Is Ally Bank Trustworthy and Safe to Use

Ally Bank has been around since 1919, which is a long time to be in business. It's a bank that's been around for over a century.

Ally Bank is a subsidiary of Ally Financial, which is a publicly traded company listed on the New York Stock Exchange. This suggests that Ally Bank is a legitimate and established financial institution.

Ally Bank is FDIC-insured, which means that deposits are insured up to $250,000 per account holder. This provides an added layer of security for customers.

Ally Bank has a 4.5-star rating on the Better Business Bureau website, based on customer reviews and complaints. This indicates a high level of customer satisfaction.

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Ally Bank guarantees you will not be liable for unauthorized transactions, provided you report them to the bank.

In the event of a security breach, Ally Bank's customers can download and install Webroot SecureAnywhere for free on up to three devices to protect themselves.

Free anti-virus and anti-malware software is available to Ally customers, along with 2-step authentication, such as a security question.

Transport Layer Security (TLS) Encryption is also used by Ally Bank to protect customer data.

Ally Bank offers 24/7 customer support to help with any security-related concerns.

Here are some of the security measures in place at Ally Bank:

Ally offers a range of account options that cater to different financial needs. Ally's deposit accounts are often featured on best lists, including savings accounts and CDs.

Ally has one checking account and one savings account, both of which have no monthly fees.

Customers can easily apply for these accounts online, and Ally frequently receives praise for its high savings rates.

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Ally's checking account, the Spending Account, is a great option for those looking for a hassle-free banking experience. It has no monthly maintenance fees, overdraft fees, or opening deposit requirements.

Earning interest is a nice perk, and the Spending Account offers up to 0.25% APY on your balance. This means you can earn some extra money just for keeping your money in the account.

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The Spending Account also comes with envelope budgeting, which helps you manage your finances by dividing your money into "buckets" for different expenses. This can be a big help for those who struggle with budgeting.

Optional overdraft services like Transfer Service and CoverDraft are available, which can help you avoid NSF fees. You can also get free checks and incoming wires, which can be a big time-saver.

Early direct deposit is another perk of the Spending Account. This means you can get your paycheck deposited into your account up to two days earlier than usual.

Large fee-free ATM networks are available through Allpoint, and Ally also offers ATM reimbursements. This can be a big help if you travel or need to access your money from a non-Allpoint ATM.

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CDs are a great option for saving money and earning interest, and Ally Bank offers a range of CD options to choose from.

You can choose from various rates and terms, ranging from three months to five years, depending on the CD you select. Some CDs can be easily liquidated, while others offer higher interest rates for longer terms.

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Ally's CDs are compounded daily, which means you'll earn interest on your interest. And, you can renew your CD when it matures, so you can keep earning interest without having to open a new account.

One of the benefits of Ally's CDs is the 10-day best-rate guarantee. If you fund your CD within 10 days of opening and the rate rises during that period, you'll get the best rate for your balance and term.

You can also choose from a No Penalty CD with an 11-month term, which means you can avoid early withdrawal penalties. And, complete withdrawal of funds is available after the first six days following the date you funded your CD.

Here are some key features of Ally's CDs:

Keep in mind that Ally Bank has no physical branches, and early withdrawal penalties may apply to most CDs. However, the benefits of Ally's CDs, including daily compounding interest and FDIC insurance, make them a strong choice for secure savings.

Ally Bank's customer experience is top-notch, with a strong online presence and mobile banking app that's easy to use.

Their 24/7 customer support is available by phone, email, or live chat, making it convenient for customers to get help whenever they need it.

With over 4.5 million customers, Ally Bank has a proven track record of delivering great customer experiences.

Their mobile banking app has a 4.8-star rating on the App Store, indicating that customers are highly satisfied with its functionality and ease of use.

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Ally Bank has received high ratings from its customers, with 92% of users giving it a 5-star review on Trustpilot.

Customers praise Ally Bank for its user-friendly online banking platform and 24/7 customer support, with many citing its convenience and ease of use as major benefits.

With a 4.5-star rating on the Better Business Bureau (BBB) website, Ally Bank has demonstrated a strong commitment to customer satisfaction.

Many users have reported being satisfied with Ally Bank's customer service, with some even mentioning that they've been able to resolve issues over the phone or online with minimal hassle.

Ratings are a crucial part of online reviews, helping consumers make informed decisions about products and services.

A single star can make a huge difference, with 71% of consumers saying they're less likely to purchase from a business with a low rating.

Research shows that ratings are often influenced by the number of reviews, with 95% of consumers trusting online reviews as much as personal recommendations.

Consumers tend to trust ratings from people with similar experiences and demographics, which is why diversity in reviews matters.

A study found that businesses with a rating of 4.5 stars or higher are more likely to have a loyal customer base.

Ratings can be low due to a few reasons. One reason is that some customers may feel that the app could use some adjustments to make it more user-friendly.

Some customers have reported that the app can be a bit clunky, making it difficult to navigate. This can lead to frustration and a lower rating.

It's worth noting that a single negative experience can greatly impact overall ratings. If a customer has a bad experience, they may be more likely to share their dissatisfaction with others.

On the other hand, some customers may not be aware of the rating system or may not have taken the time to leave a review. This can result in a lower rating due to a lack of feedback.

If you're considering Ally Bank as your go-to financial institution, be on the lookout for these warning signs.

A lack of FDIC insurance protection is a major red flag, as Ally Bank is not a member of the FDIC. This means your deposits may not be fully insured, leaving you vulnerable in case of bank failure.

A poor customer service record can also indicate a bank that's not looking out for its customers. Ally Bank's customer service ratings are lower than average, with many customers complaining about long wait times and unhelpful representatives.

If you notice a bank that's not transparent about its fees and charges, it's a sign of trouble. Ally Bank has a reputation for charging high fees for services like overdrafts and ATM withdrawals.

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If you're a victim of debit card compromise, you're not alone. Someone used an Ally debit card that was stored in a safe, never used anywhere, and reported the issue within 24 hours of occurrence.

The bank's response can be frustrating. The bank may ask you to prove it wasn't you who made the purchases, which can be difficult to do.

In one case, the bank took 30 minutes to ask for proof and then sent condescending secure messages. They even referred to the incident as a "transaction in error" instead of fraud.

The bank may also tell you they'll make a determination about whether you'll get your money back. This can be a red flag, especially if the bank hasn't apologized or acknowledged the breach.

In the case of the Ally debit card, the bank never apologized and instead shifted the blame. This kind of response can be a warning sign that the bank isn't taking your situation seriously.

If you're dealing with a compromised debit card, report the issue immediately and keep a record of all correspondence with the bank.

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Ally Bank's customer service is dreadful, taking 30-90 minutes per phone call and requiring repeated identify verification with intrusive questions.

Phone calls with Ally Bank can be a frustrating experience, with each call requiring a review of the entire history.

The bank refuses to provide a direct contact person or case number to reference the active issue, making it difficult to get help.

Subsequent calls with Ally Bank can result in being transferred multiple times and having to repeat your story to multiple representatives.

Ally Bank even charged a fee to transfer funds from one account to another, leaving customers without access to their money.

In one instance, a customer was on hold for 35 minutes and had to transfer their call five times before getting the information they needed.

This lack of transparency and poor customer service can be a major warning sign for potential customers.

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Avoid companies that show a lack of empathy and understanding in times of crisis. Ally Bank refused to take into consideration a customer's situation, even when they were deployed to a disaster zone and couldn't contact them.

Be cautious of companies that prioritize profits over people. Ally Bank's actions suggest they value their bottom line over customer well-being.

Don't do business with companies that have a history of harming customers' credit scores unnecessarily. Ally Bank's refusal to help a customer who was late on a payment due to circumstances beyond their control is a red flag.

Some companies will go to great lengths to avoid helping customers in need. Ally Bank's response to a customer's situation was unhelpful and uncaring.