Anyone switch from Capital One to Ally?

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angelescrest
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Anyone switch from Capital One to Ally?

Post by angelescrest »

After 10+ years of being an original ING customer, and then Capital One, I'm finally thinking of moving over to Ally Bank. The primary reason is to catch the higher interest rates, and maybe a secondary reason is after reading this thread: viewtopic.php?t=317965
where I noticed Nisiprius called Capital One sleazy, which coming from him is saying something. I've seen it all with Capital One, and I can't say I'm unhappy, just not fully satisfied and questioning if they are looking out for me, their customer. I also experienced what they did with this ridiculous "performance savings" switcheroo, which being someone who studies and consults product design and customer service, is quite horrendous behavior.

Call me traditional, but I did like the fact that they have some local banks, although the closest one to me is a cafe about an hour away, and after talking to them about their services there, I realized I didn't need it for any reason. I also opened up a savings account at Chase recently (nearby), and so I can go to a physical bank to withdraw cash or deposit checks if I needed to--that's the sole reason I have a Chase account (with a whopping $300 in there).

I spoke to Ally customer service, and noted a variety of items, like the feature of buckets. Instead of having a dozen savings accounts at Capital One to allocate for vacations, philanthropy, etc (I like this feature), I can have one savings account and use the buckets feature. Are there any downsides to this?

I also have kids savings accounts with Capital One which Ally doesn't have, Ally does have custodial accounts. I'm assuming this is basically the same thing without the "kids" marketing language in there?

One item that was confusing on the call was the daily e-check deposit limit. The person said that there was a new $10,000 check deposit limit, which for me occasionally can be a problem. I don't have any desire to mail checks in for deposit. Can anyone confirm this? The website states a $50,000 deposit limit daily, and a $250,000 limit monthly.

Any other things I should know about moving everything to Ally? Given how many automatic bill payments I have set up in Capital One, including direct deposit, I am thinking of very slowly moving my checking over to Ally over the next six months or so to make sure I've got everything covered. Any suggestions or reflections would be appreciated.
MrJedi
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Re: Anyone switch from Capital One to Ally?

Post by MrJedi »

I have accounts at both. I do not have any major complaints with either one, but I do like Ally's online interface better.

I can understand the point about "sleaziness". During the rate drops last year, Capital One was very silent about updating rates, whereas Ally sends out notifications that a rate change is coming, even for decreases.
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angelescrest
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Re: Anyone switch from Capital One to Ally?

Post by angelescrest »

MrJedi wrote: Tue Oct 19, 2021 1:17 pm I have accounts at both. I do not have any major complaints with either one, but I do like Ally's online interface better.

I can understand the point about "sleaziness". During the rate drops last year, Capital One was very silent about updating rates, whereas Ally sends out notifications that a rate change is coming, even for decreases.
I can't recall being notified by Capital One about my rate drops. Thanks, I'm glad you shared about their online interface--I actually like Capital One's (though it could be improved), and user interface design is really important to me. I was concerned Ally's might not be all that great.
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anon_investor
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Re: Anyone switch from Capital One to Ally?

Post by anon_investor »

angelescrest wrote: Tue Oct 19, 2021 1:13 pm After 10+ years of being an original ING customer, and then Capital One, I'm finally thinking of moving over to Ally Bank. The primary reason is to catch the higher interest rates, and maybe a secondary reason is after reading this thread: viewtopic.php?t=317965
where I noticed Nisiprius called Capital One sleazy, which coming from him is saying something. I've seen it all with Capital One, and I can't say I'm unhappy, just not fully satisfied and questioning if they are looking out for me, their customer. I also experienced what they did with this ridiculous "performance savings" switcheroo, which being someone who studies and consults product design and customer service, is quite horrendous behavior.

Call me traditional, but I did like the fact that they have some local banks, although the closest one to me is a cafe about an hour away, and after talking to them about their services there, I realized I didn't need it for any reason. I also opened up a savings account at Chase recently (nearby), and so I can go to a physical bank to withdraw cash or deposit checks if I needed to--that's the sole reason I have a Chase account (with a whopping $300 in there).

I spoke to Ally customer service, and noted a variety of items, like the feature of buckets. Instead of having a dozen savings accounts at Capital One to allocate for vacations, philanthropy, etc (I like this feature), I can have one savings account and use the buckets feature. Are there any downsides to this?

I also have kids savings accounts with Capital One which Ally doesn't have, Ally does have custodial accounts. I'm assuming this is basically the same thing without the "kids" marketing language in there?

One item that was confusing on the call was the daily e-check deposit limit. The person said that there was a new $10,000 check deposit limit, which for me occasionally can be a problem. I don't have any desire to mail checks in for deposit. Can anyone confirm this? The website states a $50,000 deposit limit daily, and a $250,000 limit monthly.

Any other things I should know about moving everything to Ally? Given how many automatic bill payments I have set up in Capital One, including direct deposit, I am thinking of very slowly moving my checking over to Ally over the next six months or so to make sure I've got everything covered. Any suggestions or reflections would be appreciated.
I totally dumped Capital One 360 for Ally Bank a few years ago after Capital One 360 did the sleezy thing with the "new" savings products getting the better rate, leaving existing customers with accounts with a lower rate. I was an original Electric Orange customer too (before they rebranded to ING Direct). I had an Ally account for a little while first to make sure I like it, then I went all in and opened checking too. I am not sure what this $10k limit is, my Ally mobile app still tells me I have a $50k daily limit.

I never have the "kids" Capital One, but I assume it is the same as the UTMA accounts that Ally offers.

Ally is now my main "hub" bank, my direct deposit goes there and I pay all my bills from there. I really do like the "buckets" it helps me organize stuff, like when I need to earmark money for things like taxes, etc.
Mike Scott
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Re: Anyone switch from Capital One to Ally?

Post by Mike Scott »

I have had Ally accounts for a long time and they basically do what they advertise. Switching our minor's custodial accounts to independent accounts when they got old enough was a little fussy (but it worked). I don't recall any other problems along the way.
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angelescrest
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Re: Anyone switch from Capital One to Ally?

Post by angelescrest »

anon_investor wrote: Tue Oct 19, 2021 1:24 pm I totally dumped Capital One 360 for Ally Bank a few years ago after Capital One 360 did the sleezy thing with the "new" savings products getting the better rate, leaving existing customers with accounts with a lower rate. I was an original Electric Orange customer too (before they rebranded to ING Direct). I had an Ally account for a little while first to make sure I like it, then I went all in and opened checking too. I am not sure what this $10k limit is, my Ally mobile app still tells me I have a $50k daily limit.

I never have the "kids" Capital One, but I assume it is the same as the UTMA accounts that Ally offers.

Ally is now my main "hub" bank, my direct deposit goes there and I pay all my bills from there. I really do like the "buckets" it helps me organize stuff, like when I need to earmark money for things like taxes, etc.
I almost forgot, yes, I was Electric Orange as well. Old habits die hard--so this change is my first in ages. I'm glad they are working as your primary bank--that's what I'm hoping for, along with better, more ethical customer service.
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anon_investor
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Re: Anyone switch from Capital One to Ally?

Post by anon_investor »

angelescrest wrote: Tue Oct 19, 2021 1:46 pm
anon_investor wrote: Tue Oct 19, 2021 1:24 pm I totally dumped Capital One 360 for Ally Bank a few years ago after Capital One 360 did the sleezy thing with the "new" savings products getting the better rate, leaving existing customers with accounts with a lower rate. I was an original Electric Orange customer too (before they rebranded to ING Direct). I had an Ally account for a little while first to make sure I like it, then I went all in and opened checking too. I am not sure what this $10k limit is, my Ally mobile app still tells me I have a $50k daily limit.

I never have the "kids" Capital One, but I assume it is the same as the UTMA accounts that Ally offers.

Ally is now my main "hub" bank, my direct deposit goes there and I pay all my bills from there. I really do like the "buckets" it helps me organize stuff, like when I need to earmark money for things like taxes, etc.
I almost forgot, yes, I was Electric Orange as well. Old habits die hard--so this change is my first in ages. I'm glad they are working as your primary bank--that's what I'm hoping for, along with better, more ethical customer service.
I am happy to answer any questions you have. I went through the transition to Ally Bank as my "hub bank" about 3-4 years ago. My spouse and I have multiple accounts (checking and savings) with Ally, some are joint some are not. I am also the executor of a late family member's estate and I moved the estate checking account to Ally too, it was at Chase previously, and Ally just worked out so much better (no account minimum and free checks).

We do maintain a brick and mortar checking account with a bank that has a branch near our house though, because sometimes you need stuff only a physical bank can offer (cash deposit, large cash withdrawal, same day certified check issuance, notary services, signature guarantee services, etc.).
FedGuy
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Re: Anyone switch from Capital One to Ally?

Post by FedGuy »

If there's no minimum balance and no ongoing fee, you could always keep it open with a nominal amount.

I'm also switching from Capital One to Ally both for Ally's higher interest rates and because I have been utterly unable to do ACHs out of Capital One. When I've tried setting them up, I get the message saying that I'll receive test deposits in the payee account, but they don't arrive. I called Capital One for help, and the customer service representative told me she saw the issue and fixed the problem, but the problem persisted. I ultimately did a pull from the payee account, but if Capital One won't let me push from the account and pays lower interest rates than Ally, there isn't much point to keeping it around. Still, I might keep it open with a nominal amount in it just in case Capital One turns things around in the future.
JD2775
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Re: Anyone switch from Capital One to Ally?

Post by JD2775 »

I have no complaints with Capital One (aside from them not alerting you to interest rate drops). My credit card is with them, I like their easy to use all-encompassing website, etc. For me the small difference in interest rate bump at Ally isn't worth switching for me.
Nyarlathotep
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Re: Anyone switch from Capital One to Ally?

Post by Nyarlathotep »

MrJedi wrote: Tue Oct 19, 2021 1:17 pm I have accounts at both. I do not have any major complaints with either one, but I do like Ally's online interface better.
I agree completely. Ally is my main online bank, but I have (mostly passive) accounts at several others. I have never experienced any particular issues or problems with Capital One.
ronno2018
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Re: Anyone switch from Capital One to Ally?

Post by ronno2018 »

I went from Wells Fargo banking and brokerage to Ally and Vanguard and have been very pleased. I do have a Chase checking account as sometimes I like to buy the odd used motorcycle and need cash easily.
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Re: Anyone switch from Capital One to Ally?

Post by RyeBourbon »

JD2775 wrote: Wed Oct 20, 2021 11:36 am I have no complaints with Capital One (aside from them not alerting you to interest rate drops). My credit card is with them, I like their easy to use all-encompassing website, etc. For me the small difference in interest rate bump at Ally isn't worth switching for me.
Same, and their mobile app is good.
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Gryphon
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Re: Anyone switch from Capital One to Ally?

Post by Gryphon »

angelescrest wrote: Tue Oct 19, 2021 1:13 pm I spoke to Ally customer service, and noted a variety of items, like the feature of buckets. Instead of having a dozen savings accounts at Capital One to allocate for vacations, philanthropy, etc (I like this feature), I can have one savings account and use the buckets feature. Are there any downsides to this?
If you use Quicken or something like it, I don't think the bucket amounts would appear; you would only see the overall savings account balance in Quicken. To see the individual bucket amounts you'd have to use the Ally web site. If you wanted to track the buckets in Quicken you'd have to set them up as separate accounts instead.
FS51
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Re: Anyone switch from Capital One to Ally?

Post by FS51 »

I moved the majority of the money I had at capital one 360 to Ally after not being notified about the "new account" as well. I was previously orange, ING direct, then capital one 360. I've been happy with Ally but still maintain a small balance with capital one.

Make the switch. I'm still pissed about the sleazy interest rate / account switch games.
J295
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Re: Anyone switch from Capital One to Ally?

Post by J295 »

Perhaps my experience was an outlier, but the performance at Ally was so bad this past year that I will not do business there again. The online chat and the live reps were friendly, but institutionally they could not connect me directly to the wire department and their performance on two straightforward wire transfers were materially delayed and overall unsatisfactory. I will mention the amount involved was a total of $500k — which on the one hand necessitates proper diligence on the part of Ally to be sure there’s appropriate authorizations, but on the other hand also necessitates and ability to satisfy the customer’s reasonable expectations for prompt and professional performance.

We have been satisfied with Fidelity banking for nearly 40 years, American Express bank for online savings around 8 years, and we have accounts at Vanguard but don’t do anything other than have them sit there. Online CD and savings at Marcus has also been satisfactory. Our son has had good experiences with Schwab, particular recently with the PAL (personal asset line, which is discussed elsewhere on the forum).
furwut
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Re: Anyone switch from Capital One to Ally?

Post by furwut »

Was at CapitalOne for many years but switched to Ally to get a bonus offer.

I have no complaints about Ally other then, as an internet bank, some traditional bank services aren’t possible. Also, I used Mint at the time and it didn’t work with Ally.

When I had CapitalOne I was limited to 3 external linked accounts but, for some reason, they were only able to make 2 at a time work. It was a pain switching links in and out and required phone calls each time. Ally allows unlimited links I believe.

I have a TreasuryDirect account and it was linked to my CapitalOne checking account. I closed the checking account when I moved to Ally. Recently I thought I’d like to purchase some I bonds. To update my banking credentials with Treasury I need a signature guarantee. Ally couldn’t provide one as they aren’t brick & mortar so I thought I’d return to CapitalOne. However, while they will do signature guarantees for some things, they refused to do one for the Treasury. I suspect they see it as competition for their MMs and CDs.

EDIT to Add:
If you choose Ally you still need a good local bank.
I do not think CapitalOne is a good local bank.

Another EDIT to Add:
I remember another issue I had with CapitalOne. I had a CapitalOne 360 account and because of this whenever I went into a branch I’d often get told I couldn’t get service. Sometimes I would, sometimes I wouldn’t. It all depended on the manager that day it seems. One thing I often did was deposit checks. After awhile they told me to stop coming in and use the ATM outside to do that. I only did this once a month but, ok, the ATM was better then getting the attitude! Eventually mobile check deposit became a reality and that was even better.
invest4
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Re: Anyone switch from Capital One to Ally?

Post by invest4 »

Typically, I have found they are all very similar and better or worse at different times which hasn't created a compelling case for me to switch. Instead, I maintain what I've got as long as it meets my needs and then move money around other places if its attractive enough...promotions, CDs, or whatever.

Most times this approach is very easy / completely online and all can be done myself. Whenever it has met my purpose, I either close the account and move on (also to start the clock ticking when I can do another promotion with that bank) or keep it open if they may have something special that comes around from time to time to make it easy for me (some credit unions for example).

YMMV.
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angelescrest
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Re: Anyone switch from Capital One to Ally?

Post by angelescrest »

RyeBourbon wrote: Wed Oct 20, 2021 3:56 pm
JD2775 wrote: Wed Oct 20, 2021 11:36 am I have no complaints with Capital One (aside from them not alerting you to interest rate drops). My credit card is with them, I like their easy to use all-encompassing website, etc. For me the small difference in interest rate bump at Ally isn't worth switching for me.
Same, and their mobile app is good.
I opened up my Ally account earlier this week, but still waiting on the deposit confirmations. Also, when I tried to log into the mobile app for the first time this morning, I never received the text message verification code until 6 hours later when it showed up :oops: . That’s never happened to me on any other financial platform, so go figure.

The interface looks nice though, for sure.
Last edited by angelescrest on Thu Oct 21, 2021 6:23 pm, edited 1 time in total.
Topic Author
angelescrest
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Re: Anyone switch from Capital One to Ally?

Post by angelescrest »

furwut wrote: Wed Oct 20, 2021 10:22 pm
Another EDIT to Add:
I remember another issue I had with CapitalOne. I had a CapitalOne 360 account and because of this whenever I went into a branch I’d often get told I couldn’t get service. Sometimes I would, sometimes I wouldn’t. It all depended on the manager that day it seems. One thing I often did was deposit checks. After awhile they told me to stop coming in and use the ATM outside to do that. I only did this once a month but, ok, the ATM was better then getting the attitude! Eventually mobile check deposit became a reality and that was even better.
This reminded me of the primary reason why I thought about leaving in the first place. There were several incidents over a number of months and I finally got fed up. I have long had a business savings account with them, but they told me that they no longer offer that particular savings account which presented issues with withdrawing money which I hadn’t done for a long time. They kept asking me if I opened it up online or in a local branch, and I couldn’t remember because it was like 10 years ago and at the time I was doing both online banking with them and visiting their local branch. They couldn’t tell me which, nor could they really say why it mattered, except the conclusion was that I wasn’t allowed to transfer my money to one of their other accounts. It took me a month to get my money out and it only worked by opening up a separate account at Chase, then transferring through them back to my 360 (or whatever it’s called now) account. :oops:

What madness.
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Re: Anyone switch from Capital One to Ally?

Post by RyeBourbon »

angelescrest wrote: Thu Oct 21, 2021 6:07 pm
RyeBourbon wrote: Wed Oct 20, 2021 3:56 pm
JD2775 wrote: Wed Oct 20, 2021 11:36 am I have no complaints with Capital One (aside from them not alerting you to interest rate drops). My credit card is with them, I like their easy to use all-encompassing website, etc. For me the small difference in interest rate bump at Ally isn't worth switching for me.
Same, and their mobile app is good.
I opened up my Ally account earlier this week, but still waiting on the deposit confirmations. Also, when I tried to log into the mobile app for the first time this morning, I never received the text message verification code until 6 hours later when it showed up :oops: . That’s never happened to me on any other financial platform, so go figure.

The interface looks nice though, for sure.
I'm talking about Capital One, are you talking about Ally? I never used Ally.
Retired June 2023. AA = 55/35/10
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Toons
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Re: Anyone switch from Capital One to Ally?

Post by Toons »

Cap One 360
Satisfied
No yield chasing..
For Me
Tied In with
Walmart Cap One Credit card
:idea:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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