• Report: #704770

Complaint Review: Ally Bank

  • Submitted: Wed, March 09, 2011
  • Updated: Tue, September 11, 2012

  • Reported By: Carol — Seattle Washington U.S.A.
Ally Bank
Internet United States of America

Ally Bank Bait and Switch, Deceptive Advertising on CD Rates Internet

*Author of original report: Ally still fails

*Consumer Comment: funding

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I opened 2 CDs for 6months and 9months at Ally Bank online on March 3, 2011. The accounts were funded on March 7, 2011. On March 8th I looked at my online statement and saw that the 9 month CD, for which I have a print-out for, that stated its APY would be .99%, instead is listed with an APY of .94%.  The 6month CD, which I have a print out for, states the interest rate is 1.05%. The online rate was listed as 1%.  I called Ally Bank and pointed this mistake out to them.  Their website guarantees the highest rate in 10 days.  The customer service agent agreed it was a mistake and said she would "submit a request to bank operations" to correct it and to check back in 2 days. I did. They told me they calculated the rate the day the account was funded and that what they did was fine and did not need correction.  I said they were using deceptive banking practices.  They said they will call me back in two days to address the situation.  Who else can I report them to for this fraud?  The Ally Bank customer service person said the bank has no physical street address, just 2 P.O. Box number addresses.  Am I ever regretting putting my money in their bank!!

This report was posted on Ripoff Report on 03/09/2011 11:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ally-Bank/internet/Ally-Bank-Bait-and-Switch-Deceptive-Advertising-on-CD-Rates-Internet-704770. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
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#1 Author of original report

Ally still fails

AUTHOR: Carol - (U.S.A.)

Yes the say they guarantee the highest CD rate when funds received. Then they lie about the date they receive funds (several days after my bank reported transferring it).  I don't care anymore now since I got my $ out of there and will never invest with them again.
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#2 Consumer Comment

funding

AUTHOR: Ashley - (U.S.A.)

I don't know where on the websit you got your information. Not knowing anything about this bank I went to their website and clicked on CDs and I see the rate you mention of. 95 and 1.0 it says these rates are as of 3/4/11 I clicked on FAQ and how to open a CD and it states on that page that your rate is not locked in until they receive funds. It says if the rate changes before funds are received you will get the rate in effect at that time
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