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How This CD Tracker Tool May Benefit The Bank More Than You

Thursday, June 12, 2014 - 7:33 AMAlly Bank - Details
Ally Bank recently introduced a new service, called CD Tracker, that will let customers know when their certificates of deposit (CDs) at other banks are about to mature, so that Ally can market its own CD products to these customers. Essentially, it is an email reminder that could help Ally to poach the deposits that are held at competing banks.

http://www.mybanktracker.com/news...racker-too
6
ShorebreakShorebreak2,624 posts since
Apr 6, 2010
Rep Points: 14,220
1. Thursday, June 12, 2014 - 8:03 AM
What is the need for this from Ally when all banks I have ever done business with send out reminders in the mail weeks before the maturity dates.  I pin them up on a big board I keep for messages.  I don't get them by emails but by snail mail.  If I am going to close the CDs so I can take them elsewheres, this reminds me to email that bank or cu not to rollover the CD.  I know we have a Grace period but I like to make sure they know what my intentions are for the CD at Maturity anyway.  I wonder how much higher the interest rates are that Ally gives with this procedure because from looking at their rates on line they are not screaming high.
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
2. Thursday, June 12, 2014 - 4:50 PM
I consider this a privacy issue. I don't feel comfortable letting Ally Bank know how many CD accounts I have at other institutions.
5
ShorebreakShorebreak2,624 posts since
Apr 6, 2010
Rep Points: 14,220
3. Thursday, June 12, 2014 - 5:18 PM
Talking about the "privacy" issue, if you take your interest checks regularly into your local bank they may be keeping track of all the other banks you are using.  I was told directly they were doing this with me and my reply was that it was sad their rates were so low that I had to use all those other banks and credit unions to get the rate I needed.  It seems banks don't have to be concerned with "privacy" issues if they want to nosey in on our accounts.  I blew a fuse when I found out they were allowing their financial officer to study our account "for our own good" supposedly to help us do better.  I got that stopped real quick when I let them know they had nothing to offer me that I would be interested in so only bank employees who have a reason to be in my account should even be looking at it.   
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
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