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Thursday, November 17, 2011 - 11:06 AM

Rates Are Decent But Beware Of Their Poor Internal Accounting

Ally Bank (2 stars)
I have 3 CDs and a savings account at Ally. I've had no issues with the CDs to date and was given a great rate with a low early withdrawal penalty should I one day need access to the funds. I also have a savings account with them that I used to like and use regularly, but currently I only have $1 sitting in it. The reason for that is that several months ago when randomly logging in to check my balance, low and behold, my account mysteriously was showing a NEGATIVE value of nearly $49,000! When I called Ally to figure out what was going on, the rep had no idea how a negative balance could even be possible (nor did I!). After much wrangling and cursing with a manager, a few days later Ally finally determined that they had made an internal error and had mistakenly deducted $50,000 from my account that should have been deducted from some other customer's account that had a similar account number. I respect the fact that Ally did ultimately resolve the issue properly and they did provide a written letter apologizing for the error. However, one would think their system would be properly designed to catch when a deduction is taking an account $49,000 into the HOLE. That I simply can't live with. I'm happy to let them keep my CDs since (I hope) they can't screw those up, but I have no desire to use the savings account anymore after such a debacle... trust is difficult to restore once broken.
10
MattMatt1 posts since
Nov 17, 2011
Rep Points: 10
1. Thursday, November 17, 2011 - 2:41 PM
That would have freaked me out too!
5
loulou196 posts since
Aug 3, 2010
Rep Points: 1,171
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