# Seeking stories of experience with Ally Bank (esp. certificates of deposit) **URL:** \ **Category:** In My Humble Opinion\ **Created:** [May 18, 2011, 6:40pm UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358 "2011-05-18T18:40:46Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![KneadToKnow](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kneadtoknow/32/3999_2.png) [@KneadToKnow](https://boards.straightdope.com/u/KneadToKnow)\ **Post date:** [May 18, 2011, 6:40pm UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/1 "2011-05-18T18:40:46Z")
I have a sum of money I would like to get a better return on than my savings account will offer for the brief time that it is my money, so I looked around for available CD instruments and my research has turned up Ally Bank as my best bet. My search here turned up [one very bad experience](http://boards.straightdope.com/sdmb/showthread.php?t=564121&highlight=ally+bank), but that was a pretty specific situation that I don’t think would happen in this case. Anyone else have two cents on their experience with Ally? ---
**Author:** ![thelurkinghorror](https://avatars.discourse-cdn.com/v4/letter/t/7c8e57/32.png) [@thelurkinghorror](https://boards.straightdope.com/u/thelurkinghorror)\ **Post date:** [May 18, 2011, 8:06pm UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/2 "2011-05-18T20:06:20Z")
They’re fine, but I don’t have that many dealings with their customer service. IMHO their security is TOO onerous, as if you put the password in, you get locked out and have to call CS to unlock it. I only have a savings for what it’s worth. ---
**Author:** ![scouserphil](https://avatars.discourse-cdn.com/v4/letter/s/48db29/32.png) [@scouserphil](https://boards.straightdope.com/u/scouserphil)\ **Post date:** [June 21, 2011, 2:51pm UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/4 "2011-06-21T14:51:32Z")
> [@KneadToKnow](#): > > I have a sum of money I would like to get a better return on than my savings account will offer for the brief time that it is my money, so I looked around for available CD instruments and my research has turned up Ally Bank as my best bet. > > My search here turned up [one very bad experience](http://boards.straightdope.com/sdmb/showthread.php?t=564121&highlight=ally+bank), but that was a pretty specific situation that I don’t think would happen in this case. > > Anyone else have two cents on their experience with Ally? I don’t have specific experience of their CD product but I do (for the moment) have experience with the bank. I have their interest checking and savings accounts. Bottomline: a virtual bank is a nightmare to deal with. From having to mail in (!) checks to having them take over 10 days to clear, to them deducting IRS taxes from your interest! They are the opposite of customer service. To avoid them deducting taxes from interest (something they are likely to do with a CD) you have to snail mail to them a form that has your address, your acct # and your FULL soc. sec # printed on it. Basically everything an identity thief would need to steal your identity. I posted 2 of them and they never arrived! At that point I asked if there was a way around it, or if I could blank out the key numbers and they wouldn’t allow it. So they now withhold taxes from my interest. You may get a better rate, but you’ll pay a price to get it. Hope that helps. ---
**Author:** ![thelurkinghorror](https://avatars.discourse-cdn.com/v4/letter/t/7c8e57/32.png) [@thelurkinghorror](https://boards.straightdope.com/u/thelurkinghorror)\ **Post date:** [June 21, 2011, 5:51pm UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/5 "2011-06-21T17:51:03Z")
> [@scouserphil](#): > > I don’t have specific experience of their CD product but I do (for the moment) have experience with the bank. I have their interest checking and savings accounts. Bottomline: a virtual bank is a nightmare to deal with. I haven’t had the chance to have your experience, and won’t defend them, but I should note some things: > [@](#): > > From having to mail in (!) checks It’s an online bank with no storefronts, what do you expect? This is pretty standard, e.g. ING is the same way. You can also deposit into a brick and mortar then transfer the funds. > [@](#): > > to having them take over 10 days to clear Seems like a long time, is this for every deposit, even small ones? > [@](#): > > to them deducting IRS taxes from your interest! Federal law, because they don’t have your SSN. > [@](#): > > To avoid them deducting taxes from interest (something they are likely to do with a CD) you have to snail mail to them a form that has your address, your acct # and your FULL soc. sec # printed on it. Basically everything an identity thief would need to steal your identity. Agree that that does sound not very secure, although I can’t think of what the best option is; all have drawbacks. ---
**Author:** ![typoink](https://avatars.discourse-cdn.com/v4/letter/t/ecb155/32.png) [@typoink](https://boards.straightdope.com/u/typoink)\ **Post date:** [June 23, 2011, 2:26am UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/6 "2011-06-23T02:26:13Z")
No experience yet, but I’ve been looking at banks lately and am leaning towards opening accounts with Ally. The simplicity of their system really appeals to me, and I deal with (incoming) checks so rarely that a slow clear is barely an issue (and they’re rolling out scan-in checking). I’m a late-20s guy with barely any cashflow, so minimizing fees and allowing quick, easy ATM access is key. Mastercard vs. VISA is also nice for the simple reason that I live in IL and only MC is accepted for auto registration. ---
**Author:** ![KarlGrenze](https://avatars.discourse-cdn.com/v4/letter/k/dbc845/32.png) [@KarlGrenze](https://boards.straightdope.com/u/KarlGrenze)\ **Post date:** [June 23, 2011, 9:36am UTC](https://boards.straightdope.com/t/seeking-stories-of-experience-with-ally-bank-esp-certificates-of-deposit/582358/7 "2011-06-23T09:36:07Z")
BTW, I have a friend who uses Ally and sings his praises. Because of this, I went, checked it out, and opened an IRA with them. They’ve been very attentive, every time I have a question I’ve always ended up chatting with someone knowledgable who answers it. Also, at least according to my friend, he can do most transactions using other banks’ ATMs. He has an Ally checking card he can use, and Ally reimburses him all the fees the other banks impose on using their ATMs. In that sense, he is “freer” than I am, since I’m restricted to my bank’s ATMs, unless I want to pay fees on all ends. If/when I move out of this city, and close my current work account, I’ll probably look for them to open my next account, if they’re available where I’m moving. Meaning, if I remain within the 50 states, I’ll use them.