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Originally named General Motors Acceptance Corporation and opening in 1919, Ally Bank changed its name in 2010. The bank started as a financing option for those purchasing automobiles, and has since grown into a full service finance company. In 2008 it was approved as a bank holding company under the US Bank Holding Company Act, which prompted the name change two years later to better showcase the fact that the company was a full service bank. Ally functions as a direct bank that allows customers to open and manage accounts online, over the phone, or through an ATM, rather than at a brick-and-mortar establishment.
Account Incentives
Incentives that draw people to the Ally banking services include no ATM fees nationwide on any ATM for checking account customers, free online banking and bill pay, and free debit cards and checks. It also requires no money to open an interest checking account, and the account has no monthly fee. All accounts are FDIC insured.
Unique Offerings
Ally offers interest checking and high yield CD options. It also has a no penalty CD for those who need to have access to their money but still want to be able to earn a higher rate for it. For commercial clients, they offer commercial financing, vehicle re-marketing, commercial vehicle financing, dealer inventory insurance, correspondent funding. Unique investment products include auto securitization, mortgage securitization, and demand notes.
Awards and Accolades
In 2010, Money Magazine stated that Ally Bank had the “Best Savings Account,” a sentiment that was stated the year before by Kiplinger’s Personal Finance. Change Sciences Croup called Ally the Top Financial Services Web Site in 2010.
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{ 11 comments… read them below or add one }
Ally Bank offers higher than average interest rates, with the high-yield CD sitting at 1.34 percent APR over 12 months, which is higher than the fraction of a percent many current banks offer. This CD also works well for those with little to start saving, because it requires no minimum to open, although you do have to put some money in if you want your account to see open.
Also, the no penalty CD gives you a fairly high interest rate while still allowing you to withdraw your money when you need to do so. You will have a limit of six withdrawals from your savings accounts per statement cycle, which the bank clearly states when you set up your account. Some customers have been turned off by the former General Motors name, but FDIC insurance ensures that your money is safe, even if the auto giant is struggling.
I have been using Ally Banks for years and have always been pleased with the telephone customer support that is live 24/7 and the interest rates. The interest rates are higher than savings and CD rates plus you can access that money anytime by writing a check or debit card.
There are no physical locations but you can access one of the 400,000 ATMs location easily with no ATM fees but they need to reimburse you. If you don’t mind online or telephone, this is a bank for you.
I opened an account last month and am VERY happy with the support and intuitive online banking tools.
Ally also provides access to Conventional, FHA and VA loans through http://www.gmacmortgage.com
I authorized 15000 to be withdraw from checking to a CD. Unfortunately, Ally withdraw the money twice so I called them to fix the problem. The support team said they will refund with in 48 hours but it ended up taking a couple of days. It wasn’t easy to fix the problem. Recommend to stay clear.
I love the rates and the customer service but they lack mobile access. I would love to have an iPhone app or mobile web friendly.
I don’t like Ally’s online support because customer service have foreign accents that is impossible to understand. You also recieve automated calls for no reasons at all. So don’t bother with the customer service and just use the online system. The online setup is easy and user friendly.
I am happy so far with Ally. I hesitated switching banks because of the craziness about changing the direct deposits and autowithdraws, but it turns out to simple. Once you send Ally money, free checks and debit cards are sent. Every time, I called, chated or spoke to someone the response has been within minutes. I am using both a money market and checking account, and so far it has been good. I am very happy that I switched.
Ally is a great with very few charges and great interest rates.
Ally is good but I do miss going to a physical bank. When I lost by debit card pin number, it takes Ally bank about 10 business days. At my old bank, I just went into the bank and they gave me a new pin right away. If you don’t have a emergency, I think Ally is good bank.
Ally offers a superior product, but their customer service and bank processes are lacking. I opened an Online Savings account with $20,000. I received a call the next week from Ally notifying me that they accidentally withdrew the $20,000 twice from my account, and asked me to call my other bank to try to stop the transaction. My other bank told me that Ally was the only entity that could stop the transaction since they were the side that was initiating the withdrawal. I called Ally back and the agent told me that Ally’s system is not able to stop an initiated transaction. The entire time they treated me like it was my fault and I received no apology. I contemplated closing my Ally account in frustration, but decided that it would be counterproductive. My other bank charged me a $25 insufficient funds fee that Ally only refunded once I sent them a scan of my other account statement and after several calls. The credit shows up as a “Goodwill Credit” in my Ally account. It should have said, “Refund due to Ally mistake.” Now I have spent several hours and have a returned check status at my original bank due to an Ally mistake and have yet to get an apology or anything for my trouble from Ally.