3.0 stars across
25 reviews
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Great rate, Great service
This review is for: Money Market Savings
I've been very happy with my Ally account. I came initially because of the great savings rate (every dollar counts, right?). I've been very impressed with their customer service. Night and day from Bank of America.
Posted by drew -- Oct. 17, 2012
so far so good - Great rate, good website
This review is for: Online Savings
I recently opened this account and have been very happy with it. Ally's website is easy-to-use and it was easy to do the transfer. I called them to try customer support and within 10 seconds was talking to a human.
Posted by drew -- Sept. 26, 2012
as bad as it gets
This review is for: Ally Bank
lie...lie...lie. Closed my CD on July 25 and still have not received my check (August 13). Many stories but all lies.
Run like hell from this bank.
Posted by nrmoseley -- Aug. 13, 2011
Good bank; easy to use, and good interest rate
This review is for: Ally Bank
I saw all these negative reviews on here, and was surprised. Their experience is completely different than mine. I've had an account at Ally for almost 3 years (they used to be GMAC bank before changing their name). They have very competitive rates, and good customer service (in my experience). They also will mail you a cashier's check drawn from your account with no charge (and are the only bank I know that offers this feature). I’ve deposited and withdrawn money MANY times without any issue whatsoever. I’ve also owned 3 CDs at Ally, at competitive rates, and without any problems.
Posted by c5vette2002 -- July 14, 2011
Frustrating experience getting my statement
This review is for: Ally Bank
I have been waiting about 10 days for my most recent statement to post online. I checked the day after it was due to be posted and when it wasn't there, I chatted with an online rep who told me it might take an extra business day. All well and good, until it didn't post the next day either.
Since then, I have been chatting with reps on a daily basis, who have since informed me that they are "actively working" on a problem with their system that is keeping statements from posting. They can't give me an ETA for when the statement will be there and have also been unable to help me out manually - I need a copy of my latest statement as part of an unrelated application process. While the online reps are friendly, they have no real information and seem to have no ability to escalate.
Posted by mtucker -- July 5, 2011
davidpate
This review is for: Ally Bank
davidpate
Posted by 'ate19452005 -- June 28, 2011
None too good :-(
This review is for: Ally Bank
Just a warning to BE VERY WARY of Ally bank. Their "electronic" transfers really aren't; and you'll generally experience a roughly 6 day wait time/hold before your "instant transfer" funds will be useable :-( That is longer than sending things via US Mail! When you inquire about the resulting fees and issues that shall ensue...you'll generally be told that "you could have read up on that process...there is nothing we can do". Overall, I'm more than a bit disappointed with Ally Bank :-( Word to the wise.
Posted by srnuna -- May 14, 2011
Awful.
This review is for: Ally Bank
Avoid Ally Financial completely. To think they charge a $15.00 processing fee to phone in a loan payment when the rest of the world is going green is beyond me. What could be costing them so much to have an automated service take a payment is downright theft. They have shown no concern to speak of as far as customer satisfaction is concerned. I'll be conversing with the BBB to see what they say about the worst bank ever.
Posted by sgtwildey -- April 27, 2011
I Hate This Bank
This review is for: 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!"
Posted by tadlefty17 -- April 26, 2011
worst bank
This review is for: Ally Bank
Ally bank is the worst bank I have ever dealt with. Easy to deposit money, but just try to get it out. They make it extremely difficult, plus you have to deal with employees who are extremely incompetent. Depositor beware when using this bank.
Posted by newlyd -- April 19, 2011
Good Reviews
This review is for: Ally Bank
Whoever wrote the good reviews must be bank employees or were paid to do so
Posted by rodlafleur -- Feb. 12, 2011
Hiding Information!!
This review is for: Money Market Savings
Ally bank card is not useable in all countries! You had better call FIRST before opening an account!! This bank is useless to me!!
Posted by rodlafleur -- Feb. 11, 2011
Unexpected fee and Liars
This review is for: Ally Bank
Ally bank will lie straight to your face and smile while doing it. I have had my savings acount for over a year with Ally bank and thought everything was good until they started charging me tons of fees that they specially had told me that didn't charge. Don't use this bank unless you want to wake up one day and see your account pounded with fees when you though you had a "free" account with "no fees". SURPISE there is a reason why the interest rate is so high, they make up for it with fraudulent fees.
Posted by darkertint -- Dec. 15, 2010
Not so great
This review is for: Ally Bank
After a bad situation with ID theft, I decided to try and find an online bank. I settled on Ally because of the interest rate - bad reason.
I go online and cut/paste account data at least twice a week - I found that I could NOT do that at all with Ally's setup. An inquiry to them resulted in the answer of "wait until you get your monthly statement rather than try and keep an ongoing track of your account". WTF?
Then, logging onto the account became onerous because I had to answer security questions every time even though I was using the same computer - when I asked an online rep why this was occurring the answer was "Oh, I bet your using Firefox - you need to change your browser to Internet Explorer".
All I need is a bank telling me to use buggy software!
I closed the account less than 10 minutes later.
Recommendation - GMAC by any other name is still NOT customer focused - try a different bank!
Posted by montihouse -- Oct. 18, 2010
Scott
This review is for: Ally Bank
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!!!!!!!!!!!
Posted by hufnageld -- April 15, 2010
Great Online Savings Account
This review is for: Ally Bank
I used to use ING Direct as my online savings account because of their high interest rates. However, their rates began slipping and I decided to shop around and look for an online bank with a better savings rate. I used some online search services of savings rates, but I also combed through the comments section of several personal finance blogs to see if I could find complaints about banks I was considering. I found several online banks, but the customer reviews of Ally Bank won me over. Their rates are indeed, quite competitive with other online savings accounts. Their website is easy to use when signing up for an account, and as a returning customer. It’s clear from their sign in process that user security is very important to them – something anyone should be concerned with in a bank. Additionally, the bank is FDIC-insured – another important feature to look for when choosing a bank.
Their customer service is relatively competent. I had to call them when initially setting up my account, but the people who answered the phone were courteous and capable of solving my issues. The best thing I have found about this bank is the high interest rate.
Posted by ssheviakov -- Aug. 16, 2009
Dependable and Reliable
This review is for: High Yield CD
I had just pulled my money out of the former Washington Mutual Bank and was looking for places to invest it where it would be safe. I checked online and found consistently high rates from Ally Bank (which was formerly GMAC Bank). At the time, their health was rated at five stars, so I felt comfortable putting my money there. I took half of the money ($40,000) and put it into a one-year classic CD. This was about 10 months ago, when interest rates were in the 4% range.
Filling out the online application was easy and painless and did not require as much information as other banks, which I appreciated. As soon as I submitted the application, I was able to track the status of the account electronically. In fact, I was so pleased with the efficiency of the transaction that I recommended that my mother switch her CD account ot Ally/GMAC when it became due.
I asked that monthly checks be sent to me, so that has happened like clockwork every month. The best thing about Ally is its dependability and reliability. I know my check will be arriving on the 5th of each month.
The worst thing about the account is not so much the account but the economy. The interest rates now are half of what they were last year at this time, and I suspect that when my CD comes up for renewal, I will have to reinvest at a pitiful rate of around 2%. Or I may be forced to withdraw my money and put it in another institution.
I only had one reason to deal with customer service and it was a pleasure. The young man I spoke with was able to answer my question without putting me on hold and he thanked me for my business.
I would recommend Ally Bank to others based on my experience. I am confident that they are being managed appropriately. I just wish their interest rates were higher.
Posted by Sue2Busy -- Aug. 6, 2009
In Good Hands
This review is for: Money Market Savings
I've had an account with Ally Bank since they were GMAC Bank at the beginning of this year. Here's what I've found:
1) Good rates for all accounts
2) Easy to setup, considering they're online only. So easy in fact, I have 4 savings accounts with them (to separate what I save for vacations, for emergency use, etc.)
3) They gave me a debit card I can use at any ATM, and they refund me any ATM fees!
4) Knowledgeable customer service, whom I've called 4 different times and always received stellar, thoughtful service.
5) The bank has a somewhat narrow scope -- either you have a savings account/CD with them, or nothing.
Overall, if you want a simple savings solution with good return rates, I'd recommend anyone to these folks in a heartbeat.
Posted by blacknorangestraycat -- July 14, 2009
quick and simple
This review is for: Online Savings
I am not by any means a bank savvy person, but I appreciate a good interest rate. I originally switched to ally because after searching BankFox for the best savings rate that fit my needs, ally came up number one. The switch was quick, easy and painless. It required very little work and was really straightforward.
I had previously had my savings with ING. At the time that I switched, ally was a much better rate than ING's Orange Savings but it has since dropped. I hope that the rates do not continue to drop as ally becomes much more popular.
Posted by mishan -- June 22, 2009
Easy to setup for existing customers
This review is for: No Penalty CD
I was already an ally bank customer with their online savings account when one day they emailed me and told me I could get a better rate (.25% higher) if I moved my money to their no-penalty 9-month CD.
I moved my money because I figured that I might as well get a higher rate, and since it's a no-penalty CD, I could withdraw my money at any time just like my savings account.
Setting up the CD was easy - I just logged in and moved money from my savings account to the CD. No weird forms or anything.
I was pleasantly surprised that the bank would email me to tell me that I could be making more money - you'd think they'd be happy with me earning less. But I do worry that there's a catch somewhere - that it'll be harder to get out my money, or they'll automatically renew the CD at a low rate.
But for now I'm happy to be earning the extra rate and if they pull any games like that I'll make sure to update this review!
Posted by jay_squared -- June 16, 2009
Ally bank is my ally!
This review is for: Online Savings
My son introduced me to GMAC bank, now Ally. I had been banking with my local credit union for over 25 years and was happy with the services. My son saw my interest rates (or should I say less-interest rates!) and suggested that I move some money to GMAC and give it a try. It was easy and quick to set up an account. I was focused on paying off my house, so I used GMAC for this purpose. I linked the account to my mortgage and set up automatic payments every two weeks. Partly because of the higher interest rates being paid a few years ago, I was able to beat my targeted pay-off date by just over a year, which turned out to be a good thing since I was “downsized” last October. I live in Michigan and jobs are scarce, but at least I have a roof over my head. I would highly recommend Ally bank. It’s easy to use, pays some of the highest returns without having to commit your entire life savings and has good customer service. Ally Bank is where I keep my long term savings (outside of retirement savings) so that I can earn as much interest as possible while keeping my money at the ready. The only downside I can think of is that there is a slight delay when transferring money from Ally to another banking institution, so you have to plan.
Posted by kbks1972 -- June 13, 2009
No-hassle savings
This review is for: Online Savings
I have been a customer of Ally Bank (formerly GMAC Bank) since February 2009. The easiest thing for people to do when they'd like to make a free $10-20 a month is to find the bank with consistently high interest and very few surprises - and Ally Bank fits that to a T. Opening the account was a breeze and took about 15 minutes. I've worked with other "high-yield" (is that an oxymoron in today's environment?) savings accounts before, but what stands out to me with Ally is that while their rate might be lower in the good times, it's the best spot to be in when all rates are down across the board. Transferring money is a breeze - just type in the other bank account's information, and the money will be transferred into or out of your Ally account within several days. This bank also offers highly competitive rates on their Certificates of Deposit, and have been great in handling my meager amount. However, the biggest advantage of Ally is that there are no surprises - their interest rates change much less often than other banks (my former account with Dollar Savings Direct fell from 4% to 2% in a span of 4 months, while Ally only fell to 2.05% from 2.75% in that same span), and there are no hidden fees or catches that might trip a client up. All in all, Ally is an excellent place to have your money work for you.
Posted by gleasonrr1 -- June 12, 2009
Nice online experience
This review is for: Online Savings
Okay, so I haven't actually spent much time with ally (formerly GMAC). But I have, as of now, opened an account. The process was smooth, and their online banking is much much much cleaner than others I've used (BofA, e*Trade). I'm pretty web savvy, but I've always found those sites to be kind of confusing online experiences; they'll often have three different sets of nested tabs at the top of whatever page I'm on. I don't think I fully appreciated how awful those sites are until right now.
I ultimately picked ally because they have the highest rate for a bank that met all my requirements (online transfers and statements), 2.25% APY (as of this writing). Beats my old e*Trade account by a long shot. And the online banking is so much better I'd probably take this over a 2.3% APY account.
Small note: another reviewer reviewed this account back when it was branded as GMAC. S/he didn't like that you could choose paper statements or paper and electronic statements, but not online statements without the paper. I haven't had an account long enough to test this thoroughly, but they appear to have fixed this, and I believe I'll only be receiving electronic statements.
Good work, ally, you lower-cased rogue, you.
Posted by gmlaughlin -- June 9, 2009
If you need some checks and like GMAC, this is for you
This review is for: Money Market Savings
I recently spoke with a GMAC customer service rep about their Online Savings account and during the phone call got some bonus information about the Money Market. Fundamentally, the Money Market and the Online Savings account are the same account, except for 3 differences. In exchange for a drop in interest rate (difference 1), the Money Market provides access to limited check writing (difference 2) and a debit card (difference 3).
The difference is really about convenient access to money. However, because this is a Money Market account, and not a Checking account, there is a restriction of only 3 checks and/or debit card transactions per month. Why? It has to do with the federal government's Regulation D, and frankly it seems like a rather arbitrary restriction these days, considering that there are a number of full-access checking accounts out there that offer very strong rates (EverBank, SalemFive's eOne, Electric Orange) - however GMAC doesn't.
As I said, this account isn't for me, but if you need check writing and you really want to be with GMAC, this account might be for you.
Posted by fightingirish80 -- March 29, 2009
Good rate - be ready for paper statements
This review is for: Online Savings
Just recently got on the phone with GMAC to get a little more info about their newest Online Savings Account that just started in October 2008.
The guy I ended up speaking with was clearly in a call center, and was not very happy to be there. But to his credit, he stuck with me and answered all of my questions.
Now this account has only been around since 10/08, but since that time, they've offered a rate that seems consistently above average. One reason for those high rates may be GMs troubles, and their need for cash. Frankly I'm not sure, and if that's the only reason for high rates, then it's going to be tough to avoid with many banks…
Either way, I don't plan on making a big bet on GMAC, because GMAC's ACH system will only allow $100k/transaction. My friend in the call center mentioned that this is only a limitation of their online ACH system, and if I just gave them a call, they would help transfer much larger amounts - but that doesn't make me a feel a lot better.
Now, just to pick on GMAC a little more (because it's easy), I asked about online vs. paper statements - being an almost 100% online guy myself, and not wanting my neighbors rooting through my financial statements as they are inadvertently left on the sidewalk by my mailman. Turns out that online statements are readily available, but to stop the paper from coming....you need to go to the post office and ask to have them destroyed on a regular basis....I really wish I was making that up - but that's what he said.
Posted by fightingirish80 -- March 22, 2009
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