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Report: #1260463

Complaint Review: Ally Bank - Internet

  • Submitted:
  • Updated:
  • Reported By: Donna — Carpentersville Illinois USA
  • Author Confirmed What's this?
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  • Ally Bank Internet USA

Ally Bank Holds deposits and will not release funds Philadelphia Internet

*General Comment: 5 day hold...

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Deposited an e-check on October 3 (there are no branch buildings so all check deposits have to be made electronically) to my Savings account.  As of October 10 the funds are "on hold" and they will not release them.  The check has cleared the issuing bank so they have the money.  

In an online chat with "Maria" (and yes, the name was in quotes in the chat) I was told that because Monday is a holiday (the 12th...after the deposit was made), the funds will not be available until the 14th as they have put a five day hold on deposits on my account for "repeated overdrafts".  There was ONE overdraft in May due to a bank error.  However, five days would have meant the funds should have been released on October 9 at the latest.  

I was refused a supervisor or any other higher up because it's the weekend and they don't work weekends.  This is a bank that advertises 24/7 support, however nobody who can do anything works nights or weekends.

Who knows when I'll get access to my money.   I think next payday I'll take everything out and get an account at a real bank.  Ally may have lower fees but it's not worth it when they keep you from using your money.

This report was posted on Ripoff Report on 10/10/2015 10:26 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ally-bank/internet/ally-bank-holds-deposits-and-will-not-release-funds-philadelphia-internet-1260463. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 General Comment

5 day hold...

AUTHOR: Striderq - (USA)

POSTED: Saturday, October 10, 2015

When a bank tells you how many days a hold is for, it's business days not calendar days. Check was deposited Friday Oct 3, meaning it's considered Mon Oct 6 business. 5 business days runs through Tue Oct 13 (with weekend and holiday), meaning you have access to the funds on Oct 14.

Holds can occur at any bank, with things like number of overdrafts, length of time account open, amount of check, source of check (government, business, individual) and other items reflected in the decision to place a hold.

Don't work for them, just trying to explain the hold process. 

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