Ally Bank's nightmarish online reviews -- should I be worried?

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rantk81
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by rantk81 » Sun Feb 03, 2019 9:23 am

In comparison to dealing with some other institutions (Chase, Wells, BOA, a local credit union, HSBC, probably a few others too), Ally is the shining star. A non-exhaustive list of things that Ally has done right for me (some things that other institutions had done wrong):

- Ally has no ridiculous transfer limits. I can ACH or wire very large amounts, that other institutions balk at, or require me to physically enter branches for.
- Ally customer service went the extra mile to help me modify the amount of an outgoing wire transfer (on the order of $2xx,xxx dollars) (Needed to add an extra day's worth of pro-rated interest to a mortgage payoff, after I had already submitted the request with the wrong payoff amount.)
- When calling, I've never had to wait long to speak to a rep. They've always been courteous and helpful, and no thick foreign accents.
- All ATM fees reimbursed! No fees on anything! Competitive savings rates!

I'm sure there is the occasional horror story of extremely exceptional/uncommon things happening like paperwork being lost... but I'm sure that can happen at any institution. Ally has been great to me.

camaro327
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by camaro327 » Sun Feb 03, 2019 9:26 am

I've been with them for over 5 years. Excellent website, quick transfers, very nice for savings and checking.

Dream24
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Dream24 » Sun Feb 03, 2019 9:27 am

Same...been with Ally 5-7yrs. No issues at all. Customer service great. Still very competitive their I-rates.

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ClevrChico
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by ClevrChico » Sun Feb 03, 2019 9:58 am

I've been a happy Ally customer for years. There's been a few minor computer system issues on their side. (Typical in the financial world, nothing is 100%)

remomnyc
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by remomnyc » Sun Feb 03, 2019 10:05 am

I can only speak to CDs at Ally. They were a breeze to open. Whenever rates changed, I was able to reach a customer service rep easily and the rep was always friendly, competent, and efficient. I would rate customer service a 10. Their 10-day rate guarantee is amazing. If the rate goes up during the first 10 days, you get the higher rate. I have multiple CDs there from no penalty to one-year earning between 2.3% and 2.5%.

DaftInvestor
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by DaftInvestor » Sun Feb 03, 2019 10:10 am

Their customer service is far from perfect (they provided me some misinformation in the past but it wasn't purposeful) but I don't get how someone could call them thieves, liars or sociopaths.
I think no matter which big bank you look up you will find some bad reviews.

exigent
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by exigent » Sun Feb 03, 2019 10:17 am

We made our opening deposit with Ally on Sept 3, 2010 which was shortly after they re-branded from GMAC Financial to Ally. In the time since, we have maintained a savings account with them, opened and closed multiple CDs (including breaking CDs before maturity), and transferred money in/out via ACH countless times.

Thus far, all interactions with their customer service have been flawless, though the the only direct interaction has involved occasional online chats and/or a rare phone call to close a CD early. For everything else, it's been a seamless, diy experience via their online interface.

I have been slowly streamlining our finances, and am thinking that Ally will probably stick around as our goto option for online banking while closing the various other accounts that we have accumulated while chasing rates over the years.

cherijoh
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by cherijoh » Sun Feb 03, 2019 10:36 am

Jags4186 wrote:
Sat Feb 02, 2019 7:36 pm
SoonerD wrote:
Sat Feb 02, 2019 7:15 pm
Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
The above comment seems to me to be the province of the ignorant and inconsiderate.

Jags, can you shed light on the poor? Who are they? What is the definition you use and where is the line drawn? Since I'm poor and, for many subjects, misinformed I'd like to know more about myself - please enlighten me.
I know my comment seemed flippant, but often when you see complaints about bank products in the guise of “they stole my money”, “they’re holding my money hostage”, “they are ripping me off!” It’s dealing with people who overdraft the account constantly, don’t understand how long ACH takes to process, or are involved in some sort of fraudulent seeming activity such as check kiting.

Far be it from me to say that banks never mess up or cause a disaster for the normal person. But if you take your time to read some of these comments, and read between the lines, there’s often much more to the story than the bank just picking out people to be incompetent with.
There is always a contingent of people who want all the benefits -- without of course any of the restrictions.

I'm sure there are customers who expected to be able to use their high yield savings account as their primary banking account. The most common issue is the restrictions on the number of outgoing transactions per month, which is six by law. This isn't unique to Ally, but I bet that many of the people posting reviews are younger and less sophisticated.

Then there is the natural lag in depositing a transfer into a checking account at another bank. People seem to expect the same immediate 24-7 response that you would get when transferring between checking and savings at the same brick and mortar bank or credit union. They don't like that if you make a transfer Friday night it won't show up until Tuesday morning.

cherijoh
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by cherijoh » Sun Feb 03, 2019 10:51 am

kaneohe wrote:
Sat Feb 02, 2019 7:54 pm
OP.......could you post links to the reviews that bother you: " endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories."
Google only found Credit Karma site w/ 2.5* . Most other sites had 4-5*. The same situation sometimes exists with restaurant reviews on Yelp with a bi-model distributions with many rating 4-5* and a smaller tail with ratings of 2-3 *. Never could understand that tail.
For restaurant reviews, those are usually the people who visited the restaurant at 7 pm on Friday without a reservation and then complain about the horrendous wait time :oops: or who send back their food with a minor complaint hoping to get the meal comped. They are upset when only a free dessert on a subsequent visit. :wink:

It's like surveys. Self-selected surveys usually tend to yield a bi-modal response - people who are very happy and those who are very dissatisfied. People who had a "meh" experience don't respond at all.

Jimsad
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Jimsad » Sun Feb 03, 2019 10:57 am

I had problems with Ally when tried to withdraw money from online savings account .
I closed my accounts with them and switched to Marcus - much better service and has higher rates than Ally

quantAndHold
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by quantAndHold » Sun Feb 03, 2019 11:08 am

Not an Ally customer, so I don’t have a horse in this race. But the internet is a sea of negativity. Anyone with any issue, real or imagined, immediately takes it to the internet. People who are happy usually don’t do that, so reviews skew negative.

What I would look at is what are the reviews for Ally’s competitors like? What percentage of reviews are 1 star for Ally, vs percentage of 1 star reviews for Capital One, for example. I’m guessing you’re going to find that they all have problem reviews, related to customer service issues that people had trouble resolving.

I would also suggest that if you’re just opening a simple account and parking some money there, that you aren’t likely to have a problem with any of the online banks.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Marylander1 » Sun Feb 03, 2019 11:47 am

Consumer Reports also said in March 2018:

"Members also gave high ratings to online-only banks. Among the nine in this category, USAA, Schwab Bank, and Ally Bank were rated the highest in overall customer satisfaction."

https://www.consumerreports.org/banks/b ... it-unions/

Since Consumer Reports gets their data from member surveys (rather than online forums where people motivated to post are more likely to be angry, sometimes beyond logic), I'd suspect CR has ratings more representative of what a Boglehead would experience.

Marylander1

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JoeRetire
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by JoeRetire » Sun Feb 03, 2019 2:33 pm

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield. Has anyone here had any negative experiences with them? Thanks for any input.
I've had nothing but good experiences with Ally for many years.

I think anonymous online reviews are worth just a little less than the paper they are printed on.

trueson1
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by trueson1 » Sun Feb 03, 2019 4:32 pm

I have been with Ally for over 5 years with multiple transfers to multiple accounts with never a problem.

JonFromDimensionC137
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by JonFromDimensionC137 » Wed Feb 06, 2019 7:09 pm

I've used Ally for a couple years now and have had a fantastic experience. Sending/receiving wires, push/pulling ach payments, open/closing CDs, savings/checking accounts, and credit card offerings have all gone well for me. Every interaction with customer service has exceeded expectations and their website is extremely easy to use.
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Vulcan
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Vulcan » Wed Feb 06, 2019 7:21 pm

Another completely satisfied customer here, since 2011. I am not aware of any other banks offering the combination of:

- free no strings attached interest bearing checking account
- 3rd party ATM fee reimbursement
- overnight ACH transfers
- modern, reliable web site with excellent billpay interface
- no fees for overdraft protection (only happened to me once, but was nice to have)
- consistently top savings account interest rates
- good customer service (didn't have to use it much)

I also have checking accounts with Fidelity (I like to have a separate account for checkwriting and ATM access; Fidelity also reimburses 3rd party ATM fees), Schwab (for international 3rd party ATM fee reimbursement), DCU (for best in class mobile deposit) and a local B&M bank (for safe deposit box and dollar coin purchases for the tooth fairy:) - but Ally is the main checking and savings vehicle, and the overall financial hub.
If you torture the data long enough, it will confess to anything. ~Ronald Coase

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IcedDog
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by IcedDog » Wed Feb 06, 2019 11:25 pm

rantk81 wrote:
Sun Feb 03, 2019 9:23 am
- Ally customer service went the extra mile to help me modify the amount of an outgoing wire transfer (on the order of $2xx,xxx dollars) (Needed to add an extra day's worth of pro-rated interest to a mortgage payoff, after I had already submitted the request with the wrong payoff amount.)
I just had a somewhat similar incident where I had to contact Ally customer service for the first time (been with them since 2009). I submitted a wire transfer for a mortgage payoff, but there was no confirmation afterwards. So I logged onto their chat and a rep quickly looked it up and found no transfer, and suggested I submit it again, and she actually waited to confirm that the second try went through before ending the chat (the site did give a confirmation the 2nd time). So kudos to Ally, they've been excellent to me for a decade.

Side note: The customer rep on the chat introduced herself as "Nicole from Ontario"...this is the first time I've ever seen a service chat display the rep's location, which I thought was kind of a nice touch.

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cheese_breath
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by cheese_breath » Wed Feb 06, 2019 11:30 pm

IcedDog wrote:
Wed Feb 06, 2019 11:25 pm
... Side note: The customer rep on the chat introduced herself as "Nicole from Ontario"...this is the first time I've ever seen a service chat display the rep's location, which I thought was kind of a nice touch...
Aren't hey all "Nicole form Ontario"? Which one was it?
The surest way to know the future is when it becomes the past.

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mhadden1
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by mhadden1 » Wed Feb 06, 2019 11:33 pm

trueson1 wrote:
Sun Feb 03, 2019 4:32 pm
I have been with Ally for over 5 years with multiple transfers to multiple accounts with never a problem.
Me too, but all the way back to the GMAC days.
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IcedDog
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by IcedDog » Wed Feb 06, 2019 11:58 pm

cheese_breath wrote:
Wed Feb 06, 2019 11:30 pm
IcedDog wrote:
Wed Feb 06, 2019 11:25 pm
... Side note: The customer rep on the chat introduced herself as "Nicole from Ontario"...this is the first time I've ever seen a service chat display the rep's location, which I thought was kind of a nice touch...
Aren't hey all "Nicole form Ontario"? Which one was it?
There can only be one Nicole from Ontario! :mrgreen:

Momus
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Momus » Wed Feb 06, 2019 11:59 pm

Jags4186 wrote:
Sat Feb 02, 2019 5:08 pm
Ally is excellent. Poor reviewslike the ones you mention are generally of the provence of the poor and misinformed.
:thumbsup

This is like those bad online reviews. When you read the reviews, you realize these people are just morons.

goodlifer
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by goodlifer » Thu Feb 07, 2019 1:02 am

I just initiated a transfer to send my money back to Capital One today. I have had nothing but problems with them. Now they didn't do the automatic transfer from my checking account into their savings account for January even though I had it set in October and they did February's transfer already. Instead of wasting my time calling or chatting to try to find out, I'm just moving on. The last four times I called about a problem, one said he couldn't help me, another suggested some convoluted solution and insisted I wait for her to send me emails that were never sent, and the third gave me such an attitude and actually said, "You know, you could have just done this yourself online." even after I said the other CSR said to wait for emails that I gave her an earful and hung up on her. I called back an hour later only to find out that the missing form I mailed 2 weeks prior magically appeared in their system. I'm planning on leaving my daughter's account there since they pay a much higher rate than Chase for a child's account, but I will yank it if I have another problem with them.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Pacific » Thu Feb 07, 2019 3:47 am

mx711yam wrote:
Sat Feb 02, 2019 6:38 pm
I just moved 100k from ally to CIT due to their poor customer service and refusal to uphold their recent bonus promotion.
LOL

"One man's trash is another man's treasure."

I just put another $100K into ALLY online savings. I LOVE Ally and have for almost a decade. I live overseas and have never had the slightest problem.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by TheOscarGuy » Thu Feb 07, 2019 6:18 am

miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
Hey all. I opened an Ally account several months ago, but I'm still hesitant to transfer any money into it, even though their current yield for a savings account is up to 2.20%. I know Ally is a Bogleheads fave, which initially attracted me to it, but the amount of frightening online reviews have prevented me from going through with it. There's an endless streams of reviews calling them liars, thieves, sociopaths, and worse, along with accusations of withholding money, serious problems with transfers, and other nightmarish stories.

All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield. Has anyone here had any negative experiences with them? Thanks for any input.
I have been with them for over 10 years now. No issues whatsoever! They are really awesome to deal with when I have to call in, and their rates usually are good or catch up soon enough, if you have money in their savings account.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by racy » Thu Feb 07, 2019 7:52 am

I've had checking and saving accounts with Ally since 2013. I've used their mobile app to deposit checks. Zero problems. In fact, one time I overdrew my checking and a penalty was imposed. I called them, explained what happened and they cancelled the penalty! Highly recommended.

eldinerocheapo
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by eldinerocheapo » Thu Feb 07, 2019 7:59 am

I've been with them 6 years and have 20 c/d's and a very large savings account. Not one mistake, ever. Can't say the same about BOA. Why not start small with them, monitor their service, then decide if you want to go big? This is one decision, I'm very glad I made.

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TheTimeLord
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by TheTimeLord » Thu Feb 07, 2019 8:07 am

Jimsad wrote:
Sun Feb 03, 2019 10:57 am
I had problems with Ally when tried to withdraw money from online savings account .
I closed my accounts with them and switched to Marcus - much better service and has higher rates than Ally
Why did you have problems? How did you try to withdraw money, ATM or ACH transfer? Did you have any deposits still in a holding period? Without these kind of details all someone knows you didn't like how things were handled, not whether they were handled poorly or not. As for rates Marcus appears to be setting rates 0.05% above Ally.
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nexesn
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by nexesn » Thu Feb 07, 2019 8:13 am

I second all those who have had great experiences. I was an Ally skeptic just like you. I actually googled Ally bank comments, and funny coincidence, it's home I came to learn about Bogleheads. Anyway, I've had nothing but positive experiences.

One example of their customer service: I signed up for the 1% transfer bonus. I took out my money from the non penalty CD after I'd fulfilled my necessary days. The NP CD closed. They recently tried to apply the bonus money into the closed account, but obviously it was closed. They then called me (it went to voice mail) and then emailed me to say they needed to speak with me. All they wanted to say was that the bonus was going to few days delayed because they couldn't put it into my CD and instead are going to place the money into my savings.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by VictoriaF » Thu Feb 07, 2019 10:41 am

I had only positive experiences with Ally, but I am well aware of the problem of induction: numerous good experiences do not preclude a possibility of bad experiences. When bad experiences happen, people are likely to post them online, both to vent and to increase their chances for the issue resolution. When good experiences happen, people are not compelled to write reviews.

After reading this thread, my conclusion is that Ally should remain a good option for simple activities: savings, checking, CDs. For more complex activities such as brokerage and IRAs, I'll use other institutions.

Victoria
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by MikeG62 » Thu Feb 07, 2019 10:51 am

DaftInvestor wrote:
Sun Feb 03, 2019 10:10 am
Their customer service is far from perfect (they provided me some misinformation in the past but it wasn't purposeful) but I don't get how someone could call them thieves, liars or sociopaths.
I think no matter which big bank you look up you will find some bad reviews.
Agree with this.

By way of background, I’ve been an Ally customer for over a decade now, and my experience with them, although not perfect, has been generally acceptable. I have also had a relationship with both Discover Bank and Barclay’s Bank (online only) that started around the same time. Ally has a better web site than the others (Barclay’s is really lacking). Discover was better back in 2008 with their CD rates and EWP’s (only 60-days on 5-year CD’s). Once those CD’s matured, I kept an online savings account with them for several years, but have since closed it. I will close the Barclay’s account once the remaining CD I have with them matures. So what does all this mean? Ally is the last online bank standing for me.

Now would I keep most of my excess cash at Ally? No I would not. Nearly all of my cash is now at Fidelity (moved nearly all out of Ally back in June of 2018). The largest % is in a 6-month Treasury ladder with the rest in their premium MM fund (FZDXX). Yields better in Fidelity MM fund than in Ally’s online savings or no-penalty CD. Ally’s 14-month CD is interesting at 2.85%. However, tax equivalent yield for me on 6-month Treasuries is around 2.65%. Not really wanting to tie money up for 14 months for an extra 20bps - although reasonable minds could differ.

Getting back to the OP’s question, I would not worry about the reviews you have read. Happy customers rarely post online in survey’s. There is enough on these boards to tell you Ally is a solid choice for an online bank.

As an aide, I would add that I am moving the $200K my wife and we placed at Ally in October (for the one-time bonuses) back to Fidelity. We did it in two ~$100K increments (due to limits in ACH transfers). The first was a push from Ally and the second a pull from Fidelity. The Fidelity pull arrived the very next day (although the funds were not available for reinvestment until a day later), while the Ally push is still in process (will complete on the third business day following the date I initiated the request). Not saying Ally is slower than any other bank, but it appears slower than pulling from a broker. Interestingly, I have transferred funds to my B&M bank (push from Ally) many times and those have completed the next business day. So maybe the larger amount causes a slight delay on their end.
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Beach » Thu Feb 07, 2019 3:47 pm

No problems with them however they are not primary bank. Ally is only where I store my emergency cash in their savings account. I also use it to fund other accounts for free promotional deals and after receiving the bonuses, I bring the money back to Ally. :moneybag

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by travelogue » Fri Feb 08, 2019 9:01 am

We recently opened accounts with Ally. No major issues (one snag fixed quickly) but I am having an issue others are reporting on Twitter as well -- iOS app won't accept login credentials but website (mobile and desktop) work fine. Hopefully they get that sorted soon.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by 3-20Characters » Fri Feb 08, 2019 9:47 am

travelogue wrote:
Fri Feb 08, 2019 9:01 am
We recently opened accounts with Ally. No major issues (one snag fixed quickly) but I am having an issue others are reporting on Twitter as well -- iOS app won't accept login credentials but website (mobile and desktop) work fine. Hopefully they get that sorted soon.
I’m on iOS and the ally app works flawlessly with Touch ID on iPad and iPhone.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by chazas » Fri Feb 08, 2019 9:47 am

Well, that would be annoying. I haven't had those issues, but I haven't yet upgraded my Ally app as it has bugged me to do for the last few days.

I use Citi for "local" banking stuff because of a 20+ year private banking relationship. They're fine and I have someone to call anytime I need anything. But today except for checking, credit cards, and a savings account where I stash cash for quarterly tax estimates (at 1.8%), all my bank stuff is at Ally. A tiny bit in savings but $100K in "emergency" funds in no-penalty CDs at 2.3% and close to $400K earmarked for building a house in a short term CD ladder. I find them super, super easy to deal with. Open new accounts with a few clicks (with Citi, it takes days). Close CDs online and have immediate access to the funds. One day ACH transfers when initiated through them.

I only wish I weren't running out of insured capacity with them - when I hit $500K I'm going to have to find a new bank and as far as I can tell none of the competitors have quite the set of advantages Ally does.
travelogue wrote:
Fri Feb 08, 2019 9:01 am
We recently opened accounts with Ally. No major issues (one snag fixed quickly) but I am having an issue others are reporting on Twitter as well -- iOS app won't accept login credentials but website (mobile and desktop) work fine. Hopefully they get that sorted soon.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Tdubs » Sat Feb 09, 2019 8:04 pm

I was going to move my Wells Fargo accounts to Ally and was trying to convince my kids to do the same (they are in their early 20s). First thing my daughter did was pull up reviews of their app at the Play Store. They are really bad. My kids aren't going to care if the interest they get is 2.2 or 2.0%. But if the app stinks, they are going to hate it.

A few people have commented on the app, but anyone care to comment further? What are the glitches you find?

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by AllieTB1323 » Sat Feb 09, 2019 8:09 pm

Jimsad wrote:
Sun Feb 03, 2019 10:57 am
I had problems with Ally when tried to withdraw money from online savings account .
I closed my accounts with them and switched to Marcus - much better service and has higher rates than Ally
We have had no problems with Marcus. BTW, I have never had an account at Ally but I assume if you have enough clients sooner or later you'll make someone less than happy. Reading these posts most people seem to be satisfied.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by fsrph » Sat Feb 09, 2019 8:16 pm

I've never had problems with Ally. But I don't keep a lot of money there as their CDs have decent rates but are usually not rate leaders. Can find better CD rates elsewhere.

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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by pward » Sat Feb 09, 2019 8:24 pm

dual wrote:
Sat Feb 02, 2019 6:33 pm
miles dewey wrote:
Sat Feb 02, 2019 5:06 pm
All I want to do is simply park about 75K there for at least a year or two, rather than have it sit in a non-FDIC-insured MM fund with a fluctuating yield.
If you are just going to park money without having to withdraw/add periodically consider opening an account at a low-cost broker like Fidelity or Schwab and buying Treasury Bills at auction. A one year T-bill is now yielding around 2.5% with no state income tax on interest. That yields over $200 more than you get from Ally. And both Fido and Schwab have excellent customer service.

If you do need access, put some of the money in a money market fund at the broker and the rest into T-bills. The money market accounts are yielding close to what you get from Ally.

If you need help buying a T-Bill just ask around here. It is easy.
+1. Also, since safety sounds like an obvious concern for OP, there is no bank account or fund that is as safe of a place to hold your money as directly in U.S. treasuries.

Gnirk
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Location: Western Washington

Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Gnirk » Sat Feb 09, 2019 8:27 pm

My DH and I stash most of our liquid assets at Ally. We find it very convenient to be able to transfer funds quickly between our Credit Union checking accounts, and our various investment accounts. Transfers are quick, and so far we've never had an issue in the past 8 years.

As we get older, we find it easier to simplify our financial life. We could chase interest rates for CDs, but all that does for us is make things more complicated.

My brother, on the other hand, enjoys that chase.

3-20Characters
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by 3-20Characters » Sat Feb 09, 2019 9:37 pm

Tdubs wrote:
Sat Feb 09, 2019 8:04 pm
I was going to move my Wells Fargo accounts to Ally and was trying to convince my kids to do the same (they are in their early 20s). First thing my daughter did was pull up reviews of their app at the Play Store. They are really bad. My kids aren't going to care if the interest they get is 2.2 or 2.0%. But if the app stinks, they are going to hate it.

A few people have commented on the app, but anyone care to comment further? What are the glitches you find?
Zero problems.

Horsefly
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Location: Colorado, mostly

Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Horsefly » Sat Feb 09, 2019 9:46 pm

Tdubs wrote:
Sat Feb 09, 2019 8:04 pm
I was going to move my Wells Fargo accounts to Ally and was trying to convince my kids to do the same (they are in their early 20s). First thing my daughter did was pull up reviews of their app at the Play Store. They are really bad. My kids aren't going to care if the interest they get is 2.2 or 2.0%. But if the app stinks, they are going to hate it.

A few people have commented on the app, but anyone care to comment further? What are the glitches you find?
Hmm. I'm very happy with the App.

As has been said many times in this thread, the only people who write reviews have an axe to grind. No one who uses the app to do what they want and then logs out is going to pause and say to themselves "wow, maybe I should do a positive review!".

Having moved from Wells Fargo to Ally myself, my only regret is that I wanted so long. Wells Fargo is really terrible. Get out as soon as you can and don't look back.

tj
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by tj » Sat Feb 09, 2019 10:30 pm

Don't know what the nightmares are, they paid me $1k with no effort...

jeff622859
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by jeff622859 » Sat Feb 09, 2019 10:49 pm

I have been generally happy with ally. However, i did have my debit card stolen and someone spent $100 at a gas station and ally didn’t reimburse me. So that was a bummer.

Katietsu
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Katietsu » Sat Feb 09, 2019 11:25 pm

Tdubs wrote:
Sat Feb 09, 2019 8:04 pm
I was going to move my Wells Fargo accounts to Ally and was trying to convince my kids to do the same (they are in their early 20s). First thing my daughter did was pull up reviews of their app at the Play Store. They are really bad. My kids aren't going to care if the interest they get is 2.2 or 2.0%. But if the app stinks, they are going to hate it.

A few people have commented on the app, but anyone care to comment further? What are the glitches you find?
The iOS app gets 4.8 so this comment made me curious enough to read reviews on Play Store where the rating is 3.6. There are some low ratings related to problems with banking on the app. But the top 3 topics I saw were 1) people complaining about Ally issues like the interest rates should be higher, 2) people complaining about having to update the app too often and 3) people stating that it is not a good app for trading (Ally Invest customers, I presume.)

Since I have not used the Android app, I can’t provide a personal endorsement. But I didn’t see anything in the reviews that would scare me away from trying it for banking.

3-20Characters
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by 3-20Characters » Sun Feb 10, 2019 6:57 am

Katietsu wrote:
Sat Feb 09, 2019 11:25 pm

The iOS app gets 4.8 so this comment made me curious enough to read reviews on Play Store where the rating is 3.6. There are some low ratings related to problems with banking on the app. But the top 3 topics I saw were 1) people complaining about Ally issues like the interest rates should be higher, 2) people complaining about having to update the app too often and 3) people stating that it is not a good app for trading (Ally Invest customers, I presume.)
The way some people rate products is a pet peeve of mine.

Re 1, reminds me of....If you read amazon product reviews you can often find people downvoting a product because the shipping was delayed or some other complaint unrelated to the actual product. I’ve read reviews like this, “I loved the book but it arrived damaged. Total rip off! “ 1 Star. :oops:

Re 2, updates are necessary for all apps and should happen automatically. :oops:

Re 3, legitimate to a degree but ally is a traditional bank. I know of no one managing investments with them.

z3r0c00l
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by z3r0c00l » Sun Feb 10, 2019 7:00 am

Never had a single problem here. I am happy to get less customer service from companies that give better deals. Most customer service (monthly newsletters, constant emails, flashy webpages, a physical bank on every corner in Manhattan) don't do anything for me, and they simply justify lower interest rates or more fees.

Horsefly
Posts: 487
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Location: Colorado, mostly

Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by Horsefly » Sun Feb 10, 2019 11:43 am

Katietsu wrote:
Sat Feb 09, 2019 11:25 pm
Tdubs wrote:
Sat Feb 09, 2019 8:04 pm
I was going to move my Wells Fargo accounts to Ally and was trying to convince my kids to do the same (they are in their early 20s). First thing my daughter did was pull up reviews of their app at the Play Store. They are really bad. My kids aren't going to care if the interest they get is 2.2 or 2.0%. But if the app stinks, they are going to hate it.

A few people have commented on the app, but anyone care to comment further? What are the glitches you find?
The iOS app gets 4.8 so this comment made me curious enough to read reviews on Play Store where the rating is 3.6. There are some low ratings related to problems with banking on the app. But the top 3 topics I saw were 1) people complaining about Ally issues like the interest rates should be higher, 2) people complaining about having to update the app too often and 3) people stating that it is not a good app for trading (Ally Invest customers, I presume.)

Since I have not used the Android app, I can’t provide a personal endorsement. But I didn’t see anything in the reviews that would scare me away from trying it for banking.
I only use the Android app, and have never had a problem with it. It works with fingerprint ID, handles phone deposits without issue, as well as transfers.

As others have said, the first two items you found really have nothing to do with the quality of the App itself, and the third problem has nothing to do with the app and banking, which is - I think - what we are talking about here.

optimpessim
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Re: Ally Bank's nightmarish online reviews -- should I be worried?

Post by optimpessim » Sun Feb 10, 2019 12:35 pm

I am bothered by reading so many positive comments about Ally on Bogleheads. I am one who has had a nightmarish experience. I opened an account and then attempted to deposit an insurance claim check from John Hancock. Subsequently my account was blocked.

Numerous calls to customer service yielded only the info that the Loss Prevention Department was looking into the problem. After 2 weeks it dawned on me that perhaps the insurance check was the problem and finally it was acknowledged that it was. I was told they were going to go to the source to find out if the check was legitimate.

The following week I called again and it was suggested I call John Hancock. Only after a three way phone conversation Ally, John Hancock and me, with the JH rep repeatedly saying the check was legitimate, was the info accepted by Ally. The block was finally lifted but subsequently I receive a letter from Ally stating "We regret to inform you that we're unable to open an account for you at this time, for the following reason: Unable to verify applicants identity." The letter went on to assure me "our award winning customer care is available 24/7 to help with whatever you need." But the account is no longer blocked and my funds are available to me.

Problem is I have now lost all confidence in Ally!!

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