The customer service is great. However, just received another notification regarding a savings interest rate decrease. 2 interest rate decreases in a few months and 3 total in under a year. There are many other banks that still honor and provide close to or at a 2% interest rate. They've essentially removed the entire incentive that brought us (and I am certain, other users) to use this bank in the first place. We'll be taking our money out and moving to another bank. I am glad we never moved all of our money here.
I did a mobile deposit of my federal tax return to Ally Bank on 4/29. Two days later when the money was in my account, I wired it to my bank in Hawaii because all of my bills including my mortgage, solar, cars, etc. are paid out of Central Pacific Bank. I received a call Wednesday 5/1 from the Ally Bank Fraud department saying that they froze my account dues to suspicious activity. I was told that the verification of funds would take 24 hours. On 5/4 I called and was told to call back Monday 5/6. I called back on the morning of 5/6 and was told that there was nothing that could be done pending the US Treasury Department. I then attempted to call back twice directly to the fraud department where I was hung up on after 2 calls waiting for 20 minutes each. I then called back to the regular customer service number where I was transferred by the customer service agent to the fraud department after 1 hour on hold. I spoke to someone there briefly and I asked for a manager. I was put on hold and approximately 4 minutes later I was hung up on again. I called the treasury department and was told that the funds had been released to the bank on 5/1. It's 5/6 and my money is still not available to me, and my Ally bank account is still locked including my other savings account. They are choosing to hold my money that has already been released to them 5 days ago by the federal government. I am now being told that the review would take until 5/10. This is 9 days after the funds were released to them by the US Treasury. DO NOT USE THIS BANK, THEY ARE CRIMINALS. I have filed a complaint with the Federal Reserve, and will also be seeking legal representation to get my $14,468 of my money back from these crooks. SHAME ON YOU ALLY BANK.
Opened joint account online on 4/7/19, after entering all my personal info, I received a message that "DUE TO HIGH VOLUME" response time would be 3-5 business days or longer. WAIT, WHAT? I'm giving you money, and I need to wait a week? OK, deep breathe, I will wait for the 2.2% rate. I ended up waiting 6 business days, then went online and started an online customer service chat, gave my app ref # and they said my information was not on file. WAIT, WHAT? What happened to my data? My SSN, personal info, not on file? Online rep took my cell and said someone would call me within 1-2 business days. UGH, ok I waited. Today, 8 business days later, I call in and speak to a rep who says my information could not be authenticated? WAIT, WHAT? I had to call Ally Bank to find this out? NO WAY, but yes it's true. The rep also said they could not delete my personal information so my data is out there. I went online tonight on Marcus by Goldman Sachs, took me 5 minutes and application was approved, and we made our initial deposit of $25,000.00 at 2.25% interest. 100% TRUTH AND UNBIASED REVIEW.
Once again Ally Bank has one of the highest interest rates for savings and money market accounts, they reimburse your ATM fees up to $10 month who else does that? If there is a problem customer service is excellent and accommodating.
I will continue banking there for long time.
My wife opened a money market and savings accounts. The MM was for moving money in and out and savings was to park most of it at the higher interest rate. She misunderstood the agent who opened her accounts. Since she intended to write very few if any checks she turned down the starter checks for the MM thinking they were a full chargeable set. Later she found out they were only the complimentary starter checks and she called back to request those. Instead, an order for a full set of regular checks was created, the agent failed to confirm what was actually happening. In the meantime my wife moved almost all her funds into savings account. This generated an overdraft when the check order was processed. When she called to complain she was told nothing could be done. So she has checks she did not want, paid an overdraft fee for that privilege, got a letter months later about an extended hold on her deposits because of "repeated overdrafts" - there was only the first one. She waited 5-10 minutes on phone to complain again but gave up. The website took three tries before accepting her email. The result of all this was an automated email trying to explain away the hold on deposit funds. She got tired of being mistreated and is done with Ally. I also had accounts with Ally but no more. Products are good but service is horrible!
Great rates because they hold your money for over a month after you request it. Costumer service pleasant. That's about it. Offer no help. Check out other reviews by costumers not groups like Nerd Wallet that get a fee from them
This has got to be the worst bank in history,
I have $800k in various CDs and then I tried to send funds to the Ally Invest and the Ally Bank lost the money ... it's been weeks and they don't even seem apologetic.
DON'T BE A FOOL - GO TO ANOTHER BANK!
Ally Bank is the worst! I cannot believe the lack of customer service I get from them. I have a problem, I call customer service, they can't answer it, give me a phone number to call for a supervisor (don't transfer me), I get a voicemail that he'll be out of the office for two days several days prior, and still no call back. I'm told the fastest way to close my accounts is to wire my funds back to my other bank, and oh by the way there's a $20 wire fee! Argh! I'm closing my accounts with Ally!
I also opened my Ally account due to the high interest rate. My husband and I closed our other accounts and decided to just use Ally. HUGE MISTAKE. I'm reopening an account at my old bank first thing on Monday.
My husband has direct deposit and this has been working fine. I unfortunately don't have direct deposit at my job so I must deposit my actual check. It takes WAY too long for my check to clear. Their check deposit times leave a lot to be desired. My last check was deposited on a Thursday and I didn't have access to my money until Monday. You have to wait for TWO business days after the day of deposit until they let you have YOUR money. Absolutely ridiculous.
I hate that you can't deposit cash or even a money order. They also got rid of refunding all your ATM fees and will only reimburse you up to $10. Classic bait and switch.
Things were going okay until two weeks ago. My husband and I went on a 10 day vacation. I admit that I forgot to tell them that we were leaving, so we weren't that surprised when they shut off my husband's card... 8 DAYS INTO OUR TRIP!!!! But mine was not shut off. Really good security you got going on there, Ally...
That night at the hotel we spent (more like wasted) half an hour on the phone with Ally to alert them we were out of town.
Two days later, we were making a mad dash for the airport and ended up with a shady cab driver who would only accept cash. While waiting for the cab, my husband tried to get money out of the ATM but neither of our cards worked. I called Ally THREE times to see if there was a problem. They kept telling me there was no problem. So we had the cab driver take us to an ATM, again it didn't work! I called Ally AGAIN and then they decide to tell me there was some kind of dumb hold on our account. Needless to say, we missed our flight and had to spend an extra $300 on a hotel, food, cabs, etc. Thanks a lot Ally!!!
Then today, I needed to take a significant amount of cash from the ATM ($1200). They have a $1000 daily ATM limit. I called to see if they could increase that for me. Nope. He said they could put in a request to increase it but that would take TWO business days. It's my freaking money!! The Ally rep told me to wait until exactly midnight, or maybe I have a friend who owns a business and would let me charge my card and get the cash! WTF?? Um no!!! Luckily my husband was able to use his Ally card and get the remainder of the funds I needed out of the SAME ACCOUNT!!! Wish that idiot would've told me that over the phone.
Anyway, waaaaay too much BS. My 1% interest was more than blown on the garbage this bank has thrown at me. Back to brick and mortar for me.
Pros: Good application and wonderful website. They really know how to make an application run smoothly and quickly.
Cons: Customer Service was awful, fees for anything, subjective guidelines for these fees, silly policies. It seems like when they charge a fee there will be no reversal. That's a good way to ensure your customers stay in line, or leave your bank. Capitalism works both ways.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.