Changes To Ally Bank Deposit Agreeement, effective October 21, 2023

alan1 | Sep 21, 2023 | 880 posts since 2015

from an e-mail from Ally Bank:

"Our Deposit Agreement and Disclosures are being updated. Take a look at the upcoming changes below.

"We're making updates on our Ally Bank Savings and Money Market accounts to improve your experience, such as:

. Increasing the transaction withdrawal and transfers limit from 6 to 10 per statement cycle for certain types of withdrawals and transfers

. Allowing unlimited online transfers from an Ally Bank account to an Ally Invest account

. Eliminating the $10 excessive transaction fee

Remember, if the limit is exceeded on your Ally Bank Savings or Money Market account on more than an occasional basis, we may restrict your ability to withdraw money from that account, or we may close your account.

"We're also adding further clarification on how we compound interest on your account(s).

"For full details, check out the updated Deposit Agreement and Disclosures."

(italics in original)

see https://www.ally.com/content/dam/pdf/bank/ally-bank-deposit-agreement.pdf

9

Rickny | Sep 21, 2023 | 1,298 posts since 2017

I wonder what "certain types of withdrawals and transfers" means?

3

alan1 | Sep 21, 2023 | 880 posts since 2015

No need to wonder.

see pp. 1, 26-27 of PDF at https://www.ally.com/content/dam/pdf/bank/ally-bank-deposit-agreement.pdf

Please note that pp. 26-27 of the PDF are pages 24-25 of the print booklet.

6

Rickny | Sep 22, 2023 | 1,298 posts since 2017

Don't have a savings account with Ally so I wouldn't even bother to look. They are not competitive with other savings accounts.

3

111 | Sep 22, 2023 | 672 posts since 2019

What I wonder about Ally is, what are the details of their algorithm determining whether an ACH-push initiated from Ally takes 1 business day or 3? This information seems to be more closely held than the Google search algorithm or the nuclear launch codes "football" ostensibly available to the CiC.

4

choice1 | Sep 22, 2023 | 372 posts since 2023

Logic or is it merely the float? The latter I suspect

3

111 | Sep 22, 2023 | 672 posts since 2019

No, there's definitely an algorithm at work here. ACH-pushes from Ally to some FIs get "upgraded" from 3 days to 1 quickly, while ACH-pushes from Ally to others do not. The Ally screens even tell you what the timeframes are for each particular "push" to a specific FI - 1 day vs. 3 - but it doesn't tell you how it arrived at that determination.

Just wish I knew how it works - wonder if anyone knows?

3

Kaight | Sep 22, 2023 | 1,192 posts since 2011

Agreed. And I also wonder if the great minds of the Ally Bank potentates have any idea whatsoever how much business they are losing because of their asinine refusal to explain and clarify their funds transfer rules and terms.

3

Rickny | Sep 22, 2023 | 1,298 posts since 2017

And they are paying a hefty 4.25% on their savings account. You can easily get a savings account paying 5.25%.

I do have a 18 month CD with Ally that I opened in February @ 5%. Didn't put much in it

2

blazer9 | Sep 22, 2023 | 228 posts since 2019

I'm not getting it straight in my mind.
So are we getting 10 transfers per each account = 20
or what it says "combined total of 10" each month
Are they seriously thinking I can maintain 20 accounts??

2

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