Ally Bank Accounts Fully Functional, But …
I just had an argument with the bank that doesn’t make me feel very comfortable.
When I opened Ally Bank accounts last week, I deposited only $1,000 in the 9-month No Penalty CD account. That’s just the initial deposit that I plan to add more to later after the account is set up (it doesn’t make too much sense to have only $1,000 in a CD account, doesn’t it?).
So this morning, I decided to put more money into the CD account, but first I want to transfer the money already in the Savings Account to the CD account because the CD yield (2.15%) is a little higher than the yield of the savings account (2.00%). Interestingly, it doesn’t have the option to do such a transfer:
It’s only possible to transfer between Savings Account and external accounts, but the CD account is not in the mix. At first I thought it’s pretty weird because banks usually allow transfers between internal accounts. So I called Ally Bank and asked why I can’t add new money to the existing CD account. I was told that I can’t add new money to a CD account that is already funded. I will have to open a new account if I want put more money in CDs. Quite understandable. If that’s the procedure, then I just have to follow it.
While still logging in my account, I started the process of opening another CD account. Then I was a little surprised to see that it seems that I have to go through the entire process as if I am opening an account as a new customer, not an existing customer (I am still logged in my account). It turned out that I need to select “How Many Account Owners?” first before I can see the option to open an account as a current customer. It would be much easier if it shows the option at the very beginning instead of having to click a few buttons to see it. But that’s not the real problem.
I selected Joint Account, the account I want to open (9-month No Penalty CD), put in the initial deposit I want to have in the account, then I was asked to sign in as I am already a customer (I am still logged in). Without thinking of anything else, I logged in again with my own ID. The next screen I saw was with me as both the first and second account owner. That’s not right. So I had to call Ally Bank again and was told that I have to log out and asked, log in with my wife’s ID, then I will have my wife and I as the account owners, not just me. I followed the instruction: Logged out first (the application wasn’t completed yet when I logged out), logged in my own again, restarted the application, and logged in with my wife’s ID. When I got to the point that I had to select how to fund the account, I noticed that there are two CD accounts with two different account numbers, not just one, with the same amount of deposits that I want to put in the account. That’s not right. So I selected only one account to fund, not two, but I got an error message, saying I must select how to fund the account. If I must in order to go to next step, I must. I went back, selected to fund both accounts using my BofA account, and got the Congratulation page.
Then I checked my account list. Yes, I now have 3 No Penalty CD accounts and on the Pending Transfers page, I have to pending $56,000 transfers. When tried to delete one of the transfers, the Delete button was just disappeared (both the Edit and Delete buttons are clickable when I got the page first, but they are all inactive once I selected an account). It was just a few minutes between I finished opening the account and I tried to delete the transfer.
So I had to call Ally Bank once again and was told that I can’t delete it now because the order is already being processed. When I asked them how much time they give customers to make changes (since they have that Edit and Delete functions available, they must allow customers to do so, right?), a manager said maybe a few minutes, even seconds). On the Pending Transfers page, this is what it says:
You can view, edit and delete your scheduled Ally Bank and External Bank transfers below. Any immediate transfers to a non-Ally Bank account are processing so you won’t be able to edit or delete them.
So basically, even Ally Bank, like another bank, uses 3 business days to clear an ACH transfer, it won’t allow me to change my transfer once I submitted the request. This is really bad. I had done ACH transfers with many banks and as far as I know they all allow me to make changes, immediately or even hours later, but not Ally Bank. They told me there’s nothing they can do to stop the transfer. If I want it stopped, I will have to call BofA and stop the transfer. So I did and it cost me $30
Yes, there may be mistakes at my end, but the experience I had this morning really made me upset. Not that it really matters now because Ally Bank just reduced the yield of 9-month No Penalty to 2.05%. The stop order at BofA will stop both transfers, so no money will be transferred to Ally Bank.
I really don’t like to deal with banks that make things difficult. Seems Ally Bank belongs to that category. And before I make any money from the bank, I already paid $30.
Ally Bank Rates Summary
The following are the up-to-date rates for Ally Bank products.
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