Ally Bank - Bad Experience...

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MrMarket
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Ally Bank - Bad Experience...

Post by MrMarket »

I just wanted to give a run down on why I would avoid Ally bank. Some people may like Ally, this is just my experience...

Ally bank has awful customer service. Literally the last 3 days, if you wanted to make a phone call to Ally for any help, you're waiting an hour. And very few of the reps I've spoken with can actually do everything. There are separate departments that don't take phone calls, and stuff just is sent into a queue - so if you have an actual problem, like with a wire or something else - you're out of luck.

I had a few hundred thousand I was trying to use in high yield savings - so I had opened an account with them. Fortunately I only moved 100k because then they told me, you can only move 10k a day in or out of the account. I had decided I wanted to move more than 10k, which s only 10% of the funds I had and they wouldn't let me. So then I figured, fine - if they are going to lock up my 100k, I will just wire it out. NOPE. I call in, wait an hour on hold, they say they can't do anything - I'm waiting 48 hrs for a wire transfer of my money now.

So if you want to move more than 10k for the first 90 days, you simply can't. Btw, I asked them about this before I moved in the money and they misinformed me the transfer minimums were lower. Even Marcus can move 125k a day.

Then I call back, wait on hold for 25 min because someone doesn't know what to do, then she hangs up on me. Then they ask me for a bank statement just to get my wire across - I send it in - only to find that now the fraud department is calling me leaving a mumbling message.... "Hey. this is meshes with eksheh please call back on reference 1532442334." I honestly didn't know if this was a telemarketer or not.

So now - just to transfer the funds back to where they came from, I'm spending 3 hrs of my time making phone calls, waiting on hold, sending in bank statements, missing phone calls from mumbling reps, then calling back waiting on hold again....

Schwab is a much better bank, and Schwab has a money fund SWVXX that's paying out 2.78% which is higher than 2.1% for Ally, so my fault for using this bank.

Google or read any review on Schwab, they have the BEST customer service, I have over a decade there and they've been great. Never leaving now lol.

I don't see how you can be a serious bank if you make people wait an hour on hold just to talk to a representative - and then even hang up on them, forcing them back into an hour queue. Fine if you have no issues or problems.

I ended up spending 3 hrs on phone calls just to complete ONE wire.
Last edited by MrMarket on Thu Sep 29, 2022 9:35 am, edited 1 time in total.
Jack FFR1846
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Re: Ally Bank - Bad Experience...

Post by Jack FFR1846 »

Why is this so important?

I have Ally and am more than happy with the $10k limit per day.

I have Redneck which I am more than happy with the $5k limit per day.

Just plan ahead. If you need to move the money or think you'll need to move the money, move it sooner. If you find you didn't need to move it, you'll be fine and can move it back.

Do remember that over 6 times a statement period, you'll pay a fee. That's a Federal rule, not the bank's choice.

By the way, while Ally is 2%, Redneck is 2.5% UP TO $50k only.
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rebellovw
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Re: Ally Bank - Bad Experience...

Post by rebellovw »

Lots of attacks on Ally at bogleheads - very strange.

Very happy customer - never had an issue.
Topic Author
MrMarket
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Re: Ally Bank - Bad Experience...

Post by MrMarket »

rebellovw wrote: Thu Sep 29, 2022 9:35 am Lots of attacks on Ally at bogleheads - very strange.

Very happy customer - never had an issue.
I said there will probably be a lot of happy customers. However, if you need to move more than 10k in 90 days... then you're out of luck. Also, if you have a problem with your account be ready to wait 1-3 hrs to resolve it in this environment.

Some people have no problems or small transfers. That's fine. I'm just trying to warn someone else who is in my shoes so they don't experience the hell I just went through. Check it today - around 3pm eastern, I guarantee when you go to Ally's site the wait times will exceed 45 min to have any assistance with an account.
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JoeRetire
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Re: Ally Bank - Bad Experience...

Post by JoeRetire »

We've been happy Ally customers for many years.
No problems.
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JoeRetire
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Re: Ally Bank - Bad Experience...

Post by JoeRetire »

MrMarket wrote: Thu Sep 29, 2022 9:38 amHowever, if you need to move more than 10k in 90 days... then you're out of luck.
It's important to understand your bank's rules before you deposit any money.
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Topic Author
MrMarket
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Re: Ally Bank - Bad Experience...

Post by MrMarket »

Jack FFR1846 wrote: Thu Sep 29, 2022 9:33 am Why is this so important?

I have Ally and am more than happy with the $10k limit per day.

I have Redneck which I am more than happy with the $5k limit per day.

Just plan ahead. If you need to move the money or think you'll need to move the money, move it sooner. If you find you didn't need to move it, you'll be fine and can move it back.

Do remember that over 6 times a statement period, you'll pay a fee. That's a Federal rule, not the bank's choice.

By the way, while Ally is 2%, Redneck is 2.5% UP TO $50k only.
LOL. I get it. Its good for some, others may not be so good. It's like a mini van... if I had 4 kids it would be a great car. I prefer the truck I have. Each person have different needs so different banks will be helpful for them.

I described a situation that I would avoid Ally - if you want ANY service and want to wait less than 45 min on a phone call, which if it disconnects, that's 90 min in the middle of a day - that's unacceptable to me. Some people NEVER have issues that need resolved. I had a 100k wire that I was trying to do, and they took 3 hrs of phone calls and emails to do it.

Also, if you need to move more than 10k in a 90 day period they won't let you. These are important factors. I would avoid Ally. Others may love it. I'm glad you do. I described my reasons - which is really waiting 3 hrs on phone calls to help resolve an issue. That's excessive. Waiting 1 hr to talk to someone is also excessive to me, especially if you can get hung up on and then back to a 1 hr queue. That's just awful. If you never have issues, I'm sure it's great.
Topic Author
MrMarket
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Re: Ally Bank - Bad Experience...

Post by MrMarket »

JoeRetire wrote: Thu Sep 29, 2022 9:40 am
MrMarket wrote: Thu Sep 29, 2022 9:38 amHowever, if you need to move more than 10k in 90 days... then you're out of luck.
It's important to understand your bank's rules before you deposit any money.
Their chat reps misinformed me of the transfer rules for 90 days, I asked before depositing and they told me the normal transfer limits which I was ok with. Not the 90 day transfer limits. Unfortunately I don't have the chat record - or maybe they do.
rebellovw
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Re: Ally Bank - Bad Experience...

Post by rebellovw »

JoeRetire wrote: Thu Sep 29, 2022 9:40 am
MrMarket wrote: Thu Sep 29, 2022 9:38 amHowever, if you need to move more than 10k in 90 days... then you're out of luck.
It's important to understand your bank's rules before you deposit any money.
Agreed.

I have probably 10+ auto transfers moving money in and out of Ally a month - I even bought a 10K ibond from my checking and forgot to transfer the 10K to checking - they let me know and did it automatically with no fees.

If you are the type that needs to call your bank constantly - then perhaps you might hit issues.
runner3081
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Re: Ally Bank - Bad Experience...

Post by runner3081 »

Love Ally bank, only two issues I have run into:

1) Our accounts are under a trust, makes it harder for changes. Can't do some things online, have to call.
2) Last week, tried to send 2K via Zelle to a new contact (hadn't sent to them before). Had to call, wait for 40 minutes and answer some questions to verify my identity and unlock sending. Yes, a pain, but I am happy that they have these safeguards in place.

Otherwise, I read all agreements and follow rules, haven't needed anything else in nearly 10 years,
Jack FFR1846
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Re: Ally Bank - Bad Experience...

Post by Jack FFR1846 »

I misunderstood. $10k in 90 days? I think that restriction goes away. I've moved more.....like $50k in a single day.

I do understand that there are limits. More so with Redneck. When I want 100% best in class service, I stick with Digital Credit Union myself. I do have both Redneck and Ally for the high yield. But if I were to need the money soon, I'd be moving it back into my DEC checking account.
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Duckinator
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Re: Ally Bank - Bad Experience...

Post by Duckinator »

Are you saying in any 90 day window? or are you referring to within 90 days from when the new account was created?
Eno Deb
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Re: Ally Bank - Bad Experience...

Post by Eno Deb »

I have moved 6-figure amounts from and to Ally several times without issue.
BarbK
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Re: Ally Bank - Bad Experience...

Post by BarbK »

I put the request to move 6 figures early this week, was in my brick and mortar checking account on Weds. I did it online, never spoke to anyone, and received notification emails initially and when complete. $ was in the online savings account.

I saw a huge limit for 30 days. I have been with Ally for years; so maybe your limit was small b/c of being a new customer.
DoubleComma
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Re: Ally Bank - Bad Experience...

Post by DoubleComma »

Curious, how long have you been an Ally customer? I’m wondering if your experience is a result of having a new account and the movements your making are triggering fraud or some money laundering algorithm?

I’ve held money at Ally for many years, close to 10. My balances HY Savings balances have varied from $10k - $200k, and I have on multiple occasions transferred out via ACH >$10k when making significant purchases (car, remodel, etc) with never speaking to anyone. I’ve also wired out >$100k twice to purchase property. With a wire it was setup online and only a brief call from them to confirm the wire before sending it.

I’ve yet to have a CS issue with Ally. I have noticed the reported CS wait time on the site banner has grown from 2-3 min to >hour recently, but haven’t had a reason to need to call so it never concerned me.
wolf359
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Re: Ally Bank - Bad Experience...

Post by wolf359 »

MrMarket wrote: Thu Sep 29, 2022 9:41 am
Jack FFR1846 wrote: Thu Sep 29, 2022 9:33 am Why is this so important?

I have Ally and am more than happy with the $10k limit per day.

I have Redneck which I am more than happy with the $5k limit per day.

Just plan ahead. If you need to move the money or think you'll need to move the money, move it sooner. If you find you didn't need to move it, you'll be fine and can move it back.

Do remember that over 6 times a statement period, you'll pay a fee. That's a Federal rule, not the bank's choice.

By the way, while Ally is 2%, Redneck is 2.5% UP TO $50k only.
LOL. I get it. Its good for some, others may not be so good. It's like a mini van... if I had 4 kids it would be a great car. I prefer the truck I have. Each person have different needs so different banks will be helpful for them.

I described a situation that I would avoid Ally - if you want ANY service and want to wait less than 45 min on a phone call, which if it disconnects, that's 90 min in the middle of a day - that's unacceptable to me. Some people NEVER have issues that need resolved. I had a 100k wire that I was trying to do, and they took 3 hrs of phone calls and emails to do it.

Also, if you need to move more than 10k in a 90 day period they won't let you. These are important factors. I would avoid Ally. Others may love it. I'm glad you do. I described my reasons - which is really waiting 3 hrs on phone calls to help resolve an issue. That's excessive. Waiting 1 hr to talk to someone is also excessive to me, especially if you can get hung up on and then back to a 1 hr queue. That's just awful. If you never have issues, I'm sure it's great.
I can see where you're coming from. I have been a customer of Ally for years, and have been very happy with them.

However, I have never called them with any questions, and have automated most of my transactions with them.

I did have almost use them for a transaction last year where I needed to park $100K safely somewhere for a year or so for a real estate project, until the money was needed. In the end, I used another institution.

According to your description, I dodged a bullet. (We anticipated the project would last a few months -- it turns out it was a year.)

I found your post useful. If the situation occurs again, I now know to do additional research before considering using Ally for a transaction of that nature.
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anon_investor
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Re: Ally Bank - Bad Experience...

Post by anon_investor »

OP is the $10k/day restriction because you are a new customer? I have wired out 6 figure amounts for down payments from Ally more than once. Annually when I get paid my bonus I transfer 5 figure amounts to my brokerage.
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MrMarket
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Re: Ally Bank - Bad Experience...

Post by MrMarket »

I think it because I am new. Yes. 90 days.

I finally got my transfer. 99% of my funds. However to move the last little bit it’s taking me 5 days- for transfer. 1 day to withdraw and 4 to transfer.

Deliver On: 10/04/2022
Withdraw On: 09/30/2022
Service: Standard Outbound

Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.

I’m just giving my experience. I’m sure ally bank works great for most.
Ricola
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Re: Ally Bank - Bad Experience...

Post by Ricola »

rebellovw wrote: Thu Sep 29, 2022 9:35 am Lots of attacks on Ally at bogleheads - very strange.

Very happy customer - never had an issue.
+1
Lastrun
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Re: Ally Bank - Bad Experience...

Post by Lastrun »

MrMarket wrote: Thu Sep 29, 2022 11:59 am
..... Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.
.....
Cracks me up, people were just complaining about transfer times in Marcus the other day. Here: viewtopic.php?p=6885973#p6885973

I have never had any issues with Ally in terms of transfers, but it does seem to differ from customer to customer based on data points from BH's.

I have noticed longer and longer hold times up in the right corner of the Ally website the last couple of months. Used to be almost always under 5 minutes, now it is typically longer than 30.
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MrMarket
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Re: Ally Bank - Bad Experience...

Post by MrMarket »

Lastrun wrote: Thu Sep 29, 2022 2:00 pm
MrMarket wrote: Thu Sep 29, 2022 11:59 am
..... Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.
.....
Cracks me up, people were just complaining about transfer times in Marcus the other day. Here: viewtopic.php?p=6885973#p6885973

I have never had any issues with Ally in terms of transfers, but it does seem to differ from customer to customer based on data points from BH's.

I have noticed longer and longer hold times up in the right corner of the Ally website the last couple of months. Used to be almost always under 5 minutes, now it is typically longer than 30.
I had Marcus move money in 1 day, fast. Big amounts.

Anyway, I liked ally’s website. Just my transfers and the customer service were not good.

However as I said, just my experience. I’m sure many have great experiences.

I think I’m Schwab for life now. They even have a money fund for 2.78% which i didn’t fully understand which is why I moved to these high yield accounts. Marcus I think is best. Ally is fine if you don’t move high dollars for 90 days. The transfer times are so long. Not sure why it’s different for everyone. My transfers were to the same accounts they came from and verified.
Eno Deb
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Re: Ally Bank - Bad Experience...

Post by Eno Deb »

When you start a transfer to an external account on Ally's web site, there is a "View limits" link to show transfer limits. In my case the outgoing limit is $150k per day and $600k every 30 days. There is a footnote saying "For security reasons and to help keep your money safe, we may impose lower transfer limits on certain accounts."
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Re: Ally Bank - Bad Experience...

Post by vaylie »

I will say that I've been a long-time Ally customer who's been pretty happy with them in the past, but very recently, their customer support wait times have spiked a *lot*. I'm not at all surprised to hear your story or that others are still happy with them (probably because they haven't needed customer support recently).

I think it's because there's been a lot of fraud on Ally debit cards recently, so maybe that's causing the customer service wait times.

That said, the wait times were bad for me, but my issues all got resolved, so I'm not too unhappy. And Ally has the most generous of transfer limits among all my banks, so I keep it around as a hub account.
PatrickA5
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Re: Ally Bank - Bad Experience...

Post by PatrickA5 »

Sad to hear the wait times are getting bad. I used to be able to get through in just a couple of minutes, but that was a couple of years ago. I left $10 in my MM account just in case I want to move some money over from Fidelity someday.

I always thought Ally's limits were great. Several times I transferred 6 figures. But, I ran into the same thing you're going through with Citi. Took forever to move my $25K out - ($2K) at a time. I didn't read the fine print.
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whodidntante
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Re: Ally Bank - Bad Experience...

Post by whodidntante »

I am a very happy non-customer of Ally Bank.
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anon_investor
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Re: Ally Bank - Bad Experience...

Post by anon_investor »

Ricola wrote: Thu Sep 29, 2022 12:35 pm
rebellovw wrote: Thu Sep 29, 2022 9:35 am Lots of attacks on Ally at bogleheads - very strange.

Very happy customer - never had an issue.
+1
+1, though I moved most of my cash to my Fidelity CMA to get the better yield via SPRXX (2.74%).
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JoeRetire
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Re: Ally Bank - Bad Experience...

Post by JoeRetire »

Lastrun wrote: Thu Sep 29, 2022 2:00 pm Cracks me up, people were just complaining about transfer times in Marcus the other day.
So you're saying there's no perfect bank? And that there will always be someone ready to complain about any given bank?

Sounds right to me. :beer
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ridebikeseveryday
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Re: Ally Bank - Bad Experience...

Post by ridebikeseveryday »

I ACH transferred more than 17k out of Ally just this morning.
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simplesimon
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Re: Ally Bank - Bad Experience...

Post by simplesimon »

MrMarket wrote: Thu Sep 29, 2022 2:20 pm
Lastrun wrote: Thu Sep 29, 2022 2:00 pm
MrMarket wrote: Thu Sep 29, 2022 11:59 am
..... Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.
.....
Cracks me up, people were just complaining about transfer times in Marcus the other day. Here: viewtopic.php?p=6885973#p6885973

I have never had any issues with Ally in terms of transfers, but it does seem to differ from customer to customer based on data points from BH's.

I have noticed longer and longer hold times up in the right corner of the Ally website the last couple of months. Used to be almost always under 5 minutes, now it is typically longer than 30.
I had Marcus move money in 1 day, fast. Big amounts.

Anyway, I liked ally’s website. Just my transfers and the customer service were not good.

However as I said, just my experience. I’m sure many have great experiences.

I think I’m Schwab for life now. They even have a money fund for 2.78% which i didn’t fully understand which is why I moved to these high yield accounts. Marcus I think is best. Ally is fine if you don’t move high dollars for 90 days. The transfer times are so long. Not sure why it’s different for everyone. My transfers were to the same accounts they came from and verified.
Sounds like they just have a more conservative policy when it comes to new customers. It's considered unusual to open a brand new account, move $100k to the bank, then quickly want to move a large sum out.
Katietsu
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Re: Ally Bank - Bad Experience...

Post by Katietsu »

MrMarket wrote: Thu Sep 29, 2022 11:59 am I think it because I am new. Yes. 90 days.

I finally got my transfer. 99% of my funds. However to move the last little bit it’s taking me 5 days- for transfer. 1 day to withdraw and 4 to transfer.

Deliver On: 10/04/2022
Withdraw On: 09/30/2022
Service: Standard Outbound

Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.

I’m just giving my experience. I’m sure ally bank works great for most.
The long transfer time is also because you are a new customer. My ACH transfers to my local checking account are done in a day.

Seems that all the restrictions that you are running into-transfer limits, wire confirmations, transfer speeds-are Ally’s response to fraud attempts. Life would be much simpler if we did not have to deal with the risk of becoming a crime victim.
coldaudio
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Re: Ally Bank - Bad Experience...

Post by coldaudio »

I’ve noticed they’ve been having a lot more outages, like at this very moment!
TravelGeek
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Re: Ally Bank - Bad Experience...

Post by TravelGeek »

coldaudio wrote: Thu Sep 29, 2022 8:24 pm I’ve noticed they’ve been having a lot more outages, like at this very moment!

Same here. 6:30pm PT on a Thursday isn’t a great time for an online bank’s system to be unavailable. In what business are they again?
Bogle-007
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Re: Ally Bank - Bad Experience...

Post by Bogle-007 »

I'm trying to log in... Not working and 57 minutes to wait for a phone rep.
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SconnieBro
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Re: Ally Bank - Bad Experience...

Post by SconnieBro »

Is there some astroturfing going on here? I have an Ally account (among others). I’m neither a fan or a hater. Ally is fine. Three posters within ten minutes just complained about their site being down. I can log in perfectly fine. :confused
clip651
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Re: Ally Bank - Bad Experience...

Post by clip651 »

MrMarket wrote: Thu Sep 29, 2022 9:28 am
So if you want to move more than 10k for the first 90 days, you simply can't.
Well, apparently you can't move more than 10k per day for the first 90 days. But you can move 10k on Monday, another 10k on Tuesday, etc. And thus have your 100k out in a lot less than 90 days, and without calls to customer service if you do it that way. But that assumes you have 10 days plus transaction time to work with.

Hope you end up happier at your new banking destination. We've had no trouble with Ally, but we didn't try to move money in and then move a bunch of it back out in a hurry in the first few months. So we had different expectations going in, I suppose.

best wishes,
cj
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anon_investor
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Re: Ally Bank - Bad Experience...

Post by anon_investor »

clip651 wrote: Thu Sep 29, 2022 8:53 pm
MrMarket wrote: Thu Sep 29, 2022 9:28 am
So if you want to move more than 10k for the first 90 days, you simply can't.
Well, apparently you can't move more than 10k per day for the first 90 days. But you can move 10k on Monday, another 10k on Tuesday, etc. And thus have your 100k out in a lot less than 90 days, and without calls to customer service if you do it that way. But that assumes you have 10 days plus transaction time to work with.

Hope you end up happier at your new banking destination. We've had no trouble with Ally, but we didn't try to move money in and then move a bunch of it back out in a hurry in the first few months. So we had different expectations going in, I suppose.

best wishes,
cj
Ally keeps adding new features and benefits, so I am keeping my accounts open and continuing with a small $250 direct deposit every pay check.

Some nice features they have added over the years:
-buckets
-CoverDraft
-early direct deposit

One nice thing about Ally is their mobile check deposit limits are much higher than with a lot of banks.

But I have been an Ally customer for years now, so not subject to the low withdrawal limits the OP is facing.
TravelGeek
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Re: Ally Bank - Bad Experience...

Post by TravelGeek »

SconnieBro wrote: Thu Sep 29, 2022 8:47 pm Is there some astroturfing going on here? I have an Ally account (among others). I’m neither a fan or a hater. Ally is fine. Three posters within ten minutes just complained about their site being down. I can log in perfectly fine. :confused

No astroturfer here. If you check my post history, you will likely find that I am generally a satisfied customer, but they do have relatively frequent and unexplained outages. Just because you were able to log in after others weren’t doesn’t mean anything. It could be a that the issue was resolved. It could have been a transient issue. It could have been an issue limited to certain accounts or servers. I had the issue with both the website and the iOS app. I tried a few times, then visited this site to see if others had the same problem. It turns out I wasn’t alone.

I am currently able to log in again, but I guess next time it fails I will take a screenshot so I don’t get called an astroturfer. :confused
MedSaver
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Re: Ally Bank - Bad Experience...

Post by MedSaver »

runner3081 wrote: Thu Sep 29, 2022 9:49 am 2) Last week, tried to send 2K via Zelle to a new contact (hadn't sent to them before). Had to call, wait for 40 minutes and answer some questions to verify my identity and unlock sending. Yes, a pain, but I am happy that they have these safeguards in place.
Not sure waiting 40 min for assistance is a safeguard.
3000
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Re: Ally Bank - Bad Experience...

Post by 3000 »

It seems that you have a smaller transfer limit because you’re a new customer.

This is the transfer limits I see for my account, I’ve been an Ally customer for a number of years.

Transfer Limits

What do I do if I've exceeded my transfer limits?

You can call us at 1-877-247-ALLY (2559).

The accounts you selected qualify for 1 business day delivery

If you choose other accounts or a different frequency, your available transfer speeds and limits may change.

Transfers from Ally account:

For 1 business day delivery, you may transfer up to $150,000 per day and up to $600,000 every 30 days.

For 3 business days delivery, you may transfer up to $150,000 per day and up to $600,000 every 30 days.

Transfers to Ally account:

For 1 business day delivery, you may transfer up to $500,000 per day and up to $1,000,000 every 30
days.

For 3 business day delivery, you may transfer up to $500,000 per day and up to $1,000,000 every 30
days.
Pacific
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Re: Ally Bank - Bad Experience...

Post by Pacific »

you can only move 10k a day in or out of the account
This is just not true. I have transferred more than $40K into and out of Ally Bank money market and online savings numerous times.
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VictorStarr
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Re: Ally Bank - Bad Experience...

Post by VictorStarr »

whodidntante wrote: Thu Sep 29, 2022 5:19 pm I am a very happy non-customer of Ally Bank.
+1
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SmileyFace
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Re: Ally Bank - Bad Experience...

Post by SmileyFace »

Lastrun wrote: Thu Sep 29, 2022 2:00 pm
MrMarket wrote: Thu Sep 29, 2022 11:59 am
..... Mind you this is a small transfer. I also moved 100k with Marcus savings no questions asked after I had to verify my account. Marcus can move 125k a day on the first day.
.....
Cracks me up, people were just complaining about transfer times in Marcus the other day. Here: viewtopic.php?p=6885973#p6885973

I have never had any issues with Ally in terms of transfers, but it does seem to differ from customer to customer based on data points from BH's.

I have noticed longer and longer hold times up in the right corner of the Ally website the last couple of months. Used to be almost always under 5 minutes, now it is typically longer than 30.
The post you reference is NOT about transfer times. Someone was looking for money to be available to use and sounds like it hadn't cleared from transfering institution. Marcus is superior to Ally for transfer times. Transfer time at Marcus is same business day and you start earning interest when you initiate a transfer. Standard transfer time at Ally is 3 days (although under some circumstances itbcan be a day - but read the T&Cs - 3 days spelled out and that'smy experience). This is my main reason for primarily using Marcus and NOT Ally (I have accounts at each).
stoptothink
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Re: Ally Bank - Bad Experience...

Post by stoptothink »

TravelGeek wrote: Thu Sep 29, 2022 9:24 pm
SconnieBro wrote: Thu Sep 29, 2022 8:47 pm Is there some astroturfing going on here? I have an Ally account (among others). I’m neither a fan or a hater. Ally is fine. Three posters within ten minutes just complained about their site being down. I can log in perfectly fine. :confused

No astroturfer here. If you check my post history, you will likely find that I am generally a satisfied customer, but they do have relatively frequent and unexplained outages. Just because you were able to log in after others weren’t doesn’t mean anything. It could be a that the issue was resolved. It could have been a transient issue. It could have been an issue limited to certain accounts or servers. I had the issue with both the website and the iOS app. I tried a few times, then visited this site to see if others had the same problem. It turns out I wasn’t alone.

I am currently able to log in again, but I guess next time it fails I will take a screenshot so I don’t get called an astroturfer. :confused
The site was definitely down for a period last night. I was able to log on fine this morning. Not really concerned, I've had the exact same issue at some point with probably every single financial institution I have an account with. If you want to talk about financial institutions that have major issues with their website, start a thread on Transamerica or HSBC.
Lastrun
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Re: Ally Bank - Bad Experience...

Post by Lastrun »

SmileyFace wrote: Fri Sep 30, 2022 5:20 am Standard transfer time at Ally is 3 days (although under some circumstances itbcan be a day - but read the T&Cs - 3 days spelled out and that'smy experience). This is my main reason for primarily using Marcus and NOT Ally (I have accounts at each).
Customer experiences do differ, terms and conditions don't at least for pulls.
From Marcus

FUNDS AVAILABILITY
1. Delayed Availability: We may delay the availability of funds from your check deposits and certain other types
of deposits for all Accounts. There are exceptions that may apply in certain circumstances and special rules
that apply to New Customers (as defined below). During the delay, you may not withdraw funds and may not
use the funds. In accordance with the provisions in this Agreement, interest will be paid on deposits we receive,
even if the funds are not yet available for withdrawal.
2. Day of Deposit: If we receive a deposit before 6:00 PM ET on a Business Day, we will consider that Business
Day to be the day of your deposit. However, if we receive a deposit after 6:00 PM ET or on a non-Business
Day, we will consider that the deposit was made on the next Business Day.
3. Availability of Wire Transfer Deposits: Funds from wire transfers to your Account that you initiate through
another bank will be available on the Business Day we receive the deposit.
4. Availability of ACH Transfer Deposits:
a. Funds from ACH Transfers that you initiate through another bank will generally be available on the next
Business Day after the day the ACH Transfer is deemed to be received by us but may be available
earlier, depending on the type of ACH Transfer.
b. Funds from ACH Transfers that you initiate through the Bank from a linked external account will generally
be will generally be available on the third (3rd) Business Day after the day the ACH Transfer is deemed to be received by
us.
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SmileyFace
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Re: Ally Bank - Bad Experience...

Post by SmileyFace »

Lastrun wrote: Fri Sep 30, 2022 7:11 am
SmileyFace wrote: Fri Sep 30, 2022 5:20 am Standard transfer time at Ally is 3 days (although under some circumstances itbcan be a day - but read the T&Cs - 3 days spelled out and that'smy experience). This is my main reason for primarily using Marcus and NOT Ally (I have accounts at each).
Customer experiences do differ, terms and conditions don't at least for pulls.
From Marcus

FUNDS AVAILABILITY
1. Delayed Availability: We may delay the availability of funds from your check deposits and certain other types
of deposits for all Accounts. There are exceptions that may apply in certain circumstances and special rules
that apply to New Customers (as defined below). During the delay, you may not withdraw funds and may not
use the funds. In accordance with the provisions in this Agreement, interest will be paid on deposits we receive,
even if the funds are not yet available for withdrawal.
2. Day of Deposit: If we receive a deposit before 6:00 PM ET on a Business Day, we will consider that Business
Day to be the day of your deposit. However, if we receive a deposit after 6:00 PM ET or on a non-Business
Day, we will consider that the deposit was made on the next Business Day.
3. Availability of Wire Transfer Deposits: Funds from wire transfers to your Account that you initiate through
another bank will be available on the Business Day we receive the deposit.
4. Availability of ACH Transfer Deposits:
a. Funds from ACH Transfers that you initiate through another bank will generally be available on the next
Business Day after the day the ACH Transfer is deemed to be received by us but may be available
earlier, depending on the type of ACH Transfer.
b. Funds from ACH Transfers that you initiate through the Bank from a linked external account will generally
be will generally be available on the third (3rd) Business Day after the day the ACH Transfer is deemed to be received by
us.
You are still conflating transfer times with availability AFTER transfer. These are SAVINGS accounts - I don't use them as cash flow debits with low balances.
With Marcus - when I need money that is in the account - I can pull it SAME DAY. It is available because it is my savings account and has been there for a while AND you should initiate the transfer from Marcus not the outside bank so your underlined term does not apply. Also -When I transfer money to Marcus interest starts SAME DAY. I don't need those funds to transfer back out right away - if I did - I would'nt put them there. Comparing this to Ally when I transfer money to and from Ally it is not earning interest and it not in either account - sitting out not earning interest for days. Couple that with Ally's "it depends" allowed transfer amounts and Marcus wins as a savings account.

Here is the appropriate quote right From Marcus:
When you schedule a transfer of $100,000 or less through Marcus by 12 pm ET on a business day, Marcus will complete the transfer by 5 pm ET that day.
From Ally
Online transfers between Ally Bank accounts are immediate. Standard transfers between Ally Bank and non-Ally Bank accounts, requested before 1 am ET Monday – Friday, will take 3 business days.
Last edited by SmileyFace on Fri Sep 30, 2022 7:58 am, edited 2 times in total.
student
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Re: Ally Bank - Bad Experience...

Post by student »

whodidntante wrote: Thu Sep 29, 2022 5:19 pm I am a very happy non-customer of Ally Bank.
Funny........
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goodenyou
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Re: Ally Bank - Bad Experience...

Post by goodenyou »

Pacific wrote: Fri Sep 30, 2022 2:41 am
you can only move 10k a day in or out of the account
This is just not true. I have transferred more than $40K into and out of Ally Bank money market and online savings numerous times.
I just moved $75k this week. No problem. I moved $300k in July.
"Ignorance more frequently begets confidence than does knowledge" | “At 50, everyone has the face he deserves”
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SmileyFace
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Re: Ally Bank - Bad Experience...

Post by SmileyFace »

goodenyou wrote: Fri Sep 30, 2022 7:36 am
Pacific wrote: Fri Sep 30, 2022 2:41 am
you can only move 10k a day in or out of the account
This is just not true. I have transferred more than $40K into and out of Ally Bank money market and online savings numerous times.
I just moved $75k this week. No problem. I moved $300k in July.
What others are able to do is somewhat irrelevant to the OP.
Ally's official policy is "It depends" on things like account history.
If you want a better policy - best to avoid Ally.
Last edited by SmileyFace on Fri Sep 30, 2022 8:11 am, edited 1 time in total.
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goodenyou
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Re: Ally Bank - Bad Experience...

Post by goodenyou »

SmileyFace wrote: Fri Sep 30, 2022 8:03 am
goodenyou wrote: Fri Sep 30, 2022 7:36 am
Pacific wrote: Fri Sep 30, 2022 2:41 am
you can only move 10k a day in or out of the account
This is just not true. I have transferred more than $40K into and out of Ally Bank money market and online savings numerous times.
I just moved $75k this week. No problem. I moved $300k in July.
What others are able to do is somewhat irrelevant to the OP.
Ally's official policy is "It depends" on things like account history.
If you want a better policy - best to avoid Ally.

If I get a great deal on car and want to pay cash it's good to know I am with a bank that has a policy of giving me my money - versus one with a "it depends" policy. What you have been able to do in the past doesn't mean they will let you do it in the future since their policy is squishy.
I have $3 left in the account. Thanks for the advice.
"Ignorance more frequently begets confidence than does knowledge" | “At 50, everyone has the face he deserves”
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HMSVictory
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Re: Ally Bank - Bad Experience...

Post by HMSVictory »

I have used Captial One Bank for a while (back to the ING Direct days).

I recently held and wired out $500k from them. It was a seamless easy process (much, much easier than my local brick mortar bank).

They answer the phone and are helpful which is something to take note of in these times!
Stay the course!
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