Another Rate-Cut Friday at Ally Bank

That's really a shame. I used to have all our savings in GMAC (now Ally). I was seriously thinking about transferring some of it back... but because of today's rate cut, I won't do it.

The government has really demotivated people like myself from using Ally.

The latest cut was the last straw. Ally couldn't stand-up against the ABA and FDIC and the rates will eventually reflect that. The convenience and ease of ACH transactions at Ally cannot overcome dismal rates and now the hunt is on for another institution to transfer my funds to.

Now Ally has sunk below Dollar Savings Direct (2%). Dollar Savings did the same game to attract deposits, then reduced the rates once they had the money they wanted. At least Dollar Savings removed their slogan "Americas Highest Rate". Now Ally needs to redo their TV commercials and say we are just like the rest! With Ally's interest rate downward spiraling, I see no reason to stay with them.

Hey, thanks for that announcement, Angelo_Frank and Anonymous. It's so helpful to hear your gloomy reactions and predictions. I'm sure that you will quickly find another bank that offers consistently good service, prompt transactions, and higher rates.

Of course, those other banks' rates may turn out to have been short-lived promotions, and they may have restrictions intended to make them difficult for accountholders to meet each month, but I'm sure those rates won't be decreased abruptly due to factors ranging from nationwide financial conditions to deliberate strategic ploys designed to bring in new funds and then pull the rug out from under depositors.

Surely, only Ally Bank would ever reduce their rates in an attempt to remain simultaneously competitive and profitable enough to survive. [Of course, decreasing their rates so soon after making a show of standing up to the FDIC & ABA only caused Ally to look foolish, but let's not get sidetracked with a serious discussion.]

Best of luck to you, and don't forget to come back often and complain some more because it is so useful and never gets old. Bye now!

In reply to Snippy:

If you can't stand reality just stick with Ally as they descend to the FDIC mandated rates. By the way, how long have you been employed by Ally Bank?

I just wonder, what would Ally do if we all pull our money out almost at once (a week or two) max?

I just transferred my money out to my local bank, it pays 2.01%. Good luck to all those faithful followers of Ally.
On a large amounts it adds up fast in savings, even at 0.01% difference.

To Snippy.
We are much smarter than your logic posted here.
This may be the beginning of the downturn for Ally as independent and reputable bank.
If ABA can dictate to Ally about the rates, then Ally is no longer seen as people friendly bank. Ally's CEO talked about resiting FDIC. It turn out to be nothing more than a smoke screen and PR pep talk.
I'm pulling my money out first thing Monday morning.

I'm with Snippy on this one. Angelo_Frank, where do you find the time to complain here, when you should be so busy shopping for higher rates elsewhere? Shouldn't you and all the other folks named "Anonymous" be occupied transferring your money out to all those other banks that you found with higher rates and great service?

You clowns stay with a loser! We will keep following this site and put our money with the folks that do not insult us.

Now Snippy is posting as anonymous at: 12:02 PM, July 10, 2009.

Snippy get lost, you don't belong here and we recognize your disguise ans style of postings.

You obviously are narcissistic and answering your own posts and self praising your answers.

I too, smell rotten egg in Snippy or Anonymous postings from Snippy.
If Ally sent you here to calm us and persuade us to stay with Ally, well I have a message for you to give to Ally:
"I'm leaving you together with my $250K"

Angelo_Frank, you are great guy, I have seen your posts here and they are very reasonable, to the point and honest.
Don't let people like Snippy upset you. They are sent here to intimidate and annoy the good people and persuade then into staying with Ally.

Reverse psychology does not work here Snippy. If Ally Bank states one thing then does another, we are not allowed to point it out? Go ahead & keep YOUR money in Ally Snippy. I don’t think the people that read this blog are as stupid as you are trying to make them out!

Snippy, it seems like your "handle" is quite descriptive of your outlook.

I thought about GMAC/Ally for about 2 seconds - until I remembered that by checking a couple of blogs (this one and FW in particular) about 2-3 time a week, I had been able to make myself aware of much better offers for my liquid and/or ultrasafe funds. My 490K is waiting for my Provident 3.25% to expire, at which point I'll exercise my NWFCU add-on CDs at 3.75% for the remainder (a bit over 1 year) of their term. (Yes some liquidity will be lost, but overall interest rates won't be climbing out of the hellhole any time soon anyway.) I only wish I'd been a bit smarter and grabbed the add-on CDs paying 5% from that CU in New Mexico offered earlier... Prior to Provident these "safety" funds were in National City savings at the guaranteed 4%, until that ended.

And this is for the "safe", deposit funds - investing is of course a different area requiring a different mindset - and different blogs.

Snippy, it takes a reasonably intelligent person about 30 minutes per week to educate themselves on this stuff, instead of blindly following the party line of their "favorite" bank. It takes maybe another 20 minutes per week to do the transfers, etc. I both work a "regular" job and do consulting, and I can honestly say that on an hourly-return basis, I've never had a consulting gig or anything else that has paid me 1/5 as much as has educating myself on the current market-leading deposit products.

LOL! You guys crack me up. I posted only once earlier, and if you had bothered to actually read what I wrote, you would have noticed that I pointed out how foolish Ally Bank looked when they lowered their rates shortly after making a big show of standing up to the FDIC.

Since you ignored that and seem to think that I am a cheerleader for Ally Bank or even (this is hilarious) some kind of paid secret agent, let me try again, using smaller words this time: I really don't give a rat's **** where you park your savings. It makes no difference to me whether you leave your funds with Ally Bank, or move them elsewhere. Do whatever the hell you want. Just stop wasting everyone else's time by complaining every time a bank lowers its rates. I don't like rate cuts either, but stamping my little foot and saying "That's the last straw!" doesn't really accomplish anything.

My point is this: Banking Guy provides a lot of very useful information here at his Bank Deals blog. Some of the readers who take time to post comments also provide useful information, suggestions, etc. Others who post are just venting their frustration and disappointment, beating their fists on their puffed out chests and raising their voices. Maybe doing that makes them feel better, but it's a bore for those of us who actually try to consider things rationally and practically.

Really, why do you think that others want to spend time reading your paranoid conspiracy theories, or your latest rant about how you're gonna take all your money out of whichever bank has just ticked you off, or your brilliant proposal that "everyone" should pull all their money out, etc, etc, blah-blah-blah?

If you have a reliable tip on a bank that has good service and good rates, share that information. If you have learned something revealing from personal communication with the bank in question, share that, too. Just coming here to complain really isn't useful -- and doing so certainly doesn't make you appear to be as smart as you claim to be.

My only connection to Ally Bank is that I have a Money Market account, an Online Savings account, and a CD with them. If I find out about a better alternative for my MMA and Savings needs, I'll take my funds out of Ally Bank and deposit them at that other institution. However, personal experience and observation have taught me that banks change their rates all the time, and that they often announce great rates to attract rate chasers, only to cut those rates after getting however much new depositor money they were hoping for. If you find a bank that doesn't do that, be sure to let Banking Guy and the rest of us know. That kind of information would actually be useful.

Good grief, do you actually think that a nationwide bank cares so much about your individual opinions and temper tantrums that they would get someone to try to use psychological ploys to manipulate you? Delusions of grandeur.

Sorry for the long reply, but there was no way to say it in fewer words without sounding like a little child saying things like "you don't belong here" and "get lost" -- oh, wait...

To Anonyomous at 12:59, yes I chose my handle because I was in a sarcastic mood after reading yet another childish post here.

Your post, which I didn't see until after typing my overly long one, is a great example of a well reasoned and useful comment. Sorry for taking up so much space with my earlier comments.

Snippy, after reading your long post, you gave me headache. What is your point? You said one thing then you negate it later.
After you got discovered as an Ally agent (paid or not), you started to pretend that you are one of us.
Painting a rosier picture and mumbling about us complaining about you will not erase our opinion of the first impression you left on all of us.

If you can not find better rates than Ally, it says that you are not one of us. We all have in mind better rates and if you read the blogs as you said, you would have find about it by yourself.
Get real, and stop ****ing.

To the poster at: 1:28 PM, July 10, 2009

Well said, I agree with your summary about Snippy.

We all have another bank in mind, and we stay one or two step ahead of the crowd by reading and posting new deal. We are not going to stay with Ally too long, since there are hundreds of better deals national and local already posted here by us or the indispensable Banking Guy.

To Snippy,
The reason everyone is upset with you is the first couple of comments were just current opinions on Ally Bank situation, be it good or bad. When you added your comments, you attacked these people directly. I see nothing wrong with what they said and enjoy reading different opinions. I don’t like your bad attitude attacks and long rambling responses. If you do work at Ally Bank, I have several accounts there and have had no problems. I don’t plan on moving any money out of Ally Bank at the present time.

No, I do not work at/for/with Ally Bank. I have no connection with them except for the accounts I mentioned. I also have small savings and checking deposits at other banks; some brick & mortar and some online. Just because I don't see a good alternative to Ally Bank that meets MY personal needs right now for liquid savings, I don't see how that makes me "an Ally agent."

One earlier commenter claims "there are hundreds of better deals" than the rates at Ally Bank. Really? I see fewer than 30 in Banking Guy's most recent Weekly Summary, and who knows what tomorrow's Weekly Summary will show? I didn't say I cannot find higher rates than those offered by Ally Bank. I said that I would move my funds elsewhere if I find a better alternative.

For my needs, a better alternative would have to offer an APY that is at least .10% higher, and it would exclude accounts with any of the following:
- short-term promotional rates
- hard credit pulls
- slow ACH processing
- restrictions to less than six withdrawals per month
- poor customer service
- other commenters reporting deceptive practices or negative experiences

Rates change every week. I do not have the time or a good incentive to constantly move my money from one bank to another every few weeks in order to chase short-lived promo rates or tiny rate differences of less than .50%. If that means I am not "one of you," well then, so be it. I do not claim expertise, and I did not tell people where to put their money. My criticism was aimed at those who just complain about rate cuts, or announce conspiracy theories, etc. Admittedly, I used sarcasm because I found those comments annoying. That will teach me to stir up a hornet's nest. This was as productive as yelling at the news on TV. Sorry for wasting everyone's time, as you'll all do whatever you were going to do anyway.

In response to Snippy:
"Sorry for wasting everyone's time, as you'll all do whatever you were going to do anyway.'

I appreciate your honesty. Many readers of this site are here to get a decent rate on their savings in a insured, no-risk account. We are consumers who shop for the best deal, simply that. We evaluate each financial institution on what they offer with a balance of customer service. When certain institutions fail to offer a reasonable return, we move on. That's called the free market. Thanks for your critique but some of us just prefer to transfer our funds to other institutions, that's all.

To Snippy,

Beggars can't be choosers. Your terms to move the funds out of Ally consists of unrealistic expectations, therefore you don't deserve any better than what you already have.
Please, stop posting and distract us from the real topics.
Yes, there are hundreds of better deals out there, most are local deals and some are national deals.
You need to follow this blog for a while before posting nonsense.

Still not as bad as what happened to Countrywide Bank after BoA took 'em.

Yuck: https://bank.countrywide.com/CWBRates.aspx?tab=sl

AFAIK Alliant is still the best alternative. It does not lower rates every week.

Although Ally has been in rate cutting mode lately, their 9-month no-penalty CD allows you to lock in a rate that is better than the online savings account rate with liquidity if you need it. This gave me the opportunity, as rates were falling, to move funds from online savings to the no-penalty CD and lock in a rate that was 5 basis points higher than I was getting with online savings (2.30% vs. 2.25% at the time).

Of somewhat greater concern to me than the falling rates is Ally Bank's falling rating from Bankrate.com. It is now down to 2 stars (from 3) as of March 31, 2009.

Folks, *I* am the person (Anonymous, at 12:02 PM, July 10, 2009) who supported Snippy's first comments, and reading the handful of paranoid conspiratorial replies was a hoot! Get some hlep... Now, you're all also anonymous posters here like I am, but if you HAD used your real names, wouldn't you be so ashamed of yourselves and embarrassed by what you've said? Get a grip, people! Well, anyway, reading his subsequent posts, I still think he's the one of the most lucid persons here, and a very capable writer as well. Good luck to everyone finding more favorable rates and the same convenience Ally provides elsewhere. If the rates elsewhere plunge in synch, I guess you'll just be moving your money again, that's all. -- Anonymous (not Snippy)

Interesting how Snippy at 1:05 uses the phrase “paranoid conspiracy” Snippy also bolds his key words.

Anonymous not Snippy 10:08 uses the phrase “paranoid conspiratorial” Anonymous capitalizes his key words.

To Anonymous, at 10:08 PM, July 10, 2009.

No you are not, you are the same guy called Snippy, praising yourself again, how pathetic. Get lost, you are fooling yourself, not us.

Franky

To Poster at at 10:08 PM, July 10, 2009.

Are you double personality or you are mental case. Man, you need help.
Your ego is bruised and you like to make up for it by living in denial and posting over and over your self praising thoughts. This blog is for normal persons and not nuts like you.

Snippy is posting as Anonymous again.

What's the matter Snippy, afraid to post as Snippy again?
How many people said to you to get lost and you are still here.
You are not welcome in this blog.
Waste your own time not ours for pit's sakes.

"I'm with Snippy on this one. Angelo_Frank, where do you find the time to complain here, when you should be so busy shopping for higher rates elsewhere? Shouldn't you and all the other folks named "Anonymous" be occupied transferring your money out to all those other banks that you found with higher rates and great service?"

By Anonymous, at 12:02 PM, July 10, 2009

So why arn't you, "Anonymous"?

In reply to Anonymous, at 9:17 PM, July 10, 2009:

Bauer, which I prefer, still rates Ally Bank at three stars indicating it is adequate.

Hi, this is Anonymous, at 10:08 PM, July 10, 2009 and Anonymous, at 12:02 PM, July 10, 2009 again - you know, the guy who you insist is really 'Snippy' praising his own posts.

Wow! I love it! Keep the tin-hatted comments coming! They're friggin' hilarious!

Maybe I should have gone out of my way to better duplicate Snippy's capitalization and bolding habits more to your liking, in order to get even MORE folks convinced that we're the same person!

How many people do you think read this blog? Only twelve? Is that why you think it's not only plausible, but *likely* that one guy is coming here and posting under several names?

Now, really... I haven't tried to emulate his writing style or anything. The bottom line is that I actually agree (*gasp*) with what he said. And that's *enough* to convince folks around here that we're one person? Say... is this a money and savings blog, or an escaped mental patient blog?

To Anonymous, at 11:34 AM, July 12, 2009.

WHAT'S YOUR PROBLEM!!!!!?

Your are Snippy, many times posting as anonymous, trying to wiggle out of the double personality syndrome.

Case closed and get lost.

To Snippy posting as Anonymous, at 11:34 AM, July 12, 2009.

You are saying that only 12 people read this blog.
Do you have proof for it or you know by doing simple arithmetic 35 minus your 23 postings equals 12.

How many people told you to stop posting nascence and praise yourself. Admit wrong and the truth will sent you free.

Is that to difficult to do?

I think he meant he had an IQ of 12.

Anonymous here... the guy who isn't Snippy...

NO, I did not say that there are only 12 people reading this blog... I ASKED you if YOU thought there were only 12 people here. There are obviously MORE than that.

But in your small minds, you don't think that there could possibly be a diversity of opinions here, and someone could agree with Snippy. Well, I DO.

So anyway, if you're so convinced that I'm Snippy, why bother carrying on a dialog with me? Again... shouldn't you be busy shopping a for a new bank? To be honest, I wish you'd move your cash elsewhere so I could enjoy higher rates when they either bounce back or fall more slowly than the teaser rates offered by whatever new bank you wind up choosing. Your money will be in transit back and forth, but I'll just sit pat and watch my balance grow.

In the meantime, I want to read MORE of your crazed speculation! More weird theories, more tin foil-hatted rambling! Have at it!

PS: Do trolls even HAVE bank accounts, or do they just keep it tucked away under a bridge?

Who cares who you are? Let’s get back to discussing Ally Bank!

Excellent idea! That's what the topic is about.

To Anonymous, the guy who says isn't Snippy but actually is Snippy.

Why are you still posting and defending yourself.
We all know by know you are disturbed fella.
This is not a contest for superiority or stubbornness.
You are the one who started to attack the posters at this blog and you should ended by stopping defending your previous posts or actions.
Nobody here likes to waste time on chit chat and your cry baby mentality. Grow up and be a man, bite the bullet and admit wrong and we all will forgive you.

This topic blog reminds me when I used to chat online nearly 24/7 back some 12 years ago in a chatroom. You saw all sorts of people come online from six continents. There were people who started to post repetitious harassing comments when they came on to people accusing some chatters of impersonating being both a male and female user name simultaneously. Rumors and innuendo flew left and right. I even was accused of spreading rumors about others (which was a joke because I hardly even chatted much at all). I actually got to meet one of the chatters in person. Eventually, the chatroom became deserted. I was there when the plug was finally pulled for good on that chat site.

Thanks, Anonymous, at 11:40 PM, July 12, 2009.

Far too many looneys in here.

"To Anonymous, the guy who says isn't Snippy but actually is Snippy..."

SICK.