MyBankTracker rated Ally Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.
Unfortunately, Ally has not lived up to my original expectation of a pleasant banking experience. On numerous occasions, the bank had gone back on its promises, denying me the bonus rate despite the fact that I had completed a CD term and routed the funds into a new CD or assuring me that funds were going to get applied to my other account with Ally and doing everything in their power to delay the process... The conversations were not always properly documented, making me loose countless hours on the phone, fighting to regain control over my money. One time, when I tried printing out a wire form online, it was unavailable. By the time the form came through in the e-mail, it was too late, and my request had to be delayed an additional day. And on, and on it goes...
I'm confused about the the three-star rating when most of the reviews give a glowing five-stars - maybe there were a few folks who gave one star and that dragged it down? Anyway, as most people have noted, Ally is clearly the best way to go for online banking; and for those who are put off by the lack of brick-and-mortar locations, try thinking of banking differently. If you own a smartphone and a computer, there is absolutely no reason to "go to the bank"! Everything you might ever need to do can be done online and/or on the phone. Ally's phone reps are terrific - smart and patient, knowledgable about the products, and speak clear English (and possibly Spanish as well - I haven't checked). The no fee ATM feature is for real, and it's so convenient. It's also awfully nice to get nearly 1% interest on your savings account when virtually all the other banks give you next to nothing (like .005% or some nonsense, which is effectively zero). You even earn a bit on your checking account. No minimum balances, great online and mobile banking interfaces, great customer service: a winning formula, to be sure.
Nothing but problems from day one. I should have known better when Ally screwed up the opening of my account by losing half my paperwork. I figured it was just an honest mistake. Well it's been nothing but problems and I haven't even had the account for a year. I used the smartphone app to deposit a check a few months ago. It was a little more than six months old. No good. Ally said they can't deposit checks over 6 months. Fine. Now I try to deposit a check from my sister. She didn't date the check. I deposit it and get an email a day later saying it was refused BUT it doesn't say it was because it was missing the date. So, I call Ally and ask the rep, if my check is missing the date, will it be rejected? He said no, it should not be a problem. So, I deposit it again using the app and again I get an email saying your check has been rejected because traveler checks, money orders and postal money orders have to be mailed in. Did I mention that this is a personal check from my sister for $30? So, I call up Ally, explain my story to the rep. and she's very sympathetic, but can't help me. I get transferred to Antonio in Tech support. He confirms:
1. The check was rejected because it had no date
2. Mailing it in to Ally wouldn't make a difference
3. The rejection email is very generic (no kidding!)
I've had more frustration with this Ally account in 10 months than I've had in 30 years of having a bank account.
Now back to my local bank where I get a few pennies less in interest but they do deposit my checks.
I closed my account. It's clear to me that wanting to be a great bank and being a great bank are not the same.