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Ally Bank Savings Account Review

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Last updated on December 13, 2019 Comments: 99

I’ve banked with Ally Bank for years, opening both a savings account and CD. In this Ally Bank review, we’ll look at rates, fees and account types.

Just over ten years ago, General Motors was having trouble remaining in business. Its subsidiary that provided customers financing for automotive purchases, GMAC, converted to a bank holding company. The goal was to take advantage of the Troubled Asset Relief Program (TARP).

In return, it received $5 billion from taxpayers through the government. By this time, GMAC Bank, a division of GMAC, already offered retail banking. Its products included savings accounts, certificates of deposit, and money market accounts.

In an attempt to distance itself from the faltering GM brand, GMAC Bank re-branded itself as Ally Bank. It focused on offering a high-yield interest product. And it began actively seeking new customers and depositors. Later, the bank’s parent company, GMAC, also re-branded itself to become known as Ally Financial. Today, Ally Bank offers some of the most competitive banking products around.

Opening an Account with Ally Bank

Here are my experiences from the Ally Bank account opening process. As I visited the website to begin my application, Ally Bank warned me that I would need my driver’s license (or an alternate state or military identification number) in addition to my Social Security Number to proceed.

Like some other banks, Ally performs a credit check to verify identity. But they may also reject your application if they see you as a credit risk. However, getting rejected because of your credit history is unusual. But since this bank was once a financing company and then a bank holding company, this strategy may become more prevalent.

It look less than two seconds once I submitted my application for Ally Bank to inform me my application was approved. Once inside this virtual gate, I was able to choose whether I wanted to receive paper or electronic statements. I always choose electronic to cut down on paper waste. I wish more services would offer this option from the beginning.

Here’s another great feature: I can create as many separate savings accounts, with their own account names and numbers, as I want. At this point in the initial set-up, I could also add money market accounts and certificates of deposit.

I set up two separate savings accounts, both to be funded electronically from my Citizens Bank checking account. Like configuring linked accounts at any other bank, I will be required to verify two small deposits to ensure I am the owner of the linked account. Options for a one-time initial deposit or a recurring automatic savings plan are available.

Ally Bank then required me to create my security settings for viewing my account information and activity online. The bank has combined most of the security features that have become commonplace over the past few years. I created a username and a strong password, including mixed case letters and numbers.

Then I selected some secret code words and an image I can expect to see each time I log in. I also chose three security questions and answers. Ally provides the option to register the computer you use for accessing the website. This avoids repeated security questions at each online session.

If Ally Bank does not recognize the computer you are using to log into your account, they will send you an email with a single-use password to further confirm your identity. I have not seen this feature implemented anywhere else.

Using the Ally Bank Savings Account

Once logged in, I was impressed with the clean look of the interface.

You can transfer among your Ally accounts and two and from other accounts for free. But keep in mind, for money market and savings accounts there is a limit of six withdrawals per period, due to government regulations.

Ally Bank charges no account maintenance fees and requires no minimum balance. If you exceed the six withdrawals mentioned above, Ally will charge a $10 fee. Cashier’s checks and wires carry an additional cost. A returned deposit item, if a check you send bounces or if you don’t have funds in an external account to cover a transfer, will cost $25.00

The bank is also drawing attention to their 24-hour customer service availability and the plain language used throughout their website. I have not yet worked with Ally’s customer service, but I will be sure to report any future frustrations.

Ally Bank Products

High Yield Savings–This is the best product Ally has to offer in my opinion. The current APY is a robust 1.70%. Ally routinely ranks in the top 1% of all banks in terms of two very important factors: interest rate and customer service.

Interest Checking–It’s not easy to find a high yield online checking account these days. Ally tries their best, God bless ’em. For balances less than $15,000, Ally offers a 0.10% APY. And for balances greater than $15,000, the APY is a much more respectable 0.60%. Either way, Ally charges no monthly maintenance fees, which is rare today when looking for a high quality checking account.

CD’s–If you don’t mind losing a little liquidity for a higher interest rate, a CD is a great option for better returns. Ally has a wide variety of CD options, including high yield CD’s, a raise your rate CD, and a no penalty CD. The no penalty CD is perhaps their best offer, providing a 1.90% APY on balances of more than $25,000.

Money Market–Money Markets have always puzzled me. You see the interest rates above for CD’s and checking. And then you check the Ally Money Market account, and it earns a 0.75% APY on all balances under $25,000 and 0.75% APY on all balances over $25,000. What would possess someone to open a money market account vs. a savings account? The Ally Money Market account does provide a debit card and the use of checks if needed. But you’re sacrificing a lot of interest for a touch of convenience.

Ally Invest–Ally recently purchased the online discount broker TradeKing and absorbed its business. Now, you can not only open a deposit account, but an investing account with Ally Bank. Trades are charged at a flat rate of NOTHING, and options contracts run you $0.50 per.

Is Ally an Ally of Your Personal Finances?


Opening my account with Ally Bank was painless and quick, and I like how the website operates so far. After my initial deposit transfers, I will have a better idea of how quickly funds are available and can be transferred back to external accounts. I will return with more information at that time.

The main question I have moving forward is how long Ally Bank will be able to maintain their position as one of the highest among high-yield savings accounts. Banks have long used high interest rates to lure new customers, only to drop the rates when they become confident in their position as leader.

The American Bankers Association (ABA) sent a letter on May 27, 2009 to the FDIC requesting that Ally Bank be forced to lower their deposit interest rates, citing the bank’s unfair competitive advantage. It is unfortunate that the ABA would take this stance with savers forced to settle for interest rates that will not reach the rate of inflation going forward. The ABA has since removed the letter from the organization’s website, and I would suspect top tier interest rates so long as Ally is in business.

If you are interested, apply for an Ally Bank savings account here and let me know about your experience by commenting below.

Article comments

Bradley Stern says:

I have been banking with Ally for about ten years now, and had never had a problem until recently .
I had used PayPal to send some money to someone, and then there was a few withdrawals in my Ally acciubt which were marked as PayPal eCheck withdrawals, but I had never authorized them, and there was no record in PayPal’s side if them taking place, just the activity being shown in my Ally Account, and the money being withdrawn.
When I called Ally, I was very surprised by their response.
Whenever anything like this had ever happened with a banks credit card before this, the bank had always put the disputed amount back in my account and we filed a dispute together.
In this case, however, Ally too a totally different approach. They told me to file a dispute with them, as I had done, then they told me that when the dispute had been resolved, I would either get back my money, or u woukd not. They also told me that this process could take between 30-89 days.
Now this dispute involved in excess if $2,000. And u was concerned by their attitude.
Then a couple if weeks later, I got a letter from Ally telling new tgat they regard PayPal as a muddle man which deals with a merchant, and that in their mind, that makes them a merchant, and that, in essence, it was my problem
to work out with PayPal myself.
I called them to explain that PayPal gmhsd no record idmf thus transaction, si in their mind, it never took place, and there was nothing to dispute.
I really don’t know where to take it from here, except that I am currently looking for another bank.
Please help me with any good advice you might have that would help me.
Thank you,
Bradley Stern

DC says:

Do not bank with Ally. They will inexplicably block you from accessing your funds. You will not be able to transfer your funds anywhere, not even to yourself! They will deactivate your debit card without notice, and will not mail you a replacement until you realize it does work or an ATM snatch it up, then you still have to call a request a new, then pay $15 to have it (expedited) which will take 5 to 7 business days. Essentially freezing you out of your account. If you file a complaint against them, they will closed your account without explanation. And, give very little to no time to arrange for direct deposit if you get SSI, it takes 2 months for the change to take place. Ally bank will not give you that time and your funds will not be made available to you in Ally bank. They take joy in manipulating your money and at every turn denying you access to it.

Dc says:

I opened an an with Ally bank in July. Shortly after , it took them weeks to finally mail my first debit card. 3 months later, AmazonUK overcharged me then sent me an email to notify the bank (unsual to me). I did, AmazonUK replace the funds in a day. Then, Ally apparently, on the same day deactivated my debit card without notice. And, did not automatically mail me another. I had to call several times, with reps. getting ruder and ruder. When I complained, Ally sent me a notice Dec 11th, stating they were closing my account Dec. 26, 2019. Did not give a reason Banks don’t have to). This gave me on time to be able to get my direct deposit send to another account on the 1st of Jan. 2020. And now I don’t have access to my funds in Ally bank, as they have also deactivated the second card I just received 2 1/2weeks ago, then had to wait another week for the pin. I am also in a foreign country without access to my only source of funds.

Tom says:

Hey!, I’m just putting some feelers out there to see if there’s anyone interested in making a pretty substantial amount of cash in a short amount of time. Only thing this requires is that you have an active bank account or credit card in the US. No cash is required up front to start. Which means your account can be on a zero balance and that’s completely fine. +1(314) 856 1730, lets talk about the next deal

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Anonymous says:

Ally Bank is the worst! They will bend over backwards to set up an account but when you try to remove anything they put up so many barriers and require an inordinate amount of time for the process to clear that they actually make a concerted effort to block any removal transaction.

Anonymous says:

I’m so confused, my credit score has dropped the past year, but I have an account with Ally, its a savings and I wanted to switch my checking (which is through another bank to Ally, due to increasing fees) but I was informed I can’t open an account due to my low credit score, is this normal, to deny opening an account even if you already have one account with them?

Anonymous says:

ONE STAR now. The best thing about this bank is going away in August 2015. They offered free ATM usage throughout the US. If you used an ATM at any bank, grocery, gas station, c-store, etc., your fee would be reimbursed to you at month-end. They also had some network where you could use certain local banks’ ATMs at no charge, without having to worry about fee reimbursement. There are 2 such banks within 5 minutes of me where I have always used their ATM for free. Well, no more of that!

They emailed notices today saying that starting 8/15/15, ATM fee reimbursement will be limited to $10 per statement cycle. So if I go somewhere that charges $3.50, after my 2nd ATM withdrawal in one month, I’ll be paying my own ATM fees. Now, that might make sense for a brick-and-mortar bank, but for an online-only bank which HAS NO ATMs, that’s garbage. Their new 43,000-location AllPoint network is also garbage. If I wanted to park my car and go inside a CVS or specific grocery store (neither of which I ever, ever shop at) in order to use an ATM for free, then maybe I’d stick with Ally. Otherwise, I’m outta here.

Also: really, really super-frustrating, slow, and dumb customer service. The people who answer the phone don’t know anything. I don’t mean that sarcastically. Ask them anything, and they have to put you on hold for a long time to find out the answer to your question. Who are they asking!? Why don’t they know simple things? Then if you need more details, guess what? You’ll be put on hold again while they “check some information” or “find that out for you.” It takes forever to get simple information out of them. All my calls to Ally have lasted five times as long as I thought they should have needed.

Anonymous says:

I assume that you are going to ATMs to withdraw cash since you are upset about the fees. Online banks aren’t really the best option for people who still are either dependent upon or prefer using cash for transactions. I myself, and many others that I know, hardly use cash. Ally’s change in fee policy makes no difference to me because I rarely use an ATM more than twice a month. When I do need cash, I just get cash back while grocery shopping (which is free).

Anonymous says:

I was just about to open an account but after reading these reviews I am not. I cannot risk any mistakes on the part of a bank. My spouse has a terminal brain disease and we live on SS direct deposit. I thought the ability to use almost any atm in our small town without fees would be a time saver for me and I want to leave my current bank. I have a line of credit that has auto pay and I have struggled to pay my bills but it is now down to not enough money for food and I have tried to get it stopped, I ended up paying 75.00 in extra fees and it still causing me great hardship. All my other creditors have written us off as medical hardship. but these guys are stuck to me like glue, so I will change banks but not to Ally !

Anonymous says:

I am on hold during my FOURTH call to get the title to my car that was once held by GMAC. Each time the representative sends me the wrong documentation. I will NEVER open an account with a company that has such bad customer service.

Anonymous says:

After receiving 8.5 B taxpayer-funded bailout, GMAC hounded me relentlessly for 2 years over $1500 in fines for excess mileage on a leased car. I was unemployed at the time.

Anonymous says:

An Alice in Wonderland nightmare
I have descended into an “Alice in Wonderland” nightmare. Tried to open up an IRA because the interest rates were the best. Two full weeks of multiple conversations with supervisors who promised a return call within 24 hours ‘without fail’. Never a call back. Finally, after two weeks, the long-awaited return call with message: “Please call back ASAP. Everything resolved.” We call back the next day, and the same story: spoke to a manager who had no information, couldn’t tell us anything, and promised a call back in 24-48 hours. Over two weeks of this nonsense. Called the CEO of ALLY bank. She is out of town, her assistant is out of the office, and the assistant’s assistant who answered the phone knows nothing and promises a call back. All of this to open an IRA. Imagine trying to get my money out!

Anonymous says:

I just signed up for an online savings account with Ally bank. There was no credit check from what I could tell (and I have pretty terrible credit btw).

Anonymous says:

“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!

Anonymous says:

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.

Anonymous says:

Well thank you one and all. Will not be giving Ally our money. Period….end of discussion!

Anonymous says:

By contrast I’ve had the most excellent experience with Ally. Now I only have a very small amount of money with them, but moved from Wells Fargo after years of free banking became $8 a month unless I carried a minimum $1500 per day. If I had that much spare cash I’d be investing it, not letting a ripoff bank use it for their own profit.

Anyway their phone manner is excruciatingly polite, the IM is the same. They’ve been very responsive and helpful so far. I love the fact I can make deposits online as the nearest ATM is 1.5hr away. Being from Europe, I *expect* the bank to pay me for using my money, not the other way around, that how it was 20 years ago. Ally has moved into the 20th century and beyond,

Anonymous says:


I signed up for two accounts with Ally but I’m regretting it now after reading their reviews. Lying to your customers is unacceptable to me. As is calling customer service and getting different answers to the same problem each and every time you call! That would drive me nuts. I think I’ll end switching to Charles Schwab bank. I’d be willing to take a big hit on interest if it means great customer service. The benefits seems similar and everything I read about their customer service seems to indicate “I can” rather than “I can’t” or “we can’t”. Just stay away from their mortgages as it seems they outsource this to a company with bad business practices. But I don’t know, maybe it is standard nowadays to quote a rate on a mortgage and bump it up before closing. This happened to my parents by a big reputable bank.

Anonymous says:

My husband and I have had an Ally savings account for 3 years – mainly to hold money to fund CDs. We set up several a couple of years ago because of the high interest rates. The set up, transfers of money in, and setting up the CDs went fine. A little cumbersome (like their web site that they didn’t change for years) but fine. We started closing them as they came due, and transferring the money out – primarily because their rates weren’t all that much better than ING’s savings and CDs, and their online site has handled thousands of transactions for us without a single mistake.

The process of closing is ponderous – instead of being able to change the terms online (“close at maturity”) you have to “chat” with a rep each time. Up until March 2, 2012 the process did actually work, Ally closed the CDs and we were able to transfer the money out to our checking account. On Feb 28 I “chatted” with a rep and told them to close the March 2 CD at maturity – customer rep “Christine” said she had set it up. On March 2 I checked online, and Ally had rolled over the CD to another 2 year CD. I “chatted” again and demanded it be closed immediately with no penalty, I also sent an email about the mixup to their customer service people. My experience with the latter is that they usually do answer with a specific comment eventually, but they can’t do much. The CD got closed on March 3, and I have requested a transfer of the funds to our checking account at our “regular” bank.

Today I went on line to see how things were going and the entire Ally website is down with no explanation and a message to call some number if questions. We will wait until normal business hours next week to see if our money still exists – luckily we only have about $1500 with them. If the money goes west then I guess we will chalk it up to experience, but we wouldn’t ever consider moving more money into Ally, or using their services for other things like car loans or bill paying based on the huge number of negative comments about their service. If we ever do buy a GM car (which I doubt given the poor product), we will not use Ally (aka GMAC) finance, but buy it with a loan that we negotiate elsewhere.

Anonymous says:

I’ve been with Ally for several months now and I’m extremely happy with their service. Let me break it down in terms of pros and cons from my experience. I currently have the MMF and the interest checking accounts.

1)high(er) interest rates
2)no fees and free atm withdrawals
3) great customer service

1) several days to perform a transfer from bank to bank
2) limits on MMF funds (which I find rather reasonable seeing as though the money I put in there is money I want to grow and not use for the most part.)
3)no immediate accessibility to the funds I deposit (most deposits take 2-3 business days)

I’ve had some issues lately with my card, (main issue is I lost it) I called the service center, they sent one immediately and I received it sooner than expected. Additionally, the customer service lady was really ncie and stayed on the phone while I checked my account online to make sure there weren’t any fraudulent charges on there.

Just a bit of unsolicited advice, if you do conduct transactions on ANY account, regardless of whether it’s an online transfer or payment, make sure to take the reference number and or print out a copy of the confirmation page. It’ll save you some trouble in the long run and ensures banks remain accountable for their actions. Kind of hard for them to say it didn’t occur or back track when you have a confirmation number regarding the transaction.

Anonymous says:

Last week, we opened a couple of joint accounts. One for the no penalty CD and a savings acct. All went very smoothly. The CD acct. has already been correctly funded by ACH transfer from our bank’s savings acct., and it’s nice to see the already significant interest accruing.

I’ve just initiated a transfer to the Ally plain savings acct a moment ago. The money should be there by the 14th of December. I do not expect any problems with this transfer either. Then, we’ll just let these two accounts sit, untill we need the money.

We still prefer to do all other banking activities with a brick and mortar bank, however, and this is where I see a lot of the problems people are having with Ally. I just don’t see the advantage of an online bank for bill-pay, depositing pay cheques, ATM cards, loans etc. when problems have to be dealt at arm’s length – phone, e-mail, chat….Whatever advantage is gained by a little more interest in a checking account (vs.a physical bank’s) pales in comparison with the ease of a “walk in” bank and talking to people face to face.

But for savings that can sit and accumulate, yes.. Ally has a clear advantage. And that’s all we’ll do there.

Anonymous says:

Even though they are not an Accredited BBB member, they had at least did resolve all the complaints. And they are at least better than the BBB accredited member, ING Direct FSB, which has 220 complaints.

Anonymous says:

Ally are acceptable, barely. Had a check I sent them be ‘lost in the mail’, that’s about the worst thing. I’d say it was more likely lost in their mailroom, but I obviously can’t prove it. Recommend people try their facility to deposit checks by scanning them. Even if it doesn’t work, the check never leaves my hands, and I can try again. They need an ability to deposit checks with a cellphone camera. Including machine addressed envelopes with their deposit slips would be a welcome convenience, and would cut down on these occurrences – less handwriting means less screwups. Their ‘popmoney’ service for sending funds to other people doesn’t really work, I’ve stopped trying to use it. You get a max of $1000 a day, and sometimes it just doesn’t work. You get a mail saying it failed, and no reason. That makes you look bad to the person you’re trying to pay. When they mail check books to you it takes three weeks or something. That seems unnecessarily long. Finally if you need a cashier’s check on short notice you’re out of luck, it takes them three days to get you one. That’s probably unavoidable for an internet bank though, it isn’t as if anyone’s going to accept a check you printed yourself even if that was possible. Them really fixing their ‘popmoney’ service would help a lot with that. They’re saving a tonne of money by not having branches, they need to be as convenient as it’s possible to make an internet bank. I’d say they aren’t really there yet.

Anonymous says:


Ally Bank is an awesome place. I have had no problems and I have been with them for 3 years. The people that write the negative reviews are the ones that have shitty credit scores or can’t keep from overdrafting their accounts so they blame the bank.

If you have the credit score and can budget, then Ally is a perfect place to open an account.

Anonymous says:

I have such a headache now – after reading this entire ‘string’ of reviews! I am trying so hard to believe that everyone that wrote in, is indeed telling the truth and that they are real people. I wanted to open a CD with Ally, because, like everyone else, their rates were the best. But now I am scared to death to open ANYTHING with Ally. I am wondering where I could get a really true & honest opinion on Ally – I was thinking the BBB but now I read that that isn’t the way either. Help!

Anonymous says:

Thanks Christy!!

You’re right. They are NOTa member of BBB – and- they have so many complaints. I’ve been looking for an online bank, but Ally will not be the one. They must be putting all their money into advertising.

Anonymous says:

Christy – Ally is a huge bank. Were the other banks you talked to as big as they are ?

I ended up going with them after reading this thread and some review sites. In general, they get good reviews and far fewer ones than most big banks:

Anonymous says:


Was about to open up several accounts with Ally because of their great rates, no minimum balances, and no fees … and then…..

Last minute decided to check the BBB (Better Business Bureau) on them. Ally stated that they were accredited members of the BBB, but if you go to BBB you will see where they clearly are not. I contacted Ally to confirm that the BBB address listed was indeed the same Ally, and it was. However, they boldy lied that they were BBB members. When I told them I looked it up on BBB myself and the site specifically states that they are not members, the customer support person tried to change subject….. very shady.

So then I look down the BBB page and find that they have had 78 complaints on that company in 3 years and 37 in the past year! I pulled up other banks on the BBB site to find that many had no complaints but the average seemed to be 1-3 every 3 years. 78 is EXTREMELY high!! They couldn’t become a member if they wanted to with that kind of rating. So, I ask the customer support person about the number and he says it’s just because they are an online bank and that they are continually improving.

After that experience I’d experienced enough to know that you’d be facing a greater risk of encountering problems by banking with Ally. I’m sure some people do experience great service and top-notch satisfaction but if you look at the odds, it’s a gamble that I’m not willing to take.

Anonymous says:

I was initially really pysched about this bank. However, I have noticed some major procedural matters that are making me uneasy.

1) Received duplicate orders of free checks
2) Did not receive my online statement for the month of June due to computer issues at Ally. Should receive by the 27th of June, 6 days late.
3) Have experienced issues with Ally Perks loading on the website.
4) Experienced an issue with online bill pay that where the payee information was not recognized after initial set-up was fine. The situation was rectified.

Otherwise, I have been receiving my interest payments and my experience has been hassle free. Customer service is pleasant and a relief compared to all other banks I have dealt with. I am rooting for this bank, but I see some internet banking issues and the vast majority of negative reviews concerns me some. I have been using Ally for 4 months now. We’ll see what happens.

Anonymous says:

Well, it has been over a year and half now since I opened a savings account with Ally Bank. I haven’t had any issues with money transfers or interest rates. Been very happy.

Don’t do business with this bank if you have crappy credit score. It looks like a numerous people have been denied because of this. I haven’t though.

Anonymous says:

@ iynque

You’re funny. But seriously, give everyone else a break and don’t open an account there. The world will be a better place.

Anonymous says:

I’m not sure how that would make the world a better place…

To be more specific, I have already opened two accounts with them, but I can’t get them funded. I gave them my routing number and account number. After clearing up the fact that they used the wrong routing number (completely different from MY bank’s routing number), they asked me to verify the amounts of two micro-deposits made to my account. There were six deposits. I couldn’t guess the right combination of two, I got locked out, and now I’m supposed to start over again.

…among many other frustrations, wrong answers, and generally confused representatives.

And I’m just trying to GIVE them my money. I can’t imagine what they’ll do (or forget to do, or do wrong, etc.) if I tried to get money out.

Anonymous says:

I think it’s funny that most of the positive comments about Ally seem to be in the same broken English that you get when using the online chat with one of their representatives. Hmm…

I’ve been getting the same run-around as many of the commenters here, and I’m just trying to open an account. I got pissed off enough to look for a place to post a warning about this bank, and here I am, a little late to the party.

Anonymous says:

To: Jesus T.

I had my money market and checking accounts with Ally for a few months only, but I never ran into problems with them. I prefer to use their chat to ask a quick question if I ever get confused, and their website has areas to improve upon, but mostly things go smoothly with them. Once they took ~4 days to post a check I sent in as a test, and I decided never to do that again as ACH is so much easier, and I am keeping my local bank account for random check deposits until Ally lets me send check images. Their Bill Pay seems to work fine, and I haven’t run into any problems linking to other accounts and sending money in or out.

I have no experience with their CDs, and so far I am quite happy banking with them. The percents are decent enough so I am not looking to switch, and I would recommend them.

Anonymous says:

I am just confused now who’s saying the truth until maybe I’ll give a try…..Other saying bad things and others good things….

Anonymous says:

I would really like to transfer my savings from Chase bank to Ally. At chase I am not getting anything on interest with Chase……I’m just very WARY because Ally is an online bank only. I dont want to lose the money I have worked so hard to save. I was thining of opening a CD account with Ally……any suggestions to put my mind at ease about to Ally Bank??

Jesus T.

Anonymous says:

I cannot even begin to start to tell you the hell I have been through with Ally Bank. The rates are great, but they have put me through hell. I have had the same issue going on for over 6 weeks and it’s still not resolved. I sent them a fax 4 times before they finally “received” it. (I had confirmation that all 4 faxes went through) I have been on hold a total of 10 hours through this ordeal and my issue still is NOT resolved. I’m now in the process of trying to close my account with them and I’m on hold with them now as I type going on 45 minutes. They will answer right away, but claim you need to talk to a certain person and just leave you on hold. I warn you, DO NOT OPEN AN ACCOUNT WITH THEM!! YOU WILL BE SORRY!

Anonymous says:

Usually the complainers are the ones who are willing to take their time to post their stories. Same goes for any other company, now just Ally, or banks in general. Cellphone companies probably have it the worst!

Anyway, just to show another side of a coin, I am in my 10th month with Ally, with a $20,000 investment. It has been nothing but smooth sailing, and I am happy to see my money grow.

I am planning to re-invest part of the sum at the end of my 1-year term.

Luke Landes says:

To “Diamond:”

If you would like to continue posting here, please use the same name each time and a valid email address.

Anonymous says:

8 months now with the bank.

No issues as of yet! They pay the interest on time and have good customer service! I have a great credit scor and a great loan relationship with gmac.

For those who are having issues: try another bank, you don’t have to have ally you know :p. You obviously picked them because you like what you see!

Anonymous says:

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!

Anonymous says:

I opened 2 checking accounts with Ally bank about 45 days ago. At tat time I made a SIMPLE request. I wanted (2) Debit Cards 1 for each account they said it would take up to 10 business days. I also specifically told them NOT to send me a paper checkbook.

Well 3 weeks later and I didnt get any debit cards, but I got other correspondence from Ally during that time so it’s obv. the mail is working properly.

I call back about not receiving the cards and the customer service rep FLAT OUT LIES and says that they show the (2) debit cards were sent out. I KNOW 100% THAT WAS NOT TRUE (I will explain why later)

I am cordial anyway to the rep. and he says they will send out another 2 debit cards. I made double sure to explain (1) card per each account.

Now 5 days later I receive (1) debit card and 3 days after that I receive the pin #. It was about 10 days and I wondered where the 2nd debit card was. Judging by my previous experience with Ally a few weeks earlier, I was pretty sure they never sent out the 2nd one.

I proceed to call customer service back again and explain to them that I only got 1 card and not 2. The customer service rep. checks and says they only sent me out 1 card but its “hooked up” to both accounts. This is CLEARLY NOT what I requested so I calmly explained that I wanted another debit card to be hooked up with the 2nd account and they said it will be yet ANOTHER 5-10 days. This is the third time already.

So now today what do I receive in my mailbox? (2) sets of checkbooks from Ally bank dated the day after the last time I called. I never requested checks, in fact I mentioned clearly a few times do not send me paper checks. So what the idiot customer service rep did was send be sets of checkbooks instead of the debit card I wanted.

So I call back again today, (4th time Ive had to call these morons) over at Ally and ask why did I get 2 checkbooks that I never ordered, and specifically told them numerous times to NOT send me checks. Why did I receive checkbooks instead of a debit card? I was sure at this point they never sent out the 2nd card not they sent checkbooks instead.

This customer service rep this time JUST FLAT OUT TELLS ABOUT 10 FULL FLEDGED LIES. Starting with – “there was no money in the account so that’s why the card never got sent” uh excuse me I said but there was money in both accounts when originally requested. I only took out the money because Ally kept screwing up my simple request for (2) debit cards – 1 for each account.

After knowing that she got caught in a lie the cust. service rep. said “Oh, the second time I ordered cards there was no money in the account” TRUE but I only took the money out of both accounts because they screwed up. But why would they send me 1 debit card anyway if they had that policy in effect. Which means that it doesnt matter if money was in the account or not, she was just trying to cover up for the fact that they never sent out 2.

I then went on to request another debit card for my 2nd account which does have a zero balance. (I took all the money out because they kept messing up)and she said they wont send me a card when the account balance is ZERO. ANOTHER LIE!!!! Then how did I get the 1st card idiot?

She just kept making tings up off the top of her head and every LIE/Point she tried to make was quickly disputed. Every point I made was valid and Im very sure they keep a record so she had no ground to dispute anything I said so she juat had to resort to making up lies.

In hindsight, after I talked to the last rep. I realized the other reps I had talked to in the past were making up facts, because they all said different things.

Summary – 1 month wait to get my 1st debit card from Ally. Its been 45 days from my 1st request and I havent received my 2nd debit card.

Ally bank reps. LIE LIE LIE


Anonymous says:

in watching the commercials put out by ally with my mom we were both struck
By the hurtful way in which children were hurt. We know these adds were put out with the use of child actors
But none the less the adds r heartless and I believe couldn’t do what you want the adds to do. It is bad -NOT good for publicity; and its just like when a lawyer has to depose a child a woman or an elderly person especially an elderly woman. The protocol for this amongst lawyers is that they need to take their statements with the greatest with care because when they are in front of a Jury
The jury will not forget unkindness toward such a witness ! SO…..neither do you want to look like the BAD guys for using such methods in your advertising.!!

Anonymous says:

What… what did I just read?

There are kids in commercials everywhere. Do you go to other websites, and post the same thing there as well?

I honestly did not understand what you were trying to say, nor why you were saying it in the first place.

*still scratching my noggin*

Anonymous says:

Haven’t had any issues with Ally bank recently.

All seems well. I see there is nothing but negative reviews on here.

I also ways be safe. So I haven’t ever had any issues with them. I have been very safe to keep everything monitored, and make sure the bank has everything on record and vise versa with my other bank account.

Be knowledgeable and be careful, with anything in life, there can always be risks. You can always mistype an extra 0 and instead of having 100 dollars transfer, it is possible you hit 1000. This is the fault of humans. Mistakes happen. Fix it, then forgive.

Anonymous says:

I agree that people need to start taking responsibility for the money and understand that the people on the other end of the phone are human to and as we know from time to time make mistakes. But if you come across as they screwed me they screwed me instead of trying to resolve the issue then of course your going to be writing a pissy review.

Just take responsibility and know where your money is and double check everything. The rates are good and the money u earn is better then anywhere else around. If customer service does not understand an irrate customer ranting about something needing to be fixed. Maybe next time try working with the customer service people to find a solution instead of playing the blame game.

Anonymous says:

Do not use Ally Bank. I opened a new CD with initial deposit of $25,000. This deposit was linked with my local checking account. They took $25,000 out of my account TWICE!! I call customer service and they said “oops, our bad”. They said it would take 48 hours before I would see the extra $25,000 returned to my account. 48 hours later, no money. I called customer service and they said that it would actually take 4-5 more days before I would see the return of my money. 4-5 more days later and of course, no money. So I went to my local bank and filled out a “Written Statement of Unauthorized Debit” form. This gets sent to the FDIC. The $25,000 is now back in my account. This form also severed ties between my local checking account and Ally Bank. I repeat, DO NOT use ALLY Bank.

Anonymous says:

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.

Anonymous says:

This May, I recently have been hit with one of Ally’s computer gliches. I had opened an initial account about one month ago and because it was going well, I decided to open another account with them.
Then the huge problem arose!
Ally bank has a feature that if you verify an account with the same test deposit numbers than it automatically initiates a transfer from an external bank into your other account.
For example,
1. Account # 1- You open your account with $1000.00 and you have verified your test deposits.
2. Account # 2- You decide to open another account and use the same test deposits but this time only want to open your new account with $100.00,
3. A transfer of 1000.00 will initiate to account # 1.
Leaving you with no solution and alot of overdraft fees from the external bank account.

Ally bank made it clear that they don’t have a gliche in their system, and I informed them that if I wanted to transfer $1000.00 from my external account into my Ally bank account then I would have specifically did just that. But this was not the case. Instead you use the same test deposits of $0.45 and $0.22 and this is what happens.

Has anyone else incurred this type of problem because I do not believe that I am the only one.
For professional purposes, Ally bank should have at least tried to care about this gliche or the customer but that was surely not the case. They were dumbfounded!
What else can I say, I’ve been duped by this bank, hmmm no surprise there I guess.

Anonymous says:


Food for thought.
You open your original account which has amounts A and B. $1000.00
Then you try and open another account with amount C and D $100.00.

Logically amounts for your second account are verified with C& D amounts not your original account A & B amounts.

So by using A & B amounts the programming re-verifying = $1000.00 instead of $ 100.00

The programming is sound its the logic of the user that faulted. Customer service is correct sorry for your frustration.

Anonymous says:

Dear Tee,

You have CDs maturing over the next few months. At that time we’ll automatically renew them for you and we’ll give you our best rate, guaranteed.

This simply means that no matter what the rate is on the day each CD renews, you’ll get the highest rate we offer for that CD term within ten days of its maturity date. It’s just one more way we make sure your money is working hard and earning more.

Plus we’ll add an extra .50% to your rate.
So you’ll not only get our highest rate we offer over those ten days, but you’ll also get an additional .50% on top of that. All for the full term of each renewed CD.

If you choose not to renew, you can also roll over part or all of your balance into another term CD and get the same guarantee and extra .50%. It’s just our way of thanking you for choosing Ally Bank.

Anonymous says:

I had a CD due and called 2 weeks ahead of the renewal date to discuss interest rates. I was told I qualified for an additional .5% interest on the advertised CD rates. I agreeded to renew my CD and asked if any follow up was necessary. I was told "No, and my confirmation number would be my account number since all calls are noted in the accounts". Then on my due date I called to just confirm what I was told because for some reason I did not feel comfortable with the intial call. GUESS WHAT!!!! I was told I was misinformed and the additional rate could not be extended to me. They acknowleged the intial conversation, but could not honor the rate. I asked to speak to a manager and he confirmed Ally Banks position of not honoring the rate I was quoted. You can guess what I am doing with my Ally Accounts. Customer Beware!!!!!!!!!!!

Anonymous says:

So, umm, where did you take your money, because I want to know where you got a better rate? Leaving over 0.5% MUST mean that you have gotten something that is much more appealing!

Please do share.
Patiently waiting, and hopefully not in vain…

Anonymous says:

RE: Ally Bank. My ‘no penalty’ CD matured last October. I spoke with them and was told it renew automatically at their best rate. And so it was. I’m now getting a 1.21% ‘loyalty rate’, which is very good. I have no complaints whatsoever about Ally. Good service, great rates etc. BUT I don’t do regular banking stuff with them – I just use them for savings, get a monthly statement and…what else can I say? Very satisfied.

Anonymous says:

So I said I would update after a week and here is what i found:

My deposit did show up on the Monday due to Chase being closed on Sundays. I did start accruing interest almost immediately. I haven’t had any real issues with them, though it did take about 7 days for my account balance to be “available.” It also took them a week to send out further information by mail.

I can now understand why some people are annoyed with checking accounts. Because your account can be on hold up to 7 days. On top of that, any deposit over 5,000 can be gaurenteed on hold for 7 days.

So people, if you are willing to wait for the good interest rates, I do recommend this. Otherwise, quit whinning about things that are good. I am going to monitor my account for the rest of this month and update you guys after a month.

This appears to be a decent bank. Though, I don’t think I want to open a checking account due to how long it takes for verification, but Savings definitely, since Savings are meant to SAVE money 🙂

Anonymous says:

I also opened my money market savings account with Ally (first experience with them) last Sunday. Having not realized the limitations of over $5000 deposits, I made a $6,000 funding transaction. For some reason, it was taken out of my local credit union on Monday, showed up on my Ally MMA on Tuesday, and cleared and was added to the available balance on Wednesday. I have no idea why it was’t on hold longer, but I want to let people know how it went for me. Needless to say, I’m somewhat happy with Ally, at least initially 🙂

Anonymous says:

DON NOT USE ALLY BANK!!!!! My husband and myself chose Ally because we wanted a higher rate with an online bank and refund of our ATM fees. After a 4 week nightmare, I’m willing to pay max ATM fees. Despite opening a joint account, my personal information was pulled for a car loan over 7 years old from GMAC. I have tried unsuccessfully for 4 weeks to change that information. While my husbands info is fine, mine is not and it is the SAME account. Because of this my ATM card was sent to an address which I don’t live at any more. It came back and we had a security hold put on our account it took 6+ calls to remove it and another 3 calls to get my new address in place. Then I received the card and could not activate, problems again with the old data in the system. Then I finall activated it and could not change the default pin. Their sales reps were NOT helpful. They kept tellimg me someone would call me back in 2-3 business days. Discovered upon using their site that I cannot do bill pay, but my husband can and anything he enters into the system (i.e. linked external accounts) does not show up in mine and has to be redone, this has caused huge problems. Evidently their backend systems are broken. I no longer think my money is secure with them and am moving it now. I beg you. DO NOT USE THEM!!!!!

Chuck Swan says:


Anonymous says:

I love Ally!
I haven’t had any issues with them. I have the interest checking account and the high-yeild savings account. The account opening process was painless and fast. The site has a great user interface – and the debit card looks cute too!
I just wish they were apart of a co-op network like credit unions so I can make deposits at an ATM every once and again.

Anonymous says:

My current checking doesn’t pay interest, but to change to another one, I’d have to go through nine kinds of h— , moving automatic debits. In return, I’d get “interest” on my checking–so long as I don’t overlook some fine point that would, of course, cost me a fee. This kind of piddly stuff is what I can’t stand about banks today. The consumer has not only been forgotten, the consumer is absolutely despised by these people. Guess what, Mr. and Ms. Banking Nazi: the feeling is mutual.

Anonymous says:

Just opened up a savings account on a sunday.

The money isn’t there yet in my Ally account, but my guess is because Chase is closed on Sundays so I won’t see it until the end of Monday.

I have read the bad and the good. Personally, I am going to take the small risk and see where they are after a week. If my account is the way I want it, no worries. If I see something that looks fishy, I will raise hell.

As for the other customers, I can’t comment. Setting it up was a breeze, I really love all of the security.

I will update my response after a week and let you know Flexo.

Anonymous says:

OK… so their service might be good, but…
…I’m amazed that bank reviews don’t include a assessment of their fiscal health! I mean, this is a new concern. Forget FDIC for a moment, wouldn’t it be nice to have your money in a healthy, responsible bank?
Anyway, it would be VERY cool to see mention of a bank’s health in these reviews. In fact, I’d tolerate some inconveniences or lack of features if I could feel good about the bank’s stability.

Luke Landes says:

Ally Bank — even when it was GMAC Bank — is a separate business entity from GMAC (the troubled lender). With FDIC insurance, there really is nothing to worry about unless your deposits exceed the limit. There is no good way to forecast whether a bank will fail. Most of the banks that have failed did not exhibit warning signs and were in “perfectly good health” right up to that event.

And in every bank failure, every customer whose deposits were within FDIC limits was able to access his or her cash.

Anonymous says:

Opening an Online Savings Account at Ally was a breeze. I had an ongoing online chat with a rep that helped me through some bumps or questions during the application process. Great handholding, if you need it! I started the account low risk with $1 (to be mailed) and did not give any external bank info yet. I’m wading in slowly, but so far, I’m pleased with the process and the service. I will give my feedback again after I check out their (non-wire-transfer) money-link transfer capability.

Anonymous says:

build a better mouse trap I do not think so. So to clarify, If GMAC shorted every written mortgage ESCROW account by 4 o 5 months! how much money would they have to play with. It is money that does not exist yet because every old customer will not pay their shorted ESCROW account until next year which is 2010 and because their mortgage is now held by a new bank in another state, no one is the wiser, but every one is asking How Can ALLY make this OFFER>………………only in America can stealing be allowed as long as you dont walk into a bank lobby.

Anonymous says:

tell me more……………just ask any one who had a GMAC mortgage that was sold to hmmmm…..Midland Mortgage out in Okla City.

Anonymous says:

Of cours this is just my Opinion; but nobody can build a better mouse trap because the bait is still the same. Question How and where can this new bank offer double the rate on deposits unless there is a smoke screen somewhere. Well if GMAC took all of the mortgages it wrote in 06-07-08 and 2009 and sold the mortgages for the cash upfront; BUt then shorted every written mortgage by $ 2000.00 or 4 to 5 months how much extra money would they have to intice people to make deposits to their new bank where they can now hold 10 percent in reserves and loan out the rest plus 100 percent of the total. It sickens me that nothing can be done about this, but hey Jill just watch your money real close because the bottom is not too far from the top.

Anonymous says:

I believe that they have built a better mousetrap by being online only. They do not have the overhead of brick-and-motor stores and the staff that go in them. Their call-center employees are likely in very low-income areas of the US, so that is much cheaper than paying people to work in a bank in a city. I like this new low-overhead model. The interest they make off of investing our deposits is basically all profit for them, because their expenses are very low. They pass enough of that on to us, the customers, to keep us very happy as well. They are just much more efficient than any other bank that has to lug around the old-school overheads of maintaining physical locations. I love efficiency.

I also agree with some other commenters that Ally is not ready for business, though. If things go wrong the customer service is not very good at fixing it. They seem well-intentioned, but somewhat inept. I won’t be using them any more for right now, but will keep my account open and try them again in a year or so.

Anonymous says:

It is hard to imagine that a person can say nice things about their bank. However, after 5 months, I can safely say that I am sold on Ally. Unlike Chase and E-Trade, they actually cared about me as a customer. So I have closed my accounts with other Banks and have transferred my money to Ally.

Anonymous says:

I agree with Jill,

I started my online application which went well up until the instant verification was needed to link to my external account. The website told me to call the customer service which is available 24/7 nice.

1. I was connected after 1 minute wait time (minimal to those who have had to be put on hold forever) and spoke to an American customer service person who was very polite and professional. The representative was straight forward and walked me through the process within 10 minutes I was up and running and had my account setup online.

2. I received my checks my debit within 6 days with no problem. I was able to activate my debit easily and have had no problem with the format of my checks.

3. The money transfer only took a total of 4 business days so about the time I got my debit and checks the money was in my ally account from my external account. It took 2 days to have them deposit 2 small amounts and one withdrawal from my external account which I verified online at the ally website. Once linked I started the transfer process which took 2 days.

4. I called customer service because I received my signature card that I needed to return to them to verify backwitholding. I again only waited 1 minute and the person on the other line was American. Easy done no confusion and she told me just mail it back (5 minute conversation)

5. 5 days later I call to see that they received it cause snail mail I dont trust to have it get to the right location I call again to ally wait 1 minute and again person on phone was American. She put me on hold for 30 seconds which is reasonable considering I was asking her to look for my signature card to verify it had been received. She responded they received it. I asked her a few other questions which she was very informative or if she did not know the answer she checked within 30 seconds or less I had my answer. Very professional.

This has been a great experience for me so far and would recommend ally. Plus side I making 5X the amount of interest a day with Ally and still have my BOA account for quick purchases. =)

Anonymous says:

I had to fax in some documents to get an initial account set up as well but everything has worked very smoothly after that. You can usually get someone on the phone in seconds unlike the other banks where you have to hold endlessly. I would recommend Ally based on my experience.

Anonymous says:

I just tried to open a high-interest savings account with Ally. VERY frustrating. They do not seem to be ready for business yet. I was opening a joint account in my and my wife’s names. The online process failed and started giving me cryptic error messages. I phoned yesterday and spoke to a friendly person who said she would look into it, and would I hold? I asked her to give me a call back when it was resolved; she said she would. 24 hours later, no call. I phoned back, and spoke to someone else. He said they “have a big back-log” of issues to resolve, which is why no-one had called. After describing the history, then being on successive holds for 20 minutes, he came back saying that they required additional identify verification for my wife. We have been married for 10 years, at the same address, she has major-bank credit cards, accounts in her name with TD, a successful business, etc., but while the big banks are happy to do business with her (and LEND her money), as a result of whatever processes Ally is using, Ally is unwilling to TAKE our money without having her jump through “additional attestation letter” processes. The people were friendly, but Ally seems not yet “ready for business” and has some process glitches to sort through. My feeling is, if they are THIS hard to do business with up front (when we are trying to give them money), they are unlikely to get easier to deal with later on if we need service . . . kind of like a bad first date–accept the insight and move on. Is there a depositor’s equivalent to “caveat emptor”?

Anonymous says:

I agree. I tried opening online however they needed additional information. Okay. Then I get a letter in the mail asking for an Attestator/Guardator to verify I am who I say I am. A qualified individual is considered to be:
Medical Doctor, Dentist, Lawyer (I don’t have a lawyer), Judge (I don’t know a judge), Vet. (I have no dog), Engineer (don’t know one either), Accountant (don’t have that either) ..etc
My doctor and dentist have better things to do, and I shouldn’t have to make appointments with them to open a bank account. It’s tacky. And I don’t want them getting marketing/promo stuff in the mail because of me. In addition, it’s not their job to verify me, it’s Ally’s. I wouldn’t like it if somebody came to my place of work and asked me to do something that is not part of my business. I would say no, or next time hold a gruge against the person who made such an odd request.
It’s strange, but the good people will probably just not be bothered, and open accounts elsewhere, however; the criminals will lie, and open accounts.
I’m more than willing to send in information (photocopy of driver’s licence, health card..etc) and even additional information like tax refund statements from the government, ..etc but yet they will not accept that.

Anonymous says:

Just wish to point out some problems, I have had with Ally Bank. Wish to open a CD, called bank, spoke to a rep., told him I wanted monthly interest payments,mailed directly to me. Said no problem would be in packet of info,when account is opened. I opened the account with a deposit for the CD, got the info packet. No provision for payment of monthly interest to me on a direct basis. Callled, complained that I was misinformed and even gave the first name of the rep. Was told interest must be deposited into a bank account, not necessary to deposit with them. When I complained about the misinfo supplied to me and wish to cancel, they advised me that they would impose a penalty??? Now, it gets better!!!! The monthly CD date is the 24, THEY draw the checks on the 25. Hence, are they not using my money and God, knows who else, interest free. Now they advise that it takes 7 to 10 days, before I receive this late check. They are located in Pa., I am in NY!!!!!! Now the 1st Months interest is due, do not see it in my bank accoutant, etc. Call, up they are sitting on it, now will mail it to me. They did finally mail to me. I am not a happy camper with this bank!!!!!!!!!!!!!

Anonymous says:

I urge you to cease using children in your commercials. The sleazy side of the way corporations operate today can be illuminated in a better way than your current ads provide.
You have gone from GMAC to Ally – but if this is the signature pitch of your new brand – then your new name should be Alley. Try to get back into the open in your communications. Thanks for your attention to this message. Don Ellis

Anonymous says:

I’m finally out of Ally. Yay! I still had a CD that would have expired later this year, and since I’m moving this year I didn’t ‘t trust them to send the money to the new address upon maturity of the CD. It’s been my experience that you have to do a lot of handholding to get them to do anything properly. By your tenth phone call and three hours cumulative waiting time the CSR may finally succeed in doing what you actually asked for. Plus I’ve heard about the games they play ignoring your request and letting the CD renew automatically. So I decided to cut my losses and take the 90 day interest hit. It’s more than worth it to be done dealing with this “bank” forever.

Anonymous says:

It’s funny how some people can get on here and talk about the customer service of GMAC not which is called Ally Bank when the person writing the negative things cannot even spell. I work for the credit bureau and we tell people that whenever they call in and or go to the 3 major credit bureaus that if you put the security freeze on their report which to alot of people it is called the ID Theft alert lock on their credit report that they would have to call the bureau and or log into their account online and have the freeze moved temporarily so that the compeny will be able to check their credit. We even send that information to them when it is requested to the freeze put on their in the first place. With that being said no matter ow many accounts you have with Ally and when you decide to open another you have to let their bank operations department do their job to protect your identity or otherwise there is not point of freezing your credit report in the first place.

Ally Bank has a representative there 24 hours a day 7 days a week, which I can’t say that for alot of banks. The rates go up and down based off of the current stock market, if stock markets are down what makes you thing that you gon be a millionaire over night that is retarded. Or better yet why don’t you invest into some type of stocks to get fast cash on top of what you are investing. Now you won’t have to tie your money up for some time. I can appreciate Ally Bank straight forward thinking. And yes if it protects your bank image and gets the heat off of your bank then why not change the name, alot of companies do this including other banks. Why do you think that alot of these banks got either bought out and or merging with shutting the whole organization dowm.

Some of you all are tripping over dum stuff. I have seen alot of people who are not self sufficent to work any computers but you have room to critcize the works of other peoplw within one organization when you are the ones who need help maintaining you thousands and thousands of dollars. $250,000 is covered under FDIC until 12/31/2013m please check ouy to search any bank to make sure that they are FDIC Insured and it is even give you that bank FDIC#. With Ally Bank agents are there to attempt to insist you with questions not work a miracle for you.

And by the way there bank operations departments handles transferring money to your other bank account and or funding the accounts for you, so the next time you all call up there and start fussing at the agents you need to fuss at your self ater all you choose that bank. They did not choose you and if you all want to go to another bank then be knowlegdeable and go do your research. I like Ally Bank because they have no mimium opening deposit and no mimium balance unlike ING and Bank of America.

Luke Landes says:

Sprouting: I’d like to point that savings account interest rates are not related to the stock market at all. Most are loosely linked to the LIBOR, but it’s a competitive market in itself where banks price their interest competitively against other banks. Also, ING Direct does not require a minimum opening deposit (unless you consider $1 a minimum) nor do they require a minimum balance.

Anonymous says:

Not only is your spelling bad but your grammar is terrible. Before you rag on someone else’s spelling – take a look at your own and proof read.

Anonymous says:

That would be “proofread”, I believe.

Anonymous says:

No, actually, either is acceptable. A quick Google search would have been enough to assure you of that.

Anonymous says:

I have been with Ally (GMAC) for 3 years. I had no problem with GMAC before. Recently I spend 2 months in Ally and still can not open a new account, this experience is very frustrated. The customer representatives have inconsistent answers. One day they call you with one answer, and please don’t feel surprised for the call from them in the following days with another answer; I fax the documents to them, and they can not find/locate the fax. I am tired with several rounds of this kind of inconsistence.

My question is:
If representatives can NOT provide standard guidance/answer, what’s the meaning of customer service of the bank?

Although they have 7-24 call service, it won’t help if they can NOT solve your problem. (In fact, it wastes your time!)

I am searching for another bank with relative high rates. Enough is enough.

Anonymous says:

I have mistakenly opened a CD and Savings account with Ally 2 weeks ago. Now, they blocked my username and wanted me to a specialist everytime. This specialist is so slow and it was only when I called him up after a couple of days that he tells me that there was a problem and he could not open the docs I have sent him. He even sounded a pissed that I called up to follow up. I would have had 2nd thoughts on getting an account with Ally bank if I had known these complaints and problems here.

Anonymous says:

Mama, you are so right – I was looking to open an account and had some questions – below is the first paragraph of an e-mail I received. (The CAPS are mine for emphasis).

Flexo – did they pay you for your review? If you do the most cursory review of their web site, you discover drop down boxes that overprint, choices that aren’t clear, etc. An organization this big which doesn’t care about its web presentation and whose CSR’s can’t write even basic English properly scares the hell out of me – I’m NOT transferring my money to them.
Here’s the reply:

Dear Mr. H……,
THANK YOU FOR BANK with Ally Bank. I would like to apologize for the frustration you have experienced with Ally Bank. I hope we are able to assist you now more effectively. After reviewing your account information I see that an external account for First Midwest Bank HAS BEGAN THE registration process…………….

Anonymous says:

The whole bailout is so stupid on so many levels. Paying workers not to work, paying workers to quit, giving Chrysler to a company along with billions of dollars. This FAKE bankruptcy is a fraud by our US Treasury, among others. Anyhow, get ready to print some more money. This GMAC did not ever qualify as a bank. it was switcharoo and the Treasury has funded it completely. They have raise sqwaut funding except from our GOVEREMENT, otherwise nothing. Changing the name, FRAUD, magic trick, still same POS. All this trickery is making me ill.

Anonymous says:

Yes, they’re fine if you’re lucky and everything goes smoothly with setup and electronic transfers. Which it often doesn’t with them. They tend to screw up transfers from external banks, often double drafting so that you end up with an overdraft at your external account. Do a search on GMAC Bank, and you’ll find other stories about this. They are very inept, and will lie if it suits them. If anything goes wrong prepare for a nightmare and hours on the phone with them. You’ll never be able to get the same person twice, and they don’t do a good job taking notes on your situation for future CSRs to refer to. They could pay 10% APR on a CD and I still wouldn’t deal with them again. If you haven’t opened an account with them yet, run away. If you have an account with them, I don’t know what to tell you–visit your local Botanica, buy some good luck voodoo charms, and pray that you never need them to solve a problem for you. They can change their name all they want, that doesn’t change their negligence.

Anonymous says:

With the piddling interest they pay, it really is right on the line that I care to fool with this. These stinkers have competition from piggy banks.

Anonymous says:

This is nothing like the great experience I have had with Ally. I have over 115 CDs and have never upon initial funding or renewal been double drafted. The customer service representatives live up to the reputations of those at USAA and Disney–very impressive indeed!

Anonymous says:

I have been an Ally (GMAC) customer for 3 years now. They have been nothing but good for me. The few times I have had to call customer service I was happy to find out they use American call centers and it was quick and painless to get what I needed. That is a huge bonus right there. Also their transfers to external bank accounts are usually very fast.

Anonymous says:

You mentioned the credit check for opening an account — do you have any thoughts on what they base the decision on? Is it the credit score. I am increasingly worried about the practice of using a score that favors debt as opposed to an assessment of actual ability to pay in general.

I am aware of banks using Chex Systems to determine whether or not the consumer has issues such as frequent overdrafting that would clearly indicate how good of a bank customer someone would be. Even that has issues if it leads to someone not being able to get a bank account anywhere (I am not as worried about those who completely abuse banks, more about those who are in fringe situations that often occur with these types of reports and scores).

Luke Landes says:

You mentioned the credit check for opening an account — do you have any thoughts on what they base the decision on? Is it the credit score. I am increasingly worried about the practice of using a score that favors debt as opposed to an assessment of actual ability to pay in general.

It is my understanding that it is based on credit history. Without one, Ally Bank will likely not take your money. They may also base their acceptance on credit score. This is a different policy than most banks who base their decisions on Chex Systems ratings. There’s no reason Ally Bank wouldn’t use Chex Systems as well. It may be worth reading ToughMoneyLove’s experience with GMAC/Ally Bank and their credit history policy.

Anonymous says:

I find it incredibly hypocritical that Ally Bank may refuse an account application based on credit history, when GMAC/Ally managed its assests so badly that it needed a bailout by the American taxpayers…the very people they are rejecting as customers. The average struggling middleclass American needs banking services. The Federal government should not allow these financial institutions to reject bank applications based on credit rating, especially in the case of Ally, who would not be in business at all without the loan advanced to them, even with their terrible credit and performance history Totally outrageous!!!!!!!!

Anonymous says:


Anonymous says:


Anonymous says:

It’s not hypocritical. It’s just business. Whether or not they should have been given a bailout at all is debatable, but it shouldn’t really be debatable that now they should be expected to operate responsibly in order to make good on the taxpayers’ forced investment.

Anonymous says:

I have bad credit and just tried to open a checking account and was rejected. So that’s that.

Anonymous says:

They’re not going to trust me with much of “their” money (which is already partly my money), and I’m certainly not going to trust them with much, if any, of what’s left of mine.

Anonymous says:

While Chase is not an online bank, they do have the same safeguard regarding not allowing me to log on if the computer I’m on isn’t recognized.