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Ally Bank
Posted on 10/9/13 at 8:57 pm
Posted on 10/9/13 at 8:57 pm
Anyone use Ally Bank? What's your experience been like? Any thoughts or concerns? In your opinion, how does it compare to Cap One 360 (ING)?
tyia
tyia
This post was edited on 10/9/13 at 8:58 pm
6
Posted on 10/9/13 at 9:11 pm to amiznit
Me.
Good.
No concerns, FDIC insured.
Never used it.
yw
---
What are you looking at using it for?
Good.
No concerns, FDIC insured.
Never used it.
yw
---
What are you looking at using it for?
Posted on 10/9/13 at 9:21 pm to amiznit
All I know about them is Ally was the spinoff bank from what was General Motors finance company, GMAC.
It was restructured in 2008 into a bank holding company in order to avoid the bankruptcy of GM but Ally still required one of the largest bank bailouts from taxpayers to remain open.
It is one of the few large commercial banks which has not repaid its TARP bailout money.
It was restructured in 2008 into a bank holding company in order to avoid the bankruptcy of GM but Ally still required one of the largest bank bailouts from taxpayers to remain open.
It is one of the few large commercial banks which has not repaid its TARP bailout money.
Posted on 10/9/13 at 9:22 pm to keithj
Just thinking about opening a savings or money market account with them.
Posted on 10/9/13 at 9:33 pm to amiznit
I opened my account with Ally before researching and learning about their checkered past. Then again, show me a clean bank....I'm not bothered enough to close/move elsewhere.
I hear good things about the Sallie Mae MMA or American Express High-Yield Savings account. They offer the highest rates at the moment unless you can find a credit union/local bank, but those usually have a bunch of criteria you need to meet (like, monthly debit transactions or a min limit).
Interest rates are shiet for savings no matter where you go, but if you're thinking emergency fund, that's the trade-off.
I hear good things about the Sallie Mae MMA or American Express High-Yield Savings account. They offer the highest rates at the moment unless you can find a credit union/local bank, but those usually have a bunch of criteria you need to meet (like, monthly debit transactions or a min limit).
Interest rates are shiet for savings no matter where you go, but if you're thinking emergency fund, that's the trade-off.
Posted on 10/10/13 at 7:51 am to amiznit
I have a Cap360 account though all I use it for is to dump savings in. Can't comment if you mean the checking. Never used Ally but a friend likes them.
Posted on 10/10/13 at 8:36 am to amiznit
Whatever you do, I highly recommend having a bricks and mortar bank as a backup option. My wife and I got pretty frustrated with Ally when it came to getting them to do anything not directly in their wheelhouse (e.g. certified checks). They also tended to reject deposits for no apparent reason.
Best feature is that they refund ATM fees, but other banks are now onto this too
Best feature is that they refund ATM fees, but other banks are now onto this too
Posted on 10/10/13 at 9:21 am to amiznit
quote:
Just thinking about opening a savings or money market account with them.
I opened a savings account last month.
I was able to make my initial deposit online, taking about 1-2 days. It has zero fees outside of withdraw wires and typical overdraft. I only use it for my rainy day fund as it only has a .84% return which is considerably better than my old Chase Savings.
So far so good but have had limited action so far.
Posted on 10/10/13 at 9:24 am to amiznit
I use Capital One 360, Checking & Savings accounts.
The only negative is that you cannot deposit cash directly into your account. I had to keep a local bank account in case I ever wanted to deposit cash. So far no problems.
The only negative is that you cannot deposit cash directly into your account. I had to keep a local bank account in case I ever wanted to deposit cash. So far no problems.
Posted on 10/10/13 at 10:00 am to thelsutigers
quote:
The only negative is that you cannot deposit cash directly into your account. I had to keep a local bank account in case I ever wanted to deposit cash. So far no problems.
I agree with this. That drives me nuts, as I can't find a local bank that will give me FREE checking without keeping a decent sized balance.
Posted on 10/10/13 at 10:22 am to SG_Geaux
I use them for some savings and cd's. The thing i like about their CDs is they only charge 60 days interest on an early withdrawal regardless of the cd's term. So you are usually better off buying the 5-year and pulling your money out early if you need to. I stash my emergency savings there and split it up so if i need to break one, I only break a portion. e.g., need to stash $50k? buy five $10k 5-year CDs and pull one early if you need the cash so the other 4 continue on. Obviously do the math and make sure it's worthwhile based on the prevailing rates and the minimum amount of time you'll have them invested.
Posted on 10/10/13 at 11:20 am to SG_Geaux
quote:
SG_Geaux
quote:
I can't find a local bank that will give me FREE checking without keeping a decent sized balance
Not sure your location, but Home Bank has free checking without a minimum balance.
Posted on 10/11/13 at 8:19 am to ThatsAFactJack
quote:
Not sure your location, but Home Bank has free checking without a minimum balance.
And Teche Bank
Posted on 10/11/13 at 10:42 am to amiznit
Been with them for about 3 years now. Wouldn't consider a traditional bank now.
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