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anyone use ally bank, an internet only bank?
Posted by: robfilms
Date: August 30, 2017 12:05PM
i'm interested in opening an account at ally bank, an internet only bank.

i'm looking for some real-world user experiences.

i'm also wondering how to ascertain the financial health of ally bank?

i wonder if ally bank is put through the various "stress tests" that a citibank or chase or wells fargo have to endure to prove their financial health.

any thoughts are appreciated.

be well.

rob
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Re: anyone use ally bank, an internet only bank?
Posted by: NewtonMP2100
Date: August 30, 2017 12:11PM
....Ally Bank is....


....Ally Financial Inc., formerly known as GMAC Inc. (an acronym for General Motors Acceptance Corporation) until 2009, is a bank holding company headquartered in Detroit, Michigan. The company provides financial services including auto financing, corporate financing, insurance, mortgages, stock brokerage, and online banking. Ally is one of the top auto lenders in the U.S. by volume and is on the list of largest banks in the United States.....


.....so they have been in business a long time....not a 'fake' fly by night bank......


mentioned in Kiplingers'......?!


consumer affairs............?!


PR news..........?!



____________________________________________________

I reject your reality and substitute my own!



Edited 2 time(s). Last edit at 08/30/2017 12:12PM by NewtonMP2100.
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Re: anyone use ally bank, an internet only bank?
Posted by: clay
Date: August 30, 2017 12:11PM
yup. been using them for years. very reliable. FDIC insured.
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Re: anyone use ally bank, an internet only bank?
Posted by: ztirffritz
Date: August 30, 2017 01:49PM
I was actually just looking into them this morning. Years ago I'd set up an account with ING which was essentially an online only bank (they had 1 or 2 physical bank locations I think, but it didn't really count). ING had high interest rates at the time for checking and savings accounts. Ing then bought Sharebuilder, which I was using as my brokerage at the time. Then, following the 2008 financial implosion, ING sold to CapitalOne. Now my brokerage, savings and checking are all through CapitalOne. I've been busy so I haven't really followed what interest rates are through my checking and savings accounts. This morning I checked and saw that Savings was .7%. I forget what the checking was, but it wasn't much at all. Ally was offering 1.4%. That's a significant difference. Almost enough to make me jump ship...but I like the convenience of being able to fund my Sharebuilder account directly from the Checking/savings account...so I'm torn. I might open accounts and slowly start moving things over. I've become pretty comfortable with moving funds around electronically and frankly it seems quaint to actually write a check any more. I've written fewer than 10 checks since I opened my account with ING about 10 years ago. CapitalOne bought ING about 8 years ago but I still have checks with ING printed on them. I'll never use them all up.



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Re: anyone use ally bank, an internet only bank?
Posted by: mikebw
Date: August 30, 2017 02:49PM
Quote
ztirffritz
I was actually just looking into them this morning. Years ago I'd set up an account with ING which was essentially an online only bank (they had 1 or 2 physical bank locations I think, but it didn't really count). ING had high interest rates at the time for checking and savings accounts. Ing then bought Sharebuilder, which I was using as my brokerage at the time. Then, following the 2008 financial implosion, ING sold to CapitalOne. Now my brokerage, savings and checking are all through CapitalOne. [snip] ...but I like the convenience of being able to fund my Sharebuilder account directly from the Checking/savings account...so I'm torn. I might open accounts and slowly start moving things over.

I'm pretty much in the same boat as you. Everything that was separate is now one, and it's kind of nice. Definitely looking at putting some of the savings into a higher yield account elsewhere though. I remember setting up a few referrals for people here on the forum to get into ING savings back when rates were so high.

EDIT: I almost signed up for an account with Aspiration, but read about some issues getting access to funds which seemed really bad. Turns out they were owned by Radius with had similar rates but no such issues. Never went through with an account for either, and things have probably changed since then anyway so sorry for the noisy data point.



Edited 1 time(s). Last edit at 08/30/2017 02:51PM by mikebw.
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Re: anyone use ally bank, an internet only bank?
Posted by: space-time
Date: August 30, 2017 05:59PM
also started with ING Direct and in probably 1990s and it is time now to look at what else is there. I also had an Emigrant Direct account once.
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Re: anyone use ally bank, an internet only bank?
Posted by: Forrest
Date: August 30, 2017 06:42PM
Ally Bank rating at depositaccounts
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Re: anyone use ally bank, an internet only bank?
Posted by: jdc
Date: August 30, 2017 06:58PM
I use US Bank for my business, and although they are not an "internet" bank per se, with their mobile app deposit and online bill pay -- they could switch to internet only tomorrow and I wouldnt know the difference. I havent been to a branch in years.

I guess what Im saying is that many of the large banks mobile apps have almost made them "internet" only now...



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: anyone use ally bank, an internet only bank?
Posted by: DP
Date: August 31, 2017 06:53AM
How does Ally manage an ATM withdrawal. Fees?



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Re: anyone use ally bank, an internet only bank?
Posted by: NewtonMP2100
Date: August 31, 2017 06:55AM
....you can use any ATM network......they will reimburse up to $10/mo in ATM fees [ I believe but double-check the dollar amount ]......USAA does the same thing, they reimburse ATM fees up to a certain amount each month.....



____________________________________________________

I reject your reality and substitute my own!



Edited 1 time(s). Last edit at 08/31/2017 06:55AM by NewtonMP2100.
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Re: anyone use ally bank, an internet only bank?
Posted by: mspace
Date: August 31, 2017 09:37AM
Have been using Ally for years. The savings rate is very good.
The CD rate USED to be. I have moved all CDs out and only use them for savings now.

Originally used ING. Keep a minimum checking acct with them now (as Capitol 360) for use with paypal, but that's about it.
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Re: anyone use ally bank, an internet only bank?
Posted by: jdc
Date: August 31, 2017 10:40AM
Quote
DP
How does Ally manage an ATM withdrawal. Fees?

When was the last time people have used cash? On purpose? Last time I used cash was last time I used my DVD drive.. 5 years ago? Or more?



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: anyone use ally bank, an internet only bank?
Posted by: mspace
Date: August 31, 2017 10:43AM
Quote
jdc
Quote
DP
How does Ally manage an ATM withdrawal. Fees?

When was the last time people have used cash? On purpose? Last time I used cash was last time I used my DVD drive.. 5 years ago? Or more?

Every day. And still use paper checks.
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Re: anyone use ally bank, an internet only bank?
Posted by: jdc
Date: August 31, 2017 01:41PM
Quote
mspace
When was the last time people have used cash? On purpose? Last time I used cash was last time I used my DVD drive.. 5 years ago? Or more?

Every day. And still use paper checks.

So one of the last 2% of holdouts =)

Sure, we all *could* use cash or checks everyday, but why?

Maybe theres some *specific* reason -- like a farmers market (although why they dont all have sqaure readers is beyond me) or a garage sale (still could have a sqaure!) Im just not seeing it in my day to day life.



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Edited 999 time(s). Last edit at 12:08PM by jdc.



Edited 1 time(s). Last edit at 09/01/2017 11:05AM by jdc.
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Re: anyone use ally bank, an internet only bank?
Posted by: NewtonMP2100
Date: August 31, 2017 01:46PM
....some restaurants/small specialty merchants/stores only take cash.....



____________________________________________________

I reject your reality and substitute my own!
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Re: anyone use ally bank, an internet only bank?
Posted by: mspace
Date: August 31, 2017 02:12PM
Quote
jdc
Quote
mspace
When was the last time people have used cash? On purpose? Last time I used cash was last time I used my DVD drive.. 5 years ago? Or more?

Every day. And still use paper checks.

So one of the last 2% of holdouts =)

Sure, we all *could* use cash or checks everyday, but why?

Maybe theres some *specific* reason -- like a farmers market (although why they dont all have sqaure readers is beyond me) or a garage sale (still could have a sqaure!) Im just not seeing it in my day to day life.[/quote]

Faster and easier to pay for that dollar slice with an actual dollar. ;)
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Re: anyone use ally bank, an internet only bank?
Posted by: jdc
Date: August 31, 2017 04:09PM
Dollar slice? where!!!??

Or is that Little Ceasers... then no thanks...



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: anyone use ally bank, an internet only bank?
Posted by: mspace
Date: August 31, 2017 05:19PM
A number of places in NYC. Two Bros ain't bad... ;)
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Re: anyone use ally bank, an internet only bank?
Posted by: space-time
Date: August 31, 2017 06:10PM
People who use cash are less likely to fall into debt than those who use plastic every day.
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Re: anyone use ally bank, an internet only bank?
Posted by: mspace
Date: August 31, 2017 06:12PM
Quote
space-time
People who use cash are less likely to fall into debt than those who use plastic every day.

Yep.
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Re: anyone use ally bank, an internet only bank?
Posted by: NewtonMP2100
Date: August 31, 2017 10:28PM
....Ally....McBeal......



____________________________________________________

I reject your reality and substitute my own!
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Re: anyone use ally bank, an internet only bank?
Posted by: Don C
Date: August 31, 2017 11:42PM
I paid with cash three times today. Two merchants with purchases under $10 each and cash for my international dance group this evening. I don't use cash much, but it is fun to pull out my leather coin purse and dish out 37¢ once in a while.
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Re: anyone use ally bank, an internet only bank?
Posted by: jdc
Date: September 01, 2017 11:04AM
Quote
mspace
Quote
space-time
People who use cash are less likely to fall into debt than those who use plastic every day.

Yep.

There is absolutely no truth to that statement.

Unless by "plastic" you mean a credit card, which is *not* what we are talking about.

And there are ton of people that use credit cards effectively, especially those with airline miles -- like my brother. He charges everything then pays it off at the end of the month. Hes got a jillion miles.



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: anyone use ally bank, an internet only bank?
Posted by: Acer
Date: September 01, 2017 11:15AM
I have most of my savings with CapitalOne360, but keep my main checking account local.

Online savings: higher interest, and I can set up extra savings accounts instantly for the kids, for a car fund, for prepping for quarterly taxes, etc.

Local checking: no question about ATM access, and it's very handy to have a local bank when you need special handling for a check, say one that the online system rejects, or one in a foreign currency; or a cashier's check; or to get hold of a wad of cash more than the ATM daily limit.
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Re: anyone use ally bank, an internet only bank?
Posted by: Rick-o
Date: September 01, 2017 12:00PM
Quote
jdc
Quote
DP
How does Ally manage an ATM withdrawal. Fees?

When was the last time people have used cash? On purpose? Last time I used cash was last time I used my DVD drive.. 5 years ago? Or more?

Around here, lots o' folks still use cash exclusively. I see it a lot at my storage biz. I have several people that always pay me in cash, never with check or money order. (I'm too small to bother with credit cards, maybe one or two would pay with CC if I had that option).

I think this is just the way in small, rural towns like mine.



"After a time, you may find, that having is not so pleasing a thing after all, as wanting. It is not logical, but it is often true."

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