I use this checking and savings account for their high rates. I like the free checks and high rates, but the delay in getting deposits credited after the transfer is initiated is a concern. Money comes out of my other account on day 2 and then it is day 4 when it shows up in the Ally account and still not available until day 5.
Accounts statements are accurate and reimbursement of ATM fees is outstanding.
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 authorized a $25,000 withdraw from my checking account to fund a new Ally CD. Ally did the withdraw...TWICE. There is $50,000 gone from my checking account without my authority. When I called them, they said "oops"; we will refund the money in 48 hours. 48 hours later, no money. When I spoke to customer service they said it would take 4-5 more business days to return the $25,000 to my account. This is CRIMINAL. Do NOT link your checking account to your ALLY account. In fact....STAY CLEAR of this bank. They are thieves. I just hope they return my money. I will update when I see the money in my account.
Update...more than a week later, still no money in my account. So I went to my local bank and had them do a transfer back into my local checking account from Ally Bank using a "Written Statement of Unauthorized Debit" form. This form also severed ties with Ally and my local checking account. They are thieves, I repeat, STAY CLEAR of this bank.