After being GMAC Bank first and then changing it’s name to Ally Bank, everyone’s no doubt seen the new advertisements that emphasizes no fine print. With the bank being connected with General Motors, the first thing I can think of is whether my money will be safe. Of course, I went to research further before my readers could be ripped off with this bank so this review represents my opinion of putting money with its savings account offering.
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Safety of Ally Bank
First things first, Ally Bank saving accounts and CDs are all FDIC insured so our money is safe for up to $250k per account. There are ways to increase the amount covered even further, but you would need to open individual, joint, and accounts under other entities such as a trust to get a higher limit. (Another way is to just open accounts across different banks, which might be easier.)
Products Offered from the Online Bank
Ally Bank offers 2 main products that we are really concerned about – an online savings account and a certificate of deposit with above average rates. The extremely good interest rates for this type of product and the bank being FDIC insured prompt me to open an account with them.
When I opened an account, it was also nice to see that I can actually open multiple savings accounts and certificate deposits all on one screen. No more submitting multiple applications and spending time filling the exact same form more than necessary.
Ally Bank is Another Excellent Option
There’s really many options out there to compete for our money, but it’s nice to see a bank with competitive rates with a simple interface. The name GMAC may spook you in opening an account, but the safety of the FDIC guarantee should provide comfort, especially since you are getting more interest by going with them.
After 2 years of originally reviewing this bank, I am still an Ally Bank customer. But before you decide, make sure that you read through some of the other user reviews below. Though most people only speak up when they have a problem, you can get an idea of the types of issues people have with their accounts.
- Ally Bank – Official Site
Other News You May Want to Know About the Ally Bank
Is GMAC Really GM?
Many people asked me about this already, and I actually had the same question myself. I always thought that GMAC Financial Services was part of General Motors but I was wrong. GMAC is actually a standalone banking operation that provides lending and banking services. The difference with GMAC to a traditional loan company is that instead of offering mortgages and home equities to consumers, GMAC offers loans and lending to GM and Chrysler dealers to finance their operations.
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Hi Bill. This is gonna be long if you want specifics. A couple of things I felt were sneaky or deceptive are. 1) If you ask specific questions before you set up an acct. and are told one thing and exactly the oposite happens after you set up, that is sneaky or underhanded. This means you already have done all the work to set up. Also getting money bak out IS harder than they tell you before hand as well. Our particular issue was privacy and specifically our SS#s. My husband is a Police officer of 14 years and does a lot of ID theft cases. Virtually everything a person would need to steal your ID will go through the mail together unless you set up email only accts on-line, but they don’t tell you that until it allready has been mail and in my case 13 calls later. Even then you will have to send it back through the mail, no faxing ect. Someone said all banks do this and that is not true. Neither my Key bank or my parents credit union have done this to us. 2) I noticed the first few calls we were given the option to rate Ally. However if you get “call backs” on problems or the service person knows you are unhappy with your outcome you don’t seem to get the same chance to rate them. You just get dissconected. That tells me those good rateings are scewed. I have got things worked out now and my acct has been unfrozen. The reason we were told it was frozen was because of too much activity. There was a lot of activity because each rep gave us different info and told us to do or try something different than the one before. Many gave bad advice we later found out didn’t help. For example we were told we could fax senstive info back and we did, but nope you can’t do that. We were also told they didn’t recieve the fax then another person said he saw it clearly had been recieved. The inconsistancy took thirteen contacts for one single problem. I feel like there is no continuity to training these workers. Not that I think that is the workers fault. I am not as mad as I was but I still have regret overall.
It gets better. My husband just picked up my mail and even though we already sent our SS#s back though the mail to them they sent them again. Oh, and with a wrong address. They used our Pysical instead of mailing and I have told at least three reps to use the mailing. It’s a good thing the Post Office knows us. Oy. What is wrong with these people. They sure are taking a lot of chances with my info despite our making it painfully clear how we feel. Now I am just plain furious again.
i am not saying they are perfect…but please get your information correct……the bank does not deal with your auto account- at all…and the bank is completly in the US….however the auto division of ally financial is out of the country and has your auto loans—if you call the bank- you are calling someone in north america
Was seriously considering opening an account…think I’ll keep looking.
I have been an Ally Bank customer for a while now and I love them. Now with the ability to scan a check and send it in to make a deposit and you don’t have to wait on the mail – I love them. I have not had any issues and they are very friendly when I have any questions. I actually just had to dispute a charge today from a company that keeps charging me and they were more than helpful. It took a while to get all of the information gathered with them to do this but I previously worked for US Bank and know it takes just as long through them to do this. I would say don’t reconsider. It has been a wonderful option for my family thus far!
I have been with Ally since it was GMAC Bank. I have been extremely happy with them and glad to be one of their customers. I have never had an issue with them myself and I tend to think that many problems people have had, they caused themselves. Of course not all of them, but many. Heck nothing is perfect, if it was, there wouldn’t be erasers on pencils or a delete button on your keyboard when auto-correct fails, hmmmmm….
I love American Express and have never sent them a positive email. I love to drive my car, but I have never sought out a forum to send flattering emails to the maker, either.
Real people usually only seek out these type of forums when they are 1) extremely angry with a service provider and want to get even, 2) considering a service provider and want to see what real people have to say, or 3) are employed by the company in social marketing and get paid by the hour to post anodyne, “hhmmm, it’s just pretty darn good service” comments on these sites.
Me, I am in category 2 and Ally/GMAC seems have a very high percentage of us among current and former customers (just look at this whole site). If you are in category 2, beware. If you are in 3, I hope you are getting paid enough to offset the shame of pretending to be real person to mislead others.
This bank is not very orginazed. We tryed to set up a trust account and when I called checking on the account and asked to talk to someone in the Trust account department I was told that the operator could not transfer me.?? She did put me on hold and ask that department my questions and then came back on the line and told me what they said. I found the process very strange since they told me on one of the many calls to fax some paperwork to them and they gave me a specific number. Of course the fax never got there, even 2 hours later??? I told them to send everything back and I would find a different bank. The lady on the phone said she understood and then asked if there was anything esle she could help me with…She didn’t help me to begin with so why start now… I was very frustrated… DO NOT BANK HERE… BEWARE..
i don’t have any negative comment to say, by just lookin at the basic reviews.this is very (temptin) to open an account with ally.its devasating to hear about these complaints,hope they clear them up.
The worst mortgage refinancing experiences I’ve ever had. I had a GMAC mortgage and decided to refinance to a lower rate. 5 months of worst experience. After providing every possible info to them, they found another and another missing info. They lost certain files after another processor took over my file. After 5 months of back and forth phone calls, faxes we finally had a settlement date appointment. The dept. head assured me that they had all of info needed. I took time off from work to come home by 2 pm for the settlement. However due to some additional BS they never showed up and never bothered to inform me of any delays. I called and threatened with a lawsuit for intentionally delaying the process. The dept. head appologized for the screw up and reschedualed for the next day. Even the title company that came to my house for settlement told me that GMAC/ALLY is the worst company to deal with when it comes for remortgaging and financing…
NEVER AGAIN…
I have been trying to refinance my home since Dec. 4, 2011. My current mortgage is with GMAC. The loan amount is very low. Ally Bank seemed happy to help me and seemed to know what they were doing. I sent all the info asked for. I had an Appraisal, and now nothing. Now they tell me they can’t find all of my info. Well, that’s very important info to be floating around. I have spoken with several people. No one is taking care of the issue. I know they are busy, but that is not my concern. Right now I am in Limbo. No Loan and No Answers. No one is calling me back. I’m stuck waiting, while my information is who knows where. This whole experience has been a terrible nightmare. Very unprofessional. I will never recommend Ally Bank.
I took a loan from Ally on my Dodge to get a lower price and pay it off early. It has been a nightmare to try and pay the bill. All the phone calls for the car loan are outsourced and when I have tried to pay it off I get sent to several departments and have to tell my story over to each person. It has been so frustrating. No one is consistent with the regulations within the departments. I have asked to speak to a branch in America or a corporate number, but they are not allowed to give it to me. They have been promising a refund for a payment for the last three months and I have to call weekly and have them constantly tell me it will be sent out in 3-5 business days. I wish I could have someone in corporate listen to the hours of conversation that has occurred. Their add says, “I love my bank”, well, “I HATE THIS BANK.”
Just does not sound like Ally. I have had nothing but good dealings with them. Maybe call here in the USA. Not sure what is the issue but maybe you are calling the wrong place.
K
If you read the comments from real customers on this thread, it sounds exactly like Ally Bank / GMAC. Their ethics are questionable, errors are always in their favor, customer service is non-existent.
If the auto loans are in forgein countries why isnt the interest charges staying here to. Its our hard earned money thats paying for the loans and all extra money should stay here no t in some foreign country same as all companies that finanice anything here. If they have a building in Utah is it just a calling center? Tell us where the “brick and mortor” building thats got its name on it and you can walk in and see a rep. there and discuss your account with them…(no such place and probably wont be).
We have an old car lease with GMAC LEASECO Corporation. GMAC/ALLY is a holding bank. No name on the lease but ourselves exists and no one honored the lease but us. They mob rule, hide information, have my private information in another country, and no way to negotiate. This is a weakness in security. For the life of me, I cannot understand these people taking our taxpaying money and then treating us as citizens and customers in this way. Where is their conscience? WE ARE HUMAN BEINGS BEHIND THE EMAILS, TELEPHONES, INTERNET PAGE . Even if you don’t see the white of our eyes…WE ARE NOT STUPID…Lawsuits claiming massive fraud when they foreclosed on mortgages on the way for this bank. You can hide behind the internet, but you can’t hide or run forever. You will be in the same position as you were before robbing us….and you will go down treating people like you have.
I’m surprised that this blog is still up. It used to be run by Ally Bank but it is now under the care of a person named David Ning (really?). I don’t think it will be up much longer, because of all the negative postings. Ally Bank lied to me consistently for over a year about a “new product” that was of interest to me. They strung me along. My opinion of this bank is that they are a bunch of lying scumbags. Just saying.
06/11/11 on FOX news at noontime yet another ‘bully” marketing commercial using children one gets an icecream cone the other “not a new customer” gets none….when will these idiot promoting anguish vrs. intelligent customer service!Where did your marketing department get their educatio? This world has become far too rude and needs to wake up to the fact that it is not cute but, offensive. How about polite customer service when someone calls try putting a smile on faces (adults and children)…..maybe a can buried in a secret place is not such a bad idea to go back to afterall…YOUR Co. sure provokes that type of thinking…..oh, and by the way, your RUDE receptionist informed me that ALL ads with children had ben pulled and had been replaced with adult actors…WRONG….and would that be less ofensive really….ally correctly spelled would be bully!
Things must be getting wonderful at Ally if that is all you can find to bitch about!
I’ve used internet banks for a very long time – first Netbank, then ING (still use it as a backup) and in the last 6 mos or so Ally. I also have experience with several traditional banks.
No bank is perfect. Many years ago Standard Federal “accidentally” withdrew $6,000 from my savings – which I didn’t catch until a few months later, since this was a “rainy day” semi-dormant account – and instead of apologizing, they blamed me for not checking my statements every month. It all came down to a rather suspicious explanation of “teller error”. And to add insult to injury, they didn’t make up the difference in acquired interest until I called the district managers’ office. But NetBank was by far the worst, at the end.
ING is a great bank, never had an issue with them, but they refuse to let you write paper checks, so having them as a main bank is not practical.
Ally, so far, seems to be fine. I did have an issue with a bounced deposit check from another institution – this was a bank-issued check, Ally claimed the check was canceled by the other bank, the other bank denied that. All I know there was a screw up and two banks blamed each other. Ally CS did try to work with me to resolve the issue, and after two weeks the other bank suddenly offered to refund my bounced check fee, which makes me think they found a problem on their end without acknowledging that. Otherwise, Ally seems to be just as good as ING, at least as far as banking is concerned (didn’t deal with investments in either bank). Ally’s advantages are paper checks (which they provide for free) and the fact you can use any ATM and they will refund the ATM fees at the end of the month (there’s a limit but I am only using it 3-4 times a month so I don’t ever hit it). ING has a built-in $1000 credit so that if you overdraft you only pay small interest amount vs large overdraft fee. Also ING uses a (supposedly) more secure login method, although no US bank I am aware of is using the secure token technology they employ in Europe. Ally is easier to get in touch with, they offer instant chat option through their webpage. Ally also offers a slightly better rate on savings and few extra CD options. Bottom line is, both are fine. However I just read that ING’s US branch was bought out by Capital One, which doesn’t have such a stellar reputation.
I have to agree with Ward Cee – the post by ‘GG’ is nothing more but a hidden paid commercial for Ally. As a real customer of Ally Bank I had nothing more but troubles with Ally – see my posts before.
As a company owner I know how important it is to post the ‘right messages’ everywhere to balance negative reviews (I won’t hide – my company also has some negative reviews. We are not perfect).
So with all due respect, GG, it was a really nice try. However, you missed only one tiny yet big detail – customers that don’t have problems, usually don’t post messages. Why would they? If they are happy with the bank, no need to google negative reviews about Ally. So next time try to come up with something that sound more reliable. And please give my best regards to Ally’s arrogant managers.
No offense GG, but your post sounds like a commercial for Ally to me. There’s even a nice bone about ING being good for balanced credibility, and then the ding that they are being bought out. If you are reading these reviews with an interest in banking with Ally, I recommend going beyond this review to see what other (real) customers experienced.
First of all how do I know you don’t work for Wells Fargo or for another competitor to Ally. If you google bank reviews (negative or positive) you are taken to many different blogs. I didn’t see this blog was only limited to negative comments
Everyone Listen carefully. You cannot rely on anything posted on this site. Anyone that visits this site can leave a comment without authentication or authorization of the individual. I can post comments right after one another with a different name and you would not even know. With that, how can one trust a site like this. I sent a message to the administrator of the site but they didn’t get it.
You will never know the true identity of the person behind a message, weather positive or negative. A better place to find out information about Ally is the BBB. Also, if you are skeptical, try opening an account with limited funds and use the services for a few months and see how they perform for you.
Perform due diligence by using known methods of checking companies out, not by using this site.
Regards,
RJ
This blog used to be run by Ally Bank but it is now under the care of a person named David Ning (really?). I don’t think it will be up much longer, because of all the negative postings. Ally Bank lied to me consistently for over a year about the introduction of an IRA product that was of interest to me. The cost to me for this string of bs was between $4K and $5K. Better banks and better deals can be found using bankrate.com. Ally has cute commercials but they’re not worth your business.
Just to set the record straight, MoneyNing.com was founded and ran by me (David Ning) since 2007, long before Ally even became an online bank. The company was also never involved with the operations of this site.
Thank you David, I stand corrected. I will assume that you are not an employee of Ally or any of it’s associated companies unless I hear back from you to the contrary. If you are not employed by Ally, please let me know what the objective of your blog is because I am really interested. You can tell by my posts that I was very angry about Ally continually giving me schedule information and then changing it only to change it again and again. Anyhow, thanks for your reply and correction.
I am fortunate enough to run my own business so I’m not an employee of Ally or any financial institution.
I started MoneyNing out of curiosity of running a blog and a passion about strengthening my personal finances, but the site has grown to what it is today. If you poke around a bit, you’ll see that the site hosts a ton of articles discussing a wide range of topics on money matters and some of these reviews are just a small part of my site.
I’m sorry to hear about your bad experience with Ally but on the other side of the coin, I’ve been a customer of theirs since they started the offering and had no problems. Thanks for sharing though since the aggregate of your dealings with the bank in addition to my own is what will help other people get a truer picture so they can make their own decision on whether to sign up.
My husband and I opened a CD with ALLY which matures 10/19/11. I called 3 days ago to see how I can add to it at maturity and no one seems to be able to locate my CD. It has been turned over to the fraud department, but no one will tell me why. Has anyone ever heard of this happening? I’m worried sick.
Has anyone got a USA contact number or email for ally in the auto financing dept, I have been directed to India for hours on end with false promises for the last three months getting nowhere. the only way i can see at the moment to get their attention is to suspend my auto payments Any help would be very appreaceated
I signed up for automatic payments and they took one out when due and took another one 2 days later. They informed me that they would not be able to send a check for 10 days. Go figure !!! It came out so easy but I wont get it back for awhile.Its Christmas time and I really needed the money, but they would not help at all. Plus I got an overdraft fee from my bank. They were kind enough to wave that, being I never go over what I have in my checking account. As soon as the hoildays are over I,ll be finding a new bank, and dont recommend Ally to anyone. And come to find out, I wasnt even talking to anyone in this country.
Wow! SO surprised to see some of the negative comments about Ally on here. I assume as in most cases in life that some people WILL come across a negative experience. This however has NOT been the case with my own personal experiences in dealing with Ally Bank as a “new” customer for the past 90+ days.
I chose to open a free online savings – no minimum balance savings acct with Ally after doing a simple Google search for “best free online banks” which narrowed my search down to finding an online bank that would NOT require a significant initial deposit. As a matter of fact, I opened my acct with no reqd deposit. I chose to apply for the acct online but since have had the majority of my communication w/Ally via phone. (@Jay if you visit the Ally.com websitte they show several contact numbers for them. I believe the call center is in Oregon but the two addresses I have for them are 1 in Philadelphia, PA and one in Horsham, PA)
I cannot HONESTLY more avidly express my personal recomendation for this bank and their high level of customer support personnel. I am NOT an employee of ANY bank or ad service…simply a disabled single mom who is slowly trying to regain my “footing” financially after waiting 6+ years for my social security to finally be approved.
They are JUST offering some new feature which enables you to access your funds – honestly I can’t recall the name…but it would allow me to transfer funds via e-mail believe it or not, which would have gotten my funds to a friend who needed some help about 2 days faster than an acct transfer. I wish I had fast access to the new info maybe David will post about that service for you all to read.
Sorry to ramble on, I was curious to read the Ally review and wanted to share my personal experience. I’m so glad that DAVID(moneyning) shared my enthusiasm.
Ally Bank is by far the worst banking experience in my life. Ally’s fraud department unleashes a torrent of early morning calls from untrained, unprofessional thugs who are supposed to be checking unusual transactions. Instead, they come across much more like a boiler room of con artists turned bill collectors. The fraud department that is calling clients all day is neither trained in customer service, nor security. Besides the most abusive language that I’ve ever heard from a bank, they gave out my checking balance to a caller without checking the identity, and then closed my account based on a phone call also without checking identity. I could not believe that it was a bank that I was dealing with. Ally’s fraud department caused me to feel that not only was my money threatened, but my life as well. Truly dysfunctional at best and perhaps one of the worst operated companies in the world.
I have just recently opened (2) CD’s with Ally and it was a very good experience. The customer service rep that I talked with on the phone was professional and she made sure she was talking with me by checking all my security questions. I was leary of Ally at first thinking how can a bank have such high interest rates while every other bank’s rates aren’t even in the same universe. I’ve already accrued more interst in 2 weeks then all of last year with another bank. I will most likely open a savings account with them soon.
I don’t care about their CD’s, Bank accounts or other options. I stand by the fact that auto loan department sucks, they ruined my credit by losing my routing number, then reported me 60 days late on Experion even though it was their fault. They kept the late fee’s and their outsourced customer service is lame and they suck!
My husband has been dealing with Ally for his car loan for the last few years, and I would swear that they’re deliberately trying to make us pay late fees every month now that he’s near the end of his loan. Every month he has to call in an fight with them for an hour just to get a payment made; every month he tells them he wants this to come out automatically, the same day every month; and every single time the payment doesn’t come out as scheduled. We’ve decided to pay the minimum on our other debts so that we can save up and pay off his car in one go just to avoid dealing with this company. They’re crooks and have the worst customer service of any company I’ve ever seen in my life.
I can transfer my money into my Ally Account in a matter of minutes. When I want to get it out, “well that’ll be a few business days” or you can send them a form by fax for a wire transfer but I tried that twice and they just say we never received it. I ask if I can email it to someone and they say we can’t give out our email addresses it has to be faxed. I ask how can I get confirmation it was received and they say “call us after a few hours and we’ll check to see if we got it”. Guess what! I call and “Please hold” “please hold” “please hold” and an hour later “no we can’t find it” STAY AWAY!!!
Transfered my money out of ING in a matter of minutes
Just closed my Ally account again today. I tried to open an online savings account last week. They did the test deposits and withdrawal from my checking account several days ago, and sent me an email that my Ally account was open, but I never received an email to verify the test deposits. Their website just kept saying that the transfer was pending. The alternative was to give them my login and password for my checking account at my brick and mortar bank, which I was not about to do. My initial test deposit of $100 was never drawn from my checking account. So, after waiting several days, I called them to cancel the withdrawal and close my account. I was told that my account was never funded because I never verified the test deposit amounts. In order to close the account, I had to verify said amounts. I was guantareed that the withdrawal would be cancelled. The very next day the $100 was drawn from my checking account. I called again and was told that the transfer back to my checking account would take 2 days and my Ally account was indeed closed. Was also told that I should have never verified the test deposits and just let the time lapse. Today, I also received in the mail signature cards with my SS# on them to be signed and returned. How safe is that? I lost all faith in this company with their delays, false statements, untrained customer “service” reps, and lack of communication. I would hate to think what they might have done to my entire savings. Beware.
It is very true. Their service is terrible. The online chat is a joke. I think I was talking to someone in China. The telephone assistants are good; however, they have limited authority. My big difficulty is in freeing up money when a CD matures. At one point I had the $250M with them. I am now about to close the account completely. Their rates have dropped and I don’t like waitin 10 business days to be able to write a check on my cash.
Just closed my accounts with these crooks, beware people, they lie. No hidden fees..HAHA, yeh right…They overwhelm you with paperwork, you fax, but they tell you they did not receive it. Too much personal info getting lost. They can make a mistake, but you can never or you will be penalized People. .
I have two CDs maturing this month. It has been 4 days now since I asked that they be deposited into my money market account which I can use to write a check. I was told it would be another 2 to 4 business days before the money would be available. Ally claims they have a backlog of people cashing their CDs and are behind in the transfers. Beware of Ally – you may not be able to get your money back when you want it. I will close my account with Ally after this experience.
Just to clarify – on my previous post, the sentence “their online site has handled thousands of transactions for us without a single mistake” was referring to ING, not Ally. Ally’s error rate is more like 1/6 (17%) which is rather frightening for a bank. And my search today of the BBB website indicates that: 1) Ally is not registered with BBB unlike a large number of other banks; 2) the BBB rates it a C for the number of complaints against them – 89 in the past 2 years. This puts Ally in the bottom 2 of 358 banks nationwide, according to BBB.
Given the rash of recent postings about problems with Ally’s CD closings and problems transferring money out – either they have a very new bunch of customer reps who are not doing the job right, or they are deliberately trying to prevent people getting their money. Given that Ally is really GMAC which is really General Motors, and GM is now under the gun to try and start paying back the bailout money before Obama has to answer to the voters, I suspect Ally is starting to go into a serious debt situation. They have millions of locked in CDs out there for up to 5 years at much higher rates than they afford to cover with other investments, no one is borrowing, and the government teat is about to be cut off.
Now their web site is completely down with no prior advance notice – a real bank warns its customers in advance if that is going to happen for maintainance etc. Seriously thinking about closing the remaining two Ally CDs early and taking the interest penalty.
Please do not let this bank screw you over. They clearly do not know what they are doing. I have spent the past half hour going through various sites checking reviews for this bank. I began looking because I have very little money to open an account with and need someplace to siphon the money I make online into. Since I began surfing reviews, however, and they seem largely BAD. Very bad. You don’t have to take my word for it though, just google it.
My husband and I were looking for an online money market for the higher rates and decided to try out Ally Bank. Well, our first transaction was an epic fail. We tried the edeposit with out tax return money which failed apparently due to us not co-signing the check. Which is odd, because any other bank will usually take a deposit signed by just one of the people to which it is written. So, after 5 more phone calls and 5 more business days past the 2 business days it should have taken to get deposited, we finally got the check cleared and in in the account. This was worrisome to us because you have to write that it’s for Ally edeposit only on the back of the check, making it worthless to deposit anywhere else.
Not that was worrisome enough but I was happy with how it got resolved and the customer service people are actually really helpful and seem to be fairly intelligent. So, I was going to try to transfer some money to a non-Ally account we had activated. Turns out that was down. Seriously, does anything work with this bank! So, we decided to close this account due to the lack of truct we have with this bank. The kicker is that the lady told me to stay on the line if I wanted to take a survey, which I did, and was disconnected. This also happened with my husband in a previous phone call. Guess you really don’t want to know what we really think, huh? Anyway, proceed with caution are my parting words if you are planning on opening an account with Ally.
After checking with BankRate.com and seeing the rates for Money Market and CD Rates for short terms, I decided to check the bank reviews for each bank before deciding of where to invest. Ally was my top pic, but not after reading all the negative review and frustration that people have experienced. Wow a bank that doesn’t know what it’s doing!! I have always belonged to a Credit Union, and have mistrusted banks, and virtual banks in general. I need to make a better rate in interest for my mother. But can’t afford to lose her money or have it misdirected, or not be able to cash out a CD at maturity. I will look into ING, even though their rates are less, they sound more secure and professional in their dealing with the customer.
I opened CD accounts with Ally bank years ago because their interest rate is among the best. Their service agents, both call and text chat were helpful. The wait time is none or less than 1 minute. When I needed my fund I just faxed a wire transfer form which was obtained days before. (Yes, I had only one no penalty CD account with Ally at that time, no checking or saving) 2 hours later I received verification call to confirm my identity and all vital fields on the form. Around 4:30 pm EST that same day the fund was available in my receiving bank account. They did charge $20 wire fee and another $10 from my receiving bank. Considering I could have my fund in the same day I requested, I was happy to pay those fees because I did not want to wait for the check mailing and clearing time. I’ve heard many bad stories when getting money out of Ally bank but my experience with them was wonderful. I wonder if my 0.4% higher rate (rate was dropping) made the difference.
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