Dear Mr.Michael A. Carpenter (CEO)
I had set up a custodial account for my minor child. When he turned 18 and was going off to college we wanted to change this from a custodial to a joint account. On Aug. 11, 2012 I spoke to one of their representatives and was instructed to send a “letter of instruction” along with a copy of my son’s drivers license. This was done the same evening.
No notice from Ally. I followed up and was then told that I needed to send a copy of an envelope showing my son’s home mailing address. This was done on Aug. 23rd. I was told that I would hear something in 1 week.
No response from Ally. I followed up again and was then told that I now needed to fax a copy of his SS card. This was done on Aug. 31. They couldn’t find the fax and then asked that it be resent which was done on Sept. 5th.
Today I’m told that they have the necessary documentation and now after a whole month of waiting will begin the process of making the account changes.
Be prepared for many 3-4 minutes holds over many days. It’s impossible to speak to the same person twice or get anything accomplished.
Ally’s not a bad bank as long as you don’t need to speak to anybody or have anything done!
I've used Ally for several years. I love that they do not charge a ton of fees, and they reimburse ATM fees charged by other banks. However, the only way to deposit is by either an eCheck or mailing in a check. Their website advertises next day availability, however I have never had an eCheck deposit post in that time frame. They always take a week. According to them, this is because my account has too many over drafts. I've had two in the past year, while waiting for a deposit to post. They're awesome if you direct deposit everything, but check deposits, try to avoid them if you can.
Tried to transfer $250K into Ally. They transferred it TWICE. Overdrew me at my bank. Took DAYS to get straight while my money did not earn interest. Excuses, excuses, excuses. Don't think they'll get any of my business again.