We don’t work for Ally bank, nor was I paid for this post — just a dude that has money a few places and has comparable customer-support experiences with Chase, Bank of America, EverBank and Ally Bank and wanted to share my experiences with you readers.
As mentioned I have a few banking accounts spread out across the web. Some at brick-and-mortars and a few at online-only banks just for the interest rate boost. A while ago I opened some CDs at Ally Bank because of the much higher interest rate they were offering. It wasn’t too much of a surprise given that Ally Bank was born out of the financial failure that was GMAC Bank and the new bank needed customers — bad.
The banks finances out the door looked dreary, but with a focus on making a successful bank Ally was consistently offering the highest interest rates around for CDs (even no-penalty CDs) and Saving’s Accounts that I could find. So it seems that their financial situation was our gain as banking shoppers.
With a marketing blitz around their “honest in banking” theme, I headed over to the website and gave a peek to the “Terms and Services” of each account and was amazed to find clearly written, human-readable text with bulleted lists for each account type and no hidden bullshit. You might have seen some of the ads, they are brilliant:
Soon after the bank launched they revamped their online account management application with a brand new Struts app (for those who care) that allowed you do to most anything without calling them — even funding new CDs that you opened online. This is a huge win for me or anyone else that likes to get things done and stay out of wait queues as much as possible.
Fast forward to over a year later with the bank and I got a CD-maturity notice in the mail. It was asking that I call them to tell them what to do with the CD and written clearly within the instructions on how to get ahold of the bank was “press 0 as soon as you call us to get an operator immediately” — so I did, and within 20 secs I was talking to a human who was looking up my account info and setting up what I wanted to do next with it.
They also offered me a 0.50% rate increase to renew my CD with them — given that most people will change banks for a 0.25% increase in a rate, the fact that Ally is just handing out that rate to existing customers to keep them was a really nice surprise.
I have to give Ally Bank a solid “Thumbs Up” thus far given my experience with them — 24/7 customer service, clear-cut Terms of Service with each account, no hidden policies, powerful online account management and high interest rates. Even if the bank has hairy financials, it’s all FDIC insured and is making me a very happy customer.
Keep it up guys.
…
GMAC, Ally Bank … whatever.
You really care for the name or the integrity of that business?
It’s neither the name nor their advertisements that make a decent company. (well, agree, for a short time it may as well account for some none-lasting success) In fact, it’s a firm’s intention and action that will decide on their sustainability.
That being said, I cannot think of any company that blackmails other companies to favor themselves, that will ever last. We have (written) evidence and will take this proof to court – agains ALLY BANK – for blackmailing legitimate established businesses as “SCAM”. Are they that desperate? Wasn’t aware of it but – it’s good to know!
Whoever considers ALLY BANK as their – … whatever, may we only wish you the best!
Pete,
I’d surely appreciate you linking to or sending along the information about Ally’s nefarious dealings.
My only experience with them is a few CDs and their excellent customer service (and nicely functional website). I’ve not had any other dealings so I’m really not privvy to shadier things they might be doing to their customers, but I’m very interested.
Anyway you can email any information to riyad@thebuzzmedia.com and I can add it to this story, or just include links in your comment and I can add them here as well.