1% x 60k - $50 in lost interest). Think I will count the $50 as my annual gambling budget and chance it, and press my case with customer service after the fact if needed...

I did not ask. My contributions were pulled by signing into Ally, myself, and pulling from another bank, and for my wife by signing in and depositing her checks. In both cases funds came from a joint account, but they have no way to know that nor should it matter.

Was clear to me from the rules they posted that funds had to be owned individually for 2x bonus. I don't love having two individual accounts for this as beneficiary can only be primary, no secondaries.

[kaneohe]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that.

Thanks for sharing. Was your understanding that they will only credit funds pushed to joint account to first named owner? Or that they will credit it 50/50 to the two named owners?

Unfortunately I only had joint account setup at VG and without thinking pushed 135k from there (emptying muni MMF). And have pulled/pushed other bits and bobs into the joint acct or individual acct of first named owner on joint acct (me). Only have about 25k in other funds that I can push directly to spouse’s individual acct.

Of the ~185k I had readily available to fund, ~60k may end up earning only 2.1% versus TEY of ~2.5% for me (currently... variable of course) for me in muni MMF. I calculate 40 bps on 60k for 2.5m is about $50 max downside, for upside of $550 (1% x 60k - $50 in lost interest). Think I will count the $50 as my annual gambling budget and chance it, and press my case with customer service after the fact if needed...

Wonder if you can withdraw the excess over 100K and then bring it back under the other spouse's profile
w/o losing your max bonus?

[simplesimon]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that. So the ONLY way to get twice the reward is to send the funds to two individual accounts, or request the funds from two individual accounts, which means signing on via two different userids. My sending bank takes 3 days for an ACH, so no help there.

This is important and I think likely to trip up a number of people (including some who have posted to this thread). Wonder why they are being so difficult. After all, the point it to bring in "new money". Who cares if it passes through a joint account or not - well, apparently Ally does.

Good thing I did the pulls directly from the separate log-in's for me and my DW and directly into the individual CD's (and signed us both up separately). This behavior on Ally's part is going to increase the number of people who pull funds out on Jan 16 (or Feb 16) - just out of spite.

I'm one of those people and the rep that I chatted with said I could do it so it's what I'm going to do. If I don't get the second bonus I am going to push them on it.

[midareff]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that. So the ONLY way to get twice the reward is to send the funds to two individual accounts, or request the funds from two individual accounts, which means signing on via two different userids. My sending bank takes 3 days for an ACH, so no help there.

This is important and I think likely to trip up a number of people (including some who have posted to this thread). Wonder why they are being so difficult. After all, the point it to bring in "new money". Who cares if it passes through a joint account or not - well, apparently Ally does.

Good thing I did the pulls directly from the separate log-in's for me and my DW and directly into the individual CD's (and signed us both up separately). This behavior on Ally's part is going to increase the number of people who pull funds out on Jan 16 (or Feb 16) - just out of spite.

I'm one of those people and the rep that I chatted with said I could do it so it's what I'm going to do. If I don't get the second bonus I am going to push them on it.

I've had the chat, several times. The issue that stops it all is that you can't open an account in the name of anyone other than the primary account holder, AND, it's one per account, not one for each individual.

[MikeG62]

4) They cannot take funds sent to the joint account, then moved to the 2nd owner's account, and give that 2nd owner "credit". Once the funds hit the joint account, the "credit" is flagged and that's that. So the ONLY way to get twice the reward is to send the funds to two individual accounts, or request the funds from two individual accounts, which means signing on via two different userids. My sending bank takes 3 days for an ACH, so no help there.

This is important and I think likely to trip up a number of people (including some who have posted to this thread). Wonder why they are being so difficult. After all, the point it to bring in "new money". Who cares if it passes through a joint account or not - well, apparently Ally does.

Good thing I did the pulls directly from the separate log-in's for me and my DW and directly into the individual CD's (and signed us both up separately). This behavior on Ally's part is going to increase the number of people who pull funds out on Jan 16 (or Feb 16) - just out of spite.

I'm one of those people and the rep that I chatted with said I could do it so it's what I'm going to do. If I don't get the second bonus I am going to push them on it.

Why not do what kaneohe suggested immediately above?

FWIW, I was told when I called Ally that I could deposit $200K in our Jt Acct (and leave it there from Nov 5 - Jan 15) and we would get the full $2,000 bonus. After additional research, I know this to not be true (as each person has to register separately at the payback website and has to have an account tied to the e-mail address they used when registering).

[kaneohe]

4) ...................................................... So the ONLY way to get twice the reward is to i)send the funds to two individual accounts, or ii) request the funds from two individual accounts, which means signing on via two different userids. .............................................

for i) what if you send the funds to two jt accts...each w/ a different primary owner with the primary owner of each doing the sending?
for ii) are you saying you can get 2x the reward if each owner brings the funds into a jt acct at Ally"?

[simplesimon]

I should have been more specific...as mentioned earlier in the thread my plan was to push from Vanguard to Ally into our joint checking account, then have each of us open our own CDs.

[RickBoglehead]

I cannot answer the question of how they credit a joint account, if each owner gets 50% of the credit with a max of $1,000 for that joint arrangement, or if only the primary owner gets the credit.

We know that a joint account can't get more than $1,000.

If the primary owner got the full credit, then it would stand to reason that a different joint account, with the owners reversed, might get full credit also, i.e. 2x bonus.

I didn't want to tempt the bonus gods, so I did both via individual accounts. The only downside I see is the inability to set secondary beneficiaries, only a primary one. In joint if one of us passes the other gets the funds, if both goes then kids get 50/50. In individual if one goes the beneficiary(ies) get it all, so you can't setup spouse, then kids if spouse passes. I've pointed that out to Ally as a negative, I suspect their response would be "stop trying to game the system"...

[Kevin M]

I've had the chat, several times. The issue that stops it all is that you can't open an account in the name of anyone other than the primary account holder, AND, it's one per account, not one for each individual.

Not sure what you mean by "one per account", but rules clearly state "eligible account(s)", and multiple answers from Ally have indicted that you can move money between eligible accounts during the retention period. So I would say that it's one bonus for the eligible accounts of each individual who signed up with their own email, and who deposited new funds into the eligible accounts during the funding period.

Kevin

[midareff]

I've had the chat, several times. The issue that stops it all is that you can't open an account in the name of anyone other than the primary account holder, AND, it's one per account, not one for each individual.

Not sure what you mean by "one per account", but rules clearly state "eligible account(s)", and multiple answers from Ally have indicted that you can move money between eligible accounts during the retention period. So I would say that it's one bonus for the eligible accounts of each individual who signed up with their own email, and who deposited new funds into the eligible accounts during the funding period.

Kevin

I think you will find you can't move money from a joint account to a single named account. You will also find, should you try, that you can not open a CD in other than the accounts primary holder, regardless of the joint status. I did my $1K bonus qualifying deposit today and opened a 2.1% no penalty. I'm thinking I may move another $50K or $75K and take a 12 month 2.5% CD as a separate issue next week... not liking the current market smell at all but this is not market timing.. it's just a 71 year old guy locking up some money that won't fluctuate and will earn 2.5%. Insured, call it de-risking if you may. Maybe I'll go by 3X and do $25K each for additional flexibility. I suspect it will do a bit better than remaining in Limited Term Tx-Ex or IT. I'm expecting 22% marginal on that money but it could be more, and if interest rates keep increasing it will be a + to a bond fund for a year.

[Momus]

Locking in 100k now feels wrong when equity is on sale. Now, I'm broke and can't buy shares

Hope it falls 10% more then I will pull it out, screw Ally.

[Kevin M]

I've had the chat, several times. The issue that stops it all is that you can't open an account in the name of anyone other than the primary account holder, AND, it's one per account, not one for each individual.

Not sure what you mean by "one per account", but rules clearly state "eligible account(s)", and multiple answers from Ally have indicted that you can move money between eligible accounts during the retention period. So I would say that it's one bonus for the eligible accounts of each individual who signed up with their own email, and who deposited new funds into the eligible accounts during the funding period.

I think you will find you can't move money from a joint account to a single named account. You will also find, should you try, that you can not open a CD in other than the accounts primary holder, regardless of the joint status.

I don't have an opinion on that, since my wife and I don't plan on doing anything like that, but that's not the same as "one per account".

We do have joint accounts, both eligible joint POD and ineligible joint trust accounts. We plan to basically stop all withdrawals from all eligible accounts, and use only ineligible trust accounts to pay bills, during the retention period.

Kevin

[bpg1234]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

[MikeG62]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I think what is being suggested is that Ally may not (won't) allow customers to transfer funds from an Ally joint account to an Ally individual account. I do not believe this is true (having both a joint account and two individual accounts with Ally for many years). I have routinely transferred funds from our joint online savings account to my individual Ally checking account without any issues. I have also transferred funds from our joint Ally online savings to my personal Ally online savings account.

I understand why some might think this could be a problem (some banks may worry about people draining joint accounts by funneling cash to individual accounts). However, I have not seen any roadblocks doing this with Ally.

[midareff]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I believe you can do that Kevin, as far as using it to create a new account. As far as it counting twice as new funds... I doubt that.

[midareff]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I think what is being suggested is that Ally may not (won't) allow customers to transfer funds from an Ally joint account to an Ally individual account. I do not believe this is true (having both a joint account and two individual accounts with Ally for many years). I have routinely transferred funds from our joint online savings account to my individual Ally checking account without any issues. I have also transferred funds from our joint Ally online savings to my personal Ally online savings account.

I understand why some might think this could be a problem (some banks may worry about people draining joint accounts by funneling cash to individual accounts). However, I have not seen any roadblocks doing this with Ally.

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background.

[midareff]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I think what is being suggested is that Ally may not (won't) allow customers to transfer funds from an Ally joint account to an Ally individual account. I do not believe this is true (having both a joint account and two individual accounts with Ally for many years). I have routinely transferred funds from our joint online savings account to my individual Ally checking account without any issues. I have also transferred funds from our joint Ally online savings to my personal Ally online savings account.

I understand why some might think this could be a problem (some banks may worry about people draining joint accounts by funneling cash to individual accounts). However, I have not seen any roadblocks doing this with Ally.

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background. I have satisfied the requirement for the $1K already though so it's not like a lost opportunity.

[MikeG62]

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background.

Are you trying to open an account only in her name using your online log-in or have you set up a separate log-in for her and then tried to move funds from the Jt account once logged in as her?

[midareff]

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background.

Are you trying to open an account only in her name using your online log-in or have you set up a separate log-in for her and then tried to move funds from the Jt account once logged in as her?

I was trying using our login... I believe I will have to establish a completely new 0nline identity for her and then probably fund it by mailing a check from our joint account to them. At this point, believe is the operative word.

[ivk5]

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background.

Are you trying to open an account only in her name using your online log-in or have you set up a separate log-in for her and then tried to move funds from the Jt account once logged in as her?

I was trying using our login... I believe I will have to establish a completely new 0nline identity for her and then probably fund it by mailing a check from our joint account to them. At this point, believe is the operative word.

Should be no issue with registering an online acct for her, which should get her access to the joint acct. Then she can open an individual account and transfer funds instantly from joint to individual via her login. That’s what we’ve done.

For the promo though, primary email on the acct has to be one that was registered in time for the promo. If you only registered 1 email, I’d suggest using same one for her acct. I couldn’t get straight answer via online chat if that would limit both accounts to a single $1000 bonus, but the guidance seems to be that per online account is different from per email...

[Katietsu]

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account. It is something I do need to get done in the next few months and will revisit in a couple of months when I have more time and inclination. Thanks for the background.

Are you trying to open an account only in her name using your online log-in or have you set up a separate log-in for her and then tried to move funds from the Jt account once logged in as her?

I was trying using our login... I believe I will have to establish a completely new 0nline identity for her and then probably fund it by mailing a check from our joint account to them. At this point, believe is the operative word.

The problem is “our login”. There is no such thing as “our login” with any of the numerous institutions that I deal with. I too did not realize this for quite a few years. Even if you only have a single joint account at an institution, you and your wife are supposed to have separate logins if each of you wish to access that account. I remember the confusion, about 15 years ago, when I used “our login” with a customer service person.

[bpg1234]

For the promo though, primary email on the acct has to be one that was registered in time for the promo. If you only registered 1 email, I’d suggest using same one for her acct. I couldn’t get straight answer via online chat if that would limit both accounts to a single $1000 bonus, but the guidance seems to be that per online account is different from per email...

Don't think anything will work in getting more than $1000 if only one email was used to register for the promo. In my case I registered me and my spouse separately but have a joint savings account which I'm the primary owner. I transferred funding into that joint savings account and will move some to a CD.

Since I am the primary account owner of the joint savings account and I used the same email for registering in the promo I will receive any bonus I qualify for from additional funds deposited in the funding period into the shared savings account and any anything moved elsewhere under the same profile registered in my single name (e.g. CD). Based on the hierarchy in the T&Cs the bonus should get deposited into that shared savings account come 2/15/2019.

Getting the promo for my spouse though for any funding added under her profile gets more confusing with the existence of the shared savings account since she is a secondary owner. Based upon the conflicting information I have received from various Ally CSRs we don't plan to utilize that shared savings account at all for any deposits in her profile.

Instead we have set up a separate single savings account under that profile which we will ACH funds directly into from an external bank during the funding period, and avoid the shared savings account all together that is accessible from her profile. We will then likely move the deposited funds from the single/individual account that was setup to a CD that is created under that profile. Any promo proceeds should then get deposited into the single, individual savings account that was established under that profile.

We did consider just setting up a CD and ACH transferring funds directly into it but was concerned with where the promo dollars for that account would go since my spouse is a secondary owner on the shared account.

The hierarchy indicates it would add promo proceeds as interest to the CD as the "last" choice but since my spouse is a secondary owner on the shared account didn't want it to somehow get rejected since there was a $1000 bonus already paid to that account from my profile/registered email address and thereby may never get to the step of adding it to the CD. Likely overthinking this but Ally did make this promo somewhat confusing would you say.

So we figured if there was a single/individual savings account registered with my spouse's name only it would decrease the chance of any issues as would fit the top choice in the bonus hierarchy and minimize the possibility of having to fight all the way up to Mr. Ally him/herself on receiving the bonus for that registered account.

[deanmoriarty]

Good morning,

I signed up for the offer at the beginning of last week, and I also signed up for a completely new savings account (never been an Ally customer before). Unfortunately it took incredibly long for them to accept the application, and I just got a USPS notification that I will receive my Ally credentials in the physical mail today, meaning that hopefully tonight when I get home from work I'll be able to create the account and start the funding process.

The question is: what is the fastest way to make sure the funds will be in the account by the 10/31 deadline? The $100k are in a Marcus savings account right now, and time is tight. Would it somehow help if I start the withdrawal of the 100k from Marcus into my Bank Of America checking account this morning?

Any recommendation to make sure I make it in time?

Thanks

[Kevin M]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I believe you can do that Kevin, as far as using it to create a new account. As far as it counting twice as new funds... I doubt that.

You seem to be replying to me, but you did not quote me. I think you meant to reply to bpg1234.

Kevin

[Kevin M]

That is what I am suggesting as they won't let me do it. I want to open an account that is only in my wife's name and .. so far .. they seem unwilling if it is funded via transfer from our joint account.

You can open an account without funding it, so the funding source shouldn't prevent you from opening an account--just don't fund the account when you open it.

Probably the best thing to do is have your wife open her individual account using her own login (Ally refers to this as a "profile"). It would not even occur to me to open an individual account for another person using my profile, other than something like a custodial account (or an in-trust-for (ITF) account, which still is my account, similar to a POD account).

Obviously only one profile is used to open any account, so a joint account will be opened using one profile, but all joint account owners can transact on the account using their own profiles.

(None of this is directly related to the 1% bonus)

Kevin

[Kevin M]

I was trying using our login... I believe I will have to establish a completely new 0nline identity for her and then probably fund it by mailing a check from our joint account to them. At this point, believe is the operative word.

You should not have to mail a check. My wife and I transfer money between (to/from) our Ally joint accounts and our individual accounts on a regular basis.

Of course I don't see her individual accounts using my profile, and she doesn't see my individual accounts using her profile, but we both see all of our joint accounts with each of our profiles. So I use my profile for transfers between our joint accounts and my individual accounts, and my wife uses her profile for her transfers between these accounts.

The only related problem I'm aware of is that you can only transfer from an individual external account to an Ally account using the Ally profile of the individual external account owner. My mom was able to set up the link and initiate a transfer from her husband's external account into their joint account using her profile, but the transfer was rejected by Ally when it arrived there. In following up with Ally, they said that her husband would have to do this using his own profile (he doesn't even have one, since my mom handles all of their finances).

Kevin

[Kevin M]

I didn't delve into the joint account issue too deeply, since my wife and I each will use our own individual accounts to earn the bonus. I did ask about how withdrawals from an eligible joint account during the funding period would affect the computation of net new deposits during the funding period, and was told that such withdrawals would count in full against both of our new deposits. In other words, with a withdrawal of $1,000 from an eligible joint account during the funding period, a $1,000 deposit from each of us would count as replacing these funds, not as new deposits. So, $1,000 out, but $2,000 in for us both to qualify for the maximum bonus on an additional $100K of net new deposits.

Of course a different CSR might have told someone else something different. We are playing it safe, and will each include withdrawals from our eligible joint account(s) as subtracting from each of our deposits in computing net new deposits during the funding period. We'll just stop using eligible joint accounts during the retention period, but will continue to use ineligible joint trust (and individual trust) accounts.

Kevin

[kaneohe]

Good morning,

I signed up for the offer at the beginning of last week, and I also signed up for a completely new savings account (never been an Ally customer before). Unfortunately it took incredibly long for them to accept the application, and I just got a USPS notification that I will receive my Ally credentials in the physical mail today, meaning that hopefully tonight when I get home from work I'll be able to create the account and start the funding process.

The question is: what is the fastest way to make sure the funds will be in the account by the 10/31 deadline? The $100k are in a Marcus savings account right now, and time is tight. Would it somehow help if I start the withdrawal of the 100k from Marcus into my Bank Of America checking account this morning?

Any recommendation to make sure I make it in time?

Thanks

My impression is that if you start the funds transfer process within Ally by their 10/31 deadline, the funds should be
in your account by their 11/5 deadline. 3 days for acct verification & transfer and a 2 day wkend dead time. They will probably deposit 2 small amounts in your Marcus acct and then withdraw the total. You need to tell them those 2 small amounts in a timely manner and start the transfer process. Not sure why you are talking about BA checking...thinking of writing a check? Should be time to do Marcus to Ally transfer since I believe your deadline is
off by 5 days .......but you need also to meet the other deadline of initiating transfer by 10/31 if you are going to have Ally pull the funds in.

Tip from a novice: I kept looking at my balance in external acct and it never changed. Finally I asked external rep if they knew about the small deposits and they did. I thought they get notice before the automated phone system.
Turns out I checked at the wrong times and the deposits and w/d were done quickly so the balance never changed.
Later dummy me realized I should have looked at transactions and not balance. You'll have to figure out your own booboo to invent.


"Fund account by 10/31/18. This means your account has to be approved, opened and funded by this date. Technically the terms state that the funds must arrive by 11/5/18, but that is likely just a grace period and you should initiate any fund transfers by 10/31/18." from https://www.mymoneyblog.com/ally-bank-p ... otion.html

If you can get in contact w/Ally by phone, I would suggest you enlist their help in doing the transaction for you. That way you have a partner in crime in case there is a problem.

[GoldStar]

Good morning,

I signed up for the offer at the beginning of last week, and I also signed up for a completely new savings account (never been an Ally customer before). Unfortunately it took incredibly long for them to accept the application, and I just got a USPS notification that I will receive my Ally credentials in the physical mail today, meaning that hopefully tonight when I get home from work I'll be able to create the account and start the funding process.

The question is: what is the fastest way to make sure the funds will be in the account by the 10/31 deadline? The $100k are in a Marcus savings account right now, and time is tight. Would it somehow help if I start the withdrawal of the 100k from Marcus into my Bank Of America checking account this morning?

Any recommendation to make sure I make it in time?

Thanks

My impression is that if you start the funds transfer process within Ally by their 10/31 deadline, the funds should be
in your account by their 11/5 deadline. 3 days for acct verification & transfer and a 2 day wkend dead time. They will probably deposit 2 small amounts in your Marcus acct and then withdraw the total. You need to tell them those 2 small amounts in a timely manner and start the transfer process. Not sure why you are talking about BA checking...thinking of writing a check? Should be time to do Marcus to Ally transfer since I believe your deadline is
off by 5 days .......but you need also to meet the other deadline of initiating transfer by 10/31 if you are going to have Ally pull the funds in.

Tip from a novice: I kept looking at my balance in external acct and it never changed. Finally I asked external rep if they knew about the small deposits and they did. I thought they get notice before the automated phone system.
Turns out I checked at the wrong times and the deposits and w/d were done quickly so the balance never changed.
Later dummy me realized I should have looked at transactions and not balance. You'll have to figure out your own booboo to invent.


"Fund account by 10/31/18. This means your account has to be approved, opened and funded by this date. Technically the terms state that the funds must arrive by 11/5/18, but that is likely just a grace period and you should initiate any fund transfers by 10/31/18." from https://www.mymoneyblog.com/ally-bank-p ... otion.html

If you can get in contact w/Ally by phone, I would suggest you enlist their help in doing the transaction for you. That way you have a partner in crime in case there is a problem.

They also have an instant-verification option (if you trust them with your other bank's credentials). You give Ally your Username/Password and they verify your account without having to wait for the 2 trial deposits to hit your account.

[midareff]

I think you will find you can't move money from a joint account to a single named account.

Perhaps I'm not understanding the reference and please correct me if meaning something other. But as I understand it, I can move funding that was initially transferred during the funding period into a joint savings account that I am the primary owner of subsequently into a single named account that I create for me as the primary owner under my profile (e.g. CD) and be eligible for the bonus.

I believe you can do that Kevin, as far as using it to create a new account. As far as it counting twice as new funds... I doubt that.

You seem to be replying to me, but you did not quote me. I think you meant to reply to bpg1234.

Kevin

You are right I believe.

[Kevin M]

They also have an instant-verification option (if you trust them with your other bank's credentials). You give Ally your Username/Password and they verify your account without having to wait for the 2 trial deposits to hit your account.

That only works for some external accounts. It's certainly worth initiating the external account link to see if you're given this option, and if not, you're stuck with the trial deposits.

As a side note, In the recent past, Fidelity has used three methods to verify my external accounts: trial deposits, instant verification, and upload statement or check. The latter was the most frustrating for one new account, as I did not have checks, so had to wait a month until I got the first statement!

Kevin

[robertmcd]

I currently have an open empty Ally savings linked to my vanguard that I used before prime money market's yield went higher.

If I want to sell $100k of prime money market and have it get to ally in time, do I need to initiate the trade by the end of the day today?

I thought money market funds settled at the end of the trade day. So wouldn't it be in my Ally account on Monday?

[simplesimon]

I currently have an open empty Ally savings linked to my vanguard that I used before prime money market's yield went higher.

If I want to sell $100k of prime money market and have it get to ally in time, do I need to initiate the trade by the end of the day today?

I thought money market funds settled at the end of the trade day. So wouldn't it be in my Ally account on Monday?

Yes you should probably initiate today. I did and was told the money would be at Ally on Tuesday.