Friday, March 4, 2011 - 12:29 AM

Sure Go Ahead Give Them Your Money...If You Dare

(1 stars)

I was convinced by customer service to let Ally Bank transfer $25,000 out of my local bank account to open up a new CD as they said this would be the easiest and fastest way to fund my new account. Surprise, surprise, they transferred it TWICE. $50,000 gone from my account instantly. When I called customer support they said "oops, our bad, we will reverse the mistake within 48 hours". Well, two weeks later, and no money had transferred back. Luckily I was able to talk to my local bank president and she transferred it back because it was an unauthorized transfer. I would not trust Ally Bank, ever.

ptidd1 posts since
Mar 4, 2011
Rep Points: 26

Edit | History

Ally automatically funded my CD twice by mistake. They would not reverse their mistake in a timely manner.

Quick
Summary

1. Friday, March 4, 2011 - 7:05 AM

True to your resolve did you close out the original CD as well?

Accidents will happen - it's resolution that matters. See if they'll offer additional compensation beyond restitution. Nothing ventured, nothing gained.

CraigPD85 posts since
Jun 12, 2010
Rep Points: 298

2. Friday, March 4, 2011 - 8:33 AM

The same thing happened to me once with Chesapeake Bank, but Chesapeake Bank corrected the mistake by the next day. I see no reason why it should have taken Ally Bank so long! It is beginning to look like Ally Bank's customer service has been deteriorating. I don't blame you for distrusting Ally Bank now; I would too.

Wil99 posts since
Feb 26, 2010
Rep Points: 406

3. Friday, March 4, 2011 - 8:43 AM

Everything seems to be in order with Ally... until something goes wrong. Then they do not any remedy plan at all. Everthing seems to be random. Their ACH department is really bad and inefficient. I only do minor ACHs (say $10 each month) with them for RCA requirements. For large transfers, I would rather go through other bank's ACH or simply mail/hand in a check.

51hh623 posts since
Jan 16, 2010
Rep Points: 3,066

4. Friday, March 4, 2011 - 9:16 AM

Don't all Ally customers "love their bank"? It must be be true, I saw it on TV.

Stewie41 posts since
Jan 18, 2010
Rep Points: 182

5. Friday, March 4, 2011 - 11:23 AM

Don't all Ally customers "love their bank"? It must be be true, I saw it on TV.

To be fair, I still like their 24/7 customer service and easiness to open accounts; the problem is: when there is really something wrong, CSR usually will not be able to help you:D

I hate their multiple e-mail notices on any minor ACH actions: (1) ACH received, (2) ACH initiated, (3) ACH on route, (4) ACH pending, (5) ACH arrived, (6) ACH withdrawn, (7) ACH effective, (8) ACH on hold, ... (9) customer just dropped dead from being buried in Ally e-mails.

51hh623 posts since
Jan 16, 2010
Rep Points: 3,066

6. Friday, March 4, 2011 - 7:59 PM

Ally's problem seems to be with their external bank transfer system. Transfers from external banks are now handled by CashEdge. This is a relatively new change and has quite a few issues. I do believe Ally is trying but has been ineffective at getting CashEdge to make changes.

As for emails, I believe this is configurable by the Account holder.

harold3 posts since
Mar 4, 2011
Rep Points: 13

7. Saturday, March 5, 2011 - 8:35 AM

Ally's problem seems to be with their external bank transfer system.

I agree completely. That single change knocked them from a top level banking service to mediocrity. The GMAC/ALLY transition held up well until CashEdge transfers started and it's been downhill ever since. You'd think with all the high-profile marketing one consultant could preceive potential negative PR effects but the number crunchers hoarding extra days of interest won the day. In a non-competitive environment for deposits the tendency is all sink to lower levels.

Still curious to see if ptidd practiced what he preaches.

CraigPD85 posts since
Jun 12, 2010
Rep Points: 298