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Ally Bank Review – Online Bank With No Minimum Balance Required

By Kalen Smith

ally bank logoAlly Bank was started in 2009 by a bank holding company, Ally Financial, as an online retail bank. Ally Financial states that when it launched Ally Bank, the intention was to offer low fees by reducing the costs of maintaining a physical location.

Furthermore, the bank set out to provide customers with 24/7 support, as well as the flexibility to move their money at any time. Since its inception, Ally has quickly grown to become a well-respected financial institution by many customers, and was even hailed as one of the “five great Internet banks” in 2011 by PC Magazine.

Key Features

Ally Bank provides a number of different services to its customers, including a variety of CDs on which early withdrawal penalties are not charged and no minimum deposit is required.

  • High Yield CD. The high yield CD account currently offers a very competitive annual percentage yield (APY) for 12 months. Also, Ally offers the “Ten Day Best Rate Guarantee,” ensuring that its customers receive the best rate the bank offers within 10 days of opening an account. Ally does not require a minimum deposit for opening a CD.
  • Raise Your Rate CD. Ally provides the option to raise the rate you earn on their CDs. The frequency at which you can raise the rate depends on the term of the CD. For instance, if you hold a two-year CD, you can increase the rate once at your discretion during the time you hold the CD, and twice if you hold a four-year CD. Also, the rates on the Raise Your Rate CDs are higher than the high-yield CD.
  • No Penalty CD. Most CDs have early withdrawal penalties that can cost you as much as 10% of your balance. The No Penalty CD lets you withdraw your entire balance at any time without any penalties. The caveat to this, however, is that the interest rate is a bit lower compared to the High Yield CD.
  • Online Savings. Ally Bank’s online savings account offers one of the highest interest rates in the industry. Six transactions are allowed monthly.
  • Money Market Account. Ally’s money market account provides the same benefits as the online savings account, except customers receive a debit card and checks. Like the savings account, six transactions are allowed monthly. There are no ATM fees, and the first 50 checks are free. In fact, if you stick with the standard checks, they are always free with this account. The APY is currently the same as that of the online savings program.
  • Interest Checking. The Ally Bank checking account pays interest with the rate depending on the account balance. Other features include cash back when you shop, free online bill pay, free checks and unlimited check writing, and no ATM fees.

ally bank screenshot

Advantages

Ally Bank’s online banking system provides a number of benefits customers may not receive from brick-and-mortar financial institutions. These benefits include:

  1. Accounts Are Managed Online. You don’t have to go into a bank to deposit or transfer money. Transactions are conducted by mailing a check, wiring money to Ally, or scanning and submitting a deposit with Ally eCheck Deposit.
  2. You Can Start an Account With $0. This is a feature that is provided by Ally Bank’s money market, interest checking, and high yield savings accounts. You can simply register for an account and put money in whenever it is convenient for you.
  3. No Minimum Balance Required. Most banks will require you to maintain a minimum balance. As long as you are with Ally Bank, you can maintain whatever balance you’d like.
  4. No Monthly Fees. Many banks charge a fee for their services. Ally Bank does not charge anything to maintain an account.
  5. Interest Is Compounded Daily. Almost all banks compound their interest once per month. Ally Bank accounts, however, accrue interest every day. Over time, this can significantly increase the amount of interest your account receives.
  6. No Penalty for Early Withdrawal From CD. CDs pay a higher interest rate than regular savings accounts under the condition that the money is left untouched. Generally, banks will charge a hefty penalty if money is withdrawn early from the account, which often amounts to six months interest. However, Ally Bank does not charge any fees for early withdrawal from its No Penalty CD.
  7. No Fees on ATMs. Many bank policies charge users every time they use a non-affiliated ATM, but Ally Bank provides free ATM usage to all members.
  8. Real-Time Suggestions to Move Money. Ally Bank will email you every time you have an opportunity to earn more money by creating a new account. These alerts save you the time of having to keep up with the different accounts offered and track interest rates for the best deals.

Although most online banks operate very efficiently, many other online banks do not provide the same perks as Ally. For example, of the top online banks according to Consumer Reports, ING Direct is the only one that does not require a minimum balance. Also, Ally Bank’s APR on its savings accounts is higher than four of the seven banks on the list.

ally bank savings great rates

Disadvantages

Despite its excellent services, Ally Bank still has a few limitations and drawbacks, as do all online banks, that customers should be aware of:

Disadvantages of All Online Banks

  1. Security Threats Exist. Electronic accounts in all online banks are vulnerable to hackers. Although Ally takes measures to keep its accounts secure, this is always going to be a concern for anyone who keeps money in their accounts.
  2. Switching Banks Is Complicated. If you change your mind and would like to transfer your funds to a different bank, it is going to be more difficult to do so with an online account. Therefore, customers should only consider opening an account with Ally Bank if they are seriously committed to it.
  3. Deposits and Withdrawals Can Take Longer. Transactions conducted online take longer than with brick-and-mortar banks. The wait time on transactions for some customers making deposits has been up to two weeks.
  4. No Physical Assurance of Assets. While traditional banks provide safe deposit boxes where customers can store their valuables, online banks obviously cannot provide such a service.

Disadvantages of Ally Bank Specifically

There are several problems specific to Ally Bank that customers need to take into consideration before creating an account:

  1. Certain Services Aren’t Available. Ally does not provide loans or business checking accounts, which is frustrating for many clients who would like to set up both business and personal banking with the same institution.
  2. Lacks Personal Services. Although Ally is recognized for providing excellent customer support, there is only so much that they can offer online and via phone. Many online banks have physical locations where the tellers and bankers get to know you personally and can offer more immediate assistance.
  3. Not Accessible With Smartphones. Customers have complained that one of the problems with Ally Bank is that they cannot use smartphones to access their accounts. Other providers such as ING Direct allow customers to use smartphones.
  4. Website Is Difficult to Use. Some reviewers have stated that Ally’s website is not as easily accessible as ING Direct’s. Although they feel the Ally Bank site has a good layout, it still doesn’t provide the same search features offered by ING Direct or other online banks.
  5. Lacks Overdraft Protection. Ally charges a $9 fee for every day an overdraft takes place. However, Ally does not charge more than $9 in overdraft fees in any day, even if there are multiple overdrafts.
  6. Some Rates May Be Lower at Other Online Banks. Look around and compare your options before you set up an account with Ally. You may be able to get a better deal with institutions such as ING Direct or EverBank.

Final Word

Ally Bank has many great features, charges low fees, and frequently offers better rates than many of its competitors. Also, Ally is recognized for the wide array of services it offers. However, Ally does not offer business banking, nor do they have any brick-and-mortar locations set up at all. This can be a problem if you’re looking for occasional in-person financial services.

Have you used Ally Bank? Would you suggest setting up an account with Ally, or do you prefer other online banks?

Kalen Smith
Kalen Smith has written for a variety of financial and business sites. He is a weekly contributor for Young Entrepreneur and has worked as a guest blogger on behalf of Consumer Media Network. He holds an MBA in finance from Clark University in Worcester, MA.

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Comments

  • Karmella

    I haven’t put any money there as of yet, but I have friends who have and I have heard that it’s a smooth process.

    Are the “customer service agents” through online chat bots or are they actual humans (just curious, if you could tell)?

    • Mark Riddix

      It appeared to be actual customer service reps because they provided a customized answer. Normally bots give you generic information.

      • http://www.ally.com Ally Customer Care

        Karmella,

        Thanks for the question and for considering Ally for your banking needs. Mark thanks to you for chiming in on our behalf and you are correct! I am happy to let you know that our Customer Care Associates are real folks who are here to answer your questions via phone and chat 24 hours a day, 7 days a week. For more information on our current products and services or any additional questions you may have, please visit us online 24/7 or via phone as well.

        Ally Customer Care

  • Em D.

    I’ve had accounts with ally for years (previously called GMAC). The high interest rate cd account has done quite well- though the rate is only around a third of what it was when I opened it- but that’s industry wide. Overall, I’ve been very happy with them. I believe you get real people when you call and they are nice and helpful- though I think I’ve only called about forgetting my password.

  • http://madsaver.com Mac

    They do sound decent, but don’t offer enough incentives for me to consider switching at this time. The interest rates are better than average. I don’t like the fact that you are only allowed 6 trx/month in the savings acct…then again, I probably wouldn’t need more than that. I just don’t like limits.

    • Mark Riddix

      That’s actualy a law for all savings acounts. You are not allowed more than six transfers or withdrawals in a month.

    • Ben TEN TEN

      You’re right, if they can allow 6 transactions, why not 10, or 20 or unlimited? It’s all a scamm, just to save money on their part so they can have 10,000 times more on the books than they can spend in a thousand lifetimes instead of just a thousand times more. Expect another crash, in the very near future, for no other reason than greed itself, but even sooner if it becomes a Romney/Ryan administration; you’ll then get to witness greed in its highest glory, and the tragic results in its aftermath.

  • Elizabeth I

    I used to have accounts with GMAC and other accounts, then we simplified our banking and are going with one bank. However, I think I really need to revisit Ally, thanks for the detailed post.

    • Mark Riddix

      You’re welcome.

  • Paul S

    Folks I would not open an account with these theives under any circumstance. I made that mistake and still paying for it. Seems they could not automatic deposit my first paycheck in to the account. so I overnitghed at cost of $52 the check. Seems there was no one there on Saturday to accept the check so It was not delivered unitl Monday morning. Tuesday my Account showed the check deposited and my available balance was what I was expecting to be, so I started paying my bills. Next morning I now see a negative current balance and multiple 9.00 fees. Called the bank and they informed the check had a 10 day hold on it. So here I sit being payed but not able to access the funds. Next up they start sending out bill pays for bills I expected to have money for. They sent one out the 21st of the month and it has yet to arrives and tomorrow it will be late. Look at my account today and they sent another one to the same place that was not authorized. I have closed the savings account and just waiting for the hold to finally clear and I am gone from this bank. I would not trust ally to take out my trash let alone handle my money.

    • http://www.ally.com Ally Customer Care

      We are Ally Customer Care and are sorry to hear you did not have a good experience with us. We’d like to look into your situation further to see what can be done to address your concerns. Please send us an email at [email protected] and provide your contact information so that we can contact you directly. We look forward to hearing from you at your earliest convenience.

      Ally Customer Care

  • clay

    After setting up an acct with ally, I then initiated a fund transfer to ally (using ally’s online system). I called ally beforehand to make sure it would be ok since the 30 day time frame to deposit was approaching. I was ASSURED that as long as I initiated the transfer before 30 days, it was fine. I waited patiently for several days but received nothing from ally.. no e-mail, no phone call. I signed onto my ally acct. and now my balance showed a NEGATIVE dollar amount instead of zero. When I called them, they said my acct had been closed because I didn’t deposit money in time! BUT.. they had taken my money from my other bank! Incredulously though, they said at the same time that since the acct. was closed that they DIDN’T really have my money! My “old” bank confirmed the monies had been sent to ally. MORE calls to ally.. they have NO idea where my money is or how to get it back! I go into my “old” bank and they actually spend a LOT of time helping me figure it out although they had NOTHING to do with the problem. With the information (ACH tracking numbers that ally wouldn’t bother looking for) from my “old” bank, I call ally AGAIN ( I don’t even know how many times I called ally). This time (after mentioning perhaps banking authorities might be notified) they miraculously are able to find the money! I am STILL waiting for the money to be returned to my “old” bank. Funny.. their claim to fame.. being an ultra modern, high-speed, web-based bank.. sure seems like BS when you consider it has been over TWO WEEKS and I STILL don’t have my money back and they weren’t able to find, track, or identify ANYTHING! I had to go into an old-school, brick and mortar bank and have a REAL PERSON help me! So, an online bank may give you a little interest and allow you to use ATMs nationwide, but JUST WAIT until something goes wrong! THEN you will wish you had a REAL PERSON to help you! The winner here is oddly enough.. BANK OF AMERICA (my “old” bank)! haha! Caveat Emptor!

    • http://www.ally.com Ally Customer Care

      Clay, we are Ally Customer Care and are sorry to hear you did not have a good experience with us. We’d like to look into your situation further to see what can be done to address your concerns. Please send us an email at [email protected] and provide your contact information so that we can contact you directly. We look forward to hearing from you at your earliest convenience.

      Ally Customer Care

      • Gareth Cook

        Clay – All I can say is wow. I’m so sorry to hear that. Hope it all worked out in the end.

    • AvoidAlleyBank

      My money has been held hostage for over a month .. did this get resolved?

  • Mike

    Ally bank will lie straight to your face and smile while doing it. I have had my savings acount for over a year with Ally bank and thought everything was good until they started charging me tons of fees that they specially had told me that didn’t charge. Don’t use this bank unless you want to wake up one day and see your account pounded with fees when you though you had a “free” account with “no fees”. SURPISE there is a reason why the interest rate is so high, they make up for it with fraudulent fees. I am filing a small claims case in the state of Pennsylvania – go check out the court records.

    • Largee

      Can you elaborate what kind of fees you were charges? Every bank charges fees. It’s a fair game so long as the fees are clearly disclosed (in writing), albeit in fine (or micro) prints.

  • http://www.nwtaxpreparation.com/ NW

    Ive been looking for a new bank to use ever since chase started charging a 10$ monthly fee for your checking accnts. and this one looked promising but after all these negative reviews it made me pause, I’ll have to look into this deeper before i decide to switch banks.

  • Angry Client

    TERRIBLE EXPERIENCE—I applied for a mortgage through GMAC (now ALLY) about a month ago. I was told for the past three weeks that everything was going great and the loan would be finalized soon. I received a wonderful credit and interest rate….and then, last Friday got a call from them saying that despite making more than enough money, despite a previous mortgage with GMAC with an excellent payment history, despite credit scores over 720, etc etc etc, that they do not want to give the loan.

    They made the illusion that I had the loan and everything was going to go through fine for a month straight and then said no. They gave me NO explanation or reason why. This was a TERRIBLE EXPERIENCE, now I have to close in less than a month on the house I am buying because they wasted my time for a month straight. I wish that they were allowed to fail as they are failing to provide the services they advertise. It is all a facade, they got the bail out and they are not lending the money out and the customer service is terrible. No wonder they are changing there name to ALLY bank, they need to bury the skeletons they have. It is practices like this that make it obvious why they were in the trouble they were in financially and why THEY SHOULD HAVE BEEN ALLOWED TO FAIL!

    • Ben TEN TEN

      You are so right, and you best believe these banks will be in trouble again, but this time, no-one will be able to help them out, because the country itself will be in just as bad of shape for allowing this and many other unjust business practices to go on far too long and still is.

  • Fornerb

    Do not open an account with these crooks-switched all accounts from a traditional bank to them. Wife called to set up access to joint account which led to them placing holds on all accounts, rejected debit card transactions and declined checks. Have emailed them trough their website and called numerous times to unlock the accounts. Service reps are ridiculous-”someone will call you within 48 hrs”–call them back after 48 hrs and get “someone will call you within 48 hrs”. They will, of course continue to accept direct deposits into account, but nothing they can do to unlock account. A great business plan for Ally-accept money but hold it hostage. Best I could do was a frantic call to company HR to change direct deposit as to not give these crooks any more money. I have filed complaints with FDIC & PA attorney general and continue to wait for that call within 48 hrs. Class action suit cannot be far off.

    • AvoidAlleyBank

      This happened to me as well, so it looks like they are still doing this. Can you share with me how you resolved this and what legal action i can take?

  • http://www.yourPFpro.com/ YourPFpro

    I don’t think you can completely switch to Ally Bank yet, but it is a great supplemental option to your B and M bank. I use Union Bank of CA since I have so many direct deposits linked to them and just in case I need to go in and get a money order. But I primarily use Ally for my day to day transactions like ATM withdrawals and writing checks.

  • Hokie

    Ally offers a superior product, but their customer service and bank processes are lacking. I opened an Online Savings account with $20,000. I received a call the next week from Ally notifying me that they accidentally withdrew the $20,000 twice from my account, and asked me to call my other bank to try to stop the transaction. My other bank told me that Ally was the only entity that could stop the transaction since they were the side that was initiating the withdrawal. I called Ally back and the agent told me that Ally’s system is not able to stop an initiated transaction. The entire time they treated me like it was my fault and I received no apology. I contemplated closing my Ally account in frustration, but decided that it would be counterproductive. My other bank charged me a $25 insufficient funds fee that Ally only refunded once I sent them a scan of my other account statement and after several calls. The credit shows up as a “Goodwill Credit” in my Ally account. It should have said, “Refund due to Ally mistake.” Now I have spent several hours and have a returned check status at my original bank due to an Ally mistake and have yet to get an apology or anything for my trouble from Ally.

  • Lukeduq508

    DO NOT do business with Ally Bank. I had a car loan through Ally. I then “tried” to refinance through a credit union. Apparently, I hadn’t endorsed the check to Ally properly, so after 3 weeks of hearing nothing, I had to do all the detective work to find out what the problem is. They claim to have sent the check back to my credit union, but didn’t. Then, I had to sign an Indemnity Agreement stating that I wouldn’t cash the check. Ally also had to sign this…it took them over 5 weeks to sign 1 piece of paper that literally had 3 pieces of information to input. Finally, another check was issued to Ally and the loan paid off. I was told I’d be refunded all my extra payments that I continued making while my check was “lost” and it’s been 3 weeks…so we’ll see if I ever get this money back.

    • Lukeduq508

      The whole process is approaching 4 months

  • Ralph

    I have several accounts and cd’s with Ally. I’ve been with them for years and never had a problem and was never charged any fees what so ever.

  • Loanpioneer

    Lets just say DO NOT let ALLY BANK finance your car! Wanted to pay off my car to these idiots, called them and they told me oh just pay online …AHH NO you dont cause if you have any else buying your car it can take up to 3 weeks for paper work …So then I called again and a supervisor told me to send Money Gram and cancel my my online payment….So I did and I called to confirm this while MY Bank listen and again this is what they told me so My Bank went ahead and fronted me my money and they will get it back from ALLY….So it has been four days and they still said they have NOT received any MONEYS and MONEY GRAM is instant and money Gram has a receiver code …sure enough money gram says they (ALLY) has received this money on Thursday which was last week! OUT 10,000 Just sayin CROOKS! CALLING FDIC NEXT

  • Monica

    Don’t let a few disgruntled customers change your mind about Ally. Every company/service has people that had a bad experience. I absolutely love Ally bank! In our digital world today, there is no need to go to a bank, so I do not miss the personalized service. I have spoken on the phone two different times to Ally bank representatives and they were so friendly and helpful! And they are available 24/7.
    I never have to worry about ATM fees and this review did not mention Ally Perks! I get cash back for shopping at certain stores (one of them being Target)!

    This review says the website is difficult to use, but I think it is very clear.

    I have been recommending Ally to everyone I know since I opened the account a year ago.

  • terrilynnmerritts

    Ally Banks is FANTASTIC! I have had no problems with their site and don’t see anything confusing about it at all. Well, duh, of course this online bank does not have brick and mortar locations so can’t offer safety deposit boxes and guess what, your info can be hacked from a brick and mortar bank or stolen by unscrupulous employees. Who says you have to use your phone to bank anyway. It is in no way difficult to move your funds from an online bank like Ally if you change your mind. Ally will give you a free transfer or else just write a check for what is in the old account and deposit it in the new one.
    Here is what I love about Ally:
    (1) FREE checks
    (2) FREE Mastercard Debit Card
    (3) FREE ATM use (ANY ATM. They refund any fees others charge)
    (4) Free postage paid envelopes to send in deposits
    (5) You can scan deposits
    (6) FREE transfers to another account
    (7) Very friendly and helpful customer service people
    (8) NO monthly fees no matter how low your balance goes
    (9) NO minimum to open an account
    (10) Good interest paid on accounts
    (11) Direct deposit of paychecks, IRS refunds, Social Security or whatever you need
    (12) Interest is compounded daily, not monthlty

    I am very fussy about my banking needs and am delighted with Ally. I think a number of people here are grumbling about problems with GMAC and not Ally.

    • sallypants

      Thank you for this! I’ve been very interested in opening an Ally account as a joint bill pay & savings account for my husband and me. Currently, I only use my bank ATM & online services anyway, so this one sounds more my style & the interest rates are awesome. Glad to hear from someone who is satisfied.

      • terrilynnmerritts

        I even suggested this to my own elderly relatives so they can have direct deposits there and since I have to tend to their affairs, it makes it simple for me to keep up with what is going on in their accounts. I love getting free checks and especially that if you use an ATM that charges you a fee, they refund it to you so you can use any ATM that has the MasterCard logo. They pay interest on the checking too and there are no monthly fees even if the balance is $0. Like you, my husband and I do our banking online anyway. Ally gives you free post paid envelopes to mail in any check deposits or you can scan them. No need to go anywhere but the ATM and of course, you can use the MasterCard Debit card and checks to shop in stores, online, and pay bills.

    • http://www.facebook.com/profile.php?id=578740496 Eric Merz

      I just opened my account and it’s good to hear! I was worried when my initial funding of $25 to my High-Interest Checking account posted, but still showed available balance of $0, making it look like I’d overdrafted my account $1.25 when I used my free debit card to buy a soda (work got cardswipey machines, yay). But my paycheck direct-deposited with no problems, and I love that I got checks for free too! I didn’t know about the free envelopes for deposits! I’ll have to look into this!

  • Mike

    Ally Bank are crooks. They are Gmac theives in sheeps clothing. They did not have enough money on hand to become a bank and receive TARP Money. They were allowed to get this money after bankrupting many hard working dealers. Their parent company is Ceberus, in greek mythology Ceberus is the three headed dog that guards the underworld. Ceberus was a 180 billion dollar company going bankrupt. So, our government bailed the theives out so they could survive and screw more and more. You are complete idiots to do business with these crooks.
    Previous Dealer

  • Jude Lb

    I have opened a savings account and am currently transferring most of my savings account balances from my other banks, not one of which is as high as Ally. For instance, I have a “high yield” money market account at Capital One, which boasts a 0.5% APR. That was better than my other savings accounts, which were between 0.1 and 0.25%. The fact that Ally is almost 1% for a regular savings account puts them head and shoulders above every other bank I deal with, and I currently have money in 4 other banks.

    I highly recommend them, especially after reading this review!

  • Kim Barnabe

    ALLY IS THE WORST BANK EVER!!! AFTER 11 DAYS, MY DEBIT CARD STILL DIDN’T SHOW UP AND I CALLED THEM. THEY TOLD ME TO ORDER A NEW CARD AND THAT IF THE OLD ONE SHOWED UP, I COULD STILL USE IT…LIE!!!! I FINALLY GOT THE 1ST CARD AND THEY LIED AND THEY CANCELLED IT!! ALLY HAS HAD MY MONEY FOR 2 WEEKS AND I HAVEN”T BEEN ABLE TO BUY FOOD OR GAS….ERIC HERNANDEZ WAS AWESOME BUT THE REST OF THE CUSTOMER SERVICE TEAM ARE LIARS!!! KEEP YOUR MONEY, PICK ANY OTHER BANK….I WILL NEVER USE ALLY (AND I WAS RESEARCHING CAR LOANS…THEIR RATE WAS GREAT BUT NO WAY I’M USING THEM!!!) RUN!!!!

    • AvoidAlleyBank

      Thi9s happened to me as well. Can you tell me if it was resolved?

  • Kim Barnabe

    ALLY IS THE WORST BANK EVER!!! AFTER 11 DAYS, MY DEBIT CARD STILL DIDN’T SHOW UP AND I CALLED THEM. THEY TOLD ME TO ORDER A NEW CARD AND THAT IF THE OLD ONE SHOWED UP, I COULD STILL USE IT…LIE!!!! I FINALLY GOT THE 1ST CARD AND THEY LIED AND THEY CANCELLED IT!! ALLY HAS HAD MY MONEY FOR 2 WEEKS AND I HAVEN”T BEEN ABLE TO BUY FOOD OR GAS….ERIC HERNANDEZ WAS AWESOME BUT THE REST OF THE CUSTOMER SERVICE TEAM ARE LIARS!!! KEEP YOUR MONEY, PICK ANY OTHER BANK….I WILL NEVER USE ALLY (AND I WAS RESEARCHING CAR LOANS…THEIR RATE WAS GREAT BUT NO WAY I’M USING THEM!!!) RUN!!!!

  • http://www.facebook.com/oscar.castillo.798278 Oscar Castillo

    Double Posted PLEASE DELETE!

  • http://www.facebook.com/oscar.castillo.798278 Oscar Castillo

    I’ve been with Ally for about 3 months and I have to say it is very simple & I’d recommend to anyone. Only downside is the time it takes to transfer funds between banks but all banks have that issue.

  • DeepThought42

    My business has carried our main banking account with Wells Fargo for over ten years. Today as I attempted to deposit a $68,000 check into my account the manager at Wells Fargo Bank, 3010 Williams Boulevard Southwest, Cedar Rapids, IA (319) 398-4760 insisted that he had to put a hold on the deposited funds since the check wasn’t drawn on another Wells Fargo account. It was a check from a public school district so the deposit is good as gold. I’ve deposited over $300,000 checks before with no problems at all. Now, I have checks written to my suppliers that may have a problem clearing since they won’t acknowledge that the funds are deposited. Wells Fargo is really starting to suck!

  • NH

    Ally still makes excuses why they don’t have features they promised – just teasers, while not delivering anything. On top of that I just had an experience where their loss prevention/ fraud department gave me a major attitude with the “I don’t care” attitude about them taking my money hostage. They froze my account without any warning. I lost access to my bank account, bills weren’t getting paid, couldn’t access to set up bills, couldn’t get cash out from ATM, etc. all b/c I had called in the general customer service dept raising my concerns about the billpay not working correctly (payee information was being altered without me doing it – such as payee address and acct number – which resulted in some of my bills not getting paid. Was able to find multiple case of similar glitches once I started investigating). The general customer service dept’s hands were tied as they also didn’t know what was going on and couldn’t get access to my account. Turns out that the fraud department started looking into the issues I reported, froze my account without notice, and left for the weekend as their FRAUD department only works 8am~5pm ET. I was left without access to my account all weekend without notice. Again, no bill pay, no access, no ATM use. When I finally got a human being from the fraud department on the phone on Monday, the gal who was handling the case took a tone with me (defensive). So I asked to speak with the supervisor – who all he did was try to get rid of me and totally had the “I don’t really care” attitude while giving me excuses. No sincerity for what they put me through what so ever. The general service department was clearly trained much better to be professional and be polite and apologetic when they couldn’t help. However the fraud department was unprofessional, insincere, and just a 8-to5?er who didn’t care.
    I am leaving Ally not only because they promised features they can’t deliver but because of the billpay issues I’ve experienced, along with the most terrible customer service I received from the fraud department. They took my account hostage without notice and they didn’t even apologize, just saying “that’s our process” – what a cop out to blame the “process”. I’ve spoken to other friends who recently also joined Ally. They told me their nightmare stories and we’re all leaving. I can’t stay with a bank I cannot trust. No way I can trust my money with this bank – I’m just so shocked they get away with this. They spend all their money on advertising and promising features they don’t have. Now I learned that their “process” is messed up and they don’t have respect for their customer and their money. I baffled they can get away with this.

  • Chris Miller

    “Absolutely terrible bank!”
    Spent 2 weeks setting up account, sending in signature cards, etc. After my employer direct deposited my first check ally closed down our account claiming we had “business activity” because of the direct deposit! Then the lady Nicole in the fraud department was absolutely rude to us and treated us terribly. She wouldn’t listen, continued to talk over us, etc. These people are insane! Avoid at ALL costs!

  • Britt28

    I found that Ally had the best rate at the time for a high interest savings account. After submitting an application, I was contacted a week later that they were in need of a copy of my license. I faxed it over and about a week later was contacted that it was illegible and needed to be faxed again. I enlarged the license even more and tried again, and received yet another call that it was illegible. This happened once more, and this time I requested a mailing address as this seemed a bit ridiculous as I had made the license as clear as possible. I attempted to fax it a fourth time and spoke with a representative who stated it did come through clear this time. I waited a week and received another call that I needed to fax over the license of the secondary on the account. I asked why this was never explained two months ago when this all began. They just apologized, but explained that it was necessary.
    I decided that with all the red flags and getting nowhere with my application, I should look elsewhere. A couple days ago I received a letter from Ally stating that since they attempted multiple times to contact me for documentation they would decline my application. Ha!
    This lack of customer service and better business practice has guaranteed that I will not be giving a dime to Ally bank, and I caution others to avoid this headache.

  • Chris M.

    Ally bank shut down our account after an employer made a direct deposit to it and they claimed because of that, our account had “Business activity”. The account has been tied up in the fraud department for 2 weeks now and they have taken $1300 from us and won’t return it! When you call the fraud department – they are rude, will hang up on you and won’t tell you much of anything. I cannot even believe this is a real company!

    2 weeks ago we were told a check was being cut and we still haven’t seen it. This bank is running a scam and CONSUMERS SHOULD BEWARE!!!!!!

  • Corey

    At a glance, it seems like the main complaint people have is with the checking and savings features. Has anyone had any issues with only opening a CD with them?

  • MN_Minneapolis

    I have had Ally for a year, I have given them chance after chance to get it right. They are the worst. When it comes to timely and reliable bank transfer, paying a bill, or any type of electronic transactions, there take forever. I have 3 bank accounts and none have given me these types of problems. It’s bad because it is online, so you can’t go into a location to speak with someone and customer service gives you that “o well, we are sorry” attitude when you call. I would not recommend Ally to anyone and I have closed my account with them. The only good thing about this bank is the refund on ATM fees, but with all the other hassel, it’s not worth it. I would say, this bank is only good for savings accounts, if you want to put your money somewhere and let it sit to accrue interest, then yes. But if you need an account for everyday living use to pay bills and complete transaction with, Ally is not the bank. Two thumbs down

  • KLopez

    It’s ok enough if you only want a savings account. I opened an account about a year ago to save for my wedding. Transfers take forever, but I didn’t need the money right away. I was told that it would be simple to later convert to a checking account if I needed to make more transactions per month (there is a $10 fee for any over 6). I tried to open the account online, was told that they needed to investigate some more, and got denied. I closed my account immediately. I am not going to pay them to get my money. On the plus side, the customer service rep didn’t try to talk me out of it and was very nice

  • ALLY WORST NIGHTMARE

    I’M STARTING A CLASS ACTION LAWSUIT.IF ALLY HAS DONE YOU WRONG TOO.FOR EXPLAIN THEY TOO 2 GRAND AND CLOSED MY ACCOUNT .LIKE I WAS NEVER THIERE.PLEASE CONTACT ME [email protected]

  • Leaving Ally

    Worst banking experience ever. I was told to research and ask for a refund in regards to fraudulent charges on my account. Deposits and transfers take weeks to process. Only 1 supervisor working at 9AM EST during primary business hours and would get to me in 24 hours. Wife tried to open an account after we were married and it took 4 months for them to get the account open. Would never have followed through if my accounts were not already open. Shopping for a new bank!

  • Mike Dowlan

    I open an account at Ally so far I am Happy with the Service 100%

  • 4 day Wire Transfer $20 SCAM!

    I tried to do my first wire transfer with ally to another bank. The rep told me that a wire transfer would post sane day, as long as I faxed their wire transfer form to them before 3pm est on a buisness day.. After I faxed my form, I called to make sure they received it…then the rep said it can take up to 2 hours for your fax to come thru and for processing…plus they would have to call me to verify the transaction. The rep put me on hold, and called the wire dept, and confirmed that my form was received, and said he understands that even tho it was faxed to them prior to 3pm, that they still would not have time to process my wire transfer before their 3pm cut off.. This was a Friday over a holiday weekend. They tokd me my funds wohld not post until the following tuesday. So I asked why do you tell your customers as long as you receive the form before 3pm it will post same day, and. Please explain to me why does your wire transfer form state the same thing. If the cut off is 3pm, then shohldnt your deadline or cut off time be set at 10am or noon..to give you guys the 2 hours you need to process and verify my transaction before you shut down at 3pm. This felt like a scam. A regular bank to bank transfer would have made it to my acct by tuesday of the following week for FREE… But the rep talked me out of the transfer and suggested the $20 fee wire transfer. Im dissapointed that they refuse to honor their own wire transfer policies. This could have been avoided if they are honest with their customers and give a true realistic time frame in which it takes them to process a wire. They were absolutely no help. I had no access to my money. They kept saying sorry..the cut off has already past…but I contuously argued the point that you received my form before YOUR CUT OFF TIME. The supervisor said that they have argued with the wire transfer department many times about this issue, and especially the form not being accurate..but told me they refuse to change it after several complaints from customers. Im very dissapointed in Ally bank. Im glad that the supervisor I spoke with offered to refund the $20 wire transfer fee back into my acct. But as for me not being able to get my money same day, and being stuck without it over a holiday weekend. She couldnt help me. This is not a good bank to use if you are ever in an emergency and need your money right away…even a wire transfer will be processed on the same timeline as a regular transfer..except you will be charged the $20 FEE! Please be sure this never happens to you. Take your money elsewhere.

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