Monday, March 15, 2010 - 3:02 PMAlly Bank
Ally Bank is not JUST a completely incompetent organisation, as I first feared when my long painful process of vainly trying to get them to do the right thing by me started. I am now certain that the components that have comprised my perception of them are actually the result of a much more malicious policy by this bank. They basically operate a bait-and-switch setup whereby customers are promised various things (like 0.5% bonus rates on CD renewals and best rate within 10 days of account opening). However the reality is more often that one calls them up repeatedly, is promised all these things and that they will resolve any problems, yet still the CDs never get the promised 10 day best rate nor do they provide the bonus. By the time one endures 10 days of this nonsense, one will then lose out the 60-days of penalty interest when one does what one should really have done in the first palce and gone to an institution with proper customer service like Alliant Credit Union. Net result one loses 50 days back interest - which one never got - so the amount withdrawn - whenever they actually GET TO THAT - is going to be significantly less than the original principal amount. I would advise anyone and everyone to stay well clear of Ally Bank. The more they say they are different the more they then lie to you and cheat you. Most customers on't even check their rates let alone get in touch or complaint. Savers beware! Also I recommend ACU here since they never deduct penalties from principal only interest accrued. I suggest you check all this out for yourself then you can make up your own mind. Far too much of the information printed here about Ally Bank seems rather more like endorsement than analysis. While I respect what the epople running this site are trying to accomplish - or Iwouldn't be wasting my time trying to post here - I think they need to take a far more detached and critical view of these very dubious financial entities. Stick with Credit Unions. They're not perfect either but they're better than these bloated banks. By the way my intent was to assign ZERO stars to Ally Bank so if it comes thru as even the one star that is unfortunate.
2,281 posts since
May 9, 2010
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