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Ally Bank Races Ahead With IRAs, Ally Perks, eCheck Deposit

Tuesday, June 21, 2011 - 8:40 AMAlly Bank - Details
Ally Bank debuted a wide array of products and services that offers more options for its customers – and very likely steal business from other online banks.

Ally Bank is making great strides in becoming a more consumer-friendly online bank with new products and services that have been released in the past two months...

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WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
1. Tuesday, June 21, 2011 - 10:23 AM
Hopefully, the competition will encourage higher rates in addition to more features. Unfortunately, rates are still falling at Ally (5-year CD APY fell from 2.37% to 2.34%).

I also have my review of the these new Ally Bank services in this Sunday post.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,611
2. Wednesday, June 22, 2011 - 4:50 PM
They are probably trying to position themselves as the "customer friendly internet bank" replacement for ING Direct once Capital One eviscerates ING. After reading Capital One's statement in the NYT this week, it seems they are not doing anything to reassure ING customers, which says to me that they don't necessarily plan on keeping ING as the friendly, easy-to-use bank that it is now.

The problem for Ally is that even with these features, they are still not as customer friendly as ING. Their website is clunkier, their accounting isn't as transparent, and phone customer service is long-winded and weird frankly IMHO (plus, the Ally frontline CSRs can't actually do anything, they are just an operator that relays your requests to the "banking operations department" aka back office, which actually performs all the transactions and to whom you may not speak). They need to address all of those issues if they want to be the new ING.
eric2eric218 posts since
Oct 17, 2010
Rep Points: 164