Ally Bank allowed more than $1400 in fraudulent transactions to occur on an old checking account debit card that should have been deactivated years ago. Wiped out my balance in a few hours and will take weeks if not months to fix. All due to Ally’s careless mistake.
After this is sorted, I’ll need a new bank. Any suggestions? Online again? Or brick and mortar?
What a garbage post.
Why do you say this?
I do not work for Ally Bank, so I do not have a horse in this race. Start with the title, which is inflammatory and not supported by the OP’s post.
As an FDIC member, Ally is subject to Reg E, which outlines dispute rules regarding transactions including debit cards, which were mentioned. Investigations are typically done within 10 business days, and if they are not, a provisional credit is provided no later than the same 10 business days.
Beyond that, as an account holder, take some responsibility for verifying that your accounts are indeed in closed status if that is your expectation. Review your statements, etc.
All that said, maybe a mistake happened. Work with someone at the bank and solve it. Or move on. But mistakes happen everywhere and to everyone, so it’s a wild overreaction and a complete garbage post.
Modnote: this is being pretty jerkish.
Please, do not do this again. Your second post would have been fine as at least it is explaining something. Also I was going to give you a warning until I saw the second post.
This is just a guidance, not a warning. Nothing on your permanent record.
Say I have a debit card - call it “1234” and some suspicious activity occurs on my account using that card. I call Ally Bank and they say “Okay - we see it.” Ally Bank deactivates the card number “1234” and issues a new debit card “6789.” A few days later the new card “6789” shows up in the mail and everything is hunky-dory. I shred “1234” and forget it happened.
More than a year passes and all of a sudden 70+ transactions appear on my account all in a space of two hours or so. I can’t see which card, mine or my wife’s (“6622”), is involved as my view to my account doesn’t include that info. After calling Ally Bank, I find out that the old card “1234” was used.
Wouldn’t you, or anyone, expect that a card used for fraudulent activity and deactivated and then replaced for more than a year was fully deactivated and dead?
After many calls, I was also told by Ally Bank that it could take up to 90 days to investigate and make this right. I was told this by 3 contacts, two of which were supervisors.
Yes, mistakes happen, but a mistake like this one is a complete violation of trust and something that should NEVER happen under ANY circumstances.
Ally Bank? No, NOT safe.
It’s a crummy situation and you have every right to be upset. Taking your description at face value, they should give provisional credit while investigating. And with a history of reported fraud on the same card, it’s clearly a bank error if that card is still open.
Given your reaction, starting with a new institution while you taper off activity would be a reasonable next step. I’d recommend a brick and mortar bank where you can know your banker. It is an important relationship that is often undervalued.
I’m glad you fleshed out your topic. It makes your circumstances more sympathetic.
I’ll wait until this is completely sorted, and then transfer all accounts to a new bank. Unfortunately I have limited choices in b&m banks where I live.
Why wait?
Partly because the missing funds will eventually be restored and I don’t want to mess with the account until then.
Mostly because I don’t know which bank to go with yet.
Skip the banks, Look for a Credit Union.
I didn’t think about credit unions. Good suggestion - thanks.
Alternatively, consider keeping the Ally account (at a nominal amount, say $1,000) and opening a new account at a new bank or credit union.
What happened to you can happen at any bank, and while I don’t intend to defend Ally at all, having multiple bank accounts provides you some resiliency when this type of thing happens. I have three checking accounts and two savings accounts at three different banks and credit unions. If any of those accounts is compromised, it’s not the end of the world for me. Some of those accounts are accessible online, and some of them are not. Some have debit cards, and some do not. But if one is compromised or otherwise in dispute, I am not at the mercy of one bank to carry on with my life.
“Could” ≠ “Will”.
Reg E allows up to 90 days; however, if it takes longer than 10 days, they have to give you provisional credit.