It's well known that Ally Bank's 5-year CD has a small early withdrawal penalty of only 60 days of interest. In addition to the concerns
of Ally increasing the penalty on existing CDs, there has also been a concern about Ally delaying a withdrawal request. When I closed an Ally no-penalty CD early
, it took 2 days from the time I requested the closure to when the money was available in my Ally savings account.Nickel at the Five Cent Nickel blog describes
his recent experience closing an Ally 5-year CD. The CSR told him it would take 5 to 7 business days for the request to be completed. However, he asked for it to be expedited and it turned out to be much quicker. It was completed in just a few hours. According to Nickel, Ally deducted 60 days of interest as was expected.