Ally Bank Wire Timing

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J295
Posts: 3402
Joined: Sun Jan 01, 2012 10:40 pm

Ally Bank Wire Timing

Post by J295 »

Started a wire process May 6 regarding two CDs (one of husband one of wife). Multiple phone calls and chats resulted in one CD being closed and wired May 13, and the other remains in process for no known reason. (Wiring of the remaining one was promised in a chat for Friday and then for today, but no performance). Both were "coupled" and "escalated" per communications in the wire process.

The use of funds is time sensitive so I provided plenty of lead time, but did not expect 11 days out to only have one wired. When in business I had no issues with wires, which were single day events when complying with daily cut off times.

Have others experienced such long delays for Ally wires? Or failures to accurately communicate status or performance (one chat rep stated that the wire had been sent to the Federal Reserve and would hit our account by 600 pm that day, which was inaccurate)?

Wondering if this was an outlier, or not?
MikeG62
Posts: 5065
Joined: Tue Nov 15, 2016 2:20 pm
Location: New Jersey

Re: Ally Bank Wire Timing

Post by MikeG62 »

I moved away from Ally to Marcus earlier this year.

Marcus processes ACH transfers same day (in addition to wires - which are BTW free). Ally just too slow to move funds and have put up too many obstacles for customers to deal with (must call in to terminate CD's, get hand slapped for 6 WD limit, despite the Fed waiving that requirement over a year ago). They've lost their edge.
Real Knowledge Comes Only From Experience
LateStarter1975
Posts: 775
Joined: Tue Jul 02, 2013 4:50 pm

Re: Ally Bank Wire Timing

Post by LateStarter1975 »

J295 wrote: Mon May 17, 2021 8:40 pm Started a wire process May 6 regarding two CDs (one of husband one of wife). Multiple phone calls and chats resulted in one CD being closed and wired May 13, and the other remains in process for no known reason. (Wiring of the remaining one was promised in a chat for Friday and then for today, but no performance). Both were "coupled" and "escalated" per communications in the wire process.

The use of funds is time sensitive so I provided plenty of lead time, but did not expect 11 days out to only have one wired. When in business I had no issues with wires, which were single day events when complying with daily cut off times.

Have others experienced such long delays for Ally wires? Or failures to accurately communicate status or performance (one chat rep stated that the wire had been sent to the Federal Reserve and would hit our account by 600 pm that day, which was inaccurate)?

Wondering if this was an outlier, or not?
This has not been my experience at all. Maybe it's an outlier. I've done two wire transfers with Ally, both for down payment money to buy a home. it was time sensitive as the money needed to be with the bank and ready for closing. I gave them two days notice. They were prompt and both times, they completed the transfer within one business day. They did charge $20 wire transfer fee.
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kjacobs
Posts: 2
Joined: Fri Mar 13, 2020 5:32 pm

Re: Ally Bank Wire Timing

Post by kjacobs »

A similar thing happened when we purchased our home. My wife and I called first thing in the morning to initiate transfers for the downpayment. Mine went through that day, hers never showed up until we were finally told (after multiple calls) that "due to high volume, it didn't get processed today". It went through the next day, but we had to delay closing and have since moved all money out of Ally.

A reddit search will show many similar stories, unfortunately. Don't advertise same-day wire transfers if you can't meet that SLA.
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8foot7
Posts: 4427
Joined: Mon Jan 05, 2015 6:29 pm

Re: Ally Bank Wire Timing

Post by 8foot7 »

Ally cannot be trusted for time sensitive transfers. Many stories even on this forum about problems. There are much better banking options out there.
xenial
Posts: 2876
Joined: Tue Feb 27, 2007 12:36 am
Location: USA

Re: Ally Bank Wire Timing

Post by xenial »

Here's a recent blog post by Ken Tumin of DepositAccounts:

Online Banks and Same-Day Wire Transfers - My Experience at Ally

Tumin wasn't thrilled with the service either.
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