Have you seen this latest Ally commercial? It shows the reaction of a man at a grocery checkout line who loses out on a $50,000 check after he lets another guy go ahead of him in line. As that guy gets ready to pay, balloons fall, music plays and the store manager presents the guy with a $50,000 check for being the one millionth customer.
As the guy who lost out stares in quiet disbelief, the commercial says "people don't like missing out on money that should have been theirs. That's why at Ally we have the Raise Your Rate 2-year CD. You can get a one-time rate increase if our 2-year rate goes up."
It's probably the best of Ally's recent commercials. Ally commercials received a lot fame when they had the kids in the commercials who were treated poorly by a banker-like man.
Although it's entertaining, it makes me wonder why Ally doesn't promote its small early withdrawal penalty if they are really concerned that "people don't like missing out on money that should have been theirs". They never had a commercial that said if rates go up, just close your CD with a small penalty and reinvest into a higher paying CD.
Of course for us customers we would prefer Ally spend that money on higher deposit rates instead of marketing. It's interesting that Ally is still putting so much effort into growth when their deposits have gone up by so much. According to an April 30th press release "total retail deposits grew to $29.3 billion, up 25 percent from the first quarter of 2011."