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Ally Bank’s Deposit Agreement Changes - Next Day Transfers


Ally Bank informed customers by email this morning of changes to its deposit agreement that will take effect on December 3, 2016. The email summarized the key changes which include faster ACH transfer speeds and improved funds availability for check deposits. I did a quick review of the new deposit agreement, and I don’t see other significant changes. If you see any, please leave a comment. The changes appear favorable to customers. Below is an excerpt from the email that includes all of the description of the changes. Thanks to DA member Pearlbrown who first posted on this news in the DA forum.

We're updating our Deposit Agreement on 12/03/16 and wanted to let you know about important changes coming soon. We summarized the key changes below, but we encourage you to read the full booklet for details on other updates as well. As always, we're committed to providing you with a better banking experience, so you should take a moment to understand these changes and how they may affect you.

Faster speeds for qualified transfers.

We can now complete qualified transfers between your Ally Bank and non-Ally Bank accounts in 1 business day - free of charge.

If 1-day delivery is unavailable, we'll deliver your transfer in 3 business days.

We'll automatically try to deliver your money faster, but if 1-day delivery is unavailable, it's because:

  • Your one-time transfer is ineligible due to account inactivity, overdrafts or transfer returns
  • Your transfer is part of a recurring transfer plan

Improved funds availability for check deposits.

We're making more of your deposit available to you sooner – so you have it when you need it.

Starting on 10/01/16, up to $25,000 of your check deposit will be available after 2 business days.

So let's say you deposit a check over $25,000:

  • The first $200 will be available the next business day
  • Up to $24,800 will be available the 2nd business day
  • Remaining amounts over $25,000 will be available on the 5th business day

We may hold all funds up to 5 business days if we believe a check you deposited won't be paid, a check you deposited was returned unpaid or you have repeatedly overdrawn your account in the last 6 months.

For complete details, please review the updated Ally Bank Deposit Agreement (PDF). If you have any questions, free to call us at 1-877-247-2559. We're here 24/7.

The email made it sound like the next day transfers may already be available, but when I checked with Ally, the CSR said “this will not take effect until the date specified.”

Here's the link to the new deposit agreement that's dated December 3, 2016, and here's the link to the current deposit agreement that’s dated December 7, 2013 with changes that are effective as recent as April 28, 2016. Note, the changes since 12/7/13 are noted at the start of the document, but they’re not included in the document. This makes comparison between the two agreements difficult. If you find other significant changes that Ally didn’t mention in the email, please leave a comment.

The new deposit agreement includes a new section on next day transfers including two tables that detail inbound and outbound processing times. It appears next day transfers should be available for most everyone by December 3, 2016. The first paragraph lists some exceptions that go beyond what the email listed. Below is an excerpt of this paragraph followed by the two tables:

Availability of Next Day Transfers. Next Day transfer availability is determined by Ally. Considerations involved in providing Next Day availability include, but are not limited to, account tenure (new accounts), account inactivity, and transfer activity such as overdrafts and ACH returns. For the purpose of account security and fraud prevention, we reserve the right to modify the Next Day qualifications at any time based on, but not limited to, your current and historical use of the transfer service.
Ally Bank’s Next Day Transfers

Faster ACH transfers will be a nice change. I’m sure many long-time Ally customers will remember when Ally transfers were faster. Transfers slowed down in 2010 after Ally changed their transfer system to Cashedge. So today’s announced change may be considered by long-time customers to be a fix rather than an improvement.

  |     |   Comment #1
CashEdge is a horrid, last choice, ACH solution provider.    I would not do business with any financial institution that chooses CashEdge for ACH.  If Ally will be parting company with CashEdge, I offer congratulations to Ally. 
  |     |   Comment #8
Cashedge has been bought over by Fiserv and is not longer in existence
  |     |   Comment #2
Not eligible for recurring transfers ? Why not ?

This is good news overall though.
  |     |   Comment #3
Credit card and Outside account ACH PUSHERS Beware!
  |     |   Comment #4
Ally is no longer competitive. I closedy my last 5 year CD lady year.Pended is the next CU I am no longer renewing CDs with. Of they aren't competitive I really don't care how fast transfers are.
  |     |   Comment #5
And you can add USAA bank to the list also.
  |     |   Comment #6
I had no idea CashEdge had anything to do with the slowdowns, but I noticed in 2015-2016 transfers to and from Ally were painfully slow. Good to see that's going to be a thing of the past - the next
day transfers are becoming industry standard (PayPal, Chase)
  |     |   Comment #7
I had no idea CashEdge had anything to do with the slowdowns, but I noticed in 2015-2016 transfers to and from Ally were painfully slow. Good to see that's going to be a thing of the past - the next
day transfers are becoming industry standard (PayPal, Chase)
  |     |   Comment #9
Cashedge was acquired over by Fiserv which also owns Checkfree corp. Fiserv has partnered with Early Warning to make funds available faster . 
  |     |   Comment #10
Great news and very good of you to post.  If ever a company deserved to die, it is CashEdge.  They were a thorn in depositors' sides for many years.  They held our money in limbo for sometimes two to three days before completing an ACH.  They drove me nuts . . . but of course that was more than ten years ago, and once I figured out their game I dropped 'em like a hot brick.  Good riddance!!
  |     |   Comment #11
Delay in implementation

Email to customers 12/1/2016:
In October 2016, we sent you an email about updates to our Ally Bank Deposit Agreement, including the introduction of faster speeds (1 business day) for qualified transfers, effective 12/3/16.   We wanted to let you know that these changes will now take effect in late January 2017. This delay will not impact any existing transfers that you currently have set up.   We'll send you more information, along with a link to the updated Deposit Agreement as we get closer to the implementation date. This updated agreement will replace the Deposit Agreement dated 12/3/16.   If you have any questions, free to call us at 1-877-247-2559. We're here 24/7.  
  |     |   Comment #12
One thing worst than missed calendar dates...back office problems that are completely unexplained 
  |     |   Comment #14
does anyone know what ally's policy is for determining 1-day verses 3-day transfers? i wanted to ask ally today, but 48 people in chat line, so i didn't wait. i have found the service inconsistent, and i'm a long time ally customer with none of the things mentioned above to prevent next day transfers (no inactivity, overdrafts,etc). previously, it appeared that smaller amounts (e.g. less than $100) were 3-day, but i started to do a deposit to ally for 5k, and found it would take 3-days, so it seems you can't depend on ally for 1-day transfers, as you can alliant.
  |     |   Comment #15
It has to do with if its a first time transaction of a decent size or not. After you have done a decent sized transaction from 1 account to another with the 3 day, then their system trusts you with the 1 day.

Or something like that.

I have multiple savings accounts and multiple accounts at other banks. After one 3 day between the same accounts, you should get 1 day in the future. But Im not sure of the exact size.
  |     |   Comment #16
After discovering that an ally transfer that I thought was going to take 1-day would take 3-days, I finally decided to ask a rep why. Per the rep, it depends on your previous ach history with a specific external acct & the direction of the ach (in or out-bound). To qualify for 1-day ach IN to ally, you must have previously ach'ed at least $200 IN from that external acct & at least 60 days have passed since you did that ach. Same thing for 1-day ach OUT from ally, you must have previously ach'ed at least $200 OUT to that external acct & at least 60 days have passed since
you did that ach. So, you could currently be eligible to ach out to a specific external acct, but not to ach in, depending on your history. 60 days is the wait period to verify the accts stay in 'good standing' before you are eligible for 1-day transfers. Just thought I'd pass this info along, in case someone else was as confused as I was.
  |     |   Comment #17
Thanks for that, I asked a rep via chat and they refused to answer except "it varies".

But the $200 is helpful. I am going to do a couple of $200 ones right now to try and speed up the process for future transfers.
  |     |   Comment #18
In re-checking I noticed I was told, the 60 day wait period is from when the ach is Completed (not from when it was Initiated).
  |     |   Comment #19
I had asked 3-4 days ago and they finally got back with me.
There are several factors that our automated system uses to determine eligibility for Next Day Transfers. A few of the contributing factors in this instance are: That there are no returned transfers, there have been transfers totalling $200 or more done more than 60 calendar days ago. The eligibility will be separate for incoming and outgoing transfers, as well as being account based. With the eligibility transfer amount, it must be $200 or more going in one direction. When an account become eligible for Next Day Transfers, you will see the option when you go to set up your transfers.

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